Liquidity Ordinance (LiqO)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
Section 1 Qualitative Requirements
Art. 5 Proportionality
Depending on their size and the type, scope, complexity and riskiness of their business activities, banks are required to appropriately manage their liquidity risk at the level of the financial group and the individual entity.
Art. 6 Management, control and steering functions
1 Banks shall define the degree of liquidity risk which they are prepared to take on (liquidity risk tolerance). 2 They shall define liquidity risk management strategies consistent with their liquidity risk tolerance. 3 They shall take into account their liquidity costs and risks for all material on- and off-balance sheet business, in particular when setting prices, introducing new products and measuring revenue. They shall ensure a balanced relationship between risk incentives and liquidity risk exposure in accordance with the defined liquidity risk tolerance.
Art. 7 Risk measurement and management systems
1 Banks shall establish appropriate processes for identifying, assessing, managing and monitoring liquidity risk. In particular, they shall draw up liquidity statements for different periods, together with a comparison of probable cash inflows and outflows from on- and off-balance sheet items. 2 They shall identify, manage and monitor the liquidity risk and the funding needs of the financial group and of the legal entities, business areas and currencies that are of significance as regards liquidity risk. In so doing, they shall take into account any legal, regulatory and operational limitations to the transferability of liquidity. 3 They shall identify, manage and monitor intraday liquidity risk. The liquidity risk exposure must not impact on payment and settlement obligations and systems. 4 They shall monitor the assets used to generate liquidity, and shall distinguish between encumbered and unencumbered assets. They must be able to show at all times where assets are held and how they
Para. 1 — Amended by No I of the O of 25 June 2014, in force since 1 Jan. 2015 (AS 2014 2321). Para. 2 — Amended by No I of the O of 25 June 2014, in force since 1 Jan. 2015 (AS 2014 2321).
Art. 8 Risk mitigation
Banks shall take measures to mitigate their liquidity risk. They shall, in particular, have a system of limits and a funding structure which is appropriately diversified as regards funding sources and maturities.
Art. 9 Stress tests
1 Each bank shall draw up different stress scenarios for liquidity risk and shall perform stress tests of their liquidity situation using these scenarios as a basis. In so doing, the bank shall take account of payment flows from off-balance sheet items and other contingent commitments, including those from securitisation special purpose entities and other special purpose entities in which it acts as liquidity provider or is contractually or reputationally obliged to provide material liquidity assistance. 1bis For stress testing purposes, banks in categories 4 and 5 under Annex 3 BankO shall exclusively use the stress scenario stipulated in Article 12 paragraph 1. 2 The following shall be taken into account when selecting the stress scenarios: a. institution-specific, market-wide and combined causes and factors; b. different time horizons; c. different degrees of severity for stress events, including the scenario of a loss of unsecured funding together with restrictions on secured fundi
Para. 1bis — SR 952.02 Para. 1bis — Inserted by No III of the O of 27 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4623). Para. 3 — Amended by No I of the O of 25 June 2014, in force since 1 Jan. 2015 (AS 2014 2321).
Art. 10 Contingency funding plan
1 Each bank shall draw up a contingency funding plan containing effective strategies for addressing liquidity shortfalls. It shall define the responsibilities, communication channels and necessary measures in appropriate form in internal regulations and directives. 2 When drawing up the contingency funding plan, particular attention shall be given to the stress scenarios under Article 9 paragraph 1 and the results of the stress tests.
Art. 11
Repealed by No I of the O of 11 Sept. 2020, with effect from 1 July 2021 (AS 2020 3921).
Section 2 Quantitative Requirements: Liquidity Cov
Amended by No I of the O of 25 June 2014, in force since 1 Jan. 2015, Art. 17e paras. 2 and 3, in force since 1 Jan. 2017 (AS 2014 2321). Amended by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 12 Liquidity coverage ratio
1 The liquidity coverage ratio (LCR) is aimed at ensuring that banks hold sufficient high-quality liquid assets (HQLA) to cover, at all times, the net cash outflow which can be expected under a stress scenario based on inflow and outflow assumptions over a time horizon of thirty calendar days (30-day horizon). The assumptions on cash outflows and outflow rates shall be based on Annex 2, and those on cash inflows and inflow rates shall be based on Annex 3. 2 Compliance with the LCR does not release banks from the obligation to maintain sufficient liquidity reserves under Article 2 paragraph 2 while taking account of the results of stress tests under Article 9 paragraph 1.
