Switzerland
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
National production gaps don’t drive stock markets, says Swiss paper
Study by the Swiss National Bank finds global business cycle risks affect stock markets more than any nation-specific production gap
SNB paper examines Swiss franc unsecured money market
SNB research considers banks' ability to access central bank money; finds it is a neglected area of policy
SNB maintains minimum exchange rate
The Swiss National Bank announces an unchanged minimum exchange rate; Swiss franc has not depreciated as expected
Central banks launch joint investigation into Libor scandal
Economic Consultative Committee announces examination of reference rates used in financial markets; market will be consulted
Swiss franc expected to retrace its fall as ECB news sinks in
The euro rallied against the Swiss franc for the first time in six months after yesterday’s announcement of new measures from the ECB, but FX strategists expect it to fall back towards 1.20
Swiss board member supports counter-cyclical capital buffer
Jean-Pierre Danthine examines impact of CCB on Switzerland’s financial sector; says it would have mitigated property crisis in 1990s
SNB’s Jordan defends decision not to activate capital buffer
Thomas Jordan explains the choice not to activate counter-cyclical capital buffer; nevertheless says this is ‘far from an all-clear’ as the risk of further imbalances persists
SNB reveals scale of latest foreign exchange purchases
Swiss National Bank posts large increase in foreign exchange holdings from June to July; purchases represent efforts by central bank to prevent safe-haven flows into country
Swiss National Bank posts profit in first half of year
Latest figures show central bank made a profit in first half of the year; majority of gains come from holdings of foreign currency purchased to maintain minimum exchange rate against euro
SNB paper evaluates central bank communication strategies
Swiss National Bank working paper examines two communication strategies designed to reduce market overreaction to announcements
BIS’s Cecchetti discusses financial globalisation
Stephen Cecchetti considers whether financial systems can grow too big and assesses how far countries should go in outsourcing financial services
Role of FSB ramped up as Carney updates G-20 on progress
Financial Stability Board to gain legal footing under Swiss law; Carney reports “good” progress on implementation of financial reforms but says more to be done
SNB’s Jordan rules out sovereign wealth fund creation
Thomas Jordan reaffirms commitment to currency peg; blasts idea of establishing a sovereign wealth fund with the SNB’s foreign currency holdings
Hildebrand settles at BlackRock
Former Swiss National Bank governor takes job as vice-chairman at BlackRock; joins in October to advise the firm’s largest institutional clients in the EMEA and Asia-Pacific regions
Swiss central bank board member explains unique situation
Jean-Pierre Danthine examines SNB’s unusual monetary policy situation; says impact of unconventional measures should not be overestimated
SNB’s Jordan extols virtues of central bank co-operation
Thomas Jordan explains need for central banks to work together, especially in times of crisis; says foreign central banks accept minimum exchange rate is "justified"
IMF report backs 'appropriate' Swiss currency floor
IMF supports Swiss National Bank currency floor policy; says floor is “appropriate" and discusses relative success to date
Kashya Hildebrand cleared over currency trading debacle
Auditors find no breach of regulations by former Swiss National Bank governor's wife; formal investigation launched after Philipp Hildebrand resigned