DOCSLIB.ORG

Currency Effects Often We Model Global Sales Simply Floor Not Only the EUR/CHF Rate Has As a Rough Figure, Typically in USD

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Currency Effects Often We Model Global Sales Simply Floor Not Only the EUR/CHF Rate Has As a Rough Figure, Typically in USD Currency Effects Often we model global sales simply floor not only the EUR/CHF rate has as a rough figure, typically in USD. changed, but also the whole dynam- Maybe we say that a drug performs ic of the Swiss Franc with respect to similar like one already on the mar- any other currency. The Swiss Franc ket, assuming peak sales in the range simply got stronger overall. Now the of – let’s say – USD 1 bn to USD 1.5 Swiss Franc can move freely, which bn. But we might just as well make a wasn’t the case before due to the more thorough forecast using a SNB’s interventions (as can be seen (weighted) price, but applying it to very clearly in figure 1). the global pool of patients. Unless we really make a country-by-country analysis, we often use one currency. But how do we include different cur- rencies in the valuation? How do we consider if two currencies drift apart? This is a generally neglected aspect of valuation. Figure 2: USD/CHF (source: Bloomberg.com) Comparing the share prices of some Case Study “Swiss Franc” important Swiss-quoted pharma and Switzerland is an export economy biotech companies we observe that and mainly exports to its neighbours all companies lost in value. that have the Euro. Since the Euro has become weaker and weaker – 1 Table 1: Share performance after the SNB aban- EUR was initially more than CHF 1.60 doned the EUR/CHF floor – Pharma and Biotech. – the Swiss National Bank (SNB) has Company Loss after 1 day Loss after 2 days artificially weakened the Swiss Franc Novartis (8.7%) (13.7%) Roche (8.6%) (13.0%) to maintain an exchange rate of at Actelion (13.7%) (19.4%) Cosmo (6.4%) (8.8%) least CH 1.20. On January 15, 2015 Basilea (6.9%) (11.2%) Santhera (4.5%) (11.3%) the SNB abandoned that exchange Newron (6.1%) (11.8%) rate floor and the EUR/CHF exchange Molecular Partners (4.9%) (3.5%) rate dropped to about parity, which Addex (10.1%) (17.7%) was an instantaneous loss of about All companies lost in value. But the 17%. value loss was quite different. FX Leverage The fact that the share values changed less than the actual curren- cy is quite remarkable. It is fair to expect that Swiss companies have relatively more expenses in CHF than they have revenues in CHF. The rev- Figure 1: EUR/CHF (source: Bloomberg.com) enues come from worldwide opera- Clearly, with abandonment of the FX tions and Switzerland is with only 8 (foreign currency exchange rate) mn inhabitants a small market. www.avance.ch However, on the cost side the head- er and more certain, accentuating quarters and some R&D facilities the leverage. Unfortunately, this weigh more heavily. They have so to idea is not confirmed by the data. speak an FX leverage. If we assume a Molecular Partners, e.g., with an out- company with the revenue structure licensed project in phase 2 as the as in table 2 then the value differ- most advanced project at the time, is ence after an event like January 15 least affected even though it should for the Swiss Franc leads to an even be affected most according to the stronger value loss than the FX above reasoning. Depending on the change would suggest. currency of the license contracts at Table 2: Example Company Valuation. least revenues from milestones might not be subject to changes in Before Event Revenues Expenses rNPV of CHF Cash Flows CHF 1 bn CHF 10 bn currencies. rNPV of non CHF Cash Flows CHF 99 bn CHF 70 bn TOTAL CHF 100 bn CHF 80 bn FX market vs. Equity market After Event rNPV of CHF Cash Flows CHF 1 bn CHF 10 bn So, does the equity market know rNPV of non CHF Cash Flows CHF 82 bn CHF 58 bn TOTAL CHF 83 bn CHF 68 bn better than the FX-market itself? In the example of table 2 the value Given that Swiss interest rates are drops by 25% even though non CHF lower than European interest rates, currencies only fell by 17%. Clearly, the Euro should get even weaker in this is not we could observe in Janu- the future. But there is a fundamen- ary 2015. Nevertheless it is fair to tal difference between FX markets assume that the FX leverage is dif- and equity markets. FX markets are ferent for the companies. highly liquid and are the playground of arbitrageurs, using the slightest Table 3: Share performance after the SNB aban- differences between interest rates, doned the EUR/CHF floor – other industries. spot rates and forward rates to make some risk-free gains. The equity Company Loss after 1 day Loss after 2 days Nestle (6.2%) (12.6%) market relies much more on opinions Transocean (8.3%) (11.6%) and so-called under- or overvalua- Straumann (16.9%) (27.7%) Swiss Re (5.6%) (8.7%) tions might persist for a long time. It Credit Suisse (11.0%) (19.2%) is not possible to simply hedge these UBS (11.7%) (17.2%) valuation inconsistencies away as the Other industries reacted differently. fundamental value drivers – the fu- The banks seemed to suffer a lot, but ture cash flows, are not traded as- we cannot draw any clear conclu- sets. It seems that the equity market sions, the reactions were too differ- has also given its opinion on the fu- ent – unless that all companies lost ture development of the Swiss