The National Bank shall fix the rate for minimum reserves which the banks must hold on average for a specific period of time. Minimum reserves shall consist of Swiss franc denominated coins, banknotes and sight deposit accounts which the banks hold with the National Bank.
The rate for minimum reserves shall not exceed four percent of the banks’ short-term liabilities denominated in Swiss francs. Short-term liabilities are deemed to be sight liabilities and liabilities with a residual maturity not exceeding three months as well as liabilities arising from customer deposits that are repayable on demand (excluding tied-up pension fund monies). To the extent permitted by the purpose of this Act, individual categories of liabilities can be partially or fully exempt from the reserve requirement.1
The National Bank shall apply the provisions on minimum reserves mutatis mutandis to banking groups with collective liquidity management. It may request groups of banks to hold minimum reserves on a consolidated basis.
The banks shall regularly provide evidence to the National Bank that they are holding the required level of minimum reserves.
The National Bank shall lay down the details in an ordinance after having consulted the competent supervisory authority for the Swiss financial market.
Footnotes
Amended by Annex No 8 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339;BBl 2014 7483). ↩
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