be an orderly reduction in the distributions based on the set thresholds. this brings me back to the demands for greater distributions that i mentioned at the start of my speech. ladies and gentlemen, the rise in the allocations to the provisions coupled with the increase in the maximum profit distributions represent a balanced solution. on the one hand, it contributes to the robustness of the snb ’ s balance sheet. on the other hand, barring any financial market upheaval, it allows for substantial amounts to be distributed to the public sector, in the best case totalling chf 36 billion for the financial years 2020 to 2025. the distributions have not been raised as a response to the coronavirus crisis or higher government debt. nevertheless, the increased amounts are likely to prove particularly useful for the confederation and the cantons at present, giving them greater latitude to support households and companies in dealing with the current crisis. closing remarks ladies and gentlemen, i would like to remind anyone demanding ‘ more ’ from the snb that over the course of time, the snb does actually distribute everything it can. if we do temporarily retain profits, this is not at the cost of the public sector. however, it does enable us to facilitate a more even spread of distributions to the confederation and the cantons from in february 2020, the fdf and snb signed a supplementary agreement to the profit distribution agreement of november 2016. this supplementary agreement increased the maximum annual distribution to chf 4 billion for the financial years 2019 and 2020. the 2016 agreement provided for an annual distribution of up to chf 2 billion for the years 2016 to 2020. page 6 / 7 year to year, while also reducing the risk of the snb being temporarily undercapitalised. the snb ’ s long - standing practice with regard to distributing profits has proved its worth. however, let me stress once again : the greatest contribution that the snb can make for society and the economy in our country is to carry out its statutory mandate. and we will continue to do our utmost in this regard. thank you for your attention. page 7 / 7 snb distributions – not a matter of course even when profits are high 113th ordinary general meeting of shareholders of the swiss national bank thomas j. jordan chairman of the governing board swiss national bank zurich, 30 april 2021 slide 1 30. 04. 2021 snb general meeting of shareholders | thomas j. jordan | © swiss national bank slide 2 30. 04. 2021 snb general

these have a considerable bearing on the inflation and economic outlook in switzerland. since the last monetary policy assessment in september, the global economy has developed in line with our expectations. it has continued to recover and capacity utilisation in many countries is improving gradually. this is especially evident in the labour market, where job numbers are on the rise and unemployment is declining. however, global economic growth is moderate and not yet broad - based. international trade and demand for investment in particular continue to be subdued. inflationary pressure abroad also remains low. although higher energy prices are currently resulting in a marked increase in inflation, core inflation remains at a low level in a number of countries and central banks are thus maintaining their expansionary monetary policy course. among advanced economies, the economic cycle has progressed furthest in the us. thirdquarter gdp growth in the us was again significantly above potential. private consumption was once more the driving force. the situation on the labour market continued to improve as well ; the us economy has now almost reached full employment. this is also reflected in more robust real wage growth. inflation is now close to the target set by the us federal reserve. against this backdrop, the federal reserve decided yesterday to raise its key interest rate by 25 basis points. this move is confirmation that – in the federal reserve ’ s view – the world ’ s largest economy is gradually emerging from a protracted period of crisis. the other major economic areas also recorded favourable economic activity in the third quarter. the euro area and japan continued to register moderate growth, while in china, growth remained strong thanks to a variety of fiscal measures. in the uk, the economic impact of the brexit decision has so far proved less pronounced than originally feared. however, the country ’ s economic performance is still expected to be impaired by this outcome in the coming quarters. our assessment of international economic developments over the next few quarters has remained largely unchanged since september. the snb expects the moderate pace of global growth to continue in 2017. it is thus likely that the economic situation will continue to improve, particularly in the euro area, and that inflation will also pick up somewhat. page 2 / 5 berne, 15 december 2016 thomas jordan news conference our baseline scenario for the global economy is still subject to considerable risks, however. structural problems in a number of advanced economies – such as a fragile financial system, high public debt and low growth potential – could negatively affect the outlook. added to this are a multitude of political uncertainties.