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Art. 17

951.131NBOFederal Office OrdinanceMay 1, 2004Original source
  1. If a bank fails to fulfil the minimum reserve requirement for a reporting period that has ended, it shall pay interest on the shortfall to the National Bank for the number of days of the respective reporting period. The interest rate shall exceed by four per centage points the overnight rate for Swiss franc deposits payable on average in the respective reporting period. The SARON (fixing at close of trading) serves as the basis. In the event of non-fulfilment, an amount of at least CHF 500 is payable.1
  2. The National Bank shall order the bank to pay the interest amount by the end of the second month following the end of the reporting period. Should the bank disagree with the payment of interest it may, within 30 days, demand the issuance of a contestable order pursuant to the terms of Article 52 NBA.

Footnotes

  1. Amended by No I of the SNB O of 3 Sept. 2009, in force since 1 Jan. 2010 (AS 2009 6373). ↩

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