FDF press releases
Press releases of the Federal Department of Finance FDF
All the press releases
Federal Council issues opinion on report of Parliamentary Investigation Committee concerning Credit Suisse
The Federal Council has taken note of the report prepared by the Parliamentary Investigation Committee (PInC) on "Management by the authorities – CS emergency merger". It welcomes the fact that the PInC's report takes a positive view of the authorities' actions in the Credit Suisse crisis and of the solution chosen with the takeover by UBS. In its report for the attention of the Federal Assembly, the Federal Council sets out its position on the PInC's recommendations, motions and postulates. The work carried out by the PInC largely confirms the expediency of the measures envisaged in the Federal Council's report on banking stability of 10 April 2024.
Federal Council appoints new member of FINMA Board of Directors
At its meeting on 20 December 2024, the Federal Council appointed Aline Darbellay, Professor of Banking and Capital Market Law at the University of Zurich, as a new member of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA) with effect from 1 January 2025.
Federal Council adopts dispatch on financing for earthquake damage to buildings
At its meeting on 13 December 2024, the Federal Council adopted the dispatch on financing for earthquake damage to buildings for the attention of Parliament. It proposes that building owners should contribute to the costs of covering damage to buildings in the event of an earthquake. With this bill, the Federal Council is fulfilling a parliamentary motion.
Issue result for Confederation bonds
The Swiss Confederation issued two bonds by auction on 11.12.2024: 1.50%, maturity 26.10.2038 (reopening) and 0.875%, maturity 22.05.2047 (reopening). The issuance volume (excluding own holdings) amounts to a total of 404.450 million francs.
New Confederation bonds
The Swiss Confederation is offering two bonds on a public tender system on 11.12.2024: 1.50%, maturity 26.10.2038 (reopening) and 0.875%, maturity 22.05.2047 (reopening).
Report on the risks of proliferation financing
The interdepartmental Coordinating Group on Combating Money Laundering and Terrorist Financing (CGMF) has published a report on the latest findings concerning the risk of proliferation financing, including measures to combat it.
Federal Council opens consultation on amending the Ordinance on Climate Disclosures
During its meeting on 6 December 2024, the Federal Council decided to initiate a consultation on amending the Ordinance on Climate Disclosures. The aim of the bill is to adapt the ordinance to the latest international developments. The consultation will last until 21 March 2025.
Issuance calendar for Confederation bonds and money market debt register claims in 2025
The Federal Finance Administration (FFA) plans to issue bonds with a face value of CHF 4 billion in 2025. Taking account of bonds maturing in 2025, the volume of Confederation bonds outstanding will increase by CHF 0.7 billion. The volume of outstanding money market debt register claims will be kept in a range between CHF 8 billion and CHF 14 billion. Bond auctions take place monthly, except in August, while money market debt register claims are auctioned on a weekly basis.
Latest special coin to be issued: new St. Nicholas silver coin makes a very special gift
On 27 November 2024, the latest silver coin, St. Nicholas, will be issued in honour of the traditional St. Nicholas processions on 6 December.
Issue of Confederation bonds on 11th December 2024
Optional auction date will be maintained.
Federal Council adopts dispatch on amendment of DTA with Hungary
During its meeting on 20 November 2024, the Federal Council adopted the dispatch on the protocol of amendment to the double taxation agreement (DTA) with Hungary. The protocol implements the OECD's minimum standards from the base erosion and profit shifting (BEPS) project with regard to double taxation agreements.
Issue result for Confederation bonds
The Swiss Confederation issued three bonds by auction on 13.11.2024: 0.25%, maturity 23.06.2035 (reopening) and 1.25%, maturity 28.06.2043 (reopening) and 0.50%, maturity 24.05.2055 (reopening). The issuance volume (excluding own holdings) amounts to a total of 477.560 million francs.
Federal Council approves FINMA's strategic objectives and meets with its senior management
During its meeting on 13 November 2024, the Federal Council approved the strategic objectives of the Swiss Financial Market Supervisory Authority (FINMA) for 2025 to 2028. Beforehand, it held its annual meeting with FINMA's senior management.
