FDF press releases
Press releases of the Federal Department of Finance FDF
All the press releases
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)
Introduction of OECD/G20 minimum tax rate with effect from 1 January 2024
The OECD/G20 minimum tax rate will be introduced as planned. During its meeting on 22 December 2023, the Federal Council decided to begin levying the supplementary tax in Switzerland from 1 January 2024. This will prevent erosion of the tax base in favour of other countries. The Federal Council will decide on other elements of the OECD/G20 regulatory framework at a later date.
Federal Council appoints Rosmarie Schlup and Sébastien Kraenzlin as Alternate Members of SNB Governing Board
During its meeting on 22 December 2023, the Federal Council appointed Rosmarie Schlup and Sébastien Kraenzlin as Alternate Members of the Swiss National Bank (SNB) Governing Board upon the recommendation of the Bank Council.
Manuel Suter appointed Deputy Director of National Cyber Security Centre (NCSC)
The head of the DDPS, Federal Councillor Viola Amherd, has appointed Manuel Suter as Deputy Director of the NCSC as of 1 January 2024. The Federal Council was informed of the appointment at its meeting on 22 December.
Switzerland and the UK sign agreement on mutual recognition in financial services
Today in Berne, Federal Councillor Karin Keller-Sutter and the UK Chancellor of the Exchequer, Jeremy Hunt, signed an agreement on mutual recognition in financial services, the Berne Financial Services Agreement. The agreement boosts competitiveness and fosters the close cooperation between these two major international financial centres.
Issue result for Confederation bond
1.25%, maturity 28.06.2043, amount CHF 305.410 million, (0 million own tranche), issue price 111.35%, yield p.a. 0.630%
New Confederation bond
The Swiss Confederation is offering the following bond on a public tender system: 1.25%, maturity 28.06.2043 (reopening)
Federal Council decides on further development of Swiss Climate Scores
The Swiss financial centre should further enhance its credibility and international competitiveness with regard to the climate transparency of financial products. With this in mind, the Federal Council decided at its meeting on 8 December 2023 to further develop the voluntary Swiss Climate Scores introduced in 2022.
Issuance calendar for Confederation bonds and money market debt register claims in 2024
The Federal Finance Administration (FFA) plans to issue bonds with a face value of CHF 5 billion in 2024. Taking account of bonds maturing in 2024, the volume of bonds outstanding will increase by CHF 1.8 billion. The volume of outstanding money market debt register claims will be kept in a range between CHF 10 billion and 16 billion. Bond auctions take place monthly, except in August, while money market debt register claims are auctioned on a weekly basis.
Federal Councillor Karin Keller-Sutter meets Belgian Minister of Finance Vincent Van Peteghem in Brussels
On 30 November 2023, Federal Councillor Karin Keller-Sutter met the Belgian Minister of Finance, Vincent Van Peteghem, in Brussels. They discussed current financial and tax issues in the run-up to Belgium's presidency of the Council of the European Union.
Information sharing and community building to boost cyber-resilience in International Geneva
On 30 November, the Federal Department of Foreign Affairs (FDFA) and the National Cyber Security Centre (NCSC) held a 'Cyber Capacity and Community Building' event in Geneva in cooperation with the canton of Geneva and other partners. The event was aimed at boosting the cyber-resilience of international organisations and NGOs in International Geneva.
Consultation opens on lowering the tax-free limit in tourist traffic
Parliament has adopted motion 19.3975 "Improving fair taxation in the flow of goods in local border traffic". This parliamentary mandate is to be implemented by lowering the tax-free limit. According to the motion, goods in tourist traffic should only be exempt from import tax (VAT) up to a total value of CHF 150 per person. The current tax-free limit is CHF 300 per person. The consultation will last until 15 March 2024.
Amendment to the Capital Adequacy Ordinance to implement the final Basel III standards will enter into force in 2025
At its meeting on 29 November 2023, the Federal Council adopted the amendment to the Capital Adequacy Ordinance (CAO) for banks. This bill transposes the final Basel III standards adopted by the international Basel Committee on Banking Supervision (BCBS) into Swiss law. The amended CAO will enter into force on 1 January 2025.
Federal Council brings amendment to Financial Market Infrastructure Act into force
The Federal Council has decided to put an amendment to the Financial Market Infrastructure Act (FinMIA) into force with effect from 1 February 2024. In the future, anyone who provides untrue or incomplete information in a prospectus or announcement of a public takeover offer will be liable to a fine. This closes a loophole regarding criminal liability.
Federal Council brings statutory anchoring of stock exchange protective measure into force
During its meeting on 29 November 2023, the Federal Council brought the statutory anchoring of the measure to protect the Swiss stock exchange that has been in place since 2019 into force with effect from 1 January 2024. In this way, Switzerland continues to avoid the negative repercussions of its stock exchange regulations not being recognised by the European Union.
Issue of Confederation bonds on 13th December 2023
Optional auction date will be maintained.
Federal Council approves 2024-2027 strategic objectives for RUAG International
During its meeting on 29 November 2023, the Federal Council approved the strategic objectives for RUAG International Holding AG for 2024 to 2027. Whereas the previous strategy period centred on the split of the RUAG group, the next few years will focus on the completion of the privatisation and, in particular, the sale of Beyond Gravity (space division) by the end of 2025.
2024 motorway vignette: stress-free access to the motorway in just a few clicks thanks to the e-vignette (last modification, the 01.12.2023)
The 2024 motorway vignette will be available from 1 December 2023. This year, motorists can choose between using the advantages of the new e-vignette or buying the conventional tax sticker.
Latest special coin to be issued: the Swiss linguistic diversity gold coin
On 30 November, Swissmint will launch the new Swiss linguistic diversity gold coin. Cultural diversity and plurilingualism are part of the very essence of Switzerland and the latest issue will honour these qualities.
E-ID: Federal Council adopts dispatch
The Confederation's new electronic identity (e-ID) will enable users to identify themselves digitally in a secure, fast and uncomplicated way. At its meeting on 22 November 2023, the Federal Council adopted the dispatch on the new Federal Act on Electronic Identity Credentials and Other Electronic Credentials (E-ID Act). The e-ID will be issued by the Confederation, will guarantee the greatest possible protection of personal data, and its use will be free of charge and voluntary. The Federal Council is proposing that the infrastructure required to operate the e-ID can also be used by cantonal and communal authorities and by private individuals and entities to issue electronic credentials.
Federal Council adopts dispatch on additional agreement supplementing double taxation agreement with France
During its meeting on 22 November 2023, the Federal Council adopted the dispatch on the approval and implementation of an additional agreement supplementing the double taxation agreement (DTA) with France. The additional agreement regulates in particular the taxation of cross-border remote working of up to 40% of working hours per year and thus takes account of developments in the area of remote working.
Federal Council adopts dispatch on amendment of double taxation agreement with Slovenia
During its meeting on 22 November 2023, the Federal Council adopted the dispatch on the protocol of amendment to the double taxation agreement (DTA) with Slovenia. The protocol implements the OECD's minimum standards from the base erosion and profit shifting (BEPS) project with regard to double taxation agreements.
Switzerland and France reaffirm and deepen relations during President Emmanuel Macron’s state visit
On 15 November, the entire Federal Council welcomed the French president, Emmanuel Macron, and his wife, Brigitte Macron, on a state visit. The military honours on the Bundesplatz were followed by official speeches and talks. Switzerland and France reaffirmed their commitment to deepen bilateral relations and signed two memorandums of understanding. European policy and the current international situation were also key topics of the talks. The second day of the visit will be dedicated to cooperation in the areas of research, innovation and education, and to pan-European challenges.
