Switzerland
Switzerland has low public debt and few rules that steer savings into government bonds, so repression works mainly through near-zero rates. The SNB has held its policy rate at 0% since June 2025, charges a negative rate on sight deposits above a limit, and pays no interest on the 4% minimum reserve banks must hold; from 2015 to 2022 it charged negative rates down to -0.75%. Bank rules give CHF claims on the Confederation a 0% risk weight, and pension rules exempt Confederation debt from the 10% single-debtor limit while capping unhedged foreign-currency assets at 30% by default. A securities transfer tax of 0.15% on Swiss and 0.3% on foreign securities, and a 1% duty on equity issuance (none on bonds), add mild tilts. Real assets face cost-based rent control tied to the mortgage reference rate, Geneva's state-set rents after renovation, and the Lex Koller permit regime for foreign buyers; a tightening that would also cover listed real-estate shares went to consultation in April 2026. A non-interest-bearing stablecoin regime is proposed, and crypto-asset reporting (CARF) is enacted but applies from 2027 at the earliest.
- 10 em vigor
- 1 aprovada
- 2 propostas ou em discussão
Medidas em
Como o índice é construído
Cada segmento representa a contribuição de uma categoria de regras ou do pilar de mercado para o índice. A barra completa vale 100.
- Demanda cativa 0,0
- Financiamento pelo banco central 0,0
- Controles de capitais 3,2
- Tetos de juros 4,9
- Viés prudencial favorável à dívida soberana 3,5
- Crédito direcionado 0,0
- Incentivos fiscais 0,0
- Restrições a ativos reais 2,8
- Tributos sobre transações 1,8
- Pilar de mercado 6,1
Índice = 80% × regras (20,2) + 20% × mercado (30,3) = 22,2
O método em linguagem simples
- Pilar de regras (0–100). Cada uma das 9 categorias pode somar até o seu peso (os pesos somam 100). A intensidade de uma categoria cresce com cada medida em vigor: uma medida conta pelo seu fator de intensidade (0,25 para intensidade 1, 0,5 para 2, 0,8 para 3), e cada medida adicional preenche parte do espaço restante. Assim, a abrangência contribui com retornos decrescentes: duas medidas de intensidade 3 resultam em 96%.
- Pilar de mercado (0–100). Média dos indicadores de mercado abaixo: quanto a taxa básica de juros real é negativa e quanto da dívida pública é detido pelo próprio banco central e pelos bancos do país.
- Índice. 80% de regras + 20% de mercado quando há dados de mercado; caso contrário, apenas regras. Leis aprovadas que ainda não se aplicam entram apenas na perspectiva; propostas nunca entram.
As 9 categorias
Peso = máximo de pontos que uma categoria pode acrescentar ao pilar de regras. Intensidade = parcela desse peso preenchida pelas medidas em vigor. Abra uma categoria para ver as medidas contabilizadas; “O que é isto?” mostra os instrumentos por trás dela, no mundo e ao longo da história.
- Demanda cativa1 proposta não contabilizadasPeso 16Intensidade 0%Pontos 0,0
Manutenção obrigatória de dívida pública por fundos de pensão, seguradoras ou bancos. Nenhuma medida em vigor aqui. O que é isto? →
- Financiamento pelo banco centralPeso 16Intensidade 0%Pontos 0,0
Compras de dívida pública pelo banco central, controle da curva de juros, financiamento monetário direto. Nenhuma medida em vigor aqui. O que é isto? →
- 1 aprovada não contabilizadasPeso 16Intensidade 25%Pontos 3,2 → 5,6 quando as leis aprovadas passarem a se aplicar
Limites à transferência de dinheiro para o exterior, limites a investimentos no exterior, controles cambiais. O que é isto? →
Controles de capitais: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 1 de 3 0,25 3,2 - Peso 14Intensidade 44%Pontos 4,9
Tetos ou limites de juros sobre depósitos ou empréstimos e taxas de juros administradas. O que é isto? →
Tetos de juros: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 1 de 3 0,25 2,5 1 de 3 0,25 2,5 - Peso 10Intensidade 44%Pontos 3,5
Regras prudenciais que favorecem a dívida soberana (ponderações de risco zero, regras de reservas de liquidez, isenções no índice de alavancagem). O que é isto? →
Viés prudencial favorável à dívida soberana: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 1 de 3 0,25 1,8 1 de 3 0,25 1,8 - Crédito direcionadoPeso 10Intensidade 0%Pontos 0,0
Empréstimos direcionados pelo Estado, orientação do crédito e exigências de investimento no país ou em prioridades estatais. Nenhuma medida em vigor aqui. O que é isto? →
- Incentivos fiscaisPeso 7Intensidade 0%Pontos 0,0
Privilégios tributários para títulos públicos ou penalidades tributárias sobre ativos concorrentes. Nenhuma medida em vigor aqui. O que é isto? →
- 1 proposta não contabilizadasPeso 6Intensidade 58%Pontos 2,8
Controles de aluguéis, restrições imobiliárias e limites à posse de ouro, dinheiro em espécie ou criptoativos. O que é isto? →
Restrições a ativos reais: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 1 de 3 0,25 0,9 1 de 3 0,25 0,9 1 de 3 0,25 0,9 - Peso 5Intensidade 44%Pontos 1,8
Tributos sobre transações financeiras, impostos do selo e cobranças semelhantes sobre ativos não governamentais. O que é isto? →
Tributos sobre transações: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 1 de 3 0,25 0,9 1 de 3 0,25 0,9
Pilar de mercado 30,3 / 100
A média dos indicadores com dados disponíveis, com peso de 20% no índice (6,1 pontos aqui).