New Confederation bonds
The Swiss Confederation is offering three bonds on a public tender system on 13.11.2024: 0.25%, maturity 23.06.2035 (reopening) and 1.25%, maturity 28.06.2043 (reopening) and 0.50%, maturity 24.05.2055 (reopening).
Federal Councillor Karin Keller-Sutter to meet UK Chancellor of the Exchequer Rachel Reeves in London
On 7 November 2024, Federal Councillor Karin Keller-Sutter will meet the United Kingdom's finance minister, Chancellor of the Exchequer Rachel Reeves, for a working visit. The meeting will focus on multilateral and bilateral financial and tax topics.
Latest special coin to be issued: the new 25-franc gold coin pays homage to earlier gold coins that were never brought into circulation
On 1 November 2024, the Federal Mint Swissmint is issuing a 25-franc gold coin in homage to the 20- and 25-franc gold coins that were never brought into circulation in 1871 and 1955–1959.
Second extrapolation for 2024: Confederation reckoning on financing deficit of CHF 900 million
The Federal Council was informed about the current extrapolation on 23 October 2024. The Confederation is reckoning on a financing deficit of CHF 900 million for this year. The expected deficit is thus likely to be lower than forecast in the June extrapolation (-1.6 bn) and in the budget (-2.6 bn), as a result of lower expenditure and the deferral to next year of the extraordinary capital contribution to SBB.
Switzerland at 2024 IMF and World Bank Annual Meetings and G20 Finance Ministers Meeting in Washington
Federal Councillors Karin Keller-Sutter and Guy Parmelin, accompanied by Martin Schlegel, Chairman of the Governing Board of the Swiss National Bank, will attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington from 23 to 25 October 2024. A meeting of G20 finance ministers and central bank governors will also take place during the Annual Meetings. The Swiss delegation will additionally use the event for bilateral talks.
Issue result for Confederation bonds
The Swiss Confederation issued three bonds by auction on 09.10.2024: 0.00%, maturity 26.06.2034 (reopening) and 0.875%, maturity 22.05.2047 (reopening) and 0.50%, maturity 30.05.2058 (reopening). The issuance volume (excluding own holdings) amounts to a total of 547.420 million francs.
New Confederation bonds
The Swiss Confederation is offering three bonds on a public tender system on 09.10.2024: 0.00%, maturity 26.06.2034 (reopening) and 0.875%, maturity 22.05.2047 (reopening) and 0.50%, maturity 30.05.2058 (reopening).
Issue of Confederation bonds on 9th October 2024
Optional auction date will be maintained.
Forecast for public finances: surpluses for cantons, uncertainty for Confederation and social security funds
The general government's financial development is likely to vary greatly depending on the level of government. This is the picture painted by the Federal Finance Administration's new forecast, which goes up to 2028. While the social security funds will probably generate surpluses over the entire forecast period and the cantons from 2025 onward, the Confederation and the municipalities are expected to run structural deficits over the entire period. There is some uncertainty surrounding this development. The federal relief measures have not yet been factored into the forecasts.
Federal Council initiates consultation on amending Financial Market Supervision Act and other legislation concerning international cooperation
During its meeting on 20 September 2024, the Federal Council decided to initiate a consultation on amending the Financial Market Supervision Act and other pieces of legislation. The aim of the legislative amendments is to adapt the Swiss legal framework for international cooperation in the financial market sector to both the current circumstances and the needs of Switzerland's financial centre.
Issue result for Confederation bonds
The Swiss Confederation issued two bonds by auction on 11.09.2024: 0.50%, maturity 27.06.2032 (reopening) and 1.50%, maturity 26.10.2038 (reopening). The issuance volume (excluding own holdings) amounts to a total of 369.550 million francs.
New Confederation bonds
The Swiss Confederation is offering two bonds on a public tender system on 11.09.2024: 0.50%, maturity 27.06.2032 (reopening) and 1.50%, maturity 26.10.2038 (reopening).
Latest special coin to be issued: the 20-franc "Switzerland" silver coin in honour of Switzerland
On 12 September 2024, the Federal Mint Swissmint will launch the 20-franc silver coin entitled "Switzerland" in honour of the country becoming a federal state in 1848. The limited-edition special coin will go on sale on Switzerland's unofficial birthday.