Federal Administration also impacted by Concevis hack
The software company Concevis has fallen victim to a ransomware attack, causing all of its servers to be encrypted. As far as is currently known, the stolen data is believed to include older operational data from the Federal Administration. In-depth analyses are still ongoing.
Switzerland and Italy agree permanent tax treatment for home working
On 10 November 2023 in the course of a videoconference, Federal Councillor Karin Keller-Sutter and Italian Minister of Economy and Finance Giancarlo Giorgetti signed a declaration regulating the taxation of home working for cross-border commuters.
In future, cryptoassets to be included in international automatic exchange of information in tax matters
In a joint statement issued today, around 50 jurisdictions, including Switzerland, have undertaken to implement the expanded international automatic exchange of information in tax matters (AEOI). The expansion concerns cryptoassets and is to apply from 1 January 2026. The Federal Department of Finance (FDF) will prepare a consultation draft for the implementation of the expanded AEOI by the end of June 2024.
Federal Council to welcome France’s President Emmanuel Macron on state visit
The Federal Council has invited President Emmanuel Macron of France and his wife, Brigitte Macron, on a state visit to Switzerland with a view to enhancing/ the long-standing diplomatic relations with France and advancing important bilateral topics. The state guest will be received on Wednesday, 15 November by the entire Federal Council with military honours on the Bundesplatz. This will be followed by official speeches in the lobby of the Federal Palace and political discussions in the Bernerhof. The second day of the visit will be devoted to cooperation in the areas of research, innovation and education, and pan-European challenges.
Issue result for Confederation bonds
0.00%, maturity 26.06.2034, amount CHF 354.950 million, (0 million own tranche), issue price 89.050%, yield p.a. 1.101% and 0.00%, maturity 24.07.2039, amount CHF 621.680 million, (0 million own tranche), issue price 83.000%, yield p.a. 1.196%
Federal Council decides to remove exemption from duty for e-vehicles
From 1 January 2024, e-vehicles will be subject to automobile duty. During its meeting on 8 November 2023, the Federal Council took note of the results of the consultation on removing the exemption from duty for e-vehicles and approved an amendment to the Vehicle Duty Ordinance. The Federal Council's aim is to redress shortfalls in tax receipts and to secure the deposits flowing into the motorway and urban transportation fund. The imposition of duty on e-vehicles is part of the budget adjustment concept which the Federal Council adopted at its meeting on 25 January 2023.
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 24.07.2039, 0.00% (reopening)
Federal Councillor Karin Keller-Sutter in Lucerne to meet with her German counterpart, Christian Lindner
On 3 November 2023, Federal Councillor Karin Keller-Sutter, Head of the Federal Department of Finance, met the German Finance Minister, Christian Lindner, in Lucerne for a working visit.
Latest special coin to be issued: The Titlis cable car silver coin is the second in a three-part series on Swiss cable cars
On 8 November, Swissmint is issuing the new Titlis cable car silver coin , the second in the three-part series on Swiss cable cars. The major project in Engelberg is intended to contribute to the successful future of tourism in the region, both in the medium and long term.
NCSC semi-annual report focuses on hacktivism
The National Cyber Security Centre (NCSC) today published its latest semi-annual report. This looks at the main cyberincidents that occurred in Switzerland and abroad in the first half of 2023, with a special focus on hacktivism.
Middle East conflict: Federal Council reiterates urgent need to respect international humanitarian law and proposes additional CHF 90 million in humanitarian aid
The Federal Council reiterates its unequivocal condemnation of the terrorist attacks carried out by Hamas since 7 October and calls for the immediate release of all hostages. It recognises Israel's right to ensure its defence and security, and stresses that international humanitarian law must be respected by all parties. In view of the extremely alarming humanitarian situation, the Federal Council is proposing to allocate a further CHF 90 million in aid to the region.
First roundtable on cash
On 30 October 2023, the Federal Finance Administration, together with the Swiss National Bank (SNB), held the first cash roundtable. Various issues concerning access to cash and the acceptance of cash were discussed with representatives of the stakeholders involved in the cash cycle. As part of this, they took stock of the situation and possible problems. The aim of the cash roundtable is to identify any need for action at an early stage and to discuss this with the stakeholders.
Federal Councillor Karin Keller-Sutter meets with her French counterpart, Bruno Le Maire
On 27 October 2023, Federal Councillor Karin Keller-Sutter, Head of the Federal Department of Finance, met the French Minister of Economy and Finance, Bruno Le Maire, for a working visit. Topics covered included the economic and financial situation, financial market stability and bilateral tax matters.
Second 2023 extrapolation confirms financing deficit
The Federal Council was informed about the current extrapolation on 25 October 2023. The Confederation is reckoning on a financing deficit of CHF 1.8 billion for this year. The expected deficit is thus likely to be slightly bigger than forecast in the June extrapolation (-1.5 bn), but it is much smaller than the result originally budgeted ( 4.8 bn). By contrast, a significantly higher structural financing deficit in accordance with the debt brake is now to be expected (-0.7 bn), but expenditure is still below the expenditure ceiling set in the budget.
Further efforts to prevent greenwashing
The Federal Department of Finance (FDF) will draw up a proposal for implementing the Federal Council's position on the prevention of greenwashing. Accordingly, the FDF informed the Federal Council at its meeting on 25 October 2023.
FATF recognises Switzerland's progress in strengthening its anti-money laundering and counter-terrorist financing measures
On 19 October 2023, the Financial Action Task Force (FATF) published Switzerland's fourth follow-up report subsequent to the country's last mutual evaluation in 2016. The FATF acknowledges the progress made by Switzerland, especially with the revision of the Anti-Money Laundering Act (AMLA) adopted in March 2021. Nevertheless, further improvements are needed in a number of key areas to ensure a high level of integrity in the financial centre.
Public finances: positive results expected for cantons and social security funds
The Swiss economy's recovery after the COVID-19 pandemic is also reflected in the government units' 2022 results. A financing surplus of 6.9 billion is anticipated for the general government (Confederation, cantons, municipalities and social security funds), due primarily to the high surpluses of the cantons and social security funds. By contrast, the Confederation's results are set to remain negative. Despite weaker economic growth in 2023 and 2024, the general government's fiscal balance is expected to stay positive. Switzerland's net debt ratio is likely to decline further in the coming years in the wake of the COVID-19 pandemic. This is shown in the latest financial statistics figures of the Federal Finance Administration (FFA).
Issue result for Confederation bonds
The Swiss Confederation has issued the following bonds via auction: Maturity 27.05.2030, 0.50% (reopening) and maturity 08.03.2036, 2.50% (reopening) and maturity 30.05.2058, 0.50% (reopening)
Switzerland at 2023 IMF and World Bank Annual Meetings and G20 Finance Ministers Meeting in Marrakesh
Federal Councillor Karin Keller-Sutter, Federal Councillor Guy Parmelin and Thomas Jordan, 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 Group (WBG) in Marrakesh, Morocco, from 11 to 14 October 2023. A meeting of the G20 finance ministers and central bank governors will also take place during the Annual Meetings.
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 08.03.2036, 2.50% (reopening) and maturity 30.05.2058, 0.50% (reopening)
Exchange of information with 104 countries on around 3.6 million financial accounts
The Federal Tax Administration (FTA) has exchanged information on financial accounts with 104 countries. The exchange took place within the framework of the global standard on the automatic exchange of information (AEOI).