Taxa básica de juros real
40,1 / 100-0,8% · ago. de 2026
Taxa básica de juros menos inflação. Uma taxa real de +2% ou mais recebe pontuação 0; −5% ou menos recebe 100; entre esses limites, a pontuação varia linearmente. Os poupadores perdem mais quando ela é muito negativa.
Taxa básica de juros de 0% menos inflação ao consumidor de 0.807% (em doze meses), 2026-08.
Dívida detida pelo banco central e por bancos nacionais
20,4 / 10012,2% of government debt · 2025-Q4
Parcela da dívida pública detida pelo banco central do país e pelos bancos nacionais. 0% recebe pontuação 0; 60% ou mais recebe 100; entre esses limites, a pontuação varia linearmente.
Banco central: 0.6% + bancos nacionais: 11.62% da dívida do governo geral, 2025-Q4.
Indicadores
Dados observados de fontes internacionais, ao lado das regras acima. Juros reais abaixo de zero significam perda de poder de compra para os poupadores.
Taxa básica de juros, inflação e taxa real
Quem detém a dívida pública
O efeito de liquidação segue Reinhart e Sbrancia: com uma taxa real negativa, cerca de −(taxa real × dívida) do PIB são transferidos dos poupadores para o Estado a cada ano. O cálculo usa a taxa básica de juros, portanto deve ser tratado como uma estimativa aproximada. Fontes: BIS, BIS central bank policy rates; BIS consumer prices; IMF, IMF DataMapper: World Economic Outlook (October 2026); Fiscal Monitor (October 2026); Menzie D. Chinn and Hiro Ito, The Chinn-Ito Index (KAOPEN): a de jure measure of financial openness; IMF, Sovereign Debt Investor Base for Advanced Economies / for Emerging Markets and Developing Economies (Arslanalp and Tsuda).
Medidas
Todas as medidas acompanhadas aqui, com sua base legal e fontes. Apenas medidas em vigor entram no índice.
Em vigor (10)
SNB policy rate at 0% with a negative rate on excess sight deposits
Acrescenta 2,5 pontos ao índice
The SNB cut its policy rate to 0% from 20 June 2025 and left it unchanged at 0% on 24 September 2026. Banks' sight deposits above a limit are remunerated at the policy rate minus 0.25 percentage points, i.e. negatively. The SNB reported inflation of 0.8% in August 2026.
Por que entra no cálculo: An administered zero rate keeps bank deposit rates near zero (PostFinance's CHF savings account pays 0.00% from August 2025), so savers holding francs earn a real return at or below zero.
Base legal Geldpolitische Lagebeurteilung vom 24. September 2026 (Medienmitteilung) e mais 2
Geldpolitische Lagebeurteilung vom 24. September 2026 (Medienmitteilung)Fonte primária
“Die Nationalbank belässt den SNB-Leitzins unverändert bei 0%. Sichtguthaben der Banken bei der SNB werden bis zu einer bestimmten Limite zum SNB-Leitzins verzinst.”
Geldpolitische Lagebeurteilung vom 19. Juni 2025 (Medienmitteilung)Fonte primária
“Die Nationalbank senkt den SNB-Leitzins um 0,25 Prozentpunkte auf 0%. Der neue Leitzins gilt ab morgen, 20. Juni 2025.”