IIR international supplementary tax to come into force in 2025
During its meeting on 4 September 2024, the Federal Council decided to bring the income inclusion rule (IIR) into force with effect from 1 January 2025. This international supplementary tax will complement the Swiss supplementary tax (QDMTT) already introduced in 2024. Both tax rules will ensure that tax receipts stay in Switzerland, rather than flowing abroad, and provide legal certainty.
Federal Council adopts dispatch on agreement with the United Kingdom on mutual recognition in financial services
At its meeting on 4 September 2024, the Federal Council adopted the dispatch on the approval of an agreement between Switzerland and the United Kingdom (UK) on mutual recognition in financial services. The agreement boosts competitiveness and fosters the close cooperation between the two major international financial centres.
2025 budget with integrated task and financial plan for 2026 to 2028 available
Effective immediately, the 2025 budget is available in electronic format on the website of the Federal Finance Administration (FFA). The hard copy will be released in mid-September.
Interim solution for withholding tax on too-big-to-fail instruments
During its meeting on 21 August 2024, the Federal Council approved a temporary extension of the special rules on withholding tax for too-big-to-fail (TBTF) instruments to 31 December 2031. This ensures that banks can continue to obtain capital from within Switzerland on competitive terms, thereby contributing to financial stability. At the same time, the temporary nature of the extension ensures that the legislator is able to formulate a definitive regulation as part of the overall package of TBTF measures.
Federal Council adopts dispatch on double taxation agreement with Jordan
During its meeting on 21 August 2024, the Federal Council adopted the dispatch on the approval of a double taxation agreement (DTA) with Jordan. The agreement will create legal certainty and favourable conditions for the further development of bilateral economic relations and tax cooperation between the two countries.
First extrapolation for 2024: financing deficit of CHF 1.6 billion
The Federal Council was informed about the current extrapolation on August 14, 2024. According to the first extrapolation, the Confederation is anticipating a financing deficit of CHF 1.6 billion for this year. A deficit of CHF 2.6 billion had been budgeted. The improved figures are mainly due to the fact that the one-time extraordinary capital contribution to SBB, amounting to CHF 1.15 billion, has been deferred until 2025. In the ordinary budget, deviations from the budget remain minor.
Federal Council initiates consultation on determination of partner states for the AEOI concerning cryptoassets
During its meeting on 14 August 2024, the Federal Council initiated the consultation on the determination of partner states for the automatic exchange of information (AEOI) concerning cryptoassets. The Federal Council wants to use the bill to determine from when Switzerland should automatically exchange information on cryptoassets with which partner states. The consultation procedure will close on 15 November 2024.
Latest special coin to be issued: "200 years of the SSV" gold coin in honour of 200th anniversary
On 16 August 2024, the Federal Mint Swissmint will launch the "200 years of the SSV" gold coin, the second coin in the two-part series to honour the Swiss Shooting Sport Federation. Sales of the highly limited special coin will begin during the anniversary celebration.
Federal Councillor Karin Keller-Sutter attends meeting of the finance ministers of the German-speaking countries
On 13 August 2024, Federal Councillor Karin Keller-Sutter attended the meeting of the finance ministers of the German-speaking countries in Lochau, Austria. The discussions centred on strengthening competitiveness and financial policy aspects of the climate transition.
Switzerland at G20 Finance Ministers Meeting in Rio de Janeiro
On 25 and 26 July 2024, State Secretary Daniela Stoffel will attend the meeting of G20 finance ministers and central bank governors in Rio de Janeiro. The delegation will also include Swiss National Bank Chairman Thomas Jordan. Topics such as the global economic and debt situation, the stability and further development of the international financial architecture and international tax issues will be addressed at the meeting under Brazil's Presidency of the G20.
