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Swiss National Bank, 106Th Annual Report 2013

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Swiss National Bank, 106Th Annual Report 2013 106th Annual Report Swiss National Bank 2013 106th Annual Report Swiss National Bank 2013 Contents Preface 4 Goals and responsibilities of the Swiss National Bank 8 Accountability report 11 Summary 12 1 Monetary policy 18 2 Implementation of monetary policy 40 3 Ensuring the supply and distribution of cash 52 4 Facilitating and securing cashless payments 58 5 Asset management 62 6 Contribution to financial system stability 74 7 Involvement in international monetary cooperation 95 8 Banking services for the Confederation 105 9 Statistics 106 Financial report 113 Key figures for the 2013 financial year 114 Business report 117 1 Corporate governance 118 2 Resources 132 3 Changes in bank bodies and management 135 4 Business performance 136 Annual financial statements 145 1 Balance sheet as at 31 December 2013 146 2 Income statement and appropriation of profit for 2013 148 3 Changes in equity 149 4 Cash flow statement 150 5 Notes to the annual financial statements as at 31 December 2013 152 6 Report of the Audit Board for the General Meeting of Shareholders 186 Proposals of the Bank Council 189 Proposals of the Bank Council to the General Meeting of Shareholders 191 Selected information 193 1 Chronicle of monetary events in 2013 194 2 Bank supervisory and management bodies, Regional Economic Councils 197 3 Organisational chart 200 4 Publications and other resources 202 5 Addresses 206 6 Rounding conventions and abbreviations 208 Annual Report 2013, Contents 3 Preface Ladies and Gentlemen The Swiss National Bank (SNB) conducts the country’s monetary policy as an independent central bank, on the basis of the Federal Constitution and the National Bank Act (NBA). The first part of this106th Annual Report comprises the SNB’s accountability report to the Federal Assembly, and provides information about how the SNB has fulfilled its mandate – in particular its conduct of monetary policy and contribution to the stability of the financial system. The second part of the Annual Report comprises the financial report, which is submitted for approval, first to the Federal Council and then to the General Meeting of Shareholders. The financial report provides information on organisational and operational developments as well as the financial result of the SNB. The financial report includes the business report and the annual financial statements of the SNB, which contain the balance sheet, income statement, changes in equity, cash flow statement and notes. In 2013, the after-effects of the financial and economic crisis continued to dominate. In a difficult environment, it was necessary for the SNB to ensure monetary conditions that were appropriate for the Swiss economy. In an environment of negative inflation and extremely low interest rates, the minimum exchange rate of CHF 1.20 continued to be the focus of monetary policy implementation. Buoyed by favourable financing conditions and a gradual economic recovery in Europe, the Swiss economy progressed favourably. Growth accelerated and unemployment did not increase further in the second half of the year. Nevertheless, increasing imbalances in the mortgage and real estate markets gave cause for concern. In an effort to strengthen the resilience of the financial system and counter the build-up of systemic risk, the SNB submitted a proposal to the Federal Council requesting that the countercyclical capital buffer (CCB) be activated. On 13 February 2013, the Federal Council agreed to this proposal and, on 22 January 2014, increased the CCB, at the proposal of the SNB. In November 2013, the SNB sold to UBS the stabilisation fund which it had set up to take over illiquid assets from UBS. An exceptional and challenging undertaking was thus brought to a successful conclusion. The stabilisation fund was part of the package of measures adopted by the authorities in autumn 2008 to strengthen the Swiss financial system and it fulfilled its objective in that it shored up confidence in Switzerland’s financial system considerably during a critical phase. Annual Report 2013, Preface 5 At operational level, the opening of a branch office in Singapore represented a new development. The branch allows for a more efficient management of foreign currency investments in Asia and facilitates round-the-clock monitoring of foreign exchange markets. In addition, the modernisation of the SNB pension fund was expedited. In this context, the changeover from a defined benefit to a defined contribution system was implemented with effect from 1 January 2014. Following the sale of the stabilisation fund, the SNB no longer constitutes a group and will therefore not be presenting consolidated financial statements. In 2013, the annual financial statements of the SNB closed with a loss of CHF 9.1 billion, following a profit of CHF 6.0 billion in the previous year. The negative annual result was mainly attributable to valuation losses of CHF 15.2 billion on gold holdings. These losses were not offset by the profit of CHF 3.1 billion on foreign currency positions and the net result of CHF 3.4 billion from the sale of the stabilisation fund. After allocation of CHF 3.0 billion to the provisions for currency reserves, an annual result of CHF –12.1 billion remained. This loss is considerably higher than the distribution reserve of CHF 5.3 billion. As stipulated in the NBA and the profit distribution agreement between the Federal Department of Finance and the SNB of 21 November 2011, the SNB can neither pay a dividend to the shareholders nor make a profit distribution to the Confederation and the cantons for the year 2013. We wish to thank the bank authorities and our employees for their hard work and valuable support over the past year. Berne and Zurich, 28 February 2014 jean studer thomas j. jordan President of the Bank Council Chairman of the Governing Board 6 Annual Report 2013, Preface Goals and responsibilities of the Swiss National Bank The Swiss National Bank (SNB) conducts the country’s monetary policy as Mandate 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 economic growth. Price stability is an important condition for growth and prosperity. Inflation Price stability and deflation, by contrast, impair economic activity. They complicate decision-making by consumers and producers, lead to misallocations of labour and capital, result in income and asset redistributions, and put the economically weak at a disadvantage. The SNB equates price stability with a rise in consumer prices of less than 2% per year. Deflation – i.e. a protracted decline 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 liquidity on the Implementation money market and thereby influencing the interest rate level. The three- of monetary policy month Swiss franc Libor serves as its reference interest rate. In addition, since 6 September 2011, a minimum exchange rate of CHF 1.20 per euro has also applied. In an environment in which short-term interest rates are close to zero, this measure helps to ensure appropriate monetary conditions. The SNB is entrusted with the note-issuing privilege. It supplies the economy Cash supply and distribution 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. Regarding cashless payment transactions, the SNB is involved in the area Cashless payment of payments between participants of the Swiss Interbank Clearing (SIC) transactions system. The payments are settled in SIC via sight deposit accounts held with the SNB. The SNB manages the currency reserves, the most important component Asset management of its assets. It requires currency reserves to ensure that it has room for manoeuvre in its monetary policy at all times. At present, the level of the currency reserves is largely dictated by the implementation of monetary policy, or by the enforcement of the minimum exchange rate. 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. Together with the federal authorities, the SNB participates in international International monetary monetary cooperation and provides technical assistance. cooperation The SNB acts as banker to the Confederation. It processes payments on Banker to the Confederation behalf of the Confederation, issues money market debt register claims and bonds, handles the custody of securities and carries out foreign exchange transactions. The SNB compiles statistical data on banks and financial markets, the balance Statistics of payments, direct investment, the international investment position and the Swiss financial accounts. Annual Report 2013, Goals and responsibilities 9 Accountability report Summary 12 1 Monetary policy 18 6 Contribution to financial system 1.1 Mandate and monetary policy strategy 18 stability 74 1.2 International economic developments 21 6.1 Background 74 1.3 Economic developments
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