Swiss national bank agrees CHF6 billion profit distribution deal
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.
This content was published on
The artist's song "The Code" focuses on their journey as a nonbinary individual. It is one of the favourites to win this year's contest.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
Watches belonging to Michael Schumacher up for auction
This content was published on
Schumacher's family is auctioning off eight rare watches from his collection in Geneva. The Christie's auction will take place on Monday.
Joya Marleen and Baschi named best solo acts at Swiss Music Awards
This content was published on
St. Gallen singer Joya Marleen and Baschi from Basel were named artists of the year at the Swiss Music Awards 2024 on Wednesday night.
Swiss authorities announce cost-cutting in asylum sector
This content was published on
The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
This content was published on
The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
This content was published on
In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
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.