Issue result for Confederation bonds
0.00%, maturity 22.06.2029, amount CHF 235,097 million, (0 million own tranche), issue price 96.70%, yield p.a. 0.686% and 0.875%, maturity 22.05.2047, amount CHF 221,670 million, (0 million own tranche), issue price 105.50%, yield p.a. 0.616%
New Confederation bonds
The Swiss Confederation is offering the following bonds on a public tender system: Maturity 22.06.2029, 0.00% (reopening) and maturity 22.05.2047, 0.875% (reopening)
Switzerland and EU resume dialogue on financial market regulation
On 4 July 2024 in Berne, the State Secretariat for International Finance (SIF) and the European Commission resumed their dialogue on financial market regulation, which had been suspended since 2017.
Ignazio Cassis in Central Asia for talks focusing on economy and international cooperation
Federal Councillor Ignazio Cassis' trip to Central Asia ends today. The head of the Federal Department of Foreign Affairs (FDFA) visited Tajikistan before travelling on to Kyrgyzstan. Both countries are part of Switzerland's voting group in the Bretton Woods institutions, and the trip reaffirmed the strong cooperation among the group's members. There was also praise for the positive results of international cooperation programmes in the fields of digitalisation and water.
Meeting of Swiss Bretton Woods constituency in Dushanbe
Federal Councillor Karin Keller-Sutter and Federal Councillor Ignazio Cassis, together with Swiss National Bank Chairman Thomas Jordan, will travel to Dushanbe in Tajikistan from 1 to 3 July 2024. There, they will meet with the members of the Swiss constituency in the International Monetary Fund (IMF) and the World Bank, the two Bretton Woods institutions. Both Federal Councillors will take the opportunity to hold bilateral talks with representatives of the constituency. Federal Councillor Ignazio Cassis will then travel to Kyrgyzstan.
Switzerland and United States agree on mutual exchange of financial account data
Switzerland and the United States signed a new FATCA agreement in Bern on 27 June 2024. Switzerland currently provides financial account data to the United States on a unilateral basis. In the future, it will also receive corresponding information from the United States within the framework of an automatic exchange of information. The change of model is expected to apply from 2027.
Federal Council appoints Martin Schlegel as Chairman of SNB Governing Board
During its meeting on 26 June 2024, the Federal Council appointed Martin Schlegel as Chairman of the Governing Board of the Swiss National Bank. He will succeed Thomas Jordan. Antoine Martin will be Vice Chairman. Petra Tschudin, previously Alternate Member of the SNB Governing Board, will join the Governing Board.
Federal Council confirms implementation of final Basel III standard with effect from 1 January 2025
During its meeting on 26 June 2024, the Federal Council took note of the international implementation of the final Basel III standard for banks. The amendment to the Capital Adequacy Ordinance (CAO), which will enshrine the standard in Swiss law, will enter into force on 1 January 2025 as planned.
Federal Councillor Karin Keller-Sutter meets Saudi Arabia's Minister of Finance, Mohammed Al Jadaan
On 20 June 2024 in Zurich, Federal Councillor Karin Keller-Sutter, Head of the Federal Department of Finance (FDF), received her Saudi counterpart, Mohammed Al Jadaan, for a working visit. The two ministers opened the bilateral financial dialogue between Switzerland and Saudi Arabia, and exchanged views on developments in the financial sector and the most important international financial and tax issues.
Federal Council notes financial sector's progress in preventing greenwashing
During its meeting on 19 June 2024, the Federal Council took note of the financial sector's new self-regulatory provisions to combat greenwashing. These are a step forward in the implementation of the Federal Council's position on preventing greenwashing in the financial sector. The Federal Council will examine further state provisions, taking ongoing regulatory developments in the European Union into consideration.
Federal Council launches consultation on amendments to the Financial Market Infrastructure Act
During its meeting on 19 June 2024, the Federal Council decided to initiate the consultation on amendments to the Financial Market Infrastructure Act (FinMIA). The proposed changes take account of technological advances and relevant developments in international standards and foreign legislation. They should strengthen the stability of the financial system and increase the competitiveness of the Swiss financial centre. The consultation will run until 11 October 2024.
Progress in implementing open finance in Switzerland
During its meeting on 19 June 2024, the Federal Council was informed by the Federal Department of Finance (FDF) about the most recent open finance developments in Switzerland. The latest advances made by the industry are considered sufficient at this time, so that there is no need for further regulatory measures to be proposed. The FDF will continue to closely monitor developments in the financial sector as a whole based on the targets set by the Federal Council in December 2022.
