Switzerland’s central bank does operate on a fractional reserve system in which banks are only required to keep a fraction of total deposits on hand. Under this system the Swiss National Bank accounts for roughly 10% of the country’s money supply, while the remaining 90% is created by lenders as various forms of credit. In June 2018 Switzerland held a referendum vote known as the Vollgeld initiative, which would have ended the ability of lenders to write loans on more funds than they were holding. The referendum failed as voters worried passage would put too much power in the hands of the Swiss National Bank, and that it could potentially cause a Brexit-like panic.