Issue of Confederation bonds on 11th October 2023
Optional auction date will be maintained.
Latest special coin to be issued: The "Wind power" silver coin from the "Energy of the future" series
On 27 September, Swissmint is issuing the new "Wind power" silver coin, which completes the trilogy on the theme of "Energy of the Future". As with its two predecessors, "Hydropower" and "Solar energy", the fluorescent elements glow in the dark.
Federal Council appoints Antoine Martin as new Member of the Governing Board at the Swiss National Bank
At its meeting on 22 September 2023, and upon the proposal of the Swiss National Bank (SNB) Bank Council, the Federal Council appointed Antoine Martin as Member of the Governing Board at the SNB. He succeeds Andréa Maechler.
Federal Council appoints SNB Bank Council members
During its meeting on 22 September 2023, the Federal Council appointed the members of the Bank Council of the Swiss National Bank (SNB) for the term of office from 1 May 2024 to 30 April 2028. It renewed the terms of four serving members and appointed two new members, Andreas Dietrich and Renaud de Planta. Barbara Janom Steiner retains her role as President of the Bank Council.
Karin Keller-Sutter and Guy Parmelin meet Qatar's Minister of Finance Ali bin Ahmed Al Kuwari
On 18 September 2023, the two members of the Federal Council met with Qatar's Minister of Finance Ali bin Ahmed Al Kuwari, in Bern to discuss international financial and economic issues.
Federal Council adopts second addendum to 2023 budget
During its meeting on 15 September 2023, the Federal Council approved the second addendum to the 2023 budget. It is submitting 13 supplementary credits totalling CHF 241 million to Parliament. These mainly relate to the procurement of a new aircraft for the Federal Air Transport Service, the operating expenditure of the federal asylum centres and a one-off contribution to the International Committee of the Red Cross (ICRC).
Issue result for Confederation bonds
The Swiss Confederation has issued the following bonds via auction: Maturity 26.10.2038, 1.50% (reopening, green bond) and maturity 28.06.2043, 1.25% (reopening)
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 28.06.2043, 1.25% (reopening).
FINMA Board of Directors completely renewed and new member elected
As part of the general board elections for the new 2024-2027 term of office, the Federal Council re-elected the previous members of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA) during its meeting on 6 September 2023. Rene W. Keller, former CIO at the bank Standard Chartered in Singapore, was elected as a new member of the Board of Directors.
Federal Council adopts dispatch on introduction of a public liquidity backstop for systemically important banks
During its meeting on 6 September 2023, the Federal Council adopted the dispatch on the introduction of a public liquidity backstop (PLB) for systemically important banks. The Federal Council had already decided on the key parameters for a PLB to strengthen the stability of the financial sector in March 2022. In March 2023, the PLB was put into force by ordinance as part of the takeover of Credit Suisse by UBS. The PLB and certain provisions of the ordinance that are still required are now to be transferred into ordinary law.
Debt brake: one of Switzerland's most important fiscal policy instruments turns 20
The debt brake was introduced in Switzerland in 2003, and since then, it has served as an anchor for the federal government's fiscal policy. At an event to mark this fiscal rule's 20th anniversary, the Federal Finance Administration, together with prominent figures from political, administrative and academic circles, took a look at its past, present and future. A new FFA working paper also provides an overview of the effectiveness of fiscal rules based on international research literature.
Report of the group of experts on banking stability
Publication Notice
Federal Council initiates consultation on strengthening the anti-money laundering framework
At its meeting on 30 August 2023, the Federal Council launched the consultation procedure on a bill to strengthen the anti-money laundering framework. The aim is to reinforce the integrity and competitiveness of Switzerland as a financial and business location with a federal register of beneficial owners, due diligence for particularly risky activities in legal professions, as well as other provisions. The measures are in line with international standards.
2024 budget with integrated task and financial plan for 2025 to 2027 available
Effective immediately, the 2024 budget is available in electronic format on the website of the Federal Finance Administration (FFA). The hard copy will be released in mid-September.
Xplain hack: Federal Council approves investigation order
At its meeting of 23 August 2023, the Federal Council ordered an administrative investigation into the events surrounding the data leak at Xplain AG and approved the investigation order. As instructed by the Federal Council, the Federal Department of Finance (FDF) will appoint an investigative body. It will mandate the Geneva-based law firm OBERSON ABELS SA for this role. In its capacity as an independent body, it is to investigate whether the Federal Administration adequately complied with its duties when selecting, instructing, supervising and working with Xplain AG. Furthermore, measures are to be identified to prevent a similar incident from occurring in the future.
First extrapolation for 2023: smaller financing deficit expected
According to the first extrapolation for 2023, the Confederation is anticipating a financing deficit of CHF 1.5 billion for this year. A deficit of CHF 4.8 billion had been expected in the budget. The improvement is due to the fact that the CHF 4 billion rescue mechanism for the electricity industry in the extraordinary budget will probably not be needed. However, there is no SNB profit distribution, resulting in a CHF 2 billion drop in receipts. There is now a small structural financing deficit in the ordinary budget.
Credit Suisse/UBS: all federal guarantees terminated
UBS has definitively terminated the agreement regarding the federal loss protection guarantee in the amount of CHF 9 billion, as well as the agreement with the SNB regarding the federal guarantee of no more than CHF 100 billion to secure liquidity assistance loans. These measures, which were created under emergency law to preserve financial stability, will thus cease to exist, and the Confederation and taxpayers will no longer bear any risks arising from these guarantees. Furthermore, the Confederation earned receipts of around CHF 200 million on the guarantees.
First report on cantonal measures relating to the implementation of the OECD minimum tax
The Federal Department of Finance FDF has published the first report on the expected effects of the implementation of the OECD minimum tax on the individual cantons and on the measures planned by the cantons. The report is based on a survey of the cantons as of 31 May 2023.
e-vignette off to a successful start (last modification, the 04.08.2023)
The motorway tax sticket for the calendar year 2023 can now be purchased electronically at www.e-vignette.ch using the Via portal of the Federal Office for Customs and Border Security (FOCBS). Sales have started well but the FOCBS has already received requests for refunds for e-vignettes purchased in error. By law, there is no provision for refunds of the e-vignette. However, the FOCBS is making an exception during the first week since its introduction.
Going digital with the e-vignette for motorway use (last modification, the 08.01.2024)
The electronic motorway tax sticker will be available from 1 August 2023. It can be purchased using the “Via Portal” of the Federal Office for Customs and Border Security (FOCBS) at www.e-vignette.ch. The adhesive motorway tax sticker will remain available.
Issue result for Confederation bonds
The Swiss Confederation has issued the following bonds via auction: Maturity 22.06.2029, 0.00% (reopening) and maturity 26.06.2034, 0.00% (reopening)
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 26.06.2034, 0.00% (reopening)
Xplain hack: Federal Council commissions a policy strategy crisis team on data leaks
During its meeting on 28 June 2023, the Federal Council commissioned a policy strategy crisis team on data leaks. The aim of the cross-departmental crisis team is to coordinate the ongoing efforts to deal with the ransomware attack on Xplain, which has also affected Federal Administration data, and to propose related measures. In addition, the Federal Council ordered that a mandate be drawn up for an administrative investigation. Moreover, it decided to review existing contracts with federal IT service providers and to amend them where necessary in order to improve service providers' cybersecurity and allow the federal government to react swiftly in the event of a successful attack. Finally, it ordered an examination of measures to ensure that the essential services currently provided by Xplain for the police and the security and migration authorities can be guaranteed in any case.
