The change will come into effect on July 1, 2024. At the same time, the central bank announces that:
“Debts resulting from customer cancellable deposits (excluding linked pension provision) will now be fully included in the calculation of required reserves, as is the case for the other debts concerned. The previous exception according to which only 20% of these debts are removed. Liabilities taken into account in the calculation.
This is an amendment to the National Bank Ordinance. The SNB says that “the adjustments will ensure that the implementation of monetary policy remains effective and efficient” and that they “will not affect the current stance of monetary policy.”
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