Swiss National Bank (SNB)
Denmark cuts deposit rate for fourth time in three weeks
Governor Lars Rohde says central bank will defend peg to euro ‘for as long as it takes', adding there is ‘no upper limit' to FX reserves as key rate is cut to -0.75%
Croatian central bank calls for solution to Swiss franc mortgage quandary
Bank argues local households with liabilities denominated in the rising currency must receive help but suggests it is not the right to institution to tackle the issue
Danish central bank cuts rates for second time this week
National Bank of Denmark lowers deposit rate for second time in four days following ECB action; central bank will defend euro peg ‘vehemently', says analyst
Swiss gain greater access to renminbi markets in new deal
SNB and PBoC ink deal on RQFII quota for Switzerland and establish renminbi clearing in the country; latest in a string of agreements aimed at renminbi internationalisation
Economists at SNB study reuse of collateral
Working paper estimates the level of reuse activity in the Swiss franc report market between 2006 and 2013, before analysing the drivers of it
SNB shocks markets by abandoning euro ceiling ahead of ECB showdown
Swiss franc sharply appreciates against the euro in the wake of the Swiss National Bank’s decision to scrap the minimum exchange rate; central bank does not rule out ad hoc interventions
SNB expects profit of $39 billion for 2014
Foreign currency positions responsible for most of the profit for Swiss National Bank, which increased its forex reserves by 7% in December following exchange rate pressure
2014: The year in review
The past year has seen central banks across the globe grapple with reform, at an institutional and global level – we look back at the biggest stories of 2014
People: Fritz Zurbrügg appointed as SNB vice-chair; Vanoli gets nod from Argentine senate
SNB reshuffles board, with Zurbrügg assuming vice-chair after Danthine retires; Luis Linde replaces Ignacio Visco at the steering committee of the European Systemic Risk Board
Swiss National Bank introduces negative rates
In the face of growing pressure on the Swiss franc, the SNB imposes an interest rate of -0.25% on sight deposits held at the central bank
External imbalances predict exchange rate returns, finds SNB paper
Deviations from trends in Swiss net foreign assets and net exports indicated how nominal exchange rate will move in the future, according to a Swiss National Bank working paper
SNB working paper examines drivers of Swiss franc real exchange rate
Research finds terms of trade and relative government are ‘the most significant explanatory variables’, while Balassa-Samuelson effects are unimportant
Swiss public reject gold initiative
Referendum sees 77.3% of vote against forcing the SNB to hold 20% of its assets in gold, and prevent it from ever selling them; central bank welcomes the result
Swiss National Bank relocates staff in Berne office renovation
Around 120 staff at the Swiss National Bank will be relocated to rented office space for three years, as the central bank’s Berne office is renovated
Thomas Jordan dismisses monetary reform proposals
Swiss National Bank head rejects multiple reforms, including a return to the gold standard, the introduction of plain money and the adoption of the euro
Netherlands Bank moves 122.5 tonnes of gold from New York to Amsterdam
Central bank will now keep 31% of its gold reserves in own country; move was designed to create a more even distribution of its reserves across the globe
Swiss paper examines cost of different clearing set-ups
Research finds more sophisticated clearing arrangements for OTC trades can improve welfare – in a Pareto sense – but require more collateral
The value of ETFs to central bank reserves managers
Exchange-traded funds have emerged as a means for reserve managers to gain access to new exposures and markets, but are they fit for purpose?
SNB speaks out against 'gold initiative'
Swiss National Bank rejects proposals to prevent it from selling gold; Jean-Pierre Danthine argues that ‘currency reserves that cannot be sold are not truly reserves’
Hélène Rey receives first Carl Menger Prize from German-language central banks
London Business School professor is recognised by Bundesbank, Swiss National Bank and National Bank of Austria for research informing ‘concrete work' of central banks
Jean-Pierre Danthine will retire from SNB in June
Swiss National Bank vice-chairman will retire in June 2015; the nomination committee is already on the hunt for a replacement
(Too) great expectations for macro-prudential?
Macro-prudential policies are a welcome response to the financial crisis, but not necessarily in their current incarnation. BIS economics head Claudio Borio highlights their limitations
SNB reports profit of almost $18bn for first half of the year
Swiss National Bank recovers from $10bn loss in 2013; profit on foreign currency positions amounts to Sfr 12.6bn, while gold holdings see Sfr 3.5bn valuation gain
RMB inclusion in SDR would open way for investment by advanced economies
More advanced-economy central banks would join Swiss National Bank and invest in onshore renminbi assets if the currency was included in SDR