Art. 13 Calculation of the LCR
The LCR is the quotient of: a. the stock of HQLA (numerator); b. the net cash outflow expected over a 30-day horizon under the stress scenario (denominator).
Art. 13 — Amended by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 14 Compliance with LCR requirements
1 The bank meets the LCR requirements if the ratio under Article 13 is at least 1. 2 The LCR shall be complied with separately at the level of the financial group and the individual entity for: a. all positions under Articles 15a, 15b and 16 across all currencies, converted into Swiss francs; and b. all positions under Articles 15a, 15b and 16 in Swiss francs, subject to Article 17. 3 FINMA shall regulate: a. the extent to which holding companies with a banking subsidiary can be exempted from LCR compliance if such compliance by the holding company is not warranted from a regulatory perspective; b. the extent to which the parent company of a financial group with a holding structure can be exempted as an individual entity from LCR compliance; c. the extent to which provision can be made for less stringent requirements for banks in categories 4 and 5 under Annex 3 of the Banking Ordinance of 30 April 2014 (BankO) with regard to demonstrating LCR compliance. 4 In individual cases, it may:
Para. 2 let. a — Amended by No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635). Para. 3 let. c — Inserted by No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635). Para. 3 let. c — SR 952.02 Para. 4 let. a — Amended by No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635). Para. 4 let. a — SR 952.03 Para. 5 — Amended by No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635).
Art. 15 HQLA: Definition and composition
1 HQLA comprise assets: a. which the bank can dispose of freely, at any time within the next 30 calendar days and without significant loss of value; and b. which meet the additional requirements under Article 15d. 2 HQLA may be: a. assets with the highest liquidity under Article 15a (Level 1); b. assets with high liquidity under Article 15b (Levels 2A and 2B).
Art. 15a HQLA: Level 1 assets
1 Level 1 assets comprise the following assets: a. banknotes and coins; b. deposits at central banks, including minimum reserves, to the extent that the relevant central bank's policies allow them to be drawn down in times of liquidity stress; c. marketable securities representing claims on: 1. a central government, 2. a central bank, 3. a subordinate regional body with budgetary autonomy and the right to levy taxes, or other public sector entity, 4. the Bank for International Settlements, 5. the International Monetary Fund, 6. the European Central Bank, 7. the European Union, 8. multilateral development banks; c.bis marketable securities guaranteed by the institutions under letter c; d. marketable securities representing claims on a central government or a central bank in domestic currency, which are issued by the relevant central government or the central bank in the country in which the liquidity risk arises or in the bank's home country, if the central government is assigned a risk
Para. 1 let. c — Term in accordance with No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635). This amendment has been made throughout the text. Para. 1 let. d — Amended by Annex No 3 of the O of 29 Nov. 2023, in force since 1 Jan. 2025 (AS 2024 13). Para. 1 let. d — SR 952.03 Para. 1 let. e — Amended by Annex No 3 of the O of 29 Nov. 2023, in force since 1 Jan. 2025 (AS 2024 13). Para. 2 let. a — Amended by Annex No 3 of the O of 29 Nov. 2023, in force since 1 Jan. 2025 (AS
Art. 15b HQLA: Level 2 assets
1 Level 2A assets comprise the following assets: a. marketable securities representing claims on: 1. a central government, 2. a central bank, 3. a subordinate regional body or other public sector entity, 4. and 5. … 6. multilateral development banks; a.bis marketable securities guaranteed by the institutions under letter a; b. marketable corporate bonds, including money market instruments if these are issued by entities that are not financial institutions under Annex 1a, either individually or in affiliation with others; and c. marketable covered bonds with special provisions that are not issued by the bank itself or by another affiliated financial institution under Annex 1a; mortgage bonds issued by the central mortgage bond institutions under the Mortgage Bond Act of 25 June 1930 (MBoA) may be included. 2 The marketable securities under paragraph 1 letters a and abis may be included as Level 2 assets only if they meet the following criteria: a. They are assigned a risk weight of at m
Para. 1 let. a let. 4and5 — Repealed by No I of the O of 22 Nov. 2017, with effect from 1 Jan. 2018 (AS 2017 7635). Para. 1 let. c — Amended by No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635). Para. 1 let. c — SR 211.423.4 Para. 2 let. a — Amended by Annex No 3 of the O of 29 Nov. 2023, in force since 1 Jan. 2025 (AS 2024 13). Para. 2 let. a — SR 952.03 Para. 3 let. a — Amended by Annex No 3 of the O of 29 Nov. 2023, in force since 1 Jan. 2025 (AS 2024 13). Para. 3 let.
