The Swiss National Bank (SNB) has completed its review of exemptions, and has considerably reduced the group of sight deposit account holders that are exempt from negative interest. Specifically, negative interest will now also apply to the sight deposit accounts held at the SNB by enterprises associated with the Confederation, including PUBLICA, the pension fund of the Confederation. The affected account holders will be accorded the minimum exemption threshold of CHF 10 million, to which negative interest does not apply. In addition, the accounts of the cantons of Geneva and Zurich, as well as that of the City of ... (full story)