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Home / Tag Archives: 1) SNB and CHF

Tag Archives: 1) SNB and CHF

Credit Suisse Hires Former Prime Brokerage Head To Restore Business After Archegos Blowup

After firing a raft of senior employees including its head of risk, Lara Warner, Credit Suisse has been struggling to move past a series of major risk-management failures that together could cost the bank $10 billion, or more, though the final tally of losses from the Archegos blowup isn’t yet known as the bank weighs whether it should cover some client losses associated with the “low risk” trade-finance funds that collapsed earlier this year. Following reports that...

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Gold Is Laughing At Powell

Authored by Matthew Piepenburg via GoldSwitzerland.com,Recently, my colleague, Egon von Greyerz, and I had some unabashed yet blunt fun calling out the staggering levels of open hypocrisy and policy desperation unleashed by former Fed Chairman, Alan Greenspan.Poor Alan was an easy target of what I described as the “patient zero” of the reckless interest rate suppression and unbridled monetary expansion policies of the Fed which have always led to equally reckless...

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The $3 Trillion Hidden Exposure Behind The Archegos Blowup

Authored by Nick Dunbar of Risky FinanceWhen the family office Archegos Capital abruptly imploded in late March, prompting $50 billion in block trades and $10 billion in losses at Credit Suisse, Nomura, UBS and Morgan Stanley, many bank analysts were taken by surprise. Last week, many of these analysts sounded frustrated listening to Credit Suisse’s earnings call in which senior management skirted round without giving any real detail about the disaster.“Do you think...

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Swiss Financial Accounts: Household wealth in 2020 and focus article

Financial and real estate wealth of households increases The Swiss National Bank is today publishing data on Q4 2020 as part of the financial accounts. Thus, household wealth data are now also available for the full year. Overall, financial assets held by households increased by CHF 108 billion to CHF 2,851 billion (up 3.9%) in 2020. High capital losses in Q1 2020 due to falling stock market prices were followed by a recovery during the remainder of the year. Both...

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Astrid Frey appointed new SNB delegate for regional economic relations for Central Switzerland

With effect from 1 May 2021, Astrid Frey will take on the function of Swiss National Bank delegate for regional economic relations for the Central Switzerland region. She succeedsGregor Bäurle, who assumed the posit ion of Head of the SNB’s Regional Economic Relations unit on 1 January 2021. After concluding her studies at the University of St. Gallen, Astrid Frei worked as an economist at Bank Sarasin & Cie, after which she joined the KOF Swiss Economic...

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Recall of banknotes from eighth series

The Swiss National Bank is recalling its eighth-series banknotes as of 30 April 2021. From this date on, the banknotes from the eighth series lose their status as legal tender and can no longer be used for payment purposes. This does not apply to the public cash offices of the Confederation (SBB/CFF, Swiss Post), which will continue to accept eighth-series banknotes until 30 October 2021. Due to the revocation of the statutory exchange period on 1 January 2020, the...

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UBS erwartet 40 Milliarden Franken SNB-Gewinn

Die Frankenschwäche sowie der anhaltende Aufwärtstrend an den Aktienmärkten haben zum voraussichtlichen Gewinn der SNB beigetragen. (Bild: Shutterstock.com/MDart10) Am kommenden Donnerstag wird die Schweizerische Nationalbank (SNB) ihr Finanzergebnis für das erste Quartal 2021 präsentieren. Die UBS erwartet für diesen Zeitraum einen SNB-Gewinn von rund 40 Mrd. CHF, wie einer Mitteilung vom Montag zu entnehmen ist. Wie die UBS-Ökonomen ausführen, haben die...

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2021-04-23 – U.S. dollar liquidity-providing operations from 1 July 2021

In view of the sustained improvements in U.S. dollar funding conditions and low demand at recent U.S. dollar liquidity-providing operations, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to discontinue offering dollar liquidity at the 84-day maturity. This operational change will be effective as of 1 July 2021. The auction schedule until 30 June 2021, as...

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“Die Schattenseiten von Schuldenbremsen (The Dark Side of Debt Limits),” ifoSD, 2021

ifo Schnelldienst 4/2021, April 14, 2021. PDF. Was Schuldengrenzen aus politökonomischer Sicht besonders attraktiv erscheinen lässt – ihre vermeintliche Einfachheit und Klarheit – birgt also auch Risiken. Es führt dazu, dass Politiker und ihre Wähler die Solidität der Staatsfinanzen über Gebühr an expliziten Bruttoschulden messen. Was aber zählt, wenn es um unerwünschte Umverteilung zulasten künftiger Generationen geht, ist staatliches Nettovermögen in einer...

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COVID-19, financial markets and digital transformation

Andréa M. Maechler / Thomas Moser, Member of the Governing Board / Alternate Member of the Governing Board In many ways, the coronavirus (COVID-19) pandemic is unprecedented. The economic shock has been global and massive, affecting both economic supply and demand simultaneously. To mitigate the economic impact, the crisis response has had to be swift and innovative – including in Switzerland. The Swiss National Bank has played an important role here, preventing an...

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