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Swiss National Bank, 102Nd Annual Report 2009

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Swiss National Bank, 102Nd Annual Report 2009 102nd Annual Report Goals and responsibilities of the Swiss National Bank Mandate The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by Constitution and statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for eco- nomic growth. Price stability Price stability is an important condition for growth and prosperity. Infl ation and defl ation, by contrast, impair economic activity. They are inhibiting factors for the decisions of consumers and producers, lead to misallocations of labour and capital, result in income and asset redistribu- tions, and put the economically weak at a disadvantage. 2009 The National Bank equates price stability with a rise in the national consumer price index of less than 2% per annum. Defl ation, i.e. a pro- tracted decline in price levels, is considered to be equally detrimental to price stability. The SNB takes its monetary policy decisions on the basis of an infl ation forecast and implements them by steering the three-month Libor for Swiss franc investments. Supplying the money market with liquidity The National Bank provides the Swiss franc money market with liquidity by infl uencing the interest rate level in the money market. Cash supply and distribution The National Bank is entrusted with the note-issuing privilege. It supplies the economy with banknotes that meet high standards with 2009 respect to quality and security. It is also charged by the Swiss Confederation with the task of coin distribution. Cashless payment transactions In the fi eld 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 102nd Annual Report Annual 102nd the National Bank. Investment of currency reserves The National Bank manages the currency reserves. These engender confi dence in the Swiss franc, help to prevent and overcome crises and may be utilised for interventions in the foreign exchange market. Financial system stability The National Bank contributes to the stability of the fi nancial system. Within the context of this task, it analyses sources of risk to the fi nancial system, oversees systemically important payment and securities settlement systems and helps to promote an operational environment for the fi nancial 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 National Bank acts as banker to the 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 fi nancial markets, the balance of payments, the international investment position and the Swiss fi nancial accounts. 5532.indd32.indd 1 112.03.20102.03.2010 111:28:201:28:20 102nd Annual Report Goals and responsibilities of the Swiss National Bank Mandate The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by Constitution and statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for eco- nomic growth. Price stability Price stability is an important condition for growth and prosperity. Infl ation and defl ation, by contrast, impair economic activity. They are inhibiting factors for the decisions of consumers and producers, lead to misallocations of labour and capital, result in income and asset redistribu- tions, and put the economically weak at a disadvantage. 2009 The National Bank equates price stability with a rise in the national consumer price index of less than 2% per annum. Defl ation, i.e. a pro- tracted decline in price levels, is considered to be equally detrimental to price stability. The SNB takes its monetary policy decisions on the basis of an infl ation forecast and implements them by steering the three-month Libor for Swiss franc investments. Supplying the money market with liquidity The National Bank provides the Swiss franc money market with liquidity by infl uencing the interest rate level in the money market. Cash supply and distribution The National Bank is entrusted with the note-issuing privilege. It supplies the economy with banknotes that meet high standards with 2009 respect to quality and security. It is also charged by the Swiss Confederation with the task of coin distribution. Cashless payment transactions In the fi eld 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 102nd Annual Report Annual 102nd the National Bank. Investment of currency reserves The National Bank manages the currency reserves. These engender confi dence in the Swiss franc, help to prevent and overcome crises and may be utilised for interventions in the foreign exchange market. Financial system stability The National Bank contributes to the stability of the fi nancial system. Within the context of this task, it analyses sources of risk to the fi nancial system, oversees systemically important payment and securities settlement systems and helps to promote an operational environment for the fi nancial 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 National Bank acts as banker to the 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 fi nancial markets, the balance of payments, the international investment position and the Swiss fi nancial accounts. 5532.indd32.indd 1 112.03.20102.03.2010 111:28:201:28:20 Swiss National Bank 102nd Annual Report 2009 Preface Ladies and Gentlemen In accordance with art. 7 para. 2 of the National Bank Act (NBA), the Swiss National Bank (SNB) submits an annual accountability report to the Federal Assembly in which it outlines how it has fulfilled its mandate as defined in art. 5 NBA. Furthermore, pursuant to art. 7 para. 1 NBA, the SNB submits its financial report to the Federal Council for approval, before presenting it, together with the Audit Board’s report, to the General Meeting of Shareholders for approval and attention, respectively. The first part of the SNB’s 102nd Annual Report comprises the ac- countability report to the Federal Assembly (cf. pp. 6 et seq.). This is submitted to the General Meeting of Shareholders for information purposes only, and does not require their approval. It describes the economic and monetary developments in 2009 and explains in detail how the National Bank has fulfilled its statutory mandate – in particular the conduct of monetary policy and the SNB’s contribution to the stability of the financial system. A summary of the accountability report is provided on pp. 8 et seq. In 2009, governments and central banks were again confronted with substantial challenges. Following shocks to the financial system in au- tumn 2008, the global economy was threatened by severe crisis. Authorities responded by implementing extensive measures aimed at stabilising the finan- cial markets and the economy. This decisive intervention played a significant role in ensuring the economic downturn was less pronounced than initially anticipated. From the first quarter onwards, confidence began to return to financial markets, which was reflected in rising share prices and falling risk premia. Bolstered by a vigorous increase in government demand and an exceptionally expansionary monetary policy, from mid-year onwards the eco- nomic situation also began to improve, initially in the emerging economies of Asia and in Europe, and slightly later in the US. By the end of 2009, the global economy was on the road to recovery. The level of uncertainty, however, remained high, and estimates for the eco- nomic outlook in 2010, while optimistic, were cautious. Governments and central banks foresee new challenges ahead. On the one hand, it is important that monetary and fiscal support measures be scaled back without jeopardising economic recovery. On the other, the courses of action envisaged in 2009 to improve stability in global financial systems must be coordinated and imple- mented. The second part of the Annual Report comprises the financial report for the attention of the Federal Council and the General Meeting of Share- holders (cf. pp. 100 et seq.). It includes the business report, which deals with organisational and operational developments at the National Bank as well as the bank’s financial results. The financial report also includes the annual financial statements of the SNB (parent company), containing the balance sheet, income statement and notes, the financial information on the stabili- sation fund (pp. 163–172), and the legally prescribed consolidated financial statements (pp. 173–186). In 2009, the annual financial statements of the SNB (parent company) closed with a profit of CHF 10.0 billion, following a loss in the previous year of CHF 4.7 billion. The year-on-year improvement was mainly due to substantial valuation gains on gold. Since 2007, the monetary measures associated with combating the financial and economic crisis have resulted in a strong expansion in the SNB balance sheet. As a consequence, risks have also risen. The Swiss National Bank is required by the Federal Constitution to put aside sufficient monetary reserves from its profits.
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