Switzerland
SNB expands equity holdings in ethical investment drive
Switzerland’s central bank increases its equity holdings by $18 billion to $77 billion in 2013; refuses to invest in companies that cause 'severe environmental damage'
Swiss upper house rejects initiative that would force SNB to double gold holdings
Proposal that would require central bank to hold at least 20% of total assets in gold is slated for referendum but political establishment is strongly opposed
Swiss National Bank tightens controls on mortgage lending
Switzerland’s Federal Council approves central bank proposal to double the size of the counter-cyclical capital buffer and cool the housing market
SNB loses $16 billion on gold
The Swiss National Bank expects to report a loss of 10 billion dollars for 2013 as heavy valuation losses on its gold holdings outweigh forex gains and StabFund profits
Swiss paper dissects asset price responses to economic news
Researchers find the relationship between asset prices and economic news is shaped by the prevailing economic conditions – including policy rates and perception of risk
Swiss researchers sceptical about advanced settlement algorithms
SNB working paper says overhauling the algorithms used in the Swiss Interbank Clearing system would produce an ‘economically irrelevant’ reduction in settlement delay and ‘low’ cost savings
SNB paper tests shock response on individual sectors
Researchers apply dynamic factor model to Swiss economy to examine impact of monetary policy, exchange rates and external demand on different sectors
UBS and Credit Suisse still pose risks to financial stability, SNB vice-chair says
Jean-Pierre Danthine argues Basel III is inadequate and does not rule out possibility of future public bail-outs; warns Switzerland's biggest banks still 'very large by international standards'
Banknotes worth $2m stolen from Swiss printer
Investigation under way into theft of incomplete Sfr1,000 notes that subsequently entered circulation as counterfeits
SNB reiterates commitment to franc price ceiling and zero interest rate
Swiss National Bank is ready to buy unlimited quantities of foreign exchange and take other measures if required to hold the franc down; inflation should turn positive next year, it says
SNB currency action leaves big imprint on Swiss balance of payments
Reserve assets at the SNB increased by Sfr175 billion in 2012 – nearly a fourfold increase from 2011 – reflecting efforts to keep the franc at a sustainable level
Switzerland passes Basel III implementation test
Assessment finds country ‘compliant’ overall with Basel III capital framework, although a number of regulations had to be tweaked to make the grade
SNB reaffirms commitment to exchange rate limit
Thomas Jordan says Swiss economy continues to face 'major challenges'; Fritz Zurbrügg outlines efforts to control risks arising from the central bank's $475 billion foreign currency investments
SNB's Jordan slams gold referendum
Thomas Jordan says limiting Swiss National Bank's control over gold reserves would be ‘detrimental to Switzerland'; reveals location of holdings in face of public pressure
SNB paper analyses relationship between monetary policy and financial integration
Study finds that monetary policy can have a larger effect on output and inflation under conditions of greater financial and trade integration
SNB research finds Swiss franc is only safe haven against some currencies
Paper suggests Swiss franc is a safe haven from euro but not from other major reserve currencies; says this may be down to small size of market
Swiss National Bank faces referendum over gold sales
Politicians seek to prevent SNB from selling gold and force the central bank to hold 20% of assets in the precious metal via a public referendum
Swiss paper finds SNB's 2009 bond purchase policy narrowed spreads
Researchers find 'unique' Swiss bond purchase programme had a 'discounted portfolio balance effect of the expected purchases, as distinct from policy signalling'
SNB activates capital buffer in face of overheating mortgage market
Swiss National Bank applies 1% counter-cyclical capital buffer to mortgage lenders as imbalances in the real-estate market worsened in the second half of 2012
Calomiris unveils ‘Sword of Damocles’ CoCo to hold over CEOs
Columbia academic and ESRB committee member Charles Calomiris believes CoCos designed to force top bank executives to issue equity well before they are triggered would reduce systemic risk
SNB profits halve in 2012
Swiss National Bank reveals expected profits for 2012 are less than half the figure for 2011
Swiss paper considers how GDP is best forecast
Study says forecasting the individual components of GDP does not produce results worthy of the additional effort
SNB’s Zurbrügg defends fiscal-monetary relationship
Swiss National Bank board member says tension only arises in times of crisis and monetary policy is burdened with expectations
SNB’s Jordan warns against ‘overburdening’ monetary policy
Swiss National Bank chairman says macro-prudential instruments are better suited to address financial stability