Swiss National Bank opposes ban on ‘war material’ assets
Central bank says referendum motion is ill-defined and would hurt reserves management
The Swiss National Bank is opposed to a public initiative that would stop it holding securities issued by manufacturers of “war material”, it said on October 22.
The initiative will be put to a national vote on November 29 in Switzerland. It proposes banning the SNB from holding securities issued by companies that derive more than 5% of their annual turnover from producing what the initiative called “war material”.
The ban would also apply to the old-age and survivors’ insurance scheme
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