Foreign Exchange Reserves And Swiss Franc Securities (End Of The Q4 2007)

As at 31 December 2007, the key asset allocation data for the foreign exchange reserves and the monetary CHF portfolio were as follows (figures of previous quarter are indicated in brackets):

Investment structure at the end of the Q4 2007

 

As at 31 December 2007, the key asset allocation data for the foreign exchange reserves and the monetary CHF portfolio were as follows (figures of previous quarter are indicated in brackets):

 

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The equities are managed on a purely passive basis, whereby broad market indices in euros, US dollars, yen, pounds sterling and Canadian dollars are replicated. In order to avoid any conflict of interest with monetary policy, only corporate bonds and equities issued by foreign companies are held. Exchange rate and interest rate risks are managed using derivative instruments such as interest rate swaps, interest rate futures, forward foreign exchange transactions and foreign exchange options. In addition, futures on equity indices are used to manage the equity investments.
The investment structure at year-end is also published in the Annual Report under Asset management.

 

Currency breakdown of foreign exchange reserves since 1997

 

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. "Swiss National Bank." . . Swiss National Bank. 1.31.08 <http://www.snb.ch/en>.