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    SNBN   CH0001319265

SCHWEIZERISCHE NATIONALBANK

(SNBN)
  Report
Delayed Swiss Exchange  -  06:17:29 2023-01-31 am EST
4900.00 CHF   +0.62%
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Swiss National Bank issued 140 billion Sfr of bills, repos following rate hike

11/17/2022 | 12:48pm EST
Maechler of SNB addresses Annual Meeting of Swiss Financial Institute in Zurich

ZURICH (Reuters) - The Swiss National Bank has issued bills and repurchase agreements (repos) worth nearly 140 billion Swiss francs ($148.6 billion) after the central bank started its latest round of monetary tightening, SNB governing board member Andrea Maechler said on Thursday.

The central bank deployed both instruments to mop up excess liquidity held by commercial banks and steer market rates close to the new policy rate of 0.5% it introduced on Sept 22.

The rate increase was intended to tackle inflation which has proved "more persistent and become more broad-based than had initially been expected", Maechler said.

Still, the announcement of a policy rate change on its own was not enough to get market rates to rise, especially in an environment of abundant reserves, she said in remarks prepared for an event in Geneva.

As part of its new approach, the SNB absorbed a 'sizeable' volume of reserves immediately.

"The market's take-up of our term repos and SNB Bills auctions was very strong from the outset, and it continues to be strong," Maechler said.

"By the end of October, the combined stock of repo transactions and SNB Bills used to absorb excess reserves was close to 140 billion Swiss francs."

The SNB has also tiered the payment of interest on the reserves commercial banks hold with it.

Banks receive interest at 0.5% up to a certain threshold, but nothing above, a limit intended to encourage interbank trading.

Absorbing liquidity and tiered interest have been successful, nudging the market Swiss Average Rate Overnight (SARON) rate close to the SNB's 0.5% target.

"You can see that on 23 September, SARON jumped all the way up to 0.38%," Maechler said.

"In other words, it moved to within just 12 basis points of the new policy rate. Over subsequent days, SARON increased further and has remained close to our policy rate since then."

($1 = 0.9420 Swiss francs)

(Reporting by John Revill; Editing by Michael Shields)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) -1.01% 0.64653 Delayed Quote.3.99%
BRITISH POUND / SWISS FRANC (GBP/CHF) -1.07% 1.13 Delayed Quote.2.10%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.48% 0.68799 Delayed Quote.1.51%
CHINESE YUAN RENMINBI / SWISS FRANC (CNY/CHF) -0.70% 0.136115 Delayed Quote.1.33%
DANISH KRONE / SWISS FRANC (DKK/CHF) -0.72% 13.399 Delayed Quote.1.95%
EURO / SWISS FRANC (EUR/CHF) -0.71% 0.99681 Delayed Quote.1.18%
HONGKONG-DOLLAR / SWISS FRANC (HKD/CHF) -0.86% 11.708 Delayed Quote.-0.67%
INDIAN RUPEE / SWISS FRANC (INR/CHF) -1.02% 0.011241 Delayed Quote.1.02%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.52% 0.705 Delayed Quote.0.58%
NEW ZEALAND DOLLAR / SWISS FRANC (NZD/CHF) -0.96% 0.59278 Delayed Quote.2.19%
RUSSIAN ROUBLE / SWISS FRANC (RUB/CHF) -1.28% 0.013063 Delayed Quote.5.23%
SCHWEIZERISCHE NATIONALBANK 0.62% 4900 Delayed Quote.1.67%
SINGAPORE-DOLLAR / SWISS FRANC (SGD/CHF) -0.80% 0.6982 Delayed Quote.2.05%
SWEDISH KRONA / SWISS FRANC (SEK/CHF) -1.59% 0.087737 Delayed Quote.0.76%
US DOLLAR / SWISS FRANC (USD/CHF) -0.81% 0.91783 Delayed Quote.-0.40%
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Financials
Sales 2021 26 682 M 28 889 M 28 889 M
Net income 2021 26 300 M 28 475 M 28 475 M
Net cash 2021 18 424 M 19 948 M 19 948 M
P/E ratio 2021 0,02x
Yield 2021 0,29%
Capitalization 487 M 527 M 527 M
EV / Sales 2020 -1,03x
EV / Sales 2021 -0,67x
Nbr of Employees 869
Free-Float 76,7%
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Managers and Directors
Thomas Jakob Ulrich Jordan Chairman-Governing Board
Barbara Janom Steiner Chairman-Bank Council
Peter Thuring Head-Information Technology
SÚbastien Kraenzlin Director-Banking Operations
Sabine Wey Assistant Director-Compliance