Federal Council adopts dispatch on double taxation agreement with Angola
During its meeting on 14 June 2024, the Federal Council adopted the dispatch on the approval of a double taxation agreement (DTA) with Angola. The agreement will create legal certainty for the further development of bilateral economic relations and tax cooperation between the two countries.
Federal Council adopts dispatch on amendment of double taxation agreement with Germany
During its meeting on 14 June 2024, the Federal Council adopted the dispatch on the protocol of amendment to the double taxation agreement (DTA) with Germany. The protocol adapts the DTA to various changes in the needs of the contracting states and implements the minimum standards from the base erosion and profit shifting (BEPS) project with regard to DTAs.
Issue result for Confederation bonds
0.00%, maturity 26.06.2034, amount CHF 297.999 million, (0 million own tranche), issue price 92.10%, yield p.a. 0.826% and 1.25%, maturity 28.06.2043, amount CHF 204.490 million, (0 million own tranche), issue price 107.35%, yield p.a. 0.830%
New Confederation bonds
The Swiss Confederation is offering the following bonds on a public tender system: Maturity 26.06.2034, 0.00% (reopening) and maturity 28.06.2043, 1.25% (reopening)
Federal Council initiates consultation on new Federal Act on the International Automatic Exchange of Information on Salary Data
During its meeting on 7 June 2024, the Federal Council initiated the consultation on the Federal Act on the International Automatic Exchange of Information on Salary Data. The Federal Council is thus laying the legal foundations for implementing the exchange of information set down in agreements with France and Italy. The consultation will run until 27 September 2024.
Switzerland and Italy sign permanent tax rules for home working
Federal Councillor Karin Keller-Sutter and Italy's Minister of Economy and Finance, Giancarlo Giorgetti, signed an amending protocol to the existing cross-border commuter agreement. The protocol regulates the taxation of home working for cross-border commuters for the long term.
Federal Councillor Karin Keller-Sutter to meet German Minister of Finance, Christian Lindner, in Berlin
On 5 June 2024, Federal Councillor Karin Keller-Sutter will meet the German Minister of Finance, Christian Lindner, in Berlin. The exchange will focus on the state of public finances and the debt brake, as well as international financial market stability and the minimum taxation of multinational enterprises.
Federal Council adopts dispatch on adjustment of International Monetary Fund resources
During its meeting on 31 May 2024, the Federal Council adopted the dispatch on approving the adjustment of the resources of the International Monetary Fund (IMF) as part of the 16th General Review of Quotas. It requested Parliament to approve the corresponding adjustment of Switzerland's contributions to IMF resources.
Federal Councillor Karin Keller-Sutter meets Hungary's Minister for Finance, Varga Mihály, in Budapest
Federal Councillor Karin Keller-Sutter met Hungary's Minister for Finance, Varga Mihály, in Budapest on 27 May 2024. They discussed current financial and tax issues in the run-up to Hungary's presidency of the Council of the European Union.
Federal Council adopts dispatch on strengthening anti-money laundering framework
At its meeting on 22 May 2024, the Federal Council adopted the dispatch on the further development of the anti-money laundering framework to be submitted to Parliament. The aim is to reinforce the integrity and competitiveness of Switzerland as a financial and business location by means of a federal register of beneficial owners and due diligence for particularly risky activities in legal professions, as well as other provisions. The measures are in line with international standards.
Federal Council launches consultation on extending international automatic exchange of information in tax matters to cryptoassets
On 15 May 2024, the Federal Council decided to initiate the consultation on extending the international automatic exchange of information in tax matters (AEOI). Set to apply from 1 January 2026, the extension concerns the new AEOI concerning cryptoassets and the amendment of the standard for the automatic exchange of financial account information. The consultation will run until 6 September 2024.
Issue result for Confederation bond
0.875%, maturity 22.05.2047, amount CHF 348.950 million, (300.000 million own tranche), issue price 104.00%, yield p.a. 0.686%
Federal Councillor Karin Keller-Sutter meets with Luxembourg's Minister of Finance, Gilles Roth
On 7 May 2024, Federal Councillor Karin Keller-Sutter, Head of the Federal Department of Finance (FDF), received her Luxembourg counterpart Gilles Roth for a working visit. The ministers discussed global and European financial developments and the most important international financial and tax issues. As export-oriented economies with major financial centres, Switzerland and Luxembourg often pursue common interests and represent converging views in international bodies.