Art. 15c HQLA: Eligibility
1 For LCR calculation purposes, the following assets may be included in the total stock of HQLA: a. Level 1 assets: unlimited; b. Level 2B assets only: no more than 15 per cent; c. Level 2A and 2B assets combined: no more than 40 per cent. 2 Prior to the calculation of the caps under paragraph 1 letters b and c: a. the haircuts of 15 per cent and 50 per cent referred to in Article 15b paragraphs 4 and 6 are to be applied; b. transactions are to be closed out in accordance with Article 15e; and c. secured funding transactions are to be settled if they: 1. involve the exchange of HQLA, 2. are not covered by Article 15e, and 3. have a maximum maturity of 30 calendar days. 3 The caps shall be complied with at the level of the financial group and the individual entity. 4 FINMA shall define the requirements on calculating the caps. 5 Level 1 and 2 assets that constitute securities, bonds or debt instruments issued abroad may be included in the stock of HQLA only if they: a. qualify as HQLA u
Para. 5 let. b — Amended by No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635). Para. 8 — Inserted by No I of the O of 3 June 2022, in force since 1 July 2022 (AS 2022 359).
Art. 15d HQLA: Additional requirements
FINMA shall regulate: a. the defining characteristics of HQLA, in order that liquidity can be reliably obtained over a 30-day horizon even under the stress scenario; b. the operating requirements to be met by HQLA management, in order that liquidity can be reliably obtained over a 30-day horizon even under the stress scenario; c. the requirements for appropriate diversification of HQLA.
let. c — Amended by No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635).
Art. 15e HQLA: Close-out
1 Secured funding transactions shall be closed out if they involve the exchange of HQLA and mature within 30 calendar days. 2 Secured funding transactions comprise securities swaps and securities financing transactions such as repos and securities lending and borrowing transactions. 3 Liquidity-absorbing operations of the SNB shall be closed out, irrespective of the type of collateral, if they mature within 30 calendar days. Liquidity-providing operations of the SNB shall be closed out only if they are collateralised with HQLA and mature within 30 calendar days. 4 Exchanges of Level 2B assets and secured funding transactions shall not be closed out if the received assets are used to cover short positions with a term longer than 30 calendar days. A short position comprises both the uncovered lending and the uncovered sale of assets. 5 For transactions with the SNB under contracts allowing termination of the transaction, the period of notice shall be determinative when calculating the re
Para. 2 — Amended by No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635). Para. 6 — Inserted by No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635).
Art. 16 Net cash outflow
1 Net cash outflow is calculated from the total expected cash outflows over a 30-day horizon under the stress scenario, less the total expected cash inflows over the same period. 2 When calculating net cash outflow, the expected cash inflows that can offset outflows shall be capped at 75 per cent of total expected cash inflows. Upon request, FINMA may exempt securities firms without a central bank account from this restriction. 3 Cash outflows are calculated by weighting the on- and off-balance sheet items with the applicable outflow rates under Annex 2, according to outflow category. 4 If a position can be assigned to more than one outflow category, the category with the highest outflow rate applies. 5 Cash inflows are calculated by weighting the balance sheet items with the applicable inflow rates in Annex 3, according to inflow category. 6 If a position can be assigned to more than one inflow category, the category with the lowest inflow rate applies. 7 No cash inflows or outflows s
Para. 2 — Amended by Annex 1 No II 11 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
Art. 17 LCR compliance in Swiss francs
1 FINMA shall determine the criteria and scope for banks to include HQLA in foreign currency for the purpose of compliance with the LCR under Article 14 paragraph 2 letter b. 2 For banks that do not hold HQLA in foreign currency for operational purposes, FINMA shall determine the criteria and scope for them to include Level 2A assets beyond the 40 per cent cap (Art. 15c para. 1 let. c).
