let me make one or two purely descriptive points. the hand on the front of the note holds a prism through which light is dispersed into various colours. on the globe, the motif of light is echoed in the constellations. the background line structures on the front of the note are reminiscent of a kaleidoscope in which colourful patterns are produced through reflected light. the real location on the back of the note depicting a film festival is emblematic of switzerland ’ s creative and cultural scene. light plays an important role here as well. by projecting it onto a screen, we create a kind of second – ‘ artificial ’ – world. the object on the page 2 / 3 berne, 10 may 2017 fritz zurbrugg news conference on new 20 - franc note 20 - franc note – a butterfly with its scale - covered wings that diffract light into iridescent colours – symbolises the rich diversity of colours and shapes in nature. let me conclude by looking to the future. we will start issuing the new 20 - franc note on 17 may. as already announced, the remaining denominations in the series will be issued at half - yearly or yearly intervals, with the next one being the 10 - franc note. the appearance, design elements and other information relating to this denomination will be communicated on 11 october 2017, and issuance will begin a week later, on 18 october. i ’ d like to thank everyone who helped prepare the ground for the successful launch of the new 20 - franc note – as well as those involved at all other stages of the process – for their hard work. page 3 / 3

beginning of the year, and the smi, switzerland ’ s leading index, has lost more than 15 % over the same period ( cf. chart 3 ). foreign exchange markets were likewise heavily shaped by the shift in monetary policy : the us dollar, for instance, has appreciated more than 7 % on a trade - weighted basis since the beginning of the year. the trade - weighted euro, on the other hand, has lost around 1. 5 % and the japanese yen has actually depreciated by more than 10 % on a trade - weighted basis over the same period. the swiss franc temporarily appreciated immediately following the outbreak of the war in ukraine. the trade - weighted swiss franc exchange rate, however, was recently below its level at the beginning of the year ( cf. chart 4 ). adjustment of the threshold factor i would now like to discuss the lowering of the threshold factor from 30 to 28 as mentioned earlier by thomas jordan. with this technical adjustment, which will take effect from 1 july 2022, we will ensure that sufficient amounts of sight deposits are subject to negative interest, and that the latter is being passed on to the money market as intended. from march 2022, upward pressure built up on the short - term rates on the secured money market. this stemmed from the fact that the exemption thresholds had risen over time due to the dynamic calculation model, which meant that there were no longer sufficient amounts of sight deposits subject to negative interest. to keep the secured short - term money market rates close to the snb policy rate, the snb provided additional liquidity to the money market via repo transactions as a temporary measure. however, given that the increase in exemption thresholds is structural in nature, it is appropriate that we lower the threshold factor. this will result in the secured short - term money market rates being close to the snb policy rate again without the snb having to regularly provide larger amounts of liquidity. the snb will continue to regularly review the basis for calculating the exemption threshold and adjust it as necessary. page 2 / 4 berne, 16 june 2022 andrea m. maechler news conference charts page 3 / 4 berne, 16 june 2022 andrea m. maechler news conference page 4 / 4