Any bank that fails to hold the required amount of minimum reserves must pay the National Bank interest on the shortfall for the period during which the required minimum reserve ratio has not been observed. The National Bank shall set the relevant interest rate, which may be up to five percentage points above the money market rate for interbank credits for the same period.
If the National Bank notices that a systemically important financial market infrastructure does not comply with the special requirements in accordance with Article 23 FinMIA1, it shall bring this to the attention of FINMA as well as the other competent Swiss or foreign supervisory or oversight authorities. It shall observe the conditions set out in Article 21 letter b of this Act in doing so.2
Furthermore, the National Bank may:
refuse to open a sight deposit account for the financial market infrastructure, or terminate an existing sight deposit account;
in the event of a refusal to comply with an enforceable order, publish this order in the Swiss Official Gazette of Commerce («Schweizerisches Handelsamtsblatt») or bring it to the attention of the public in any other manner, provided such measure has been preceded by a warning.3