Art. 17a LCR in significant foreign currencies
1 The LCR shall be calculated and monitored for all positions in each significant foreign currency. 2 The 15 per cent and 40 per cent caps under Article 15c paragraph 1 letters b and c shall be taken into account when calculating the LCR in each significant foreign currency. The 75 per cent cap for cash inflows under Article 16 paragraph 2 shall not be taken into account. 3 FINMA shall regulate: a. the consolidation level at which the calculation and monitoring obligation applies; b. the share of foreign currency liabilities, relative to a bank's total liabilities, at which a foreign currency is deemed to be a significant currency. 4 In individual cases and where there are legitimate grounds for so doing, FINMA may set floors for the LCR in significant foreign currencies, where a bank has excessive exposure to foreign exchange risk. 5 In addition, it may set requirements concerning LCR compliance in significant foreign currencies if this is necessary for the implementation of recognise
Art. 17b Shortfall in the LCR
1 If there is a sharp contraction in liquidity owing to exceptional events, liquidity may be allowed to fall short of the required level of compliance temporarily. 2 Banks shall inform FINMA without delay if they fall short of the required level of compliance, or are likely to do so. 3 They shall immediately present FINMA with a plan detailing what measures are to be employed to restore the required level of compliance, and by what deadline. 4 If the plan does not ensure that the required level of compliance is restored within a reasonable period, FINMA may take appropriate measures. 5 For banks that fall short of the required level of compliance, FINMA may impose intra-month LCR reporting with short reporting deadlines and additional liquidity reporting; these reports shall be appropriate to the duration and magnitude of the shortfall in the LCR.
Art. 17c Liquidity statement
1 FINMA shall define the format and content of the statement of compliance with the LCR (liquidity statement). It may provide for less stringent requirements for banks in categories 4 and 5 under Annex 3 BankO. 2 Banks shall base their valuation of the positions in the liquidity statement on the annual accounts prepared according to accounting standards. 3 Non-systemically important banks shall submit monthly liquidity statements to the SNB within 20 calendar days of the last calendar day of the month. FINMA may grant a bank a lower reporting frequency upon request and when justified by the circumstances. 4 Systemically important banks shall submit monthly liquidity statements to the SNB within 15 calendar days of the last calendar day of the month. 5 FINMA shall set special reporting requirements for banks which: a. hold positions in significant foreign currencies under Article 17a paragraph 1; b. as set out in Article 14 paragraph 5, are funded largely via foreign branches. 6 It may
Art. 17c — Amended by No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635). Para. 1 — SR 952.02
Art. 17d Intra-group cash inflows and outflows
For cash inflows and outflows between a parent company and subsidiaries in the same financial group, FINMA may define different inflow and outflow rates to those under Annexes 2 and 3.
Art. 17e Disclosure
1 Banks shall publish regular information in appropriate form on their liquidity situation and their LCR. 2 Systemically important banks shall disclose the LCR as a daily average of the previous 90 days. If the bank is subject to only a semi-annual disclosure requirement, daily data for the previous 180 days shall be used. 3 FINMA may require additional banks to disclose the LCR as a daily average if it deems it appropriate from a risk assessment perspective or with respect to the need for public information. 4 FINMA shall regulate the details of the disclosure. In particular, it shall define which LCR-related information is to be disclosed in addition to the LCR.
