İsviçre Merkez Bankası Döviz Rezervleri

İsviçre Merkez Bankası Döviz Rezervleri 2014 Yılı 4. Çeyrek Verileri

Investment structure at the end of Q4 2014

As at 31 December 2014, the key asset allocation data for the foreign currency investments and the Swiss franc bond investment portfolio were as follows (figures of previous quarter are indicated in brackets):

(1) Mainly AUD, DKK, KRW, SEK and SGD plus small holdings in additional currencies in the equity portfolios.
(2) Government bonds in their own currencies, deposits with central banks and BIS; in the case of CHF investments, also bonds issued by Swiss cantons and municipalities.
(3) Government bonds in foreign currency, covered bonds, bonds issued by foreign local authorities, supranational organisations, corporate bonds, etc.
(4) Average rating, calculated from the ratings of the three major credit rating agencies.

Equities are managed on a purely passive basis, whereby broad market indices of advanced economies are replicated. 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’.