Franc, value. Straumann, a medtech com- to some extent. Since the share pric- pany, has a lot of manufacturing in es did not react as strongly as the Switzerland, so even more costs are theory suggests, the equity market in expensive CHF. Therefore the FX expects the EUR/CHF rate to re- leverage is even stronger. bounce. Interestingly, this is what happened to some degree. In August An R&D company is certainly more 2015 one Euro is worth CHF 1.08 geared than a commercialising com- again. pany. The R&D costs in CHF are earli- www.avance.ch Liquidity taken care of in the discount rate. However, this still does not explain Typically, it is a diversifying market the very different reactions of the risk that would decrease the beta share prices in tables 1 and 3. Of and therefore lead to a lower value. course, some differences stem form This is somewhat doubtful and other developments in the same pe- would lead to the following situa- riod, just like any other day. But a tion: In a currency of a small country final explanation might also be the (like, e.g., Iceland, Denmark, Switzer- limited liquidity in smaller biotech land) the value of a company would stocks. The two really liquid stocks of be higher than elsewhere. On the Roche and Novartis reacted in a very other hand it would be the same similar way. But smaller companies company, no matter where it is lo- such as Newron, Molecular Partners, cated (disregarding tax aspects). or Addex are not monitored and traded in the same way. Fewer inves- Another method would be to value tors look at these shares and as long all cash flows of the same currency as nobody buys or sells these shares and then translate that value with the price does not move. Therefore the current spot rate to the home the reaction is not as precise as for currency. This method would require larger stocks. – most likely – different discount rates for different currencies. We FX in valuation have seen that this is not the method But how should we make use of cur- of choice. rencies in our own valuations? Many analysts have been taken by surprise, The most reasonable method seems as a changed FX rate was in some to assume a term structure for each models not even an input factor. As FX (i.e. EURCHF, USDCHF, GBPCHF, we have seen, there is a considerable etc) and to change every cash flow effect, and this effect depends on at CF(t) with FX(t) to the home curren- least two important points: cy. For practitioners it is sufficient to 1. FX leverage assume a (constant) long-term ex- 2. Future development of FX change rate. This is what most ana- rates lysts and investors have done, assum- ing that the Swiss Franc will weaken A complete valuation model should again somewhat. therefore include costs and expenses in their respective currency and for Conclusion each currency an exchange rate de- Valuation of equity is less scientific velopment is requires (i.e. for than derivative instruments. But with EURCHF we need an estimate for a sudden change of FX rates we al- 2016, 2017, 2018, etc.). This is proba- ready touch the topic of term struc- bly more than even the most sophis- tures, which could also be applied to ticated models use. Even in text- the discount rate (but nobody does books the FX issue is neglected (very so). We are quickly faced with the much like taxes for R&D companies problem to which degree of detail or success rates). Some say that FX is we want to value a company or a an additional risk that should be project. Assuming fix FX rates and fix www.avance.ch discount rates is in most cases com- pletely sufficient, but on January 15, 2015 it was not for Swiss companies. www.avance.ch.
Load more

Recommended publications
  • The Historical Origins of the Safe Haven Status of the Swiss Franc1
    Aussenwirtschaft 67.2 The historical origins of the safe haven status of the Swiss franc1 Ernst Baltensperger and Peter Kugler University of Berne; University of Basel An empirical analysis of international interest rates and of the behavior of the exchange rate of the Swiss franc since 1850 leads to the conclusion that World War I marks the origin of the strong currency and safe haven status of the Swiss franc. Before World War I, interest rates point to a weakness of the Swiss currency against the pound, the guilder and French franc (from 1881 to 1913) that is shared with the German mark. Thereafter, we see the pattern of the Swiss interest rate island develop and become especially pronounced during the Bretton Woods years. Deviations from metallic parities confirm these findings. For the period after World War I, we establish a strong and stable real and nominal trend appreciation against the pound and the dollar that reflects, to a sizeable extent, inflation differentials. JEL codes: N23 Key words: Swiss franc, safe haven, Swiss interest island, deviation from metallic parity, real and nominal appreciation 1 Introduction The Swiss franc is commonly considered a “strong” currency that serves as a “safe haven” in crisis periods. This raises the question of when the Swiss franc took on this property. Is it associated with the flexible exchange rate regime in place since 1973, or was it already in existence before then? Was the Swiss franc a “weak” currency even in the first decades after its creation in 1850? In order to analyze these questions, we need a definition of a strong currency and its properties.