Umsetzung der Geldpolitik (SNB website), Verzinsung der SichtguthabenFonte primária
“Bei einem SNB-Leitzins von null Prozent werden Sichtguthaben über der Limite negativ verzinst.”
Unremunerated 4% minimum reserve requirement on banks
Acrescenta 2,5 pontos ao índice
Banks must hold minimum reserves equal to 4% of their relevant CHF liabilities (short-term money-market and interbank liabilities, sight and short-term customer deposits and callable customer deposits) in coins, banknotes or SNB sight deposits. The SNB pays no interest on sight deposits held to meet the requirement; the 4% rate applies since 1 July 2024.
Por que entra no cálculo: A zero-interest reserve requirement is an implicit tax on bank deposits that transfers interest income from banks (and ultimately depositors) to the SNB, whose profits are distributed to the Confederation and cantons.
Base legal Verordnung zum Bundesgesetz über die Schweizerische Nationalbank (Nationalbankverordnung, NBV), SR 951.131, Art. 15 Abs. 1 e mais 1
Verordnung zum Bundesgesetz über die Schweizerische Nationalbank (Nationalbankverordnung, NBV), SR 951.131, Art. 15 Abs. 1Fonte primária
“Die erforderliche Mindestreserve beträgt 4 Prozent des Durchschnitts aus den drei der jeweiligen Unterlegungsperiode vorausgegangenen Monatsendwerten der massgeblichen Verbindlichkeiten.”
Umsetzung der Geldpolitik (SNB website), Verzinsung der SichtguthabenFonte primária
“Sichtguthaben, die zur Erfüllung der Mindestreserven gehalten werden, werden nicht verzinst.”
Bank capital and liquidity rules favoring Confederation debt (0% risk weight, HQLA category 1, large-exposure exemption)
Acrescenta 1,8 pontos ao índice
Under the Capital Adequacy Ordinance (ERV), CHF claims on the Swiss Confederation and the SNB that are funded in CHF carry a fixed 0% risk weight, and exposures to central governments are exempt from the 25% large-exposure ceiling. The Liquidity Ordinance (LiqV) counts marketable central-government securities with a 0% risk weight as category 1 high-quality liquid assets.
Por que entra no cálculo: Banks can hold Confederation bonds without capital charges or concentration limits and use them to meet liquidity rules, which builds steady regulatory demand for government paper.
Base legal Verordnung über die Eigenmittel und Risikoverteilung der Banken und Wertpapierhäuser (Eigenmittelverordnung, ERV), SR 952.03, Anhang 2, Ziff. 1.2 e mais 2
Verordnung über die Eigenmittel und Risikoverteilung der Banken und Wertpapierhäuser (Eigenmittelverordnung, ERV), SR 952.03, Anhang 2, Ziff. 1.2Fonte primária
“1.2 Eidgenossenschaft und Schweizerische Nationalbank, sofern die Forderung auf Landeswährung lautet und in dieser refinanziert ist”
Verordnung über die Eigenmittel und Risikoverteilung der Banken und Wertpapierhäuser (Eigenmittelverordnung, ERV), SR 952.03, Art. 97 Abs. 1 und 2 Bst. aFonte primária
“Ein Klumpenrisiko darf höchstens 25 Prozent des nach den Artikeln 31–40 korrigierten anrechenbaren Kernkapitals ausmachen. 2 Diese Obergrenze gilt nicht für: a. 207 Positionen gegenüber Zentralbanken, Zentralregierungen und supranationalen Organisationen”
Verordnung über die Liquidität der Banken und Wertpapierhäuser (Liquiditätsverordnung, LiqV), SR 952.06, Art. 15a Abs. 2 Bst. aFonte primária
“Sie weisen ein Risikogewicht von 0 Prozent nach Anhang 2 Ziffer 1 oder 3.2 ERV auf.”
1% issuance stamp duty on equity, none on bonds
Acrescenta 0,9 pontos ao índice
A federal stamp duty of 1% applies to the creation and increase of equity in Swiss companies, with an exemption where shareholders' contributions do not exceed CHF 1 million in total. Since 1 March 2012 the issuance of Swiss bonds and money-market instruments has not been subject to issuance stamp duty.
Por que entra no cálculo: Taxing equity issuance but not debt issuance tilts financing and investable supply toward debt instruments, including government bonds.
