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113th Annual Report Swiss National Bank 2020 113th Annual Report Swiss National Bank 2020 Contents Preface 4 Goals and responsibilities of the Swiss National Bank 8 Accountability report 11 Summary 12 1 Monetary policy 23 2 Implementation of monetary policy 58 3 Ensuring the supply and distribution of cash 76 4 Facilitating and securing cashless payments 81 5 Asset management 87 6 Contribution to financial system stability 105 7 Participation in international monetary cooperation 116 8 Banking services for the Confederation 132 9 Statistics 133 Financial report 141 Key financial figures for 2020 142 Business report 145 1 Corporate governance 146 2 Resources 162 3 Changes in bank bodies 167 4 Business performance 168 Annual financial statements 175 1 Balance sheet as at 31 December 2020 176 2 Income statement and appropriation of profit for 2020 178 3 Changes in equity 179 4 Notes to the annual financial statements as at 31 December 2020 180 5 Report of the External Auditor for the General Meeting of Shareholders 212 Proposals of the Bank Council 215 Proposals of the Bank Council to the General Meeting of Shareholders 217 Selected information 219 1 Chronicle of monetary events in 2020 220 2 Bank supervisory and management bodies, Regional Economic Councils 225 3 Organisational chart 228 4 Publications and other resources 230 5 Addresses 234 6 Rounding conventions and abbreviations 236 Annual Report 2020, Contents 3 Preface Ladies and Gentlemen It is our pleasure to present the Swiss National Bank’s Annual Report for 2020. The first part of the report comprises the accountability report submitted by the Governing Board to the Federal Assembly, and sets out how the SNB has fulfilled its tasks pursuant to art. 5 of the National Bank Act during the past year. The second part comprises the financial report, which provides information on organisational and operational developments as well as the financial result. The financial report is submitted for approval first to the Federal Council and then to the General Meeting of Shareholders. 2020 was dominated by the coronavirus pandemic. Developments in the Swiss and the global economy were shaped by the worldwide spread of coronavirus and the measures taken to contain the pandemic. Following a sharp downturn in the first half of the year, which was unusual even by historical standards, there was a strong recovery in the third quarter. The fall in new infections and the easing of containment measures in the summer led to this recovery, which, however, remained incomplete. Pre-crisis levels were not reached. In the autumn, infection numbers in Europe – including Switzerland – and in the US rose again rapidly, which brought renewed containment measures. This again adversely affected the economy towards the end of the year. Over the course of 2020, inflation in Switzerland fell significantly into negative territory. At the same time, the Swiss franc was repeatedly subject to strong upward pressure owing to its status as a safe haven. Annual Report 2020, Preface 5 In this situation, expansionary monetary policy continued to be necessary in order to ensure appropriate monetary conditions. The SNB’s monetary policy contributed to crisis management via three channels. First, it countered the increased upward pressure on the Swiss franc with stronger interventions in the foreign exchange market, as well as the negative SNB policy rate and negative interest on sight deposits held at the SNB. Strong appreciation would have further impaired the Swiss economy in the crisis. Second, the low level of interest rates created favourable financing conditions for the economy and the public sector. This eased the burden in particular on those companies and institutions that face increased funding needs as a result of the crisis. Third, the SNB supported the supply of credit and liquidity to the economy with further measures to enhance the banks’ latitude for lending. At the forefront of these was the SNB COVID-19 refinancing facility (CRF), set up in March 2020 as part of a joint package of measures with the federal government, the Swiss Financial Market Supervisory Authority (FINMA) and the banks. Via the CRF, the SNB provided the banks with additional liquidity at the SNB policy rate. This contributed to banks being able to grant COVID-19 loans to businesses at an interest rate of 0%. Furthermore, in March the SNB raised the exemption thresholds, thereby reducing the burden on the banking system. In addition, after consulting with FINMA, the SNB submitted a proposal to the Federal Council to deactivate the countercyclical capital buffer. The Federal Council accepted this recommendation on 27 March. Finally, together with other central banks, the SNB participated in the standing swap arrangement with the US Federal Reserve in March to enhance the provision of US dollar liquidity, thereby lessening the strain on the global US dollar funding markets. The SNB’s day-to-day operations were also affected by the pandemic. At times, about 70% of staff were working from home. Units performing critical activities that required on-site presence were split and moved to alternative workplaces. Meetings were held mainly in the form of telephone and video conferences, rather than face to face. This ensured good cooperation internally as well as with external parties, at both national and international level. A key success factor for maintaining the continuity of the SNB’s operations was the robust IT infrastructure already in place. 