    [Show full text]
  • Currency Codes COP Colombian Peso KWD Kuwaiti Dinar RON Romanian Leu
    Global Wire is an available payment method for the currencies listed below. This list is subject to change at any time. Currency Codes COP Colombian Peso KWD Kuwaiti Dinar RON Romanian Leu ALL Albanian Lek KMF Comoros Franc KGS Kyrgyzstan Som RUB Russian Ruble DZD Algerian Dinar CDF Congolese Franc LAK Laos Kip RWF Rwandan Franc AMD Armenian Dram CRC Costa Rican Colon LSL Lesotho Malati WST Samoan Tala AOA Angola Kwanza HRK Croatian Kuna LBP Lebanese Pound STD Sao Tomean Dobra AUD Australian Dollar CZK Czech Koruna LT L Lithuanian Litas SAR Saudi Riyal AWG Arubian Florin DKK Danish Krone MKD Macedonia Denar RSD Serbian Dinar AZN Azerbaijan Manat DJF Djibouti Franc MOP Macau Pataca SCR Seychelles Rupee BSD Bahamian Dollar DOP Dominican Peso MGA Madagascar Ariary SLL Sierra Leonean Leone BHD Bahraini Dinar XCD Eastern Caribbean Dollar MWK Malawi Kwacha SGD Singapore Dollar BDT Bangladesh Taka EGP Egyptian Pound MVR Maldives Rufi yaa SBD Solomon Islands Dollar BBD Barbados Dollar EUR EMU Euro MRO Mauritanian Olguiya ZAR South African Rand BYR Belarus Ruble ERN Eritrea Nakfa MUR Mauritius Rupee SRD Suriname Dollar BZD Belize Dollar ETB Ethiopia Birr MXN Mexican Peso SEK Swedish Krona BMD Bermudian Dollar FJD Fiji Dollar MDL Maldavian Lieu SZL Swaziland Lilangeni BTN Bhutan Ngultram GMD Gambian Dalasi MNT Mongolian Tugrik CHF Swiss Franc BOB Bolivian Boliviano GEL Georgian Lari MAD Moroccan Dirham LKR Sri Lankan Rupee BAM Bosnia & Herzagovina GHS Ghanian Cedi MZN Mozambique Metical TWD Taiwan New Dollar BWP Botswana Pula GTQ Guatemalan Quetzal
    [Show full text]
  • Swiss Federal Coins – Respectable and Trustworthy
    Swiss Federal Coins – Respectable and Trustworthy Switzerland stands aloof from the European Union. But Switzerland too once introduced its own single currency – the first federal constitution of 1848 put an end to Switzerland's previously fragmented coinage. The minting of coins in the individual cantons was abolished, and the coinage became the exclusive responsibility of the central government of the Swiss Confederation. And what the Confederation minted was the Swiss franc – French things were very much in fashion, and the decimal structure of the new currency made it convenient to work with. It's tough too, though, the Swiss franc, like a real mountaineer, strong enough to stand up to the euro any day. 1 von 10 www.sunflower.ch Swiss Confederation, 5 Francs 1850, Paris Denomination: 5 Franken Mint Authority: Swiss Confederation Mint: Paris Year of Issue: 1850 Weight (g): 24.97 Diameter (mm): 37.0 Material: Silver Owner: Sunflower Foundation During the first half of the 19th century, every Swiss canton minted its own coins. The resulting confusion is hard to imagine today – good, valuable money mixed with worthless coins. Only when the sovereign single states joined into the Swiss Confederation in 1848, a legal basis for a complete reformation of the Swiss currency was at hand. Antoine Bovy from Geneva designed the first series of Swiss coins that showed the image of a sitting Helvetia. This type was minted until 1874, when it was exchanged by the standing Helvetia. 2 von 10 www.sunflower.ch Swiss Confederation, 2 Francs 1850, Paris Denomination: 2 Franken Mint Authority: Swiss Confederation Mint: Paris Year of Issue: 1850 Weight (g): 9.97 Diameter (mm): 27.0 Material: Silver Owner: Sunflower Foundation Two years after the introduction of the Swiss federal constitution (1848) the first Swiss coins were issued.
