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Swiss Financial Accounts, 2015 edition

 

Institutional sector

Non-financial corporations: 1106 bn CHF of assets, 1987 bn liabilities

Almost half of financial assets of non-financial corporations are accounted for by the shares and other equity item and a quarter by loans. Total financial assets increased by CHF 34 billion to CHF 1,106 billion in 2015, mainly as a result of corporate acquisitions abroad and corporate group reorganisations.
The liabilities of non-financial corporations also consist, to a large extent, of shares and other equity, as well as loans. Total liabilities rose by CHF 24 billion to CHF 1,987 billion. The decisive factor in this increase were the corporate group reorganisations mentioned above.

General government

The largest component in financial assets of the general government sector is the shares and other equity item. About half of this consists of participating interests of central government, the cantons and the municipalities in public-sector companies as well as investments of social security funds. The general government share in SNB equity capital makes up the remainder. The decline in the shares and other equity item in 2015 of CHF 26 billion to CHF 118 billion was mainly attributable to the loss recorded by the SNB in that year.
Under general government liabilities, almost half of the total is made up of debt securities. At the end of 2015, the market value of debt securities issued by central government, cantons and municipalities stood at CHF 148 billion. This figure was almost unchanged from the previous year, since a slight rise in market prices was offset by a reduction in debt securities.

Financial corporations

The financial assets and liabilities of financial corporations are substantially larger than those of the other sectors. This is because the institutions combined in this sector (central bank, commercial banks, investment funds, other financial intermediaries, as well as insurance corporations and pension funds) act as financial intermediaries.
Under financial assets of the financial corporations with respect to the domestic economy, the largest component is loans, while in the case of financial assets with respect to the rest of the world, debt securities and the shares and other equity item have the greatest weight. In 2015,total financial assets of the financial corporations rose by CHF 207 billion to CHF 6,078 billion, due largely to the SNB’s purchases of debt securities and equities as well as to the growth in loans by commercial banks and other financial intermediaries.
Under liabilities of financial corporations, the largest components are deposits as well as insurance and pension schemes. Deposits with the SNB and commercial banks increased by CHF 150 billion to CHF 2,499 billion. Insurance and pension schemes advanced by CHF 29 billion to CHF 1,114 billion.

Stocks of Financial Assets and Liabilities of Institutional Sector in 2015

The Swiss financial accounts are concerned with the financial assets and liabilities of the economy’s institutional sectors. The sectors are non-financial and financial corporations, general government and households. Major developments in each of these sectors are described briefly below. - Click to enlarge

Balance sheet of households

Financial Assets
The market value of the real estate owned by households increased by CHF 47 billion to CHF 1,868 billion in 2015, primarily attributable to the steady, albeit weaker, rise in real estate prices.
Together with the financial assets, which grew by CHF 28 billion to CHF 2,343 billion, this resulted in an increase in assets of CHF 75 billion to CHF 4,210 billion.
Net Worth
Since liabilities rose by CHF 21 billion to CHF 817 billion, the net worth of households increased by CHF 54 billion to CHF 3,394 billion. In 2015, the advance in net worth was considerably less than in the previous year, when real estate prices climbed more sharply and capital gains were recorded on the financial assets.

Balance Sheet of Households

The balance sheet of households is a combination of financial assets and liabilities taken from the financial accounts together with the real estate assets of households. The assets side of the balance sheet covers financial assets as well as the market value of the real estate. The liabilities side contains the liabilities and net worth. - Click to enlarge

 

Changes

This year, the Swiss financial accounts, which have been released by the Swiss National Bank since 2005, feature changes affecting both timeliness and presentation.
For the first time, data on the financial accounts are now published within eleven months of the reference date, reducing time to publication by one year. Moreover, the balance sheet of households, previously the subject of the press release on household wealth, is now included in the Swiss Financial Accounts report. The detailed tables and extensive notes on the methodology of the financial accounts, which were previously included in the annex to the report, are now presented on the SNB’s data portal (data.snb.ch) under ‘Other areas of the economy’.
Full story here
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The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.

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