New Confederation bond
The Swiss Confederation is offering the following bond on a public tender system: Maturity 22.05.2047, 0.875% (new bond).
eID pilot project – Appenzell Ausserrhoden to issue electronic provisional driving licence
The Canton of Appenzell Ausserrhoden is to issue the provisional driving licence for learner drivers in digital format. The Federal Office of Justice (FOJ) and the Federal Roads Office (FEDRO), together with the Association of Swiss Road Traffic Offices (asa) and the driver and vehicle licensing office of the Canton of Appenzell Ausserrhoden are launching the digital licence with a view to developing the system of state-recognised, electronic credentials (eID). The new document was presented at a joint press conference in Herisau (AR) on 3 May 2024.
Federal Council adopts dispatch on amendment of double taxation agreement with Serbia
During its meeting on 1 May 2024, the Federal Council adopted the dispatch on the protocol of amendment, signed with Serbia, to the double taxation agreement (DTA) between Switzerland and Serbia and Montenegro. The protocol implements the Base Erosion and Profit Shifting (BEPS) minimum standards for double taxation agreements.
Fiscal sustainability: How ageing and climate protection affect public finances
How will the finances of the Confederation, cantons, communes and social insurance funds develop in the long term? The "2024 fiscal sustainability report for Switzerland" shows that public finances will come under increasing pressure until 2060. It focuses on the effects of demographic change. For the first time, the report also estimates the long-term financial impact of climate protection measures aimed at achieving the net-zero target.
Latest special coin to be issued: The Schilthorn cable car silver coin is the third in a three-part series on Swiss cable cars
On 22 April 2024, Swissmint is issuing the new Schilthorn cable car silver coin, the third in the three-part series on Swiss glaciers. The new special coin honours the history and importance of the region.
PUBLICA improves funded ratio and moves ahead with responsible investment
The Swiss Federal Pension Fund PUBLICA recorded a performance of 3.9% in 2023. The collective institution’s funded ratio rose to 98.3%. Of the eleven open pension plans, three are still underfunded. As part of its responsible investment strategy, PUBLICA prioritised four of the UN Sustainable Development Goals in 2023, began implementing bespoke benchmarks for emerging market government bonds, and started building a knowledge base on biodiversity.
Switzerland at 2024 IMF and World Bank Spring Meetings and G20 Finance Ministers Meeting in Washington
Federal Councillors Karin Keller-Sutter and Guy Parmelin, together with Swiss National Bank Chairman Thomas Jordan, will attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington from 17 to 19 April 2024. A meeting of G20 finance ministers and central bank governors, as well as a ministerial meeting of the Financial Action Task Force (FATF), will also take place as part of this gathering. In addition, the two Federal Councillors will take this opportunity to hold bilateral meetings.
Banking stability: Federal Council wants to close gaps in too-big-to-fail regulation
Based on Article 52 of the Banking Act and mandates from Parliament, the Federal Council has carried out an in-depth assessment of the regulation of systemically important banks. During its meeting on 10 April 2024, it adopted the associated report on banking stability. The comprehensive review of the Credit Suisse crisis has revealed that the existing too-big-to-fail regime must be developed further and strengthened, in order to reduce the risks to the economy, the state and the taxpayer. The Federal Council is proposing a broad package of measures in this regard. Implementation should also take into account the findings of the Parliamentary Investigation Committee (PInC).