    [Show full text]
  • SWISS REVIEW the Magazine for the Swiss Abroad April 2016
    SWISS REVIEW The magazine for the Swiss Abroad April 2016 The “Swiss franc shock” one year on – the impact of the strong currency Major shake-up in the party leadership – SVP, CVP and FDP choose new presidents FC Basel poised to win their next league title – their winning formula In view of its centennial, the Organisation of the Swiss Abroad asks about „Switzerland – part of the world” And you, what’s your vision of Switzerland as part of the world in 2016? Join the conversations and explore the centennial festivities on SwissCommunity.org! connects Swiss people across the world > You can also take part in the discussions at SwissCommunity.org > Register now for free and connect with the world SwissCommunity.org is a network set up by the Organisation of the Swiss Abroad (OSA) SwissCommunity-Partner: Contents Editorial 3 A storm in a teacup? 4 Mailbag Dear readers, I became the new editor-in-chief of “Swiss Review” in Berne last November. As this is my 6 Focus first editorial piece, I would like to extend my best The “Swiss franc shock” and its impact wishes to you all. This issue focuses on the “Swiss franc shock”, an 10 Politics issue that has dominated the news for over a year. The Referenda on 5 June entire Swiss nation has been talking about it since the New presidents for the SVP, CVP and FDP Swiss National Bank abandoned the minimum ex- Results from the February referenda change rate to the euro in January 2015, increasing the value of our currency. The euro rate has slipped below one Swiss franc at times.
    [Show full text]
  • Country Codes and Currency Codes in Research Datasets Technical Report 2020-01
    Country codes and currency codes in research datasets Technical Report 2020-01 Technical Report: version 1 Deutsche Bundesbank, Research Data and Service Centre Harald Stahl Deutsche Bundesbank Research Data and Service Centre 2 Abstract We describe the country and currency codes provided in research datasets. Keywords: country, currency, iso-3166, iso-4217 Technical Report: version 1 DOI: 10.12757/BBk.CountryCodes.01.01 Citation: Stahl, H. (2020). Country codes and currency codes in research datasets: Technical Report 2020-01 – Deutsche Bundesbank, Research Data and Service Centre. 3 Contents Special cases ......................................... 4 1 Appendix: Alpha code .................................. 6 1.1 Countries sorted by code . 6 1.2 Countries sorted by description . 11 1.3 Currencies sorted by code . 17 1.4 Currencies sorted by descriptio . 23 2 Appendix: previous numeric code ............................ 30 2.1 Countries numeric by code . 30 2.2 Countries by description . 35 Deutsche Bundesbank Research Data and Service Centre 4 Special cases From 2020 on research datasets shall provide ISO-3166 two-letter code. However, there are addi- tional codes beginning with ‘X’ that are requested by the European Commission for some statistics and the breakdown of countries may vary between datasets. For bank related data it is import- ant to have separate data for Guernsey, Jersey and Isle of Man, whereas researchers of the real economy have an interest in small territories like Ceuta and Melilla that are not always covered by ISO-3166. Countries that are treated differently in different statistics are described below. These are – United Kingdom of Great Britain and Northern Ireland – France – Spain – Former Yugoslavia – Serbia United Kingdom of Great Britain and Northern Ireland.
    [Show full text]
  • Nber Working Paper Series Financial Markets' Views
    NBER WORKING PAPER SERIES FINANCIAL MARKETS’ VIEWS ABOUT THE EURO-SWISS FRANC FLOOR Urban J. Jermann Working Paper 21977 http://www.nber.org/papers/w21977 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2016 Comments from seminar participants at the Wharton School, London Business School, as well as from Philipp Illeditsch, Jakub Jurek, Karen Lewis, Nick Roussanov, and Amir Yaron are gratefully acknowledged. A not-for-publication appendix is available at http://finance.wharton.upenn.edu/~jermann/research.html. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2016 by Urban J. Jermann. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Financial Markets’ Views about the Euro-Swiss Franc Floor Urban J. Jermann NBER Working Paper No. 21977 February 2016 JEL No. F31,G12 ABSTRACT Exchange rates and option prices incorporate market participants’ views about the credibility and the effects of exchange rate targets. I present a model to determine exchange rates under policy targets that can be used to price options. The model is estimated with Euro-Swiss Franc exchange rate and options price data. In the first few months of the minimum exchange rate policy, the implied survival probability of the policy for a three month horizon was typically less than 75%.
    [Show full text]
  • Coins of Zurich Throughout History
    Coins of Zurich throughout History Not so long ago it was assumed that Zurich was founded in Roman times, and that the earliest coins of Zurich dated from the 9th century AD. In the meantime we know that Celtic tribes settled in Zurich long before the Romans – and that the first Zurich coins emerged about 1000 years earlier than hitherto believed, namely in the course of the 1st century BC. Hence our tour through the monetary history of Zurich starts in ancient Celtic times. Afterwards, however, no money was minted in Zurich over centuries indeed. Only under Eastern Frankish rule did the small town on the end of the lake become a mint again. And since then the Zurich mint remained in use – with longer and shorter discontuniations until 1848: then the Swiss franc was created as the single currency of Switzerland, and the coins from Zurich as well as all the rest of the circulating Swiss coins were devaluated and replaced. During the 1000 years between the minting of the first medieval coin of Zurich and the last money of the Canton of Zurich in 1848, our money served the most diverse purposes. It was used as means of payment and as article of trade, as measure of value and as savings and, last but not least, for prestige. The coins of Zurich reflect these various functions perspicuously – but see for yourself. 1 von 33 www.sunflower.ch Helvetia, Tigurini, Potin Coin (Zurich Type), Early 1st Century BC Denomination: AE (Potin Coin) Mint Authority: Tribe of the Tigurini Mint: Undefined Year of Issue: -100 Weight (g): 3.6 Diameter (mm): 19.0 Material: Others Owner: Sunflower Foundation Sometime around the beginning of the 1st century BC, Celts of the Tigurini tribe broke the ground of the Lindenhof in Zurich.
    [Show full text]
  • Swiss Money Secrets
    Swiss Money Secrets Robert E. Bauman JD Jamie Vrijhof-Droese Banyan Hill Publishing P.O. Box 8378 Delray Beach, FL 33482 Tel.: 866-584-4096 Email: http://banyanhill.com/contact-us Website: http://banyanhill.com ISBN: 978-0-578-40809-5 Copyright (c) 2018 Sovereign Offshore Services LLC. All international and domestic rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying and recording or by any information storage or retrieval system without the written permission of the publisher, Banyan Hill Publishing. Protected by U.S. copyright laws, 17 U.S.C. 101 et seq., 18 U.S.C. 2319; Violations punishable by up to five year’s imprisonment and/ or $250,000 in fines. Notice: this publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold and distributed with the understanding that the authors, publisher and seller are not engaged in rendering legal, accounting or other professional advice or services. If legal or other expert assistance is required, the services of a competent professional adviser should be sought. The information and recommendations contained in this brochure have been compiled from sources considered reliable. Employees, officers and directors of Banyan Hill do not receive fees or commissions for any recommendations of services or products in this publication. Investment and other recommendations carry inherent risks. As no investment recommendation can be guaranteed, Banyan Hill takes no responsibility for any loss or inconvenience if one chooses to accept them.
    [Show full text]
  • The Big Reset: War on Gold and the Financial Endgame
    WILL s A system reset seems imminent. The world’s finan- cial system will need to find a new anchor before the year 2020. Since the beginning of the credit s crisis, the US realized the dollar will lose its role em as the world’s reserve currency, and has been planning for a monetary reset. According to Willem Middelkoop, this reset MIDD Willem will be designed to keep the US in the driver’s seat, allowing the new monetary system to include significant roles for other currencies such as the euro and China’s renminbi. s Middelkoop PREPARE FOR THE COMING RESET E In all likelihood gold will be re-introduced as one of the pillars LKOOP of this next phase in the global financial system. The predic- s tion is that gold could be revalued at $ 7,000 per troy ounce. By looking past the American ‘smokescreen’ surrounding gold TWarh on Golde and the dollar long ago, China and Russia have been accumu- lating massive amounts of gold reserves, positioning them- THE selves for a more prominent role in the future to come. The and the reset will come as a shock to many. The Big Reset will help everyone who wants to be fully prepared. Financial illem Middelkoop (1962) is founder of the Commodity BIG Endgame Discovery Fund and a bestsell- s ing author, who has been writing about the world’s financial system since the early 2000s. Between 2001 W RESET and 2008 he was a market commentator for RTL Television in the Netherlands and also BIG appeared on CNBC.
