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National Bank makes according to UBS of CHF 14 billion loss

By the share price plunge to year's end, the Swiss national Bank (SNB) has remained not spared. However, you should have, according to UBS estimates, the damage thanks to their investments in relatively safe assets is minimized. The distributions to the Confederation and the cantons are not at risk.

Overall, the UBS assumes that the SNB will have to the shoulders in the total year 2018, a loss of 14 billion francs, as she writes in a Monday report published. Already in the third quarter, the national Bank had slipped into the loss zone. In the final quarter, you may have made a six billion Swiss francs in reverse.

distributions of 2 billion

This is for the SNB, but hardly a Problem: the end of 2018, it is expected to still have an equity cushion of about 120 billion francs, according to 137 billion by the end of 2017. The distribution reserve will be reduced according to the calculations, to 53 billion from 74 billion Swiss francs. This is more than enough, around two billion Swiss francs to the Confederation and the cantons. Because according to the agreement, the SNB distributes this amount as long as the distribution of reserves are about 2 billion Swiss francs.

The SNB draws, among other things, their record profit of 54.4 billion Swiss francs in the strong stock market year 2017. In the past year, you could not count on rising equity prices. On the contrary, at The end of the year, rates have been pushed significantly.

Safe investments paid from

the General market sentiment in 2018 and in particular of the deteriorating economic Outlook has been Debited, not least because of the US President Donald trump instigated trade dispute with China, as well as a somewhat tighter monetary policy of the Central banks.

In this difficult market environment, the defensive structure of the SNB's portfolio and was paid for, the UBS report showed. This means that, thanks to the high proportion in relatively safe assets such as bonds or government bonds and the gold reserves of the damage to the SNB kept within limits.

in Principle, the SNB according to the UBS-a Economists only when their foreign currency positions, high risks: Almost all of your investments it holds in foreign currencies. In the final quarter of 2018, the had but hardly negative. Because of the devaluation of the Swiss franc against the Dollar neutralised the strengthening against the Euro.


Created: 07.01.2019, 10:11 PM

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