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Swiss National Bank, 99Th Annual Report 2006

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Swiss National Bank, 99Th Annual Report 2006 99th 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 envi ronment for eco - nomic growth. Price stability Price stability is an important condition for growth and prosperity. Infl ation and defl ation are inhibiting factors for the decisions of consumers and producers; they disrupt economic activity and put the economically weak at a dis advantage. The National Bank equates price stability with a rise in the national consumer price index of less than 2% per annum. 2006 Monetary policy decisions are made on the basis of an infl ation forecast and implemented by steering the three-month Libor. 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 respect to quality and security. It is also charged by the Confederation with the task of coin distri bution. Supplying the money market with liquidity The National Bank provides the Swiss franc money market with liquidity via repo transactions, thereby implemen ting monetary policy. Cashless payment transactions In the fi eld of cashless payment transactions, the National Bank 2006 provides services for high-value payments be tween banks. These are settled in the Swiss Interbank Clearing (SIC) system via sight deposit accounts held with the SNB. Investment of currency reserves Annual Report Annual The National Bank manages the currency reserves. These engender th confi dence in the Swiss franc, help to prevent and overcome crises, and 99 may be utilised for interventions in the foreign exchange market. Financial system stability Within the context of its task to contribute to the stability of the fi nancial system, the National Bank analyses sources of risk emanating from the fi nancial system. It over sees the systemically important payment and securities settlement systems and helps to promote an operational environment for the fi nancial sector. 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. International monetary cooperation Together with the federal authorities, the National Bank participates in international monetary cooperation and provides technical assistance. Statistics The National Bank compiles statistical data on banks and fi nancial markets, the balance of payments, the inter national investment position and the Swiss fi nancial accounts. ssnb_gb_2006_ug_e_neu.inddnb_gb_2006_ug_e_neu.indd 1 117.04.20077.04.2007 114:05:204:05:20 99th 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 envi ronment for eco - nomic growth. Price stability Price stability is an important condition for growth and prosperity. Infl ation and defl ation are inhibiting factors for the decisions of consumers and producers; they disrupt economic activity and put the economically weak at a dis advantage. The National Bank equates price stability with a rise in the national consumer price index of less than 2% per annum. 2006 Monetary policy decisions are made on the basis of an infl ation forecast and implemented by steering the three-month Libor. 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 respect to quality and security. It is also charged by the Confederation with the task of coin distri bution. Supplying the money market with liquidity The National Bank provides the Swiss franc money market with liquidity via repo transactions, thereby implemen ting monetary policy. Cashless payment transactions In the fi eld of cashless payment transactions, the National Bank 2006 provides services for high-value payments be tween banks. These are settled in the Swiss Interbank Clearing (SIC) system via sight deposit accounts held with the SNB. Investment of currency reserves Annual Report Annual The National Bank manages the currency reserves. These engender th confi dence in the Swiss franc, help to prevent and overcome crises, and 99 may be utilised for interventions in the foreign exchange market. Financial system stability Within the context of its task to contribute to the stability of the fi nancial system, the National Bank analyses sources of risk emanating from the fi nancial system. It over sees the systemically important payment and securities settlement systems and helps to promote an operational environment for the fi nancial sector. 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. International monetary cooperation Together with the federal authorities, the National Bank participates in international monetary cooperation and provides technical assistance. Statistics The National Bank compiles statistical data on banks and fi nancial markets, the balance of payments, the inter national investment position and the Swiss fi nancial accounts. ssnb_gb_2006_ug_e_neu.inddnb_gb_2006_ug_e_neu.indd 1 117.04.20077.04.2007 114:05:204:05:20 Swiss National Bank 99th Annual Report 2006 3318.indd18.indd 1 003.04.20073.04.2007 112:19:442:19:44 Contents 004 Preface 006 Accountability Report for the Federal Assembly 007 Summary 010 1 Monetary policy 010 1.1 Monetary policy approach 013 1.2 International economic developments 018 1.3 Economic developments in Switzerland 028 1.4 Monetary policy decisions 037 1.5 Statistics 039 2 Supplying the money market with liquidity 039 2.1 Regular instruments for steering the money market 041 2.2 Liquidity supply with regular instruments 042 2.3 Further monetary policy instruments 042 2.4 Emergency liquidity assistance 043 2.5 Minimum reserves 043 2.6 Collateral eligible for SNB repos 044 3 Ensuring the supply of cash 044 3.1 Organisation of cash distribution 045 3.2 Banknotes 046 3.3 Coins 047 4 Facilitating and securing cashless payment transactions 047 4.1 Facilitating cashless payment transactions 050 4.2 Oversight of payment and securities settlement systems 053 5 Asset management 053 5.1 Basic principles 053 5.2 Investment and risk control process 054 5.3 Breakdown of assets 056 5.4 Investment risk profi le 059 5.5 Investment performance 060 6 Contribution to fi nancial system stability 060 6.1 Financial Stability Report 061 6.2 New Basel Capital Accord 062 6.3 Legislation relevant to the fi nancial market 063 7 Involvement in international monetary cooperation 063 7.1 International Monetary Fund 065 7.2 Group of Ten 065 7.3 Bank for International Settlements 066 7.4 OECD 067 7.5 Monetary assistance loans 067 7.6 Technical assistance 068 8 Banking services for the Confederation 3318.indd18.indd 2 003.04.20073.04.2007 112:19:442:19:44 070 Business Report 071 1 Legal framework 071 1.1 Rejection of the Cosa initiative 071 1.2 Revision of the Organisation Regulations 072 2 Organisation and tasks 074 3 Corporate Governance 078 4 Personnel, resources and bank management 078 4.1 Human resources 079 4.2 Resources 080 4.3 Bank bodies and management 081 5 Business performance 081 5.1 Financial result 083 5.2 Provisions stipulated in the National Bank Act 084 5.3 Profi t distribution 085 5.4 Currency reserves 086 Financial Report 087 1 Income statement and appropriation of profi t for 2006 088 2 Balance sheet as at 31 December 2006 090 3 Changes in equity capital 092 4 Notes to the accounts as at 31 December 2006 092 4.1 Accounting and valuation principles 098 4.2 Notes to the income statement and balance sheet 110 4.3 Notes regarding off-balance-sheet business 113 4.4 Risks posed by fi nancial instruments 116 Proposals of the Bank Council 117 Proposals of the Bank Council to the General Meeting of Shareholders 118 Report of the Audit Board 119 Report of the Audit Board to the General Meeting of Shareholders 120 Selected information 121 1 Chronicle of monetary events in 2006 122 2 Bank supervisory and management bodies, Regional Economic Councils 128 3 Organisational chart 130 4 Publications 133 5 Addresses 134 6 Rounding conventions and abbreviations 3318.indd18.indd 3 003.04.20073.04.2007 112:19:442:19:44 Preface Ladies and Gentlemen In accordance with art. 7 para. 2 of the National Bank Act (NBA), the Swiss National Bank (SNB) is obliged to submit an annual accountabil- ity report to the Federal Assembly in which it outlines how it has fulfi lled its mandate as defi ned in art. 5 NBA. Furthermore, art. 7 para. 1 NBA requires the SNB to submit its Business and Financial Report to the Federal Council for approval, before handing it, together with the Audit Board’s report, to the General Meeting of Shareholders for subsequent approval. The fi rst part of this year’s report – the 99th Annual Report of the SNB – comprises the Accountability Report for the Federal Assembly (pp.
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