Base legal Bundesgesetz über die Stempelabgaben (StG), SR 641.10, Art. 8 Abs. 1
Bundesgesetz über die Stempelabgaben (StG), SR 641.10, Art. 8 Abs. 1Fonte primária
“Die Abgabe auf Beteiligungsrechten beträgt 1 Prozent und wird berechnet:”
Pension funds: Confederation debt exempt from the 10% single-debtor limit
Acrescenta 1,8 pontos ao índice
Occupational pension funds may invest at most 10% of total assets in claims on a single debtor, but this ceiling may be exceeded for claims on the Swiss Confederation (and Swiss Pfandbrief institutions, among others) under Art. 54 of the BVV 2 ordinance.
Por que entra no cálculo: Pension funds can concentrate their bond holdings in Confederation debt without breaching diversification rules, which favors government bonds over other single issuers.
Base legal Verordnung über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge (BVV 2), SR 831.441.1, Art. 54 Abs. 1 und 2 Bst. a e mais 1
Verordnung über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge (BVV 2), SR 831.441.1, Art. 54 Abs. 1 und 2 Bst. aFonte primária
“Höchstens zehn Prozent des Gesamtvermögens dürfen in Forderungen nach Artikel 53 Absatz 1 Buchstabe b bei einem einzelnen Schuldner angelegt werden.”
Verordnung über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge (BVV 2), SR 831.441.1, Art. 54 Abs. 2 Bst. aFonte primária
“Die Obergrenze nach Absatz 1 darf bei folgenden Forderungen überschritten werden: a. Forderungen gegenüber der Eidgenossenschaft;”
Pension funds: 30% cap on unhedged foreign-currency investments
Acrescenta 3,2 pontos ao índice
BVV 2 caps occupational pension funds' unhedged foreign-currency investments at 30% of total assets, and limits real estate to 30% of assets, of which at most one third abroad. Funds may exceed the limits if they show in their annual accounts that safety and diversification are still met (Art. 50 Abs. 4).
Por que entra no cálculo: The default limits keep most compulsory retirement savings in Swiss-franc assets, limiting savers' exposure to foreign returns through the pension system.
Base legal Verordnung über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge (BVV 2), SR 831.441.1, Art. 55 Bst. c und e e mais 1
Verordnung über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge (BVV 2), SR 831.441.1, Art. 55 Bst. c und eFonte primária
“c. 30 Prozent: für Anlagen in Immobilien, wovon maximal ein Drittel im Ausland; d. 15 Prozent: für alternative Anlagen; e. 208 30 Prozent: für Fremdwährungen ohne Währungsabsicherung;”
Verordnung über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge (BVV 2), SR 831.441.1, Art. 50 Abs. 4Fonte primária
“Sofern die Vorsorgeeinrichtung die Einhaltung der Absätze 1–3 im Anhang der Jahresrechnung schlüssig darlegt, kann sie gestützt auf ihr Reglement die Anlagemöglichkeiten”
Cost-based rent control tied to the mortgage reference rate
Acrescenta 0,9 pontos ao índice
The Code of Obligations treats rents as abusive if they yield an excessive return or rest on a manifestly excessive purchase price, and tenants can challenge initial rents and increases. Adjustments in running leases follow the federal mortgage reference rate (1.25% since 2 September 2025): a 0.25-point rise allows a 3% rent increase, and a 0.25-point fall gives tenants a claim to a 2.91% cut.
Por que entra no cálculo: Landlords' returns on residential property are capped by reference to mortgage rates rather than market rents, which lowers the return on real estate as a store of savings.
Base legal Obligationenrecht (OR), SR 220, Art. 269 e mais 2
Obligationenrecht (OR), SR 220, Art. 269Fonte primária
“Mietzinse sind missbräuchlich, wenn damit ein übersetzter Ertrag aus der Mietsache erzielt wird oder wenn sie auf einem offensichtlich übersetzten Kaufpreis beruhen.”
Verordnung über die Miete und Pacht von Wohn- und Geschäftsräumen (VMWG), SR 221.213.11, Art. 12a Abs. 1Fonte primária
“Für Mietzinsanpassungen aufgrund von Änderungen des Hypothekarzinssatzes gilt ein Referenzzinssatz.”
Hypothekarischer Referenzzinssatz (BWO website)Fonte primária
“Aktueller Referenzzinssatz: 1,25% gültig seit 02.09.2025, unverändert ab 02.09.2026”
Geneva: state-set rents after renovation or conversion (LDTR)
Acrescenta 0,9 pontos ao índice
Geneva's LDTR requires permits to demolish, convert or renovate housing; when granted, the canton fixes maximum rents or sale prices, which stay under state control for 5 to 10 years for new buildings and 3 years (up to 5 for heavy works) for renovated ones. The allowed return on renovation capital is set at 0.5 point above the Banque cantonale de Genève's first-rank mortgage rate.
