National Bank Act (NBA)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
Art. 1 Legal status and name
1 The central bank of the Swiss Confederation is a joint-stock company incorporated by special act. 2 It shall bear the names: [tab] «Schweizerische Nationalbank» [tab] «Banque nationale suisse» [tab] «Banca nazionale svizzera» [tab] «Banca naziunala svizra» [tab] «Swiss National Bank».
Art. 2 Subsidiary application of the Code of Obligations
Unless otherwise provided by this Act, the provisions of the Code of Obligations (CO) relating to joint-stock companies apply.
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Art. 3 Head offices, branches, agencies and representative offices
1 The National Bank shall have its head offices in Berne and Zurich. 2 To the extent required by the country’s supply of money, the National Bank shall maintain branches and agencies. 3 It may set up representative offices for observing the economy and for maintaining relations in the regions.
Art. 4 Exclusive right to issue banknotes
The National Bank shall have the exclusive right to issue Swiss banknotes.
Art. 5 Tasks
1 The National Bank shall pursue a monetary policy serving the interests of the country as a whole. It shall ensure price stability. In so doing, it shall take due account of economic developments. 2 Within this framework, it shall have the following tasks: a. It shall provide the Swiss franc money market with liquidity. b. It shall ensure the supply and distribution of cash. c. It shall facilitate and secure the operation of cashless payment systems. d. It shall manage the currency reserves. e. It shall contribute to the stability of the financial system. 3 It shall participate in international monetary cooperation. For this purpose, it shall work jointly with the Federal Council in accordance with the relevant federal legislation. 4 It shall provide banking services to the Confederation. In so doing, it shall act on behalf of the competent federal authorities.
Art. 6 Independence
In fulfilling its monetary tasks according to Article 5 paragraphs 1 and 2, the National Bank and the members of the Bank’s bodies shall not be permitted to seek or accept instructions either from the Federal Council or from the Federal Assembly or any other body.
Art. 7 Accountability and information
1 The National Bank shall regularly discuss with the Federal Council the economic situation, monetary policy and topical issues of federal economic policy. The Federal Council and the National Bank shall inform each other of their intentions before taking decisions of major importance for economic and monetary policy. The National Bank’s annual report and annual accounts shall be submitted to the Federal Council for approval before being approved by the General Meeting of Shareholders. 2 The National Bank shall render account of the fulfilment of its tasks pursuant to Article 5 to the Federal Assembly annually in the form of a report. It shall regularly report on the economic situation as well as its monetary policy to the competent committees of the Federal Assembly. 3 It shall regularly inform the public about its monetary policy and shall announce its monetary policy intentions. 4 It shall publish its annual report. Furthermore, it shall publish quarterly reports on the development
Art. 8 Exemption from taxation
1 The National Bank shall be exempt from direct federal taxes. 2 The National Bank shall not be subject to taxation by the cantons. Cantonal and communal fees shall remain reserved.