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La distribution des bénéfices de la Banque Nationale Suisse

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  • Thomas VON UNGERN-STERNBERG

Abstract

This paper studies the profit distribution of the Swiss National Bank (SNB). It is shown that the legislator clearly wanted to create a "lean" central bank, which was supposed to pay out the majority of its profits to the cantons and the federal government. The SNB has systematically avoided its obligation to pay out its profits, by adopting accounting procedures that are absolutely unique even among central banks. It has managed to accumulate not just a huge stock of gold (2'600 tons) but also foreign assets of the order of 50 billion Fr.. It has achieved only a very disappointing return on its investments. The SNB's policy of not distributing its profits is very hard to reconcile with the legal texts governing its activities, and clearly has not been in the best interest of the country.

Suggested Citation

  • Thomas VON UNGERN-STERNBERG, 1997. "La distribution des bénéfices de la Banque Nationale Suisse," Cahiers de Recherches Economiques du Département d'économie 9708, Université de Lausanne, Faculté des HEC, Département d’économie.
    • Handle: RePEc:lau:crdeep:9708
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    More about this item

    Keywords

    Swiss National Bank; profit distribution; accounting procedures;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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