Swiss national bank agrees CHF6 billion profit distribution deal
The facade of the SNB in Bern
Keystone / Stf
The Swiss National Bank looks set to increase its payout to the Swiss government and cantons. It could reach up to CHF6 billion ($6.74 billion) a year.
The new profit distribution agreement between the bank and the Federal Department of Finance (FDF), announced on Friday eveningExternal link, covers the financial years from 2020 to 2025. Under the previous arrangement, the SNB could make a maximum payout of CHF4 billion.
The SNBExternal link has faced calls from some politicians to help support the economy, which has been hit hard by the Covid-19 downturn and measures introduced to tackle the virus.
More
More
National Bank snubs calls for more coronavirus money
This content was published on
The Swiss National Bank has dismissed demands to increase its payout to help the economy cope with the costs of the Covid-19 pandemic.
The increased payment will be made “provided the SNB’s financial situation permits,” a government and bank statement said. The full payout will be made if the SNB makes a profit of CHF40 billion francs.
The SNB said earlier this month it expected to make a profit of around CHF21 billion for 2020.
After taking into account the bank’s distribution reserves, its 2020 net profit will be in the region of CHF98 billion, so it will make the full CHF6 billion payout for 2020, Reuters said.
“Under the National Bank Act, the SNB is obliged to set up provisions from its annual result to maintain the currency reserves at the level necessary for monetary policy. The profit remaining after allocating funds to the provisions is, in principle, available for distribution to the Confederation [government] and cantons,” the statement explained.
To ensure that the distribution flows are smoothed in the medium term, the FDF and the SNB set out the key elements in a multi-year agreement.
More
More
Swiss National Bank expects profit of CHF21 billion for 2020
This content was published on
The Swiss National Bank (SNB) expects to post an annual profit of CHF21 billion ($23 billion) for 2020, it said on Friday.
Is your place of origin, your Heimatort, important to you?
Every Swiss citizen has a Heimatort, a place of origin, but many have never visited theirs. What’s your relationship with your Heimatort? What does it mean to you?
Common species vital for stability of food webs, study shows
This content was published on
The loss of common flora and fauna can make food webs unstable, with big consequences for entire ecosystems, a Swiss study has shown.
This content was published on
Overall spending on building fell slightly last year, with trends showing more money flowing into renovations than new buildings.
This content was published on
Foreign trade dipped from April to June in terms of exports and imports, with the trend largely driven by the chemicals and pharma sector.
Former Vatican auditor cleared of bribery in Zurich trial
This content was published on
The Zurich District Court acquitted a former financial markets supervisor at the Vatican of charges of corruption and bribery.
This content was published on
The President of the Swiss Conference of Bishops wants a national digital register of clergy – in the interest of transparency.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
SNB chief commends Swiss banks for handling of Covid crisis
This content was published on
Swiss banks have so far weathered the impact of the Covid-19 pandemic well, according to Swiss National Bank chairman Thomas Jordan.
This content was published on
The US move to brand Switzerland a currency manipulator has been met with denials from the Swiss National Bank. Fabio Canetg explains.
Swiss franc shrugs off being put on the naughty step by US
This content was published on
For many foreign exchange traders, the US Treasury’s decision to designate Switzerland as a currency manipulator comes too late.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.