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.
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.
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
Balance sheet of households
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.
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