“The National Bank’s record loss is not surprising,” said SRF business editor Jan Baumann. “It had long been apparent given the hefty price losses on the financial markets last year. That’s why the National Bank had already let it be known that this time nothing will come of a profit distribution to the cantons and the federal government. This is a bitter but unavoidable reality for public finances.
But what’s next? It is important to note that the minus of more than 130 billion Swiss francs relates to what are known as book losses, which were largely due to bond and share investments in foreign currencies. This means that if prices rise again, the value of the SNB portfolio will also increase. And then – maybe at some point – there will be something to distribute to the public sector again. When and to what extent the national bank will start bubbling up again in the future depends on global economic developments and is therefore uncertain.
But it doesn’t matter whether the markets are going down or up: in any case, the National Bank consciously accepts these fluctuations. Because their job is not to make a profit, but to ensure stable price development in the interest of the economy as a whole.»