National Bank Ordinance (NBO)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
Art. 12 Scope of application
1 Solely banks are obliged to hold minimum reserves. 2 Bank groups with collective liquidity management shall fulfil the minimum reserve requirement at group level.
Art. 13 Eligible assets
The following Swiss franc denominated assets of the banks are eligible as minimum reserves: a. coins in circulation (excluding commemorative coins and bullion coins)100 per centb. banknotes100 per centc. sight deposits at the National Bank100 per cent
Art. 14 Relevant liabilities
1 The following Swiss franc denominated liabilities of the banks count towards the calculation of the minimum reserves: a. liabilities arising from money market instruments which cannot be attributed to either banks or customers, and which mature within three months; b. liabilities vis-à-vis banks payable on sight or maturing within three months; c. liabilities arising from customer time deposits, excluding tied pension fund monies; d. liabilities arising from customer deposits payable on sight or maturing within three months (including call money); e. liabilities arising from medium-term bank-issued notes maturing within three months; f. ... 1bis Liabilities vis-à-vis banks which are themselves subject to minimum reserve requirements based on Articles 17 and 18 NBA are not counted in the calculation. 2 ... 3 The terms used in paragraph 1 letters a–e refer to FINMA’s accounting regulations. 4 Liabilities towards the National Bank are not counted in the calculation of the minimum reserv
Art. 14 — Amended by No I of the SNB O of 7 May 2014, in force since 1 Jan. 2015 (AS 2014 3023). Para. 1 let. c — Amended by No I of the SNB O of 11 April 2024, in force since 1 July 2024 (AS 2024 232). Para. 1 let. f — Repealed by No I of the SNB O of 31 Oct. 2019, with effect from 1 Jan. 2020 (AS 2019 3909). Para. 2 — Repealed by No I of the SNB O of 31 Oct. 2019, with effect from 1 Jan. 2020 (AS 2019 3909). Para. 3 — FINMA Accounting O of 31 Oct. 2019 (SR 952.024.1), as well as FINMA Circular
Art. 15 Level of minimum reserve and fulfilment of minimum reserve requirement
1 The required minimum reserve amounts to 4 per cent of the average of the liabilities at the end of the three months preceding the reporting period. 2 The minimum reserve requirement must be fulfilled, on an average of the respective reporting period, from the 20th of one month until the 19th of the following month. 3 The average according to paragraph 2 will be calculated based on the relation between total daily assets available at the close of business according to Article 13, on the one hand, and the number of calendar days in the reporting period, on the other hand. For Saturdays, Sundays and public holidays, the assets of the last preceding business day are to be entered.
Para. 1 — Amended by No I of the SNB O of 11 April 2024, in force since 1 July 2024 (AS 2024 232).
Art. 16 Accountability
By the end of the month of the terminated reporting period, the banks shall report to the National Bank whether the minimum reserve obligation has been fulfilled. The National Bank shall determine the form and manner of reporting in guidelines.
Art. 17 Interest obligation
1 If a bank fails to fulfil the minimum reserve requirement for a reporting period that has ended, it shall pay interest on the shortfall to the National Bank for the number of days of the respective reporting period. The interest rate shall exceed by four per centage points the overnight rate for Swiss franc deposits payable on average in the respective reporting period. The SARON (fixing at close of trading) serves as the basis. In the event of non-fulfilment, an amount of at least CHF 500 is payable. 2 The National Bank shall order the bank to pay the interest amount by the end of the second month following the end of the reporting period. Should the bank disagree with the payment of interest it may, within 30 days, demand the issuance of a contestable order pursuant to the terms of Article 52 NBA.
Para. 1 — Amended by No I of the SNB O of 3 Sept. 2009, in force since 1 Jan. 2010 (AS 2009 6373).