Para. 1 — Amended by No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635)
Section 2a Quantitative Requirements: Net Stable F
Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 17f Net stable funding ratio
1 The net stable funding ratio (NSFR) is designed to ensure that a bank's stable funding is maintained on an ongoing basis over a one-year horizon. 2 Funding is stable if the assets and the off-balance sheet items under Annex 5 Nos 8, 9.1 and 9.2 are funded sustainably over the longer term.
Art. 17f — Inserted by No I of the O of 25 June 2014 (AS 2014 2321). Amended by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 17g Calculation of the NSFR
The NSFR is the quotient of: a. available stable funding, ASF (numerator); b. required stable funding, RSF (denominator).
Art. 17g — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 17h Compliance with NSFR requirements
1 The bank meets the NSFR requirements if the ratio under Article 17g is at least 1. 2 The NSFR requirement shall be met at the level of the financial group and the individual entity for all positions under Articles 17k and 17m across all currencies, converted into Swiss francs. 3 For individual entities of a financial group, FINMA may permit: a. NSFR compliance to be aggregated across several individual entities domiciled in Switzerland; or b. the surplus funding of one individual entity domiciled in Switzerland to be recognised for another individual entity domiciled in Switzerland. 4 However, individual entities under paragraph 3 that are domiciled in Switzerland must demonstrate at least a stand-alone NSFR of 0.8. 5 Individual entities with significant domestic systemically important functions must also meet the NSFR requirement on a stand-alone basis in any case. 6 Article 14 paragraphs 3 to 6 apply by analogy.
Art. 17h — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 17i Calculation of secured funding transactions
1 Securities which the bank receives from reverse repos and securities swaps shall be recorded as assets only if the bank becomes the owner of the rights associated with the securities and bears the market risk of the securities. 2 Securities which the bank lends as part of repos and securities swaps and which are encumbered as a result shall be recorded as assets only if the bank remains the owner of the rights associated with the securities and bears the market risk of the securities. 3 Assets and liabilities may be netted against each other only if: a. they involve a secured funding transaction with the same counterparty; and b. the criteria under paragraph 30.37 of the Basel Leverage Ratio Framework (LEV), in the version stipulated in Annex 1 No 7 CAO, are met. 4 FINMA shall issue implementing provisions on the calculation: a. in cases where the residual maturity of the encumbered securities is shorter than the maturity of the secured funding transaction; b. of partly secured fundi
Art. 17i — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921). Para. 3 let. b — Amended by Annex No 3 of the O of 29 Nov. 2023, in force since 1 Jan. 2025 (AS 2024 13). Para. 3 let. b — SR 952.03
Art. 17j Calculation of derivative liabilities and assets
1 Derivative liabilities shall be calculated using the negative replacement values of the outstanding contracts at market value. 2 Derivative assets shall be calculated using the positive replacement values of the outstanding contracts at market value. 3 If netting agreements exist between the bank and its counterparty which meet the criteria under section 30 LEV, in the version stipulated in Annex 1 No 7 CAO, the net replacement values shall be determinative for the derivatives transactions covered by these agreements. 4 When calculating derivative liabilities, collateral in the form of variation margin payments shall be deducted from the negative replacement value amount, irrespective of the type of collateral. 5 When calculating derivative assets, no collateral received may be deducted from the positive replacement value amount, unless the bank has received collateral from variation margin payments in the form of Level 1 assets under Article 15a and the additional criteria under sec
Art. 17j — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921). Para. 3 — SR 952.03 Para. 3 — Amended by Annex No 3 of the O of 29 Nov. 2023, in force since 1 Jan 2025 (AS 2024 13). Para. 5 — Amended by Annex No 3 of the O of 29 Nov. 2023, in force since 1 Jan 2025 (AS 2024 13).
Art. 17k Calculation of the ASF
1 The ASF amount shall be calculated by: a. assigning the carrying values of the liabilities and equity to the ASF categories under Annex 4 and multiplying them by the associated ASF factor; and b. adding together the carrying values weighted according to letter a across all ASF categories. 2 The carrying value of capital instruments and liabilities that constitute eligible capital under Articles 21 to 30 CAO shall be based on the value before the corrections in Articles 31 to 40 CAO are applied.
