The turbulence on the financial markets resulted in a loss of CHF 142.4 billion for the Swiss National Bank (SNB) in the first nine months of 2022. Of this, 47.21 billion were incurred in the third quarter.
As the SNB announced on Monday, the loss on foreign currency positions was CHF 141 billion. A valuation loss of CHF 1.1 billion resulted from gold holdings. The loss on the Swiss franc positions amounted to 24.1 million Swiss francs.
According to the SNB, the result of the SNB is largely dependent on the development of the gold, foreign exchange and capital markets. This means that extreme fluctuations cannot be ruled out. Conclusions about the annual result are only possible to a limited extent.
The results of the individual balance sheet items are completely overshadowed by the losses on the foreign currency items, where the minus after nine months is 141 billion francs. Interest and dividend income amounted to CHF 5.1 billion and CHF 3.4 billion, respectively.
The price losses of 70.9 billion francs on interest-bearing paper and instruments and 54.2 billion francs on equity paper and instruments are also more significant. Exchange rate-related losses totaled CHF 24.4 billion.
A valuation loss of CHF 1.1 billion was recorded on the gold holdings, which remained unchanged in terms of quantity. Gold was trading at CHF 52,525 per kilo at the end of September (end of 2021: CHF 53,548).
The loss on the Swiss franc positions totaled 24.1 million Swiss francs. The negative interest, which was charged on current account balances until September 22, 2022, was offset in particular by price losses on interest-bearing securities and instruments.
As of the end of September, the net result was a loss of CHF 142.4 billion – before allocation to the provisions for currency reserves. The National Bank is legally obliged to create provisions that allow it to keep the currency reserves at the level required by monetary and currency policy. The allocation for the current financial year is determined at the end of the year.