2024 budget adjusted – consultation launched on 2025 relief package
During its meeting on 28 June 2023, the Federal Council approved the figures for the 2024 budget with the integrated task and financial plan for 2025 to 2027. Thanks to the extensive adjustment measures decided in the spring, the debt brake requirements can be met in 2024. However, the Federal Council needs to request extraordinary expenditure once again. In addition, the Federal Council has launched the consultation on the 2025 relief package, which concerns earmarked expenditure. The financial plan years remain challenging, with structural deficits of up to CHF 1.2 billion.
Switzerland and France sign an additional agreement supplementing the bilateral double taxation agreement
On 27 June 2023 in Paris, State Secretary Daniela Stoffel signed an additional agreement containing new and permanent taxation rules for income from home working, as a supplement to the bilateral double taxation agreement. The additional agreement permits cross-border home working for up to 40% of annual working time – especially for cross-border commuters. It is part of the solution agreed at the end of 2022 with regard to home working.
Federal Councillor Karin Keller-Sutter and Singapore's Deputy Prime Minister Heng Swee Keat to open international fintech conference in Zurich
The second Point Zero Forum international fintech conference will be held in Zurich from 26 to 28 June 2023. As a platform for leaders from the public and private financial and economic sectors, the forum aims to drive innovation in the digital economy and establish itself as a key event in the international fintech world. The Forum is a joint initiative of Switzerland and Singapore, and the conference will be opened by Finance Minister Karin Keller-Sutter and Deputy Prime Minister Heng Swee Keat.
Latest special coin to be issued: silver and gold coin marking 175 Years of Federal Constitution celebrates important part of Swiss history
In November last year, a new era was ushered in at Swissmint, the Federal Mint, with the new Swiss special coins brand. To mark the 175th anniversary of the Swiss Federal Constitution, the Federal Mint Swissmint has produced a new special coin. It will be available in silver and gold versions at the Open Federal Mile anniversary event in Bern on 1 and 2 July 2023. Federal Councillor Karin Keller-Sutter presented the new coin at the beginning of June.
Xplain hack: initial findings from data analyses indicate need for action
Following the discovery of the ransomware attack on Xplain, intensive investigations concerning the data affected have been under way in the Federal Administration. The data analysed to date also includes operational data from various authorities and organisations. How this data got onto the Xplain infrastructure is now being meticulously clarified.
Issue result for Confederation bond
The Swiss Confederation has issued the following bond via auction: Maturity 28.06.2043, 1.25%
New Confederation bond
The Swiss Confederation is offering the following bond on a public tender system: Maturity 28.06.2043, 1.25% (new bond).
DDoS attack on Federal Administration: various Federal Administration websites and applications unavailable
Several Federal Administration websites are/were inaccessible on Monday 12 June 2023, due to a DDoS attack on its systems. The Federal Administration's specialists quickly noticed the attack and are taking measures to restore accessibility to the websites and applications as quickly as possible.
Confederation and UBS sign loss protection agreement
UBS has announced that it will probably complete the Credit Suisse takeover on 12 June 2023. The takeover was the key component of the Federal Council's overall package of 19 March to safeguard financial stability and thus avert damage to the Swiss economy. To make the takeover possible, the federal government provided UBS with a guarantee for potential losses incurred on the realisation of Credit Suisse assets. The loss protection agreement was signed on 9 June 2023. The guarantee will take effect only if the losses arising from the realisation of these assets exceed CHF 5 billion. It is limited to a total of CHF 9 billion. The priority for the federal government and UBS is to minimise potential losses and risks so that recourse to the federal guarantee is avoided to the greatest extent possible. The Federal Council was informed of the loss protection agreement during its meeting on 9 June 2023.
Federal Administration also impacted by Xplain hack
Based on the information currently available, it appears that operational data of the Federal Administration could also be affected by the ransomware attack on the IT company Xplain, which resulted in some of the stolen data being published on the darknet. In-depth analyses are still ongoing.
Group of experts on banking stability now under leadership of Yvan Lengwiler
Yvan Lengwiler has taken over the leadership of the group of experts on banking stability set up by the Federal Department of Finance (FDF). The previous president, Jean Studer, has left the expert group and Rudolf Sigg, the former Chief Financial Officer of Zürcher Kantonalbank, has joined.
Federal Councillor Karin Keller-Sutter presents Swissmint's special coin to mark the 175th anniversary of modern Switzerland
To mark the 175th anniversary of the Swiss Federal Constitution, the Federal Mint Swissmint is producing a new special coin. It will be available in silver and gold versions at the Open Federal Mile anniversary event in Bern on 1 and 2 July 2023. Federal Councillor Karin Keller-Sutter presented the new coin today.
Federal Council strengthens Switzerland as a location for insurance
The Federal Council is committed to making Switzerland a competitive and innovative location for insurance. During its meeting on 2 June 2023, it approved the amendments to the Insurance Oversight Ordinance (IOO) with regard to private insurance companies, and brought both the revised Ordinance and the revised Insurance Oversight Act (IOA) into force with effect from 1 January 2024.
New goods traffic system «Passar» goes live
On June 1st 2023, the Federal Office for Customs and Border Security (FOCBS) launches the first stage of «Passar», the new goods traffic system and one of the central elements of the digitalisation and transformation programme DaziT. Passar gradually contributes to the simplification and acceleration of the cross-border traffic of goods. The staged changeover from the previous IT systems to Passar was coordinated with representatives of the economy.
Latest special coin to be issued: silver coin in honour of the Swiss Shooting Sports Federation's 200th anniversary
In November last year, a new era was ushered in at Swissmint, the Federal Mint, with the new Swiss special coins brand. From 2 June 2023, the latest creation, Swiss Shooting Sports Federation, will be available to mark the 200th anniversary of the organisation.
Federal Council initiates consultation on introduction of a public liquidity backstop for systemically important banks
On 24 May 2023, the Federal Council decided that the consultation on the introduction of a public liquidity backstop (PLB) for systemically important banks (SIBs) would be initiated on 25 May 2023. This draft is intended to simultaneously transfer into ordinary law not only the framework for a PLB instrument as introduced in March 2023 by the Federal Council via ordinance, but also other measures introduced at that time and aimed at supporting the takeover of Credit Suisse by UBS. The consultation period, which has been shortened owing to the urgency, will last until 21 June 2023.
Federal Council details implementation of OECD/G20 minimum taxation
The OECD/G20 minimum taxation for large multinational enterprises is to be implemented in Switzerland with a supplementary tax. On 18 June 2023, the Swiss electorate will vote on the requisite constitutional basis. If this basis is accepted, the Federal Council can temporarily introduce the supplementary tax by means of an ordinance. At its meeting on 24 May 2023, the Federal Council opened the second consultation procedure on this ordinance.
Florian Schütz appointed director of the new Federal Office for Cyber Security
At its meeting on 24 May, the Federal Council appointed Florian Schütz, currently the Federal Cyber Security Delegate and head of the National Cyber Security Centre (NCSC), as director of the new Federal Office for Cyber Security as of 1 January 2024.
FDF orders measures on remuneration at CS and UBS
The Federal Department of Finance (FDF) has issued an order cancelling or reducing the outstanding variable remuneration of the top levels of management at Credit Suisse. At the same time, the FDF has instructed UBS to design its remuneration system for the employees responsible for the realisation of the Credit Suisse assets covered by the federal guarantee such that the system provides an incentive to achieve the fewest losses possible on the realisation of those assets.
