BOJ ends negative rate, shifts from unprecedented monetary easing

But inflation remains high. • Recent data suggests we're on the right track. • We need greater confidence in seeing inflation return to target in a reasonable timeframe. • Risks ...

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Ladies and Gentlemen It is our pleasure to present the Swiss National Bank’s Annual Report for 2023. The first part comprises the accountability report submitted by the Governing Board to the Federal Assembly, and sets out how the SNB has fulfilled its tasks pursuant to art. 5 of the National Bank Act (NBA) during the past year. The second part comprises the financial report, which provides information on organisational and operational developments as well as the financial result of the SNB. The financial report is submitted for approval first to the Federal Council and then to the General Meeting of Shareholders. One of the defining events of 2023 was the crisis at Credit Suisse. On 19 March, the Federal Council, the Swiss Financial Market Supervisory Authority (FINMA) and the SNB announced a package of measures comprising the acquisition by UBS as well as state support. The SNB played a key part in finding a solution. Moreover, in its role as lender of last resort, it made ample liquidity assistance available on an unprecedented scale and in various currencies. The package of measures was crucial in managing the acute crisis at Credit Suisse and thus in avoiding a financial crisis which would have had serious economic consequences for Switzerland and other countries. Global economic growth was solid overall in 2023, while growth in Switzerland was modest. The US economy remained robust, and China’s exit from its zero-COVID policy led to a significant recovery. However in Europe, which is important for Switzerland’s economy, momentum slowed markedly. Inflation declined globally in the course of the year, but remained above central banks’ post: SNB: A REVIEW OF UBS SYSTEMIC CAPITAL REQUIREMENTS IS NEEDED. post: SNB: THE STABILITY OF SWISS BANK FINANCING NEEDS TO BE STRENGTHENED. post: SNB: BANKS NEED TO PREPARE MORE COLLATERAL FOR EMERGENCIES. post: SWISS NATIONAL BANK: THE BANK RECOGNISES A NEED FOR ACTION IN THE AREAS OF EARLY INTERVENTION, CAPITAL AND LIQUIDITY REQUIREMENTS, AND RESOLUTION PLANNING.