Switzerland
SNB reveals launch date for delayed banknote series
Roll-out of ninth banknote series to begin next year; new notes believed to include unique security features but central bank is being tight-lipped in the run up to the launch
SNB losses climb to $52bn after abandoning franc ceiling
Central bank suffers heavy losses on its holdings of foreign exchange, with overall losses for the year to date rising to Sfr50 billion
IMF paper identifies countries that ‘pass through’ spillovers
Individual countries can amplify, absorb or block spillovers, depending on their economic and structural characteristics, researchers at the IMF find
SNB paper: both monetary and macro-prudential policy impact arrears
Working paper suggests monetary policy impacts the affordability problems that drive arrears in the short term, while macro-prudential policy can help prevent longer-term problems
ECB welcomes ‘smooth’ T2S launch
Culmination of seven-year process sees first four CSDs migrate to the new platform and settle the first transactions, despite fears over remaining bugs
Jordan: SNB does not expect ‘sustained’ price drop
Thomas Jordan says the Swiss central bank does not expect a deflationary spiral as inflation will return to ‘positive territory’ early in 2017
Axel Weber slams ‘simplistic’ leverage ratio
Former Bundesbank president and now UBS chairman Weber says Basel III has not made the financial system better
Austria to repatriate third of gold reserves
Central bank plans to move gold out of the UK and into Austria and Switzerland after court of audit raises concern over ‘high concentration risk’
Swiss National Bank open to buying foreign assets
IMF article IV report suggests buying foreign assets to address deflationary pressures; Swiss National Bank says it is an option but wants to see how outlook develops before easing further
UBS escapes DoJ prosecution and fine
But it pays a further £342 million to the Fed over FX conduct issues
Finma's Branson calls for Basel leverage ratio hike
The minimum Basel leverage ratio for large banks should be higher than 3%, says Finma CEO Mark Branson, noting "the world has moved on" since it was initially set
SNB posts record loss in first quarter
Reported total loss is around $32 billion after strong franc weighs on value of central bank's euro reserves
SNB’s Danthine: traders wrong to paint Swiss franc surge as black swan
It was 'absolutely certain' that SNB would end Swiss franc floor, says vice-chair of the governing board
SNB’s Zurbrügg: negative rates having ‘desired effect’
Governing board member says negative interest rates are influencing the money and capital markets as intended, noting the exchange rate has also started to normalise since the January decision
Jordan laments ‘significantly overvalued’ franc
Some of the ‘overshooting’ that occurred in the wake of the SNB’s decision to withdraw its currency cap has been corrected, but Jordan argues the franc is still too strong
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
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
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
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
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
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’