Federal Councillor Karin Keller-Sutter meets Vice-President Nadia Calviño in Madrid
On 22 May 2023, Federal Councillor Karin Keller-Sutter met the First Vice-President of the Spanish Government and Minister for Economic Affairs and Digital Transformation, Nadia Calviño, as well as the Governor of the Bank of Spain, Pablo Hernández de Cos, in Madrid. They discussed current financial and tax issues in the run-up to Spain's presidency of the Council of the European Union.
Federal Department of Finance convenes group of experts on banking stability
On 17 May 2023, the Head of the Federal Department of Finance (FDF), Karin Keller-Sutter, informed the Federal Council that the group of experts on banking stability had been convened. By mid-August 2023, the group of experts, led by Jean Studer, former President of the Bank Council of the Swiss National Bank (SNB), will present the FDF with independent strategic considerations on the role of banks and the framework conditions at federal level with regard to the stability of the Swiss financial centre.
Federal Council adopts dispatch on amendment of double taxation agreement with United Arab Emirates
During its meeting on 17 May 2023, the Federal Council adopted the dispatch on the protocol of amendment to the double taxation agreement (DTA) with the United Arab Emirates. The protocol implements the BEPS minimum standards for double taxation agreements.
Federal Council approves Switzerland's contribution to International Monetary Fund's Resilience and Sustainability Trust
At its meeting on 17 May 2023, the Federal Council approved Switzerland's provision of a loan to support the Resilience and Sustainability Trust (RST) of the International Monetary Fund (IMF). It adopted the dispatch for a guarantee credit of CHF 750 million.
NCSC semi-annual report focuses on cybersecurity in SMEs
The National Cybersecurity Centre's (NCSC) second semi-annual report deals with the most important cyberincidents of the second half of 2022 in Switzerland and internationally. It focuses on the most important issues surrounding cybersecurity in SMEs.
Issue result for Confederation bonds
The Swiss Confederation has issued the following bonds via auction: Maturity 23.06.2035, 0.25% (reopening) and maturity 24.05.2055, 0.50% (reopening)
New Confederation bonds
The Swiss Confederation is offering the following bonds on a public tender system: Maturity 23.06.2035, 0.25% (reopening) and maturity 24.05.2055, 0.50% (reopening)
New personal assistant appointed by Federal Councillor Keller-Sutter
Federal Councillor Karin Keller-Sutter, Head of the Federal Department of Finance FDF, has appointed René Lenzin as her new personal assistant. He will take up his position on 1 August 2023 and succeed Romain Clivaz, who wishes to take his career in a new direction after more than four years as her personal assistant.
Strengthening the fight against terrorist financing and money laundering
At its meeting on 26 April, the Federal Council took note of the ‘Public-Private Partnership for Sharing Information to Fight Terrorist Financing and Money Laundering in Switzerland’ report. Based on this report, the Money Laundering Reporting Office Switzerland at the Federal Office of Police will develop a strategic partnership for the purpose of sharing information between the public and private sector in order to combat terrorist financing and money laundering.
Greater efficiency in the fight against counterfeiting
From counterfeit luxury watches to designer handbags: thanks to a new procedure, it will be easier to destroy fake products arriving in Switzerland in small consignments in future. On 26 April 2023, the Federal Council noted the outcome of the consultation procedure and adopted the dispatch and the draft of the Federal Act on the Introduction of a Simplified Procedure for Destroying Small Consignments in Intellectual Property Law.
The Federal Council and Parliament recommend that voters accept proposal to implement minimum taxation
The Federal Council and Parliament want to implement the OECD/G20 reform on minimum taxation for large multinational enterprises, thereby creating stable framework conditions and securing both tax receipts and jobs in Switzerland. The electorate will vote on the requisite constitutional amendment on 18 June 2023. At the press conference on 24 April 2023, Federal Councillor Karin Keller-Sutter presented the arguments in favour of accepting the proposal. Representatives from the cantons and communes were also present.
Federal Council discusses outcome of extraordinary session
At its meeting of 19 April 2023, the Federal Council acknowledged that the National Council had twice rejected the emergency guarantee credits for the Swiss National Bank (SNB) and UBS during the extraordinary session of 11/12 April 2023. Parliament debated these credits on the premise that a rejection would have no legal effect on the Confederation's emergency commitments made to the SNB and UBS. The Federal Council shares this legal opinion. Without these commitments, the takeover of Credit Suisse by UBS, and thus the stabilisation of the financial system, would not have been possible. However, the Federal Council will give the fullest consideration to Parliament's position in its future work and decisions.
Federal Councillor Karin Keller-Sutter at IMF Spring Meetings and G20 Finance Ministers Meeting in Washington
Federal Councillor Karin Keller-Sutter's overall assessment at the end of the Spring Meetings of the International Monetary Fund (IMF) and the G20 Finance Ministers Meeting in Washington was a positive one. Switzerland reaffirmed its involvement in future international regulations to safeguard financial market stability. The Swiss government's swift and decisive intervention to support the takeover of Credit Suisse by UBS was well received by the IMF and the G20.
Federal Council and cantons define new national cyberstrategy
The new national cyberstrategy (NCS) was approved by the Federal Council during its meeting on 5 April 2023 and by the cantons during today's plenary session of the CCJPD. The strategy sets out the objectives and measures with which the federal government and the cantons, together with the business community and universities, intend to counter cyberthreats. A steering committee will be established to plan and coordinate the implementation of the strategy, and will also refine it. Its role is to be expanded and its independence increased.
Negative performance, modernised pension offering and first comprehensive report on responsible investment at PUBLICA
The Swiss Federal Pension Fund PUBLICA recorded a performance of –9.6% in 2022. This was due to turbulence on the financial markets. The consolidated funded ratio stood at 96.2% at the end of the year. PUBLICA began modernising its pension offering last year. Simultaneously with its results, it is publishing its first comprehensive responsible investment report, covering the year 2022. This shows that progress has been made in almost all asset classes.
Issue result for Confederation bonds
The Swiss Confederation has issued the following bonds via auction: Maturity 27.06.2027, 3.25% (reopening) and maturity 08.04.2033, 3.50% (reopening)
New Confederation bonds
The Swiss Confederation is offering the following bonds on a public tender system: Maturity 27.06.2027, 3.25% (reopening) and maturity 08.04.2033, 3.50% (reopening)
Federal Council makes decisions on variable remuneration at Credit Suisse and UBS
During its meeting on 5 April 2023, the Federal Council instructed the Federal Department of Finance (FDF) to cancel, or reduce by 50% or 25%, all outstanding variable remuneration for the top three levels of management at Credit Suisse. The bank also has to examine whether variable remuneration already paid out can be recovered, and report to the FDF and FINMA on the matter. UBS is obliged to ensure that its remuneration system continues to give appropriate consideration to risk awareness and includes as a criterion the successful, i.e. most profitable possible, realisation of the Credit Suisse assets covered by the state loss guarantee.
Switzerland at 2023 IMF and World Bank Spring Meetings and G20 Finance Ministers Meeting in Washington
Federal Councillors Karin Keller-Suter* and Ignazio Cassis, together with Swiss National Bank Chairman Thomas Jordan, will attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington from 12 to 14 April 2023. A meeting of the G20 finance ministers and central bank governors will also take place during the Spring Meetings.