Por que entra no cálculo: Caps on post-renovation rents and sale prices limit the return on residential property in the canton.
Base legal Loi sur les démolitions, transformations et rénovations de maisons d'habitation (LDTR), rsGE L 5 20, Art. 10 al. 1 e mais 1
Loi sur les démolitions, transformations et rénovations de maisons d'habitation (LDTR), rsGE L 5 20, Art. 10 al. 1Fonte primária
“comme condition de l'autorisation, le montant maximum des loyers des logements”
Loi sur les démolitions, transformations et rénovations de maisons d'habitation (LDTR), rsGE L 5 20, Art. 11 al. 1Fonte primária
“fixe le montant des loyers ou des prix de vente maximaux, en tenant compte : (7) a) du rendement”
Lex Koller: permit required for foreigners abroad to buy Swiss property
Acrescenta 0,9 pontos ao índice
Persons abroad need a cantonal permit to acquire Swiss real estate. Under BewG Art. 5 these are foreign nationals not domiciled in Switzerland, third-country nationals in Switzerland without the right to settle, companies seated abroad, and Swiss companies they control. Business premises and a principal residence at the buyer's legal domicile are exempt.
Por que entra no cálculo: Restricting foreign demand shelters the domestic property market and limits who can hold Swiss real estate as an investment.
Base legal Bundesgesetz über den Erwerb von Grundstücken durch Personen im Ausland (BewG), SR 211.412.41, Art. 2 Abs. 1
Bundesgesetz über den Erwerb von Grundstücken durch Personen im Ausland (BewG), SR 211.412.41, Art. 2 Abs. 1Fonte primária
“Personen im Ausland bedürfen für den Erwerb von Grundstücken einer Bewilligung der zuständigen kantonalen Behörde.”
Securities transfer stamp tax: 0.15% on Swiss and 0.3% on foreign securities
Acrescenta 0,9 pontos ao índice
The federal securities transfer tax (Umsatzabgabe) applies to transfers of bonds, shares and fund units in which a Swiss securities dealer is a party or intermediary, at 1.5 per mille for securities issued by Swiss residents and 3 per mille for securities issued by foreigners.
Por que entra no cálculo: The tax raises the cost of trading through Swiss intermediaries and taxes foreign securities at twice the Swiss rate, a mild tilt toward Swiss assets; it also applies to Swiss bonds, including Confederation bonds, and can be avoided by trading through a foreign broker.
Base legal Bundesgesetz über die Stempelabgaben (StG), SR 641.10, Art. 16 Abs. 1 e mais 1
Bundesgesetz über die Stempelabgaben (StG), SR 641.10, Art. 16 Abs. 1Fonte primária
“Die Abgabe wird auf dem Entgelt berechnet und beträgt: a. 1,5 Promille 101 für von einem Inländer ausgegebene Urkunden; b. 3 Promille 102 für von einem Ausländer ausgegebene Urkunden.”
Bundesgesetz über die Stempelabgaben (StG), SR 641.10, Art. 13 Abs. 1Fonte primária
“Gegenstand der Abgabe ist die entgeltliche Übertragung von Eigentum an den in Absatz 2 bezeichneten Urkunden, sofern eine der Vertragsparteien oder einer der Vermittler Effektenhändler nach Absatz 3 ist.”
Aprovada, ainda não em vigor (1)
Automatic exchange of crypto-asset information (CARF) approved, from 2027 at the earliest
Conta apenas na perspectiva: acrescenta 2,8 pontos quando passar a se aplicar
Parliament approved the multilateral CARF agreement and the AIA Act amendments on 26 September 2025, under which Swiss crypto service providers will collect and report users' holdings for exchange with partner states. Implementation will start on 1 January 2027 at the earliest, once Parliament approves the partner states; no obligations apply in 2026.
Por que entra no cálculo: Once active, holding crypto through Swiss or partner-state providers is no longer opaque to tax authorities, reducing crypto's use as an untracked store of savings.
Base legal AIA-Vereinbarung Kryptowerte / AIAG (Änderung vom 26. September 2025) - SIF Fragen und Antworten e mais 1
AIA-Vereinbarung Kryptowerte / AIAG (Änderung vom 26. September 2025) - SIF Fragen und AntwortenFonte primária
“Die Schweiz wird den AIA über Kryptowerte frühestens ab 1. Januar 2027 umsetzen.”
