SNB Takes On Protesters, Croissant Critics at Annual Meeting by
28 avril 2017 à 14:10 UTC+2
Supporters of sovereign money passed out flyers before AGM
Peace group wants SNB to stop buying defense company shares
At its annual shareholder meeting on Friday, it faced criticism about investments in certain companies, its part in the global financial system and even the food on offer for attendees.
It wasn’t just within the hall in Bern that the SNB found itself in the spotlight. The meeting was also used as a focal point by a group who want to change the nature of the banking system itself and staged a protest in the center of the city.
At the event against fractional-reserve banking, Switzerland was represented as a puppet of banks, with one person dressed as SNB President Thomas Jordan cutting the strings controlling the puppet.
The initiative would “free Switzerland from dependency of large banks, and therefore the Swiss National Bank should examine” it in detail,” supporters said in a statement.
The Vollgeld -- or “whole money” in German -- measure seeks to put the central bank solely in charge of money supply and forbid commercial banks from granting loans that aren’t fully backed by deposits, effectively ending the way banking has been conducted for centuries. Proponents also argue it would prevent financial market bubbles.
The SNB and the government both oppose the measure.
“The system that we have works pretty well,” Jordan said. We don’t want an “experiment that we don’t know what the end result will be,” he said.
Another popular initiative wants to restrict the SNB’s investments in weapons manufacturers, and a proponent addressed the meeting. Others also raised questions about its investments, which the SNB already limits on ethical grounds.
“We need to be careful that we don’t just go beyond these criteria to have certain preferences determining the entirety of the central bank’s investment policy,” Jordan said.
At times, speeches were met with applause and Vollgeld advocate Martin Alder was rewarded with calls of “bravo” from the crowd. SNB Bank Council President Jean Studer sought to enforce the allotted speaking times, but the event still ran for more than three hours.
The criticism didn’t stop with policy. There was also the investor who was concerned about the accuracy of his electronic voting device and also faulted officials for having too few croissants for the number of shareholders present.
Nevertheless, shareholders discharged the supervisory board for 2016 and approved the financial report for that year by a comfortable margin.
“Thank you very much for the many important questions,” Jordan said. “The shareholders are the guardians of the independence of the central bank.”
Before it's here, it's on the Bloomberg Terminal.
SNB Takes On Protesters, Croissant Critics at Annual Meeting
Bloomberg - 19 hours ago
At its annual shareholder meeting on Friday, it faced criticism about investments in certain companies, its part in the global financial system and even the food on offer for attendees. It wasn't just within the hall in Bern that the SNB found itself ...
Swiss central bank shareholders lose battle over dividend hike
BERN, April 28 (Reuters) - Shareholders mounted an unsuccessful revolt against the Swiss National Bank on Friday for a higher payout from the central bank whose massive currency interventions helped it post a 24.5 billion Swiss franc ($24.64 billion ...
Swiss National Bank has tools needed to conduct policy - Jordan
Reuters - 20 hours ago
We don't want to experiment where we don't know what the final outcome would be," he told the SNB's annual shareholder meeting in response to a question. A Swiss group pushing the initiative has collected enough signatures necessary to put the matter ...
Swiss National Bank Profit Shows Investor Appeal
Wall Street Journal (subscription) - Apr 27, 2017
ZURICH—The Swiss National Bank said Thursday that it ran a 7.9 billion Swiss franc ($8 billion) profit during the first three months of 2017, underscoring the appeal to investors of one of the few central banks with listed shares. The report ...
Swiss National Bank could take negative rates deeper - Jordan
Reuters - 22 hours ago
Negative interest rates and currency interventions have been the SNB's main tools for two years as it tries to tame the franc amid demand by investors for the safe-haven currency whose strength makes life hard for Switzerland's export-based economy.
Swiss National Bank posts 7.9 bln Swiss franc Q1 profit
Nasdaq - Apr 26, 2017
The Swiss National Bank made a profit of 5.3 billion francs on its foreign currency holdings that rose to 683.18 billion francs at the end of March, a figure larger than Swiss GDP. [nL8N1HF1FX] The bank also made a profit of 2.2 billion francs ...
SNB Has Room for Rate Cuts and More Interventions, Jordan Says
Bloomberg - Apr 28, 2017
The Swiss National Bank has additional firepower on interest rates and interventions if needed to take pressure off the franc, President Thomas Jordan said. “If necessary, we can lower the negative interest rate further or buy additional foreign ...
SNB can cut rates further into negative: Jordan
MarketWatch - Apr 28, 2017
ZURICH--Swiss National Bank Chairman Thomas Jordan on Friday left the door open to cutting interest rates more deeply into negative territory and intervening in markets to weaken the Swiss franc, as he said the central bank "continues to face major ...
Jordan: Comments on the SNB's monetary and investment policy
Forex Factory - Apr 28, 2017
Against the backdrop of low inflation and underutilised production capacity in Switzerland, the Swiss National Bank (SNB) is maintaining its expansionary monetary policy. Global economic developments are largely positive, although the euro area has ...
News Highlights: Top Financial Services News of the Day
Fox Business - Apr 27, 2017
Investors rushed into regional and community bank stocks after the U.S. election, encouraged by higher interest rates and potential regulatory relief. Top executives and directors at banks used the rally for a different reason: to cash out. Are Traders ...