International Monetary Fund supports Switzerland's economic policy and decisive action to preserve 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 assessment. According to this, the Swiss economy has proved resilient in a challenging environment. However, for 2023, the IMF expects that growth in Switzerland will slow to 0.8% and that inflation will remain above 2%. Given the global economic situation and the risks stemming from the financial markets, Switzerland's budgetary, monetary and financial sector policy were appropriate. The IMF acknowledged the authorities' decisive action with regard to the takeover of Credit Suisse by UBS.
Federal Councillor Karin Keller-Sutter receives Austrian Minister of Finance, Magnus Brunner
On 31 March 2023, Finance Minister Karin Keller-Sutter met her Austrian counterpart, Magnus Brunner, in St Gallen. Following a visit to the Abbey Library, they discussed current financial and tax topics. The conversation centred around, among other things, the OECD's minimum taxation rules, the uncertain global economic situation and the repercussions of the Russian aggression against Ukraine. The meeting also provided an opportunity to deepen bilateral relations between the two countries and to acknowledge the importance of cooperation among the four countries that border Lake Constance.
Publication of state financial statements for 2022
As of 30 March 2023, the state financial statements for 2022 are available in electronic format on the website of the Federal Finance Administration (FFA). The figures are also available in the new federal budget data portal. The hard copy will be released on 21 April 2023. The Federal Treasury activity report is published to complement the state financial statements.
Federal Council adjusts interest rates for COVID-19 credits
During its meeting on 29 March 2023, the Federal Council decided to increase the interest rates for outstanding COVID-19 credits with effect from 31 March 2023. The interest rate will now be 1.5% for credits up to CHF 500,000 and 2% for credits exceeding CHF 500,000. The Federal Council is thus taking account of interest rate developments.
Federal Council adopts special dispatch on guarantee credits for Swiss National Bank and UBS
In addition to the ordinary supplementary credits for the 2023 budget, the Federal Council adopted the special dispatch on the two urgent guarantee credits for the Swiss National Bank (SNB) and UBS during its meeting on 29 March 2023. These guarantees are for a total of CHF 109 billion and have no immediate financial implications for the Confederation. In addition, a supplementary credit of CHF 5 million was requested for additional resources. Furthermore, the Federal Council decided on an in-depth review of the events and a comprehensive evaluation of the too-big-to-fail regulatory framework.
Federal Council sets out details of relief measures in earmarked expenditure
On 25 January and 15 February 2023, the Federal Council decided on measures to ease the burden on the budget. It already adopted adjustment measures of CHF 2 billion for 2024. However, as these measures are not sufficient to eliminate the structural deficits from 2025 onwards, it also wishes to look at strictly earmarked expenditure. During its meeting on 29 March 2023, the Federal Council set out the details of this decision, which provides for temporary reductions in federal contributions to unemployment insurance and the railway infrastructure fund, as well as a reduction in the cantons' share of direct federal tax. The consultation draft is planned for June. Benefit-related old-age and survivors' insurance measures, particularly in the area of pensions for widows, are to be addressed with a separate proposal and should ease the burden on the federal budget from 2026 onwards. This package of measures should save the federal budget around CHF 600 million to 700 million per year from 2025 onwards. This means that a deficit will remain in the financial plan years.
Swiss public finances: surpluses expected for cantons and social security funds
The financing statement of the general government (Confederation, cantons, municipalities and social security funds) is expected to show a slightly positive annual result of 0.8 billion for 2023, with rising expenditure and significantly below-average Swiss economic growth. Debt is likely to decline from 2023 onward. This is shown in the latest financial statistics figures of the Federal Finance Administration (FFA). However, the forecasts hinge on the impact of national and international developments, and are therefore subject to uncertainty.
Federal Council makes decisions on variable remuneration at Credit Suisse
The Federal Council has acknowledged that the Federal Department of Finance (FDF) is temporarily suspending certain forms of variable remuneration for Credit Suisse employees by means of an order to the bank. This measure relates to already granted but deferred remuneration for the financial years up to 2022, for example in the form of share awards. Moreover, the Federal Council has instructed the FDF to propose further measures on variable remuneration for the financial years up to 2022 and thereafter. It based this on the decisions already taken last week.
Safeguarding financial market stability: Federal Council welcomes and supports UBS takeover of Credit Suisse
The Federal Council welcomes the planned takeover of Credit Suisse by UBS. To strengthen financial market stability until the takeover is complete, the federal government is providing a guarantee for additional liquidity assistance from the Swiss National Bank (SNB) to Credit Suisse. This support is intended to secure the liquidity of Credit Suisse and thus also ensure the successful implementation of the takeover. The Federal Council is taking this measure in order to protect financial stability and the Swiss economy.
Latest special coin to be issued: the Klein Matterhorn cable car silver coin pays homage to a major project in Zermatt
In November 2022, a new era began at the Federal Mint Swissmint with great momentum and the launch of the Mani Matter silver coin under the new "Swiss special coins" brand. From 21 March 2023, the latest creation, the Klein Matterhorn cable car coin, will be available to mark the construction of the new cable car between Zermatt and Italy.
Publication of «Public finances 2022»
The statistical data on public finances for 2022 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 approves parameters for the multi-year financing decisions and sets priorities for Armed Forces expenditure, the environment and Ukraine
With regard to the next legislative period, the Federal Council approved the target growth rates for the multi-year financing decisions during its meeting on 10 March 2023. These are upper limits. The development of the federal budget will dictate whether they are actually utilised. The financial outlook remains strained, with structural deficits in the financial plan years.
Issue result for Confederation bonds
The Swiss Confederation has issued the following bonds via auction: Maturity 24.07.2025, 1.50% (reopening) and maturity 26.06.2034, 0.00% (reopening) and maturity 26.10.2038, 1.50% (reopening, green bond)
New Confederation bonds
The Swiss Confederation is offering the following bonds on a public tender system: Maturity 24.07.2025, 1.50% (reopening) and maturity 26.06.2034, 0.00% (reopening) and maturity 26.10.2038, 1.50% (reopening, green bond)
Switzerland at G20 finance ministers meeting in Bangalore
On 24 and 25 February 2023 in Bangalore, Switzerland is taking part in the first meeting of G20 finance ministers and central bank governors under the Indian presidency. Topics include in particular the global economic situation, the high and worrying level of public debt and inflation, and work in the area of international corporate taxation. Switzerland is represented at the meeting by Deputy State Secretary Stefan Flückiger – on behalf of Federal Councillor Karin Keller-Sutter – and Swiss National Bank Chairman Thomas Jordan.
Over CHF 130 million from entourage of former Ukrainian President Yanukovych targeted in confiscation proceedings
At its meeting on 15 February 2023, the Federal Council decided to launch administrative proceedings to confiscate assets frozen in Switzerland following the Ukrainian revolution in February 2014. The confiscation proceedings in Switzerland will apply to all the assets liable to confiscation – in total over CHF 130 million. In taking this action, Switzerland is supporting Ukraine. Today's decision is entirely unrelated to the sanctions against Russia adopted in 2022.
Confederation closes 2022 with a deficit of CHF 4.3 billion
Lower receipts and high extraordinary COVID.19 expenditure resulted in a federal financial deficit of CHF 4.3 billion in 2022. For the first time since 2005, the Confederation also closed the year with a higher deficit in the ordinary budget than would be permitted by the economic cycle. This structural deficit amounts to just under CHF 1.6 billion. The Federal Council was informed of this provisional result during its meeting on 15 February 2023. At the same meeting, it specified the adjustment measures for the 2024 budget and took fundamental decisions on measures to adjust the budget in the financial plan years.