Issue result for Confederation bonds
0.50%, maturity 27.05.2030, amount CHF 104.850 million, (0 million own tranche), issue price 98.65%, yield p.a. 0.727% and 0.25%, maturity 23.06.2035, amount CHF 231.370 million, (0 million own tranche), issue price 95.50%, yield p.a. 0.670%
New Confederation bonds
The Swiss Confederation is offering the following bonds on a public tender system: Maturity 27.05.2030, 0.50% (reopening) and maturity 23.06.2035, 0.25% (reopening)
International Monetary Fund highlights challenges to Switzerland's fiscal policy and financial stability
At the conclusion of its annual consultations with the Swiss authorities and the private sector, the International Monetary Fund (IMF) has published its preliminary findings. The IMF expects the Swiss economy to grow at a moderately higher rate of 1.3% in 2024. Fiscal policy is well anchored with the debt brake, while rising spending pressure requires measures to eliminate structural deficits, including to ensure financial security for the pension system. Lessons for financial stability and the regulatory and supervisory framework should be learned from the takeover of Credit Suisse by UBS.
The Swiss Customs Museum to reopen for the new season with an exhibition on migration and a revamped exhibition on CITES species
On Easter Sunday, 31 March 2024, the Swiss Customs Museum will reopen its doors to the public. This season sees two new highlights. The first is an exhibition "Migration – a photo exhibition by Darrin Zammit Lupi". This travelling exhibition by the Reuters photojournalist offers a unique insight into the long journeys made by migrants. The second new feature is the revamped exhibition on species protected by CITES, the Convention on International Trade in Endangered Species of Wild Fauna and Flora.
Publication of state financial statements for 2023
As of 28 March 2024, the state financial statements for 2023 are available in electronic format on the website of the Federal Finance Administration (FFA). The figures are also available in the federal budget data portal. The hard copy will be released on 15 April 2024. The Federal Treasury activity report is published to complement the state financial statements.
Federal Council leaves interest rates for COVID-19 credits unchanged
During its meeting on 27 March 2024, the Federal Council decided to leave the interest rates for outstanding COVID-19 credits unchanged as of 31 March 2024. The interest rate will remain at 1.5% for credits up to CHF 500,000 and 2% for credits exceeding CHF 500,000.
Publication of «Public finances 2023»
The statistical data on public finances for 2023 has been published. The brochure issued by the Federal Finance Administration (FFA) provides at a glance information on the budgets of the Confederation, cantons, communes and social insurance, as well as an international comparison.
Federal Council takes note of the achievement of RUAG International's objectives in the 2023 financial year
During its meeting on 15 March 2023, the Federal Council took note of the report by RUAG International Holding AG's Board of Directors on the achievement of objectives in the 2023 financial year. The strategic objectives defined by the Federal Council were achieved to a significant extent, in particular the successful continuation of the privatisation process.
Forecast for public finances: challenging situation for the Confederation and social security funds
After an initially positive trend, the public sector's financial development is likely to be heavily impacted by rising AHV expenditure. The general government's financing surplus will probably fall sharply in 2026 and 2027 as a result. Financing deficits are expected at federal level. This is shown in the latest forecasts of the Financial Statistics Section of the Federal Finance Administration (FFA).
Provider for LSVA basic service commissioned by the FOCBS
The renewal and modernisation of the collection system for the performance-related heavy vehicle charge (LSVA) is taking shape. Owners of vehicles registered in Switzerland will now be able to choose between different providers of LSVA recording systems. The basic LSVA service will be provided on behalf of the responsible Federal Office for Customs and Border Security (FOCBS) by NATRAS AG, a mileage recording company founded in January 2024. The system changeover is a key component of the DaziT digitalisation and transformation programme.
Issue result for Confederation bonds
3.50%, maturity 08.04.2033, amount CHF 147.900 million, (0 million own tranche), issue price 124.50%, yield p.a. 0.692% and 1.25%, maturity 28.06.2043, amount CHF 254.250 million, (0 million own tranche), issue price 109.900%, yield p.a. 0.699%
New Confederation bonds
The Swiss Confederation is offering the following bonds on a public tender system: Maturity 08.04.2033, 3.50% (reopening) and maturity 28.06.2043, 1.25% (reopening)
Appointment of Switzerland's representative on International Monetary Fund's Executive Board
During its meeting on 8 March 2024, the Federal Council appointed Christoph Baumann, currently Deputy Head of the Planning and Strategy Division at the State Secretariat for International Finance (SIF), as Switzerland's representative on the Executive Board of the International Monetary Fund (IMF) in Washington D.C., United States. The four-year term of office will start on 1 November 2024. He will initially be Deputy Executive Director for two years and then Executive Director.