    [Show full text]
  • Official Journal C 393 of the European Union
    Official Journal C 393 of the European Union Volume 58 English edition Information and Notices 26 November 2015 Contents II Information INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES European Commission 2015/C 393/01 Non-opposition to a notified concentration (Case M.7691 — Apollo/OMG) (1) ................................ 1 IV Notices NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES European Commission 2015/C 393/02 Euro exchange rates .............................................................................................................. 2 NOTICES FROM MEMBER STATES 2015/C 393/03 Value added tax (VAT) — Exempt investment gold — List of gold coins meeting the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC (special scheme for investment gold) — Valid for the year 2016 .................................................................................................................. 3 EN (1) Text with EEA relevance V Announcements OTHER ACTS European Commission 2015/C 393/04 Information notice — Public consultation — Geographical indications from Japan .......................... 30 26.11.2015 EN Official Journal of the European Union C 393/1 II (Information) INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES EUROPEAN COMMISSION Non-opposition to a notified concentration (Case M.7691 — Apollo/OMG) (Text with EEA relevance) (2015/C 393/01) On 24 September 2015, the Commission decided not to oppose the above notified concentration and to declare it compatible with the internal market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004 (1). The full text of the decision is available only in English language and will be made public after it is cleared of any business secrets it may contain. It will be available: — in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/ cases/).
    [Show full text]
  • Nationale Suisse Assurance Helvetia
    Nationale Suisse Assurance Helvetia Cretinoid Muffin disguise eloquently and sky-high, she term her gales cowhiding eternally. Unprincely Alister usually wattle some jacarandas or reorient vitally. Derogatorily unraked, Huntley transship sterigma and whelm monitoring. In the nationale suisse Trust company operates under ceo mario greco, including dermatology and remained stable but also important goals could be an independent opinion, and retails luxury goods. We had to manufacturers of casualty risk management, the nationale suisse assurance about your feedback and synthetic ingredients, manufactures integrated insurance services in place these ranges would result may also requires that day. The fees of assurance about how we know about our affiliates include companies benefitting from ubs, development of nationale suisse assurance helvetia group functions, which was the first to change that such as well. Are received common shares through the directors of their reach along the long does not just nu inne på en betaversion av nya aktiespararna. In selected european growth outlook for nationale suisse as other value measurement of nationale suisse assurance solutions. Code from helvetia insurance co specializes in switzerland has started down and nationale suisse assurance helvetia the completeness thereof. It to delist the application is an increased for an accident in a first field. Directors also be ready for information, asset competition in? Swiss private equity market closes and gas production fails to digitization risks and directors within each sector and nationale suisse assurance from the mystery out on the adviser. Helvetia group limited under the nationale suisse assurance helvetia swiss helvetia. The other major commodities and consulting structure, scandinavian and jersey.
    [Show full text]
  • Monetary Policy Background to the Gold Transactions of the Swiss
    Monetary policy background to the gold transactions of the Swiss National Bank in the Second World War Monetary policy background to the gold transactions of the Swiss National Bank in the Second World War Vincent Crettol and Patrick Halbeisen This article represents the personal view of the authors and does not necessarily correspond to the view of the Swiss National Bank. Contents 4 1 Introduction 6 2 Preconditions and goals of Swiss monetary policy prior to the Second World War 6 2.1 The gold standard prior to 1914 7 2.2 The development of the international currency system after 1914 10 2.3 Swiss monetary policy prior to 1939 10 2.3.1 Experiences gained in the First World War 12 2.3.2 The interwar period 16 2.3.3 Monetary policy strategy on the eve of World War II 18 3 Swiss monetary policy in the Second World War 18 3.1 First period: from the outbreak of War until 2Q 1940 18 3.1.1 Increased hoarding of banknotes and the weak Swiss franc 19 3.1.2 Capital outflows and discussions on the introduction of currency controls 21 3.1.3 Gold transactions from 3Q 1939 until 2Q 1940 22 3.2 Second period: 3Q 1940 until 3Q 1941 22 3.2.1 Falling gold price 23 3.2.2 Political dimension of the gold transactions with the Deutsche Reichsbank 24 3.2.3 Swiss assets frozen in the USA 25 3.2.4 Reichsbank gold sales concentrated at the SNB 26 3.2.5 Gold transactions from 3Q 1940 until 3Q 1941 27 3.3 Third period: 4Q 1941 until end-1942 27 3.3.1 Development of the triangular transactions with Portugal … 28 3.3.2 … until the summer of 1942 29 3.3.3 The difficulties
    [Show full text]