6 Annual Report 2020, Preface The SNB’s 2020 annual financial statements closed with a profit of CHF 20.9 billion, following a profit of CHF 48.9 billion in 2019. The allocation to the provisions for currency reserves amounts to CHF 7.9 billion. After taking into account the distribution reserve of CHF 84.0 billion, the net profit comes to CHF 96.9 billion. This allows a dividend payment of the legally stipulated maximum amount of CHF 15 per share. In January 2021, the SNB and the Federal Department of Finance decided on a new profit distribution agreement covering the period through to 2025, and that it should already apply to the 2020 financial year. Accordingly, the Confederation and the cantons are entitled to a profit distribution of CHF 6 billion, as the net profit meets the conditions defined in the agreement for a distribution of this amount. We would like to thank our employees for their hard work and support, which proved particularly valuable during the many challenges of this extraordinary past year. Berne and Zurich, 26 February 2021 barbara janom steiner thomas j. jordan President of the Bank Council Chairman of the Governing Board Annual Report 2020, Preface 7 Goals and responsibilities of the Swiss National Bank The Swiss National Bank conducts the country’s monetary policy as an Mandate 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 economic growth. Price stability is an important condition for growth and prosperity. Inflation Price stability and deflation, by contrast, impair economic activity. They hinder the role of prices in allocating labour and capital to their most efficient use, and result in a redistribution of income and wealth. The SNB equates price stability with a rise in consumer prices of less than 2% per annum. Deflation – i.e. a sustained decrease in the price level – also breaches the objective of price stability. A medium-term inflation forecast serves as the main indicator for monetary policy decisions. The SNB implements its monetary policy by steering the interest rate level Implementation of on the money market. It sets the SNB policy rate and seeks to keep the secured monetary policy short-term Swiss franc money market rates close to the SNB policy rate. The SNB can influence money market rates by means of its open market operations or adjust the interest rate on sight deposits held by banks and other financial market participants at the SNB. In order to influence monetary policy conditions, the SNB also intervenes in the foreign exchange market, as necessary. The SNB is entrusted with the note-issuing privilege. It supplies the Swiss Cash supply and distribution economy with banknotes that meet high standards with respect to quality and security. It is also charged by the Confederation with the task of coin distribution. The SNB facilitates and secures the operation of cashless payment systems. To Cashless payment this end, it is involved in the Swiss Interbank Clearing (SIC) payment system. transactions The payments are settled in the SIC system via sight deposit accounts held with the SNB. The SNB manages the currency reserves, the most important component of its Asset management assets. It requires currency reserves to ensure that it has room for manoeuvre in its monetary policy at all times. The level of the currency reserves is largely dictated by the implementation of monetary policy. The SNB contributes to the stability of the financial system. It fulfils this Financial system stability mandate by analysing sources of risk to the financial system and identifying areas where action is needed. In addition, it helps to create and implement a regulatory framework for the financial sector, and oversees systemically important financial market infrastructures. The SNB participates in international monetary cooperation. To this end, it International monetary works in conjunction with the federal authorities. It participates in multilateral cooperation institutions, cooperates with the Confederation in providing international monetary assistance, and works on a bilateral level with other central banks and authorities. The SNB acts as banker to the Confederation. It keeps accounts for and Banker to the Confederation processes payments on behalf of the Confederation, issues money market debt register claims and bonds, handles the custody of securities and carries out foreign exchange transactions.
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