Federal Councillor Karin Keller-Sutter attends G20 Finance Ministers Meeting
On 28 and 29 February 2024 in São Paulo, Federal Councillor Karin Keller-Sutter, accompanied by SNB Vice Chairman Martin Schlegel, attended the first meeting of G20 finance ministers and central bank governors under the Brazilian presidency. The main topics discussed included the global economic environment, budgetary policy and the debt situation, the international financial architecture and financial sector stability, as well as multilateral tax matters.
Cryptocurrencies: money laundering and terrorist financing risks have increased
Over the past decade, cryptocurrencies – or virtual assets – have emerged as a mass phenomenon with major implications for the financial system. Increasingly, cryptocurrencies are also being misused for illicit purposes. The interdepartmental coordinating group on combating money laundering and the financing of terrorism (CGMF) has recently published a report presenting the latest findings as well as possible countermeasures.
Issue result for Confederation bonds
0.50%, maturity 27.06.2032, amount CHF 214.950 million, (0 million own tranche), issue price 97.40%, yield p.a. 0.824% and 0.50%, maturity 28.06.2045, amount CHF 290.050 million, (0 million own tranche), issue price 93.25%, yield p.a. 0.847%
New Confederation bonds
The Swiss Confederation is offering the following bonds on a public tender system: Maturity 27.06.2032, 0.50% (reopening) and maturity 28.06.2045, 0.50% (reopening)
Ukraine: Switzerland implements the EU’s 12th package of sanctions
The Federal Council adopted further sanctions against Russia at its meeting on 31 January. This is in response to Russia's ongoing military aggression against Ukraine. In doing so, the Federal Council joins the European Union (EU), which adopted its 12th package of sanctions in December 2023. The new measures will enter into force on 1 February. Switzerland previously added 147 individuals and entities to its sanctions listings on 21 December.
Federal Council puts legal basis for new L QIF fund category into force
During its meeting on 31 January 2024, the Federal Council decided to put the revised Collective Investment Schemes Act (CISA) and the amended Collective Investment Schemes Ordinance (CISO) into force with effect from 1 March 2024. This creates the legal basis for Limited Qualified Investor Funds (L-QIFs). L QIFs help to increase the attractiveness and innovation capacity of the Swiss fund location.
Sluggish foreign trade in 2023
After two years of strong growth, Swiss foreign trade declined in both directions in 2023. Exports fell by 1.2% and appeared volatile over the quarters. Imports fell by 3.8% and only picked up again in the final quarter. Falling prices led to better results in real terms in both directions. The trade surplus rose to CHF 48.5 billion.
Federal Council confirms election of Stefan Walter as FINMA CEO
At the request of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA), the Federal Council confirmed the election of Stefan Walter as CEO of FINMA at its meeting on 24 January 2024. Stefan Walter, currently Director General Horizontal Line Supervision at the European Central Bank, will take up his post on 1 April 2024.
Programme of members of the Federal Council attending the 2024 WEF Annual Meeting
The 54th Annual Meeting of the World Economic Forum is taking place in Davos next week. Six members of the Federal Council will be attending. President Viola Amherd will open the event together with WEF founder Prof. Klaus Schwab on Tuesday, 16 January.
Issue result for Confederation bonds
1.50%, maturity 26.10.2038, amount CHF 207.600 million, (0 million own tranche), issue price 109.40%, yield p.a. 0.821% and 0.50%, maturity 24.05.2055, amount CHF 195.650 million, (0 million own tranche), issue price 94.40%, yield p.a. 0.700%
Latest special coin to be issued: The Rhone glacier bimetallic coin is the third in the three-part series on Swiss glaciers
On 11 January 2024, Swissmint is issuing the new Rhone glacier bimetallic coin, the third in the three-part series on Swiss glaciers. The first special coin of 2024 honours the more than 10-km long valley glacier as a major landmark in Goms and in Switzerland.
New Confederation bonds
The Swiss Confederation is offering the following bonds on a public tender system: Maturity 26.10.2038, 1.50% (reopening, green bond) and maturity 24.05.2055, 0.50% (reopening)
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