Swiss National Bank (SNB)
Swiss National Bank bolsters security features of first banknote in new series
The new series printed on three-layered substrate boasts a range of new security features; Sfr50 enters circulation on April 12
Maechler says SNB plans to wield hefty balance sheet to encourage good governance
Swiss National Bank’s balance sheet has ballooned following currency interventions, leading to the question of what to do with the newly acquired assets
SNB made investment ‘innovations’ in 2015, report says
Central bank made first investments in new assets and began to wield voting rights to influence corporate governance in 2015, annual report shows
Reserve manager of the year: National Bank of Denmark
The National Bank of Denmark's new risk budget-based investment strategy stood up well to the unprecedented flows of funds into and out of the country in 2015.
SNB’s Zurbrügg lays out considerations around interventions
Vice-chairman of governing board says there is no ‘one-size-fits-all’ method for deciding when or how to intervene in the foreign exchange market
People: Ukraine names new first deputy governor; EBA announces host of appointments
Ukrainian deputy governor promoted to first deputy governor role; EBA makes appointments and reappointments to supervisory and management boards; and more
Sovereign money a ‘risky experiment’ says SNB’s Jordan
Thomas Jordan says sovereign money initiative looking to strip banks of ability to create money would ‘entail a radical overhaul of Switzerland’s financial system’; SNB holds rates
Information content of capital flows affects exchange rate impact, SNB paper finds
Private information conveyed by different kinds of capital flows affects the impact on the exchange rate, a working paper published by the Swiss National Bank finds
SNB’s Zurbrügg says negative rates painful but necessary
Vice-chair concerned by financial stability impact of negative interest rates, but says they make sense from a monetary policy perspective; talks with industry have been ‘very heated’
Economists expected lower inflation under Yellen than Bernanke, SNB paper finds
Sample of economists from ‘reputable academic and policy institutions’ on aggregate expected slightly lower inflation under Yellen compared to if Bernanke had stayed on
BIS paper studies impact of Swiss CCB on quality of credit
Working paper finds activation of countercyclical capital buffer affected the composition of mortgage lenders in two key ways
Case for higher inflation targets takes a knock at Jackson Hole
Thomas Jordan warns higher inflation ‘likely to be associated with considerable costs’ in longer run; academics see little benefit in the Federal Reserve targeting 4%
SNB launches interactive ‘data portal’
Central bank plans to release larger volumes and more detailed data in future, after launching an online database to help users find and manipulate the information
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
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
San Francisco Fed research examines easing impact of Swiss reserves expansion
SNB asset purchases focused on short maturities still pushed down longer maturity yields, researchers find, which they say holds lessons for eurozone QE
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
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
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
BIS’s Hannoun backs central banks' right to surprise markets
Deputy general manager praises Swiss National Bank for issuing markets with a wake-up call, warning of the heavy cost associated with unconventional monetary policy
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
SNB plans renminbi purchases in 2015
Central bank plans to add renminbi bonds to reserves after signing swap agreement with the People’s Bank of China in 2014; annual report reveals return of 8% across currency reserves