SNB caps annual profit distribution at CHF 6 billion through 2030
The Swiss Federal Department of Finance and the Swiss National Bank have signed a new profit distribution agreement covering 2026 through 2030. The framework maintains a maximum annual payout of up to CHF 6 billion to the Swiss Confederation and the cantons.
Tiered thresholds up to CHF 40 billion
The new agreement establishes the profit distribution framework for the financial years 2026 through 2030, replacing the 2021 agreement that governed distributions between 2020 and 2025.
Under the terms, the SNB can distribute up to CHF 6 billion annually to the Swiss Confederation and the cantons, provided its balance sheet permits.
The payout formula consists of a baseline distribution of CHF 2 billion if the balance sheet profit reaches at least CHF 2 billion.
In addition, up to four supplementary payments of CHF 1 billion each are unlocked when balance sheet profits reach CHF 10 billion, CHF 20 billion, CHF 30 billion and CHF 40 billion.
Reserve allocation lowered to 8 percent
Under the National Bank Act, the central bank must allocate provisions from annual earnings to keep foreign exchange reserves at levels required for monetary policy.
Citing a strengthened equity base in recent years, the SNB will reduce its minimum annual allocation to provisions from 10 percent to 8 percent starting in 2026, subject to annual approval by the Bank Council.
Any profit remaining after reserve allocations is eligible for distribution to public authorities.
Planning certainty without guarantees
The rollover of the payout formula provides welcome fiscal planning certainty for Swiss cantons.
Yet retaining the multi-tier profit thresholds leaves actual disbursements hostage to financial market volatility.
Lowering the reserve allocation provides slight budgetary leeway without removing structural payout uncertainty.