Difference between revisions of "Switzerland/National Bank"
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| + | The '''Swiss National Bank''' is the [[central bank]] of [[Switzerland]], responsible for the nation's [[monetary policy]] and the sole issuer of [[Swiss franc]] [[banknote]]s. | ||
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| + | The SNB is an ''[[Aktiengesellschaft]]'' under special regulations and has two head offices, one in [[Bern]] and one in [[Zurich]]. | ||
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| + | With the inception of Article 99 of the Federal Constitution, in May [[2004]], the National Bank achieved formal independence from politics (but instead beholden to neoliberal financial interests). | ||
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| + | The Swiss National Bank invests its assets, particularly in the stock market. In 2018, its share portfolio stood at 153 billion Swiss francs. | ||
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| + | ==Responsibilities== | ||
| + | The basic governing principles of the Nationalbank are contained within Article 99 of the Federal Constitution, which deals with matters of monetary policy.<ref>http://www.snb.ch/en/iabout/snb/legal/id/snb_legal_law </ref> There are three numbered factors concerning principles explicitly mentioning the Nationalbank, of four altogether shown within the Article. The SNB is therefore obliged by constitutional statute law to act in accordance with the [[economic]] interests of Switzerland.<ref>http://www.snb.ch/en/mmr/reference/Bundesverfassung_Art_99/source/Art_99_Geld_und_Waehrung_en.pdf </ref> Accordingly, the prime function of the Nationalbank is: | ||
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| + | {{QB|to pursue a reliable monetary policy for the benefit of the Swiss economy and the Swiss people.<ref>https://web.archive.org/web/20150512001758/http://www.snb.ch/e/welt/contact/pdf/bro_b_e.pdf </ref>}} | ||
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| + | ===Cash supply and distribution=== | ||
| + | The National Bank is entrusted with the note-issuing privilege. It supplies the economy with banknotes. It is also charged by the Confederation with the task of coin distribution. | ||
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| + | ===Cashless payment transactions=== | ||
| + | In the field of cashless payment transactions, the National Bank provides services for payments between banks. These are settled in the [[Swiss Interbank Clearing]] (SIC) system via sight deposit accounts held with the National Bank. | ||
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| + | ===Investment of currency reserves=== | ||
| + | The National Bank manages [[currency reserves]]. These engender confidence in the Swiss franc, help to prevent and overcome crises and may be utilized for interventions in the [[foreign exchange market]]. | ||
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| + | ===Financial system stability=== | ||
| + | The National Bank contributes to the stability of the financial system by acting as an arbiter over monetary policy. Within the context of this task, it analyses sources of risk to the financial system, oversees systemically important payment and securities settlement systems and helps to promote an operational environment for the financial sector. | ||
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| + | ===International monetary cooperation=== | ||
| + | Together with the federal authorities, the National Bank participates in international monetary cooperation and provides technical assistance. | ||
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| + | ===Banker to the Confederation=== | ||
| + | The Swiss National Bank acts as banker to the Swiss Confederation. It processes payments on behalf of the Confederation, issues money market debt register claims and bonds, handles the safekeeping of securities and carries out money market and foreign exchange transactions. | ||
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| + | ===Statistics=== | ||
| + | The National Bank compiles statistical data on banks and financial markets, the balance of payments, the international investment position and the Swiss financial accounts. | ||
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{{SMWDocs}} | {{SMWDocs}} | ||
==References== | ==References== | ||
{{reflist}} | {{reflist}} | ||
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Revision as of 03:40, 20 March 2021
 Switzerland/National Bank  (Central bank)    | |
|---|---|
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| Headquarters | Bern, Zurich |
| Leader | Swiss National Bank/Chair |
| Subpage | •Switzerland/National Bank/Chair |
The Swiss National Bank is the central bank of Switzerland, responsible for the nation's monetary policy and the sole issuer of Swiss franc banknotes.
The SNB is an Aktiengesellschaft under special regulations and has two head offices, one in Bern and one in Zurich.
With the inception of Article 99 of the Federal Constitution, in May 2004, the National Bank achieved formal independence from politics (but instead beholden to neoliberal financial interests).
The Swiss National Bank invests its assets, particularly in the stock market. In 2018, its share portfolio stood at 153 billion Swiss francs.
Contents
Responsibilities
The basic governing principles of the Nationalbank are contained within Article 99 of the Federal Constitution, which deals with matters of monetary policy.[1] There are three numbered factors concerning principles explicitly mentioning the Nationalbank, of four altogether shown within the Article. The SNB is therefore obliged by constitutional statute law to act in accordance with the economic interests of Switzerland.[2] Accordingly, the prime function of the Nationalbank is:
to pursue a reliable monetary policy for the benefit of the Swiss economy and the Swiss people.[3]
Cash supply and distribution
The National Bank is entrusted with the note-issuing privilege. It supplies the economy with banknotes. It is also charged by the Confederation with the task of coin distribution.
Cashless payment transactions
In the field of cashless payment transactions, the National Bank provides services for payments between banks. These are settled in the Swiss Interbank Clearing (SIC) system via sight deposit accounts held with the National Bank.
Investment of currency reserves
The National Bank manages currency reserves. These engender confidence in the Swiss franc, help to prevent and overcome crises and may be utilized for interventions in the foreign exchange market.
Financial system stability
The National Bank contributes to the stability of the financial system by acting as an arbiter over monetary policy. Within the context of this task, it analyses sources of risk to the financial system, oversees systemically important payment and securities settlement systems and helps to promote an operational environment for the financial sector.
International monetary cooperation
Together with the federal authorities, the National Bank participates in international monetary cooperation and provides technical assistance.
Banker to the Confederation
The Swiss National Bank acts as banker to the Swiss Confederation. It processes payments on behalf of the Confederation, issues money market debt register claims and bonds, handles the safekeeping of securities and carries out money market and foreign exchange transactions.
Statistics
The National Bank compiles statistical data on banks and financial markets, the balance of payments, the international investment position and the Swiss financial accounts.
Related Document
| Title | Type | Publication date | Author(s) | Description |
|---|---|---|---|---|
| Document:Credit Suisse and the power of money | Article | 20 March 2023 | Peter Schwarz | The merger creates a monster bank with a balance sheet total of CHF (Swiss francs) 1.5 trillion ($1.6 trillion), almost twice the gross domestic product of Switzerland, which amounted to CHF 771 billion in 2022. If it enters a tailspin, it will trigger a tsunami that will drag the Swiss state budget and parts of the world economy into the abyss. |