Issue result for Confederation bonds
The Swiss Confederation has issued the following bonds via auction: Maturity 22.06.2029, 0.00% (reopening) and maturity 08.03.2036, 2.50% (reopening) and maturity 28.06.2045, 0.50% (reopening)
Restitution of a 2,500-year-old piece of cultural property to Peru
The Federal Office of Culture (FOC) delivered a significant archaeological piece of cultural property today to the Embassy of Peru in Switzerland. The piece, a stone head weighing almost 200 kg from the Chavín culture, was confiscated as part of cantonal criminal proceedings. The restitution took place at Basel-Weil am Rhein customs office in the context of the implementation of the Federal Act on the International Transfer of Cultural Property (CPTA).
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 08.03.2036, 2.50% (reopening) and maturity 28.06.2045, 0.50% (reopening)
Federal Councillor Karin Keller-Sutter visits Sweden's Minister for Finance, Elisabeth Svantesson
During her first trip abroad as finance minister, Federal Councillor Karin Keller-Sutter visited her Swedish counterpart, Elisabeth Svantesson, in Stockholm on 2 February 2023. Current financial and tax topics were discussed in connection with Sweden's presidency of the Council of the European Union.
New Rosenlaui glacier special coin and 2023 coin sets
On 31 January 2023, the Federal Mint Swissmint will issue the new Rosenlaui glacier bimetallic coin, continuing the three-part Swiss glaciers series launched in 2022. For the first time, Swissmint will offer the coin in uncirculated quality in a coin box with a folded card with information in English, French, German and Italian, in addition to uncirculated quality in a blister pack and proof quality in a presentation case. On the same date, the bimetallic Rosenlaui glacier coin set in brilliant uncirculated and proof qualities will also be issued, as well as the completely redesigned birthday coin set. This set is available in two different versions and replaces the previous baby coin set. The new products can be purchased at www.swissmintshop.ch.
Federal Council makes preliminary decisions to adjust budget
The Confederation could face substantial deficits from 2024 onwards. During its meeting on 25 January 2023, the Federal Council made preliminary decisions to ensure a balanced budget in 2024. It adopted an adjustment concept in order to comply with the debt brake requirements. This focuses primarily on the expenditure side, but additional receipts are also anticipated. All areas will have to contribute. The Federal Council will decide on the details in February and March.
2022: Price-driven increase in foreign trade
Driven by rising prices, Swiss foreign trade increased significantly in nominal terms in2022. Although exports rose by 7.2%, they stagnated in price-adjusted terms. Meanwhile, imports grew by 16.8% in nominal terms and edged up slightly in real terms. Trade declined in both directions in the fourth quarter. The year ended with a trade surplus of CHF 43.5 billion.
Federal Councillor Karin Keller-Sutter at 2023 WEF Annual Meeting
Federal Councillor Karin Keller-Sutter met several finance ministers from EU member states as well as the EU Commissioner for Economy at the World Economic Forum (WEF) Annual Meeting in Davos, and discussed bilateral financial and tax issues as well as the implementation of global financial and tax standards. The economic and financial consequences of the Russian aggression against Ukraine were likewise addressed, as was the reconstruction of Ukraine.
Securities cause negative performance for PUBLICA
Last year was an eventful one, including on the global financial markets. This left its mark on the Swiss Federal Pension Fund PUBLICA’s investment results. Net performance was -9.6%, mainly due to the equity and bond asset classes. Directly held real estate had a positive impact on results. The rise in interest rates means that a return to much higher performance can be expected over the long term. PUBLICA decided on changes to its strategic asset allocation in June 2022, and these are now being implemented on a staggered basis.
Programme of members of the Federal Council attending the WEF Annual Meeting 2023
The annual meeting of the World Economic Forum is once again taking place at its traditional date in January after recent editions were cancelled due to the pandemic in 2021 and postponed to the spring last year. President Alain Berset will open the event together with WEF founder Prof. Klaus Schwab, on Tuesday, 17 January.
Issue result for Confederation bonds
0.50%, maturity 27.05.2030, amount CHF 318.300 million, (0 million own tranche), issue price 94.700%, yield p.a. 1.261% and 0.250%, maturity 23.06.2035, amount CHF 458.550 million, (0 million own tranche), issue price 86.800%, yield p.a. 1.417% and 4.00%, maturity 06.01.2049, amount CHF 250.650 million, (0 million own tranche), issue price 159.000%, yield p.a. 1.305%
New Confederation bonds
The Swiss Confederation is offering the following bonds on a public tender system: 0.50%, maturity 27.05.2030 (reopening) and 0.250%, maturity 23.06.2035 (reopening) and 4.00%, maturity 06.01.2049 (reopening)
Last official visit as Federal Councillor: Ueli Maurer meets his UK counterpart
Today in London, Federal Councillor Ueli Maurer met his British counterpart and the United Kingdom's new Chancellor of the Exchequer, Jeremy Hunt. The two finance ministers welcomed the progress made in the negotiations on a mutual recognition agreement in the financial sector, and looked forward to its finalisation by the end of summer 2023.
Federal Council defines measures for a sustainable financial centre
During its meeting on 16 December 2022, the Federal Council approved the report on sustainability in the financial sector. Fifteen measures planned for 2022 to 2025 are intended to consolidate the Swiss financial centre's position as a leading global location for sustainable finance.
FINMA Board of Directors: Reappointment of Vice-Chair
During its meeting on 16 December 2022, the Federal Council reappointed Martin Suter, the Vice-Chair of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA), for a further term of office.
Federal Council wants to prevent greenwashing in financial market
During its meeting on 16 December 2022, the Federal Council decided on the next steps to prevent greenwashing in the financial sector. In the financial sector, greenwashing refers to the practice of misleading clients about the sustainable characteristics of financial products and services. To ensure the smooth functioning of markets the Federal Council considers that there is a need for a clear and common understanding about the circumstances under which a financial product or service can be labelled as sustainable. A working group has been set up to examine how this position can be implemented efficiently.
Federal Council wishes to promote open finance
During its meeting on 16 December 2022, the Federal Council discussed open finance developments in Switzerland. It has instructed the Federal Department of Finance (FDF) to submit measures to it by June 2024 in the event that the financial sector does not sufficiently commit to opening up its interfaces.
Switzerland takes part in discussions at OECD Digital Economy Ministerial Meeting
The OECD Digital Economy Ministerial Meeting was held on the Spanish island of Gran Canaria on 14 and 15 December. At the event, government officials from fifty different countries, including Switzerland, met with business leaders and civil society representatives to discuss topics such as artificial intelligence, data governance, the future of connectivity, cybersecurity and human rights in the digital age. The gathering concluded with the adoption of two ministerial declarations and a series of recommendations on cybersecurity.
Issue result for Confederation bonds
2.25%, maturity 22.06.2031, amount CHF 457.600 million, (0 million own tranche), issue price 108.850%, yield p.a. 1.149% and 0.00%, maturity 24.07.2039, amount CHF 260.090 million, (0 million own tranche), issue price 82.250%, yield p.a. 1.186% and 0.50%, maturity 24.05.2055, amount CHF 219.830 million, (0 million own tranche), issue price 84.000%, yield p.a. 1.089%
State Secretary Daniela Stoffel in United States for discussions on financial and tax matters
On 13 December 2022 in Washington, State Secretary Daniela Stoffel met the Deputy Secretary of the United States Treasury, Wally Adeyemo. The two government officials discussed bilateral and multilateral financial and tax matters.