Art. 17k — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921). Para. 2 — SR 952.03
Art. 17l Determining the residual maturity of capital instruments and liabilities
1 For calculating the residual maturity in the case of capital instruments and liabilities where the investors or creditors have an option to terminate, repurchase early or cancel, it shall be assumed that the options are exercised at the earliest possible date. 2 If there is a market expectation on the part of investors or creditors that the bank will exercise options to repurchase capital instruments and liabilities before the contractually agreed due date for reputational reasons, the capital instruments and liabilities shall be assigned to the ASF category under Annex 4 corresponding to the expected shorter residual maturity. 3 If extension options exist, it shall be assumed that neither the bank nor the investors or creditors will exercise them. A bank's extension option may be included, provided the extension does not have a negative impact on the bank's reputation. 4 For long-term liabilities with tranched payments, only the tranche maturing within one year shall be assigned to
Art. 17l — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 17m Calculation of the RSF
1 The RSF amount shall be calculated by: a. assigning the carrying values of the assets and off-balance sheet items to the RSF categories under Annex 5 and multiplying them by the associated RSF factor; and b. adding together the weighted carrying values under letter a across all RSF categories. 2 The carrying value of the assets and off-balance sheet items shall be calculated on the basis of the value recorded in the annual accounts. Value adjustments shall be recognised in accordance with paragraph 20.1 of the Basel Minimum Standards on the calculation of RWA for credit risk (CRE), in the version stipulated in Annex 1 No 4 CAO and section 30 LEV, in the version stipulated in Annex 1 No 7 CAO. 3 When calculating the carrying value of unencumbered residential mortgage claims under Annex 5 Nos 5.1 and 5.1a, the assets posted as collateral for mortgage bond loans in accordance with the MBoA shall be fully deducted. 4 The calculation of the carrying value of encumbered mortgage claims and
Art. 17m — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921). Para. 2 — SR 952.03 Para. 2 — Amended by Annex No 3 of the O of 29 Nov. 2023, in force since 1 Jan 2025 (AS 2024 13). Para. 3 — SR 211.423.4 Para. 3 — Amended by Annex No 3 of the O of 29 Nov. 2023, in force since 1 Jan 2025 (AS 2024 13).
Art. 17n Determining the residual maturity of assets and off-balance sheet items
1 For determining the residual maturity of assets and off-balance sheet items, the contractually agreed maturity date shall be determinative. 2 If the counterparties or obligors have the option to extend maturities, it shall be assumed that the options are exercised. If the maturity extension begins from the time at which an option is exercised, it shall be assumed that the counterparties or obligors exercise the option at the latest possible date. 3 If there is a market expectation on the part of counterparties or obligors that the bank will exercise options to extend maturities for reputational reasons, the assets and off-balance sheet items shall be assigned to the RSF category corresponding to the expected extended residual maturity. 4 If early termination or repayment options exist, it shall be assumed that the bank, the counterparties or the obligors do not exercise them. 5 For redemption loans, instalment loans and annuity loans, only the portion falling due within one year may
Art. 17n — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 17o Calculation of the reference date
1 For calculating the NSFR, the reference date shall be based on the accounting standards applicable to the bank. 2 If the bank's accounting standards allow both settlement date reporting and trade date reporting, the bank may use settlement date reporting even if the accounts are drawn up using trade date reporting. 3 The ASF factor for trade date payables shall be based on Annex 4 No 6.4, and the RSF factor for trade date receivables on Annex 5 No 1.4.
Art. 17o — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 17p Determining interdependent liabilities and assets
1 FINMA shall determine the interdependent liabilities and assets to which ASF and RSF factors of 0 per cent may be applied. In so doing, it shall take account of international developments. 2 The application of 0 per cent ASF and RSF factors is permitted only where: a. the individual interdependent asset and liability items are clearly identifiable; b. the maturity and principal amount of the interdependent liabilities and assets are the same; c. the liability arising from the received funding matches its interdependent asset; and d. the asset counterparty and the liability counterparty are not the same.
