Schweizerische Nationalbank

Monetary policy assessment: A replay of the news conference with the Governing Board is available here: https://lnkd.in/dutpqu4G

Monetary policy assessment of 20 March 2025 Swiss National Bank eases monetary policy and lowers SNB policy rate to 0.25% The Swiss National Bank is lowering the SNB policy rate by 0.25 percentage points to 0.25%. The new policy rate applies from tomorrow, 21 March 2025. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold, and at 0% above this threshold. The SNB also remains willing to be active in the foreign exchange market as necessary. The press release and introductory remarks delivered by the Governing Board members at the news conference are available on our website: English: https://www.snb.ch/en Deutsch: https://www.snb.ch/de Français: https://www.snb.ch/fr Italiano: https://www.snb.ch/it

Monetary policy assessment: The news conference with the Governing Board will start tomorrow at 10:00 am CET and can be followed live here: https://lnkd.in/dutpqu4G

Publication of the 2024 Annual Report The 2024 Annual Report of the Swiss National Bank is published on the SNB website: The first part comprises the accountability report submitted by the Governing Board to the Federal Assembly, and sets out how the SNB has fulfilled its tasks pursuant to art. 5 of the National Bank Act during the past year. The second part consists of the financial report, which provides information on organisational and operational developments as well as the financial result of the SNB. The financial report is submitted for approval first to the Federal Council and then to the General Meeting of Shareholders. English: https://lnkd.in/dpJjRQAg Deutsch: https://lnkd.in/duEwiK2K Français: https://lnkd.in/derjpsvC Italiano: https://lnkd.in/dWvA54KU

#Direktinvestitionen in der Schweiz sinken - und zwar in beide Investitionsrichtungen. Warum sich das nicht auf die Realwirtschaft auswirkt. Von Patrick Lengg, Lisa Gerweck und Alexander Flühmann, Schweizerische Nationalbank https://lnkd.in/eTFAY4Wh

Geldpolitische #Lagebeurteilung: Die Schweizerische Nationalbank #SNB setzt hierfür auch auf persönliche Gespräche mit Unternehmen. Von Astrid Frey und Gregor Bäurle, Schweizerische Nationalbank https://lnkd.in/eWsURxmS

Pour son examen de la situation économique et monétaire, la Banque nationale suisse #BNS s’appuie sur des entretiens menés avec des entreprises.   Un article d'Astrid Frey et Gregor Bäurle, Banque nationale suisse. https://lnkd.in/dSszBD_v

Die SNB ist an der HSG Talents Career Fair vertreten – Lernen Sie uns kennen! Am Mittwoch, 5. März 2025 haben Sie die Gelegenheit, uns an der Karrieremesse der HSG in der SGKB Halle in St. Gallen persönlich kennenzulernen. Zwischen 12 und 17 Uhr freuen wir uns darauf, Sie an unserem Messestand zu begrüssen. Nutzen Sie die Chance, mit uns über unsere Einstiegs- und Entwicklungsmöglichkeiten, unsere kollegiale und respektvolle Kultur und unsere vielfältigen Tätigkeitsfelder ins Gespräch zu kommen. Gerne beantworten wir Ihre Fragen und geben Ihnen einmalige Einblicke in unseren einzigartigen Arbeitsalltag. Wir freuen uns darauf, Sie persönlich kennenzulernen und mit Ihnen über Ihre berufliche Zukunft zu sprechen. Schauen Sie vorbei! SNB - Banking in a different dimension #HSGTalents #Networking #Praktikum #Internship

New SNB Economic Note: Jayson Danton and Stéphane Riederer describe how changes in interest rates affect the profitability of Swiss domestically focused banks, and show why the rate increases in 2022 and 2023 had a positive effect on their net interest income. Abstract: A fundamental economic function of the banking system is maturity transformation. This occurs when banks use short-term deposits (which can be withdrawn quickly by customers) to fund long-term loans (which are typically repaid much later by customers). Maturity transformation creates so-called interest rate risk for banks, as changes in market interest rates can affect their profitability—or even their financial soundness. Managing this risk is particularly important for banks whose business model relies on maturity transformation, which is the case for Swiss domestically focused banks. In this note, we explain why the interest rate increase in 2022 and 2023 was profitable for these banks, while further interest rate increases would have been detrimental due to the materialisation of interest rate risk. https://lnkd.in/d2gUkUgf

New SNB Working Paper: Filippo Cavaleri, Angelo Ranaldo and Enzo Rossi study Swiss Treasury bond auctions. They show that long-term investors (e.g. pension funds and insurance companies) exhibit different bidding behaviour from short-term investors (e.g. dealer banks). Abstract: This paper examines how heterogeneity in investment horizons determines the demand for safe assets, bidding strategies in auctions, and post-auction price dynamics. We model a uniform-price double auction with resale where long-term investors hold assets to maturity, while dealer banks distribute the asset in secondary markets. Pure private (common) values emerge when only long-term investors (dealers) participate. Using unique data on Swiss Treasury bond auctions revealing bidders’ identities, our empirical findings support key predictions: (1) substantial heterogeneity in demand schedules, with steeper demand curves for dealer banks; (2) dealer banks’ demand becomes steeper with increased demand risk and bid dispersion; and (3) demand elasticity positively predicts post-auction returns. https://lnkd.in/dgPUjZ2n