AIA-Vereinbarung Kryptowerte / AIAG (Änderung vom 26. September 2025) - SIF Fragen und AntwortenFonte primária
“Sie wurde vom Parlament in der Schlussabstimmung vom 26. September 2025 genehmigt.”
Proposta (2)
Proposed Lex Koller tightening: permits for third-country residents, curbs on holiday homes and investment property
Não entra no índice
On 15 April 2026 the Federal Council opened a consultation (to 15 July 2026) on tightening the BewG: apartment purchases by third-country nationals would need a permit and purchases of holiday homes by persons abroad would be restricted. The draft also limits the business-premises exemption to property the buyer uses for its own business, and brings listed real-estate funds, real-estate SICAVs and listed real-estate companies under the permit regime, with stock-exchange participants required to check buyers. No dispatch to Parliament had been published as of October 2026.
Por que entra no cálculo: Wider permit requirements would further narrow who may hold Swiss real estate and listed property shares, shrinking the market for these assets.
Base legal Vernehmlassung zur Änderung des BewG (Revision Lex Koller), Medienmitteilung vom 15. April 2026
Vernehmlassung zur Änderung des BewG (Revision Lex Koller), Medienmitteilung vom 15. April 2026Fonte primária
“Der Bundesrat will das Bundesgesetz über den Erwerb von Grundstücken durch Personen im Ausland (BewG; sog. Lex Koller) verschärfen. Unter anderem will er den Wohnungskauf für Drittstaatsangehörige bewilligungspflichtig machen.”
Proposed stablecoin regime: non-interest-bearing, backed by sight deposits or short-dated HQLA
Não entra no índice
A draft amendment to the Financial Institutions Act (consultation 22 October 2025 to 6 February 2026) reserves the issuance of stablecoins issued in Switzerland and pegged to a single state currency to new 'payment instrument institutions', which may not pay interest on customer funds and must hold them as sight deposits at banks or as high-quality liquid assets with short residual maturities. The Federal Council planned a dispatch to Parliament in the second half of 2026 at the earliest.
Por que entra no cálculo: Stablecoin holders would earn no interest while issuers' reserves are channelled into bank deposits and short-dated HQLA, which include government bills.
Base legal Faktenblatt: Neue Regulierung: Die Schweiz als Standort für Stablecoins und Kryptos e mais 1
Faktenblatt: Neue Regulierung: Die Schweiz als Standort für Stablecoins und KryptosFonte primária
“Kundengelder anzunehmen, ohne diese zu verzinsen und ohne damit ein Aktivgeschäft (z.B. Kreditvergabe) zu betreiben.”
Vorentwurf Änderung des Finanzinstitutsgesetzes (FINIG), Art. 51i Abs. 2Fonte primária
“Die entgegengenommenen Kundengelder können aufbewahrt werden als: a. Sichteinlage bei einer Bank im Sinne des BankG12 oder einem anderen Zahlungsmittelinstitut nach Artikel 51a; und b. qualitativ hochwertige liquide Aktiva mit kurzen Restlaufzeiten.”
Revogada (1)
SNB negative interest rates (2014-2022, down to -0.75%)
Não entra no índice
The SNB announced on 18 December 2014 a -0.25% charge on banks' sight deposits above an exemption threshold, levied from 22 January 2015, and cut it to -0.75% on 15 January 2015 when it dropped the EUR 1.20 floor. It ended negative rates by raising the policy rate to 0.5% from 23 September 2022.
Por que entra no cálculo: For nearly eight years banks paid to hold franc reserves above their exemption threshold; the SNB itself said negative rates make holding franc investments less attractive.
Base legal Medienmitteilung: Nationalbank führt Negativzinsen ein e mais 2
Medienmitteilung: Nationalbank führt Negativzinsen einFonte primária
“Die Schweizerische Nationalbank wird Guthaben auf ihren Girokonten mit einem Zins in Höhe von −0,25% belasten.”
Medienmitteilung: Nationalbank hebt Mindestkurs auf und senkt Zins auf −0,75%Fonte primária
“Zugleich senkt sie den Zins für Guthaben auf den Girokonten, die einen bestimmten Freibetrag übersteigen, um 0,5 Prozentpunkte auf −0,75%.”
Geldpolitische Lagebeurteilung vom 22. September 2022Fonte primária
“Die Nationalbank strafft die Geldpolitik weiter und erhöht den SNB-Leitzins um 0,75 Prozentpunkte auf 0,5%.”
Antes de hoje
O conjunto de instrumentos ainda não tem exemplos de Switzerland.