#swissnationalbank #equity
— Guillermo Ruiz Zapatero (@ruiz_zapatero) October 31, 2022
Equity
Provisions for currency reserves (before appropriation of profit)
86 981.0 (2021)
Share capital 25.0 (2021)
Distribution reserve (before appropriation of profit)90 943.1
Annual result 26 300.0 (2021)
Total equity 204 249.1 (2021) https://t.co/NxGlWRmsNb
the bond buyback (implicitly funded with SNB liquidity) is clearly meant to raise equity capital (buying back bonds issued at par below par generates capital for a bank). But my gut is that it erodes risk absorbing capacity in the event of resolution & an orderly winddown ...
— Brad Setser (@Brad_Setser) March 16, 2023
Political and constitutional constraints are always self imposed
— Guillermo Ruiz Zapatero (@ruiz_zapatero) March 16, 2023
"New financial sovereign" has no political and constitutional constraints
It is "allowed" permanent #stateofexception#swissnationalbank#creditsuisse https://t.co/h49RYfXy8R
— Tom Luongo (Head Sneetch) (@TFL1728) March 16, 2023