Art. 17p — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 17q Funding statement
1 FINMA shall define the format and content of the statement of compliance with the NSFR (funding statement). It may provide for less stringent requirements for banks in categories 4 and 5 under Annex 3 BankO. 2 Banks shall base their calculation of the positions in the funding statement on the annual accounts prepared according to the accounting standards. 3 Non-systemically important banks shall submit quarterly funding statements to the SNB within 60 calendar days of the last calendar day of the quarter. Banks in categories 4 and 5 shall submit them semi-annually. FINMA may permit a bank to report at longer intervals upon request and when justified by the circumstances. 4 Systemically important banks shall submit monthly funding statements to the SNB within 30 calendar days of the last calendar day of the month. 5 FINMA may set special reporting requirements for banks which, as described in Article 14 paragraph 5, are funded largely via foreign branches.
Art. 17q — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921). Para. 1 — SR 952.02
Art. 17r Intra-group funding transactions
For funding transactions within the same financial group, FINMA may set ASF and RSF factors that deviate from those in Annexes 4 and 5, specifically where: a. the intra-group counterparty does not itself have sufficient stable funding; b. this offsets the negative impact of funding transactions within the same financial group as a result of the asymmetric treatment of transactions with maturities of up to six months; or c. they constitute intra-group contingent obligations from guarantees as set out in Annex 5 No 9.2.
Art. 17r — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 17s Disclosure
1 Banks shall publish regular information in appropriate form on their funding situation and their NSFR. 2 FINMA shall regulate the details of disclosure. In particular, it shall define which NSFR-related information is to be disclosed in addition to the NSFR.
Art. 17s — Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Section 2b Simplification for Particularly Liquid
Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 17t
Banks in categories 4 and 5 under Annex 3 BankO that are exempt from compliance with the provisions on required capital under Article 47a CAO shall also be exempt from compliance with the provisions on the NSFR under Articles 17f to 17s.
SR 952.02 SR 952.03
Section 3 Quantitative Requirement for Privileged
Art. 18
1 As part of their general reporting, banks shall report to FINMA the sum of: a. the deposits reported as at the end of the financial year in the balance sheet items under Annex 1 Nos 2.3 and 2.7 BankO; b. deposits under letter a that are privileged in accordance with Article 37a BankA; c. deposits under letter b that are secured in accordance with Article 37h BankA. 2 Based on the data reported under paragraph 1 letter c, FINMA shall calculate the individual banks' contribution obligations for the deposit insurance under Article 37h paragraph 3 letter b BankA, and shall communicate this to them. 3 When calculating the LCR, banks shall include their contribution obligations as «transactions with the agency of the deposit insurance scheme in the form of an irrevocable payment obligation for funding purposes» under Annex 2 No 8.1.5. 4 In exceptional circumstances, FINMA may require individual banks to disclose the reportable amount under paragraph 1 letter c in appropriate form if this i
Art. 18 — Amended by No I of the O of 25 June 2014, in force since 1 Jan. 2015 (AS 2014 2321). Para. 1 let. a — Amended by No I of the O of 22 Nov. 2017, in force since 1 Jan. 2018 (AS 2017 7635). Para. 1 let. a — SR 952.02 Para. 2 — Amended by Annex No 3 of the O of 23 Nov. 2022, in force since 1 Jan. 2023 (AS 2022 804). Para. 3 — Amended by Annex No 3 of the O of 23 Nov. 2022, in force since 1 Jan 2023 (AS 2022 804).
Section 4 Observation Ratios
Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 18a
In addition to LCR and NSFR data, and depending on a bank's size and the type, scope, complexity and riskiness of its business activities, FINMA may collect data on other observation ratios at the level of the financial group and the individual entity, where this is necessary for the implementation of this Ordinance.
Section 5 Tasks of the Audit Firm
Inserted by No I of the O of 11 Sept. 2020, in force since 1 July 2021 (AS 2020 3921).
Art. 18b
1 In accordance with the auditing requirements, the audit firm shall verify: a. compliance with the qualitative and quantitative requirements specified in this Ordinance and in FINMA's implementing provisions; and b. the correctness of the data in the liquidity statement, the funding statement and, if required by FINMA, the data on observation ratios. 2 It shall confirm the audit findings.