New Confederation bonds
The Swiss Confederation is offering the following bonds on a public tender system: 2.25%, maturity 22.06.2031 (reopening) and 0.00%, maturity 24.07.2039 (reopening) and 0.50%, maturity 24.05.2055 (reopening)
Federal Council adopts report on acceptance of cash in Switzerland
During its meeting on 9 December 2022, the Federal Council adopted the report "The acceptance of cash in Switzerland", which was prepared in response to postulate 18.4399 from National Councillor Prisca Birrer-Heimo. Cash performs important functions for the economy and society, and the Federal Council therefore considers it necessary to monitor developments in the cash domain closely. However, it rejected the postulate's suggestion of making the acceptance of cash mandatory. This would be a significant encroachment on the freedom of contract and the fundamental right of economic freedom.
NCSC to become federal office in DDPS
Based on the growing significance of cybersecurity and the good work done in recent years to establish the National Cybersecurity Centre (NCSC) in the Federal Department of Finance (FDF), the NCSC is to become a federal office. During its meeting on 2 December 2022, the Federal Council decided that the new federal office will be located in the Federal Department of Defence, Civil Protection and Sport (DDPS). It instructed the DDPS, in collaboration with the FDF, to define the structures of the new federal office by end-March 2023.
Federal Council submits dispatch on mandatory reporting of cyberattacks on critical infrastructures to Parliament
The Federal Council wants to introduce a reporting duty for cyberattacks on critical infrastructures. To this end, during its meeting on 2 December 2022, it adopted the dispatch on amending the Information Security Act and submitted it to Parliament. The proposal creates the legal basis for the reporting obligation for the operators of critical infrastructures and defines the tasks of the National Cybersecurity Centre (NCSC), which is intended to be the central reporting office for cyberattacks.
Issue of Confederation bonds on 14 December 2022
Optional auction date will be maintained.
Issuance calendar for Confederation bonds and money market debt register claims in 2023
The Federal Finance Administration (FFA) plans to issue bonds with a face value of CHF 8 billion in 2023. Taking account of bonds maturing in 2023, the volume of bonds outstanding will increase by CHF 3.4 billion. The volume of outstanding money market debt register claims will be kept in a range between CHF 12 billion and 18 billion. Bond auctions take place monthly, except in August, while money market debt register claims are auctioned on a weekly basis.
State visit by President Mattarella underlines importance of Swiss-Italian relations
The state visit of Italian President Sergio Mattarella to Switzerland underlines the close relations between the two countries. President Mattarella was welcomed to Bern by the full Federal Council on Tuesday, 29 November. In his welcome speech, President Ignazio Cassis paid tribute to the close ties between Switzerland and Italy and their intensive contacts, which reinforce the italianità already present in Switzerland's DNA. Besides bilateral relations, the official talks focused on European policy, the security situation on the continent and multilateral issues.
Federal Councillor Ueli Maurer to meet Saudi Arabian and Qatari finance ministers
On 27 November 2022, Federal Councillor Ueli Maurer will meet Saudi Arabia's Minister of Finance, Mohammed Al-Jadaan, in Riyadh and on 28 November, he will meet the Qatari Minister of Finance, Ali bin Ahmed Al Kuwari, in Doha for talks on current bilateral and international topics. The focus will be on strengthening financial and economic relations with the two key Gulf region countries for Switzerland in terms of financial policy.
Federal Council brings ordinance on mandatory climate disclosures for large companies into force as of 1 January 2024
During its meeting on 23 November 2022, the Federal Council adopted the implementing ordinance on climate disclosures for large Swiss companies, and brought it into force as of 1 January 2024.
Federal Council brings amendments to Banking Act and Banking Ordinance into force with effect from 1 January 2023
During its meeting on 23 November 2022, the Federal Council brought the amendments to the Banking Act and Banking Ordinance into force with effect from 1 January 2023. This anchors the insolvency provisions for banks at legislative level and strengthens deposit insurance.
Launch of new Mani Matter silver coin under new "Swiss special coins" brand and issue of 2022 Christmas coin set
From 24 November 2022, all of Switzerland's special coins will go on sale under the new "Swiss special coins" brand, thereby marking the beginning of a new chapter in Swissmint's history. The Mani Matter silver coin is thus the first coin to be issued under the new brand. Released 50 years after the singer-songwriter's accidental death, the coin shows part of his face with his distinctive moustache, as well as some of his song Dr Alpeflug. In addition, starting with this issue, all silver special coins will have a fineness of 999.9. The 2022 Christmas coin set, the last of its kind, will also be launched on 24 November 2022. The new products can be bought at www.swissmintshop.ch.
Federal Councillor Ueli Maurer invites financial sector to roundtable on artificial intelligence
On 18 November 2022, Federal Councillor Ueli Maurer received representatives of the financial industry, tech companies, academia and the authorities at a roundtable in Bern on artificial intelligence applications in the financial sector. The meeting focused on the opportunities, risks and developments in connection with artificial intelligence applications in the financial sector.
Ukraine: Cash exchange to be discontinued
The arrangement for exchanging Ukrainian banknotes for Swiss francs at selected bank branches in Switzerland, which was introduced at the end of June 2022, will be discontinued with effect from 25 November 2022 at the request of the National Bank of Ukraine.
Federal Council appoints Tamara Pfammatter as Director of the Federal Tax Administration (FTA)
Today, the Federal Council appointed Tamara Pfammatter as the new Director of the Federal Tax Administration (FTA). With effect from 1 April 2023, she will succeed Adrian Hug, whose tenure has been extended beyond the statutory pension age by means of a fixed term contract until 31 March 2023, when he will retire from the FTA.
Federal Council adopts dispatch on amendment of DTA with Tajikistan
During its meeting on 16 November 2022, the Federal Council adopted the dispatch on the protocol of amendment to the double taxation agreement (DTA) with Tajikistan. The protocol implements the BEPS minimum standards for double taxation agreements.
Issue result for Confederation bonds
0.50%, maturity 27.06.2032, amount CHF 142.430 million, (0 million own tranche), issue price 94.40%, yield p.a. 1.119% and 1.25%, maturity 27.06.2037, amount CHF 294.030 million, (0 million own tranche), issue price 100.30%, yield p.a. 1.227% and 2.00%, maturity 25.06.2064, amount CHF 331.080 million, (0 million own tranche), issue price 132.50%, yield p.a. 1.034%
New Confederation bonds
The Swiss Confederation is offering the following bonds on a public tender system: 0.50%, maturity 27.06.2032 (reopening) and 1.25%, maturity 27.06.2037 (reopening) and 2.00%, maturity 25.06.2064 (reopening)
NCSC semi-annual report with focus on cyberspace and armed conflicts
The latest semi-annual report of the National Cybersecurity Centre NCSC deals with the most important cyberincidents of the first half of 2022 both in Switzerland and internationally. The focus topic concerns cyberspace and armed conflicts.
Federal Cybersecurity Delegate represented Switzerland at International Counter Ransomware Initiative Summit in Washington
On 31 October and 1 November 2022, the White House brought together 36 countries and the EU for the Second International Counter Ransomware Initiative Summit in Washington. Florian Schütz, the Federal Cybersecurity Delegate, put forward Switzerland's position in the five working groups. He also met with Chris Inglis, the US National Cyber Director, for a bilateral exchange.
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