-
Swiss National Bank Posts Record Loss
The Swiss National Bank swung to a record loss in the first quarter as the strong franc eroded the reported value of its euro reserves, raising the prospect it won’t be able to make payments to Switzerland’s federal and regional governments. On Thursday, the SNB reported a loss of 30 billion Swiss francs ($31.9 billion) in the quarter ended March 31, compared with a profit of 4.4 billion francs in the same period a year earlier. The quarterly loss was the bank’s biggest since the second quarter of 2013, when it recorded an CHF18.5-billion loss. The red ink was almost entirely caused by the erosion of its huge ... (full story)