thoughts for the future since the dramatic days of mid - march, the situation has stabilised. let me now look ahead and share three thoughts with you regarding the future. my first thought is self - evident : banking regulation and supervision will have to be reviewed in light of recent events. this will require in - depth analysis. quick fixes must be avoided. however, from the snb's perspective, there is one important point that needs to be emphasised right now. in the future, regulations will have to compel banks to hold sufficient assets which they can pledge or transfer at any time without restriction, and which they can thus deliver as collateral to existing liquidity facilities. this way, even in extreme situations, we would be able to provide the necessary liquidity via the lsff or ela without the need for emergency law. my second thought is also self - evident : ubs's takeover of credit suisse fundamentally changes the structure of the swiss banking sector. it is important that swiss households and businesses continue to benefit from a broad range of efficiently priced banking services. this requires competition and diversity. we are optimistic that our domestically focused banks, but also the foreign banks operating in switzerland, will adjust their product ranges accordingly. we are also convinced that ubs will carry out its task of providing swiss households and the wider economy with banking services responsibly. this brings me to my third point, on which i would like to close. healthy competition in the banking sector is not only in the interest of swiss households and businesses, but also very much in the interest of the snb. for our monetary policy to transmit to the entire economy, interest rates on bank deposits and bank loans must respond swiftly, and strongly enough, to changes in our policy rate. the greater the competition among the banks, the more likely it is that this will occur. we will make sure that this issue, too, is given due consideration in the discussions about the future of the swiss banking sector. for only with an effective monetary policy can we fulfil our responsibility and ensure price stability for switzerland. ladies and gentlemen, thank you for your attention. 4 / 4 bis - central bankers'speeches

news conference 15 december 2022, 10. 00 am introductory remarks by andrea m. maechler in my remarks, i will talk in more detail about the implementation of today ’ s monetary policy decision, which thomas jordan has already touched on. i will start, however, by giving you an overview of how we have steered interest rates since the switch to a positive snb policy rate in september. the switch from a negative to a positive snb policy rate required us to make an adjustment to the implementation of our monetary policy in the money market. the new approach comprises two elements : reserve tiering – that is, tiered remuneration of the sight deposits that banks and other financial market participants hold at the snb – and reserve absorption. this approach has proved successful. following our monetary policy decision on 22 september, secured short - term swiss franc money market rates moved quickly towards the new snb policy rate ( cf. chart 1 ). we are also continuing to see solid activity among participants in the money market, which ensures a robust basis for the calculation of saron. from the outset, the market responded favourably to the deployment of our monetary policy instruments to absorb liquidity. on the very day of the monetary policy assessment in september, we started conducting repo transactions on a daily basis and issuing snb bills on a weekly basis ( cf. chart 2 ). in this way, we were able to reduce the liquidity supply in the money market sufficiently to allow us to steer interest rates effectively. with today ’ s interest rate increase, we are also raising the interest rate on sight deposits above the threshold. for domestic banks, this threshold is calculated on the basis of their minimum reserve requirements. 1 by remunerating sight deposits above the threshold now at 0. 5 %, we ensure that our tighter monetary policy will continue to be passed through efficiently to interest rates in the money market overall. further information is available in the instruction sheet governing interest on sight deposits. page 1 / 2 berne, 15 december 2022 andrea m. maechler news conference page 2 / 2