Réflexions sur la répartition des bénéfices de la Banque Nationale Suisse

The Swiss National Bank (SNB) currently holds reserves of more than 40 billion CHF. In the future she wishes to increase her reserves by about 1 billion CHF per year. The new law on the SNB must be used to make the SNB behave according to the same standards as other national banks. Her reserves should be limited to 30 billion CHF, which would still make her the richest central bank in the world. Almost all her future profits should be distributed. To improve her incentives to pursue a responsible investment strategy, her profits should be calculated using only her flow income and expenditures. She should cover capital losses from her reserves.