Annual Report of the Swiss National Bank for 2009

A few interesting figures form the annual report of the SNB.

The income statement:

Income statement SNB 2009

Income statement SNB 2009 (CHF)

and the balance sheet:

Balance sheet SNB 2009

Balance sheet SNB 2009 (CHF)

Two interesting points here.
First, the good result of 2009 is largely due to the SNB’s gold holdings (+7 bln CHF) and the net results from currency positions (+2 bln) and, second, the foreign currency investments doubled  from 47.4 bln to 94.6 bln CHF.

This is good news. However, we will see how sustainable this is, especially the gold price will not rise forever. At some point a loss in this position will occur.
The latter is also a somewhat risky position if there are indeed lots of Euros in the SNB’s coffres. Let’s hope they have diversified well.

Another – somewhat negative – point is the StabFund, in which consists of the ‘illiquid’ papers from the SNB. Here, they actually running a loss, mostly because of valuation downwards. Not good in my view.

A comprehensive version of this annual report will be available as of April 8, 2010.

Annual report of the Swiss National Bank 2009: