jean - pierre danthine : the swiss national bank ’ s 2012 financial stability report speech by mr jean - pierre danthine, vice chairman of the governing board of the swiss national bank, at the media news conference of the swiss national bank, berne, 14 june 2012. * * * introductory remarks by jean - pierre danthine i, too, would like to welcome you to this news conference, which for me is also the occasion to present the 2012 edition of the swiss national bank ’ s financial stability report. the report contains the snb ’ s assessment of the risks to the stability of the swiss banking system, and of the need for action. this promotes risk awareness among swiss banking sector agents, thereby contributing to financial stability. introduction economic and financial conditions for the swiss banking sector have deteriorated since the last financial stability report. the sovereign debt crisis escalated, threatening to spill over from peripheral euro area countries to the core countries of the euro area. in addition, global economic growth lost momentum and tensions grew in the international banking system. there was, likewise, no easing of tension on the swiss mortgage and real estate markets. the momentum observed in real estate prices and mortgages continued. as my colleague, thomas jordan, has already mentioned, under its baseline scenario the snb expects a gradual improvement in economic and financial conditions over the next 12 months. although this is considered to be the most likely scenario, the risk of a renewed deterioration in the environment remains high. in the short term, under the adverse scenario there could be a substantial price correction on financial markets, and economic growth could slow markedly. such a scenario would affect the two big banks in particular. for domestically focused commercial banks, the main risk stems from a potential fall in swiss real estate prices over the medium term. this risk increases the more market prices diverge from those justified by fundamentals. given the high risks in the economic and financial environment, the snb considers that there is a need for action by big banks and domestically focused commercial banks alike. the snb ’ s recommendations are aimed at strengthening the resilience of the swiss banking system, to ensure that it is in a position to continue performing its essential functions for the swiss economy, even if the adverse scenario i have just described were to materialise. situation at the big banks i would now like to present the key points of our assessment of the big banks. since june 2011, both big banks have made further progress in improving their resilience ;

philipp hildebrand : global and swiss economic outlook introductory remarks by mr philipp hildebrand, chairman of the governing board of the swiss national bank, at the end - of - year media news conference, zurich, 16 december 2010. * * * the swiss national bank ( snb ) is maintaining its expansionary monetary policy. it is leaving the target range for the three - month libor unchanged at 0. 00 – 0. 75 %, and intends to keep the libor within the lower part of the target range at around 0. 25 %. the global economic recovery is continuing. while the growth dynamic in emerging economies is vigorous, the recovery in the industrialised economies remains modest overall. growth in switzerland was robust in the third quarter of 2010, but the weakening of exports, in particular, points to a significant reduction in growth in the quarters ahead. the snb expects gdp to grow by some 1. 5 % in 2011, following growth of about 2. 5 % in the current year. monetary policy operates in an environment of heightened uncertainty. concerns about stability in the euro area have led to renewed financial market tensions. against this backdrop, the swiss franc has again appreciated. should these tensions be exacerbated and put a strain on economic developments in the euro area, this would also have a detrimental effect on the swiss economy. if a deflation threat emerges, the snb would take the measures necessary to ensure price stability. the snb ’ s conditional inflation forecast for 2012 and 2013 is slightly below the september forecast. this correction is the result, in particular, of the less favourable economic outlook for europe compared with the last assessment. for 2011 it is marginally higher, due mainly to a higher price for oil. assuming an unchanged three - month libor of 0. 25 %, average inflation for 2010 is expected to amount to 0. 7 %, for 2011 to 0. 4 % and for 2012 to 1. 0 %. the conditional inflation forecast shows that there is no threat to price stability in the short term. however, the rising path in 2012 and 2013 shows that the current expansionary monetary policy cannot be maintained over the entire forecast horizon without compromising long - term price stability. the inflation forecast is still associated with a very high level of uncertainty. global economic outlook i would now like to take a closer look at the economic situation and at monetary conditions. overall, the recovery in the global economy continued, encouraged by expansionary economic policies and vigorous economic