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Savings interest rates at Swiss banks have plummeted to an average of 0.52%, down from 0.80% at the end of 2023, following cuts by the Swiss National Bank (SNB). The decline reflects a broader trend, with some banks offering no interest at all, while the best rates remain tied to specific conditions. Analysts predict further reductions in the coming months as the SNB is expected to lower rates again.
The Swiss Bankers Association (SBA) has expressed concerns over the Federal Council's proposed measures for banking stability, particularly regarding the too-big-to-fail (TBTF) issue, advocating for international coordination on capital adequacy and opposing additional powers for Finma. The SBA supports the introduction of a Public Liquidity Backstop (PLB) but rejects the idea of banks paying an insurance premium for it, emphasizing the need for proportionality in regulation to maintain competitiveness. The association awaits the Parliamentary Commission of Inquiry report to finalize its stance on the proposed measures.
In September, rental prices in Switzerland saw a slight increase, with the overall index rising by 0.2 points to 128.1. The canton of Schwyz experienced the highest monthly rise at 3.1%, while year-on-year, it also led with an 11.4% increase. Notably, cities like Basel and Lucerne reported significant annual rent hikes of 1.1% and 8.2%, respectively, while Lausanne saw a decrease of 0.5%.
Liechtensteinische Landesbank (LLB) is issuing a senior preferred bond worth CHF 200 million, managed by ZKB and UBS. The bond features a 1.60% coupon, a 10-year term maturing on 30.10.2034, and a yield to maturity of 1.552%. Proceeds will be used to enhance financing structure and support growth.
Liechtensteinische Landesbank is issuing a senior preferred bond worth CHF 200 million, with a 10-year term maturing on October 30, 2034. The bond features a coupon rate of 1.60%, an issue price of 100.437%, and a yield to maturity of 1.552%. It will be listed on SIX starting October 29, 2024, and has a rating of Aa3 from Moody's.
Nestlé's stock market struggles are affecting pension fund investors, as the company is a key component in many pillar 3a products, including UBS's Vitainvest and ZKB's Frankly range. These funds, heavily influenced by the Swiss Market Index, face challenges due to the uncertain outlook for major index players like Nestlé, Novartis, and Roche. Björn Eberhardt from Luzerner Kantonalbank warns that investors in index products may not see significant price gains under these conditions.
UBS, shielded by legal protections, faces criticism for declining service quality, with 23% of surveyed clients expressing dissatisfaction. The Competition Commission can only act retrospectively, making it difficult to address current market dominance issues, prompting calls for reform in Swiss antitrust law to better monitor complex markets.
In August, rents in Switzerland saw a monthly decline of 0.6%, with Ticino experiencing the largest drop at 1.7%. Yearly growth remains robust, particularly in Grisons (+11.7%) and Zug (+11.4%), while Lugano recorded a monthly decrease of 1.1% but a yearly increase of 7.4%.
ZKB Bigler
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Swiss banks reduce savings interest rates to historic lows
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09:10 24.10.2024
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