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SNB’S BALANCE SHEET IS JUST TOO BIG FOR COMFORT, OECD WARNS

This content was published on March 21, 2024 - 19:03
2 minutes

(Bloomberg) — The Swiss National Bank’s large balance sheet “raises risks and
challenges” that officials should take care to navigate, according to the OECD. 

The size of the central bank’s assets hoard, which has more than tripled since
2010 to about 105% of gross domestic product, means it’s vulnerable to very
large losses, the Paris-based organization said in a report on Switzerland on
Thursday.

Such potential shortfalls can threaten the institution’s equity and raise
uncertainty on whether it can distribute profits to the government, the OECD
said.

“The SNB should continue reviewing its investment strategy and maintain adequate
safeguards to dampen risks arising from its large balance sheet,” it said.

After a record loss in 2022, the central bank has already canceled two annual
payouts in a row. Last year, the SNB sold some foreign-currency assets to shield
the economy from inflation. The resulting reduction of the balance sheet was “a
welcome side effect,” according to the OECD.

The report also said:

 * SNB’s monetary policy should remain tight until inflation is durably within
   its 0-2% target range
 * The government should conduct an in-depth review of the Credit Suisse crisis
   and propose measures to strengthen regulation and supervision of large banks.
   Action by financial regulator Finma to strengthen its practices “would be
   welcome”
 * The government should limit its spending given budget deficits, and also
   raise revenues from value-added tax and levies on immovable property
 * Switzerland should tie the retirement age to increases in life expectancy. A
   plan to do this just failed in a plebiscite

©2024 Bloomberg L.P.


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