Swiss National Bank Banks in Switzerland th year

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1 Swiss National Bank Banks in Switzerland th year Statistics Zurich 2013

2 Published by Swiss National Bank, Statistics, P.O. Box, CH-8022 Zurich Telephone Further information Accessing SNB publications Swiss National Bank publications can be accessed at Publications, Statistical publications. Publication dates are listed at Media, Time schedule. Many of the statistical publications are available in printed form, either as single copies or in subscription, from: Swiss National Bank, Library, P.O. Box, CH-8022 Zurich Telephone , fax Languages German, French and English Copyright The Swiss National Bank (SNB) respects all third-party rights, in particular rights relating to works protected by copyright (information or data, wordings and depictions, to the extent that these are of an individual character). SNB publications containing a reference to a copyright ( Swiss National Bank/ SNB, Zurich/year, or similar) may, under copyright law, only be used (reproduced, used via the internet, etc.) for non-commercial purposes and provided that the source is mentioned. Their use for commercial purposes is only permitted with the prior express consent of the SNB. General information and data published without reference to a copyright may be used without mentioning the source. To the extent that the information and data clearly derive from outside sources, the users of such information and data are obliged to respect any existing copyrights and to obtain the right of use from the relevant outside source themselves. Limitation of liability The SNB accepts no responsibility for any information it provides. Under no circumstances will it accept any liability for losses or damage which may result from the use of such information. This limitation of liability applies, in particular, to the topicality, accuracy, validity and availability of the information. Swiss National Bank, Zurich/Berne 2013 Printed by Neidhart + Schön AG, Zurich ISSN (printed version) ISSN (online version)

3 General overview Page COMMENTARY 15 Banks in Switzerland key developments in Explanatory notes on the banking statistics A2 A12 A54 A68 A104 A116 A117 A126 A132 A136 A164 A174 A181 A186 A190 A213 TABLES Banks Balance sheet total Assets Liabilities Breakdown by domestic and foreign categories Geographical breakdown Derivative financial instruments Fiduciary transactions Holdings of securities in bank custody accounts Contingent liabilities and other off-balance-sheet transactions Income statement Capital and liquidity Offices Number of staff Average rates of interest for selected balance sheet items Distribution of selected balance sheet items, by rate of interest Tables covering institutions with a special field of business B3 B25 B28 B29 INFORMATION ON REPORTING INSTITUTIONS List of reporting institutions Changes to reporting institutions Company name changes Swiss banks with branches abroad B32 B35 ADDITIONAL INFORMATION Publications and other resources Keyword index Die Banken in der Schweiz 2012 / Banks in Switzerland

4 Contents in detail / Commentary Page BANKS IN SWITZERLAND KEY DEVELOPMENTS IN Balance sheet business Derivative financial instruments and off-balance-sheet transactions Income statement Capital and liquidity Offices Number of staff Average rate of interest and distribution by rate of interest EXPLANATORY NOTES ON THE BANKING STATISTICS Definitions Legal basis Financial reporting regulations Bank categories Institutions with a special field of business Number of banks subject to reporting requirements; additions and removals Surveys Comments on the historical comparability of the statistics Banks in Switzerland on the SNB website Websites 4 Die Banken in der Schweiz 2012 / Banks in Switzerland 2012

5 Contents in detail / Tables Page Table 11 Conventions used in this yearbook and notes BANKS Balance sheet total A2 1 Balance sheet total A4 2 Breakdown of bank categories by balance sheet total A10 3 Number of institutions, by legal status Assets A12 4 Assets A20 5 Share of balance sheet total for each asset category A21 6 Liquid assets A24 7 Amounts due arising from money market instruments A28 8 Consumer credit lending (utilised) A30 9 Lending to domestic public law institutions A33 10 Domestic mortgage loans, annual increases and decreases A36 11a Domestic mortgage loans (first, second and third mortgages) A39 13 Geographic breakdown of savings (by domicile) and of mortgage loans (by location of property) A40 14 Amounts due from and deposits by domestic customers A42 15 Securities A48 16 Participating interests A52 17 Assets, by legal status of institution Liabilities A54 18 Liabilities A62 19 Share of balance sheet total for each category of liability A39 13 Geographic breakdown of savings (by domicile) and of mortgage loans (by location of property) A40 14 Amounts due from and deposits by domestic customers A63 22 Central mortgage institution loans A64 23 Liabilities, by legal status of institution Die Banken in der Schweiz 2012 / Banks in Switzerland

6 Page Table Breakdown by domestic and foreign categories A68 24 Assets and liabilities, domestic and foreign, by CHF or foreign currency A94 25 Assets and liabilities, by currency A96 26 Assets and liabilities, domestic and foreign A97 27 Assets and liabilities, domestic and foreign, by currency A98 28 Precious metal accounts included in the balance sheet A100 28a Non-monetary claims and liabilities arising from lending and repo transactions recorded in the balance sheet A Interbank claims and liabilities A Assets and liabilities for the bank office reporting entity Geographical breakdown A Geographical breakdown of assets and liabilities shown in the balance sheet Derivative financial instruments A Outstanding derivative financial instruments Fiduciary transactions A Fiduciary transactions, domestic and foreign, by currency A Fiduciary transactions, by bank category A Fiduciary transactions, by country Holdings of securities in bank custody accounts A126 38a Holdings of securities in bank custody accounts, by domicile of custody account holder, business sector and investment currency A128 38b Holdings of securities in bank custody accounts, by domicile of custody account holder, category of security and investment currency A130 38c Holdings of securities in bank custody accounts, by domicile of custody account holder, category of security and business sector Contingent liabilities and other off-balance-sheet transactions A Contingent liabilities and other off-balance-sheet transactions 6 Die Banken in der Schweiz 2012 / Banks in Switzerland 2012

7 Page Table Income statement A Income statement A Income statement, by legal status of institution A Distribution of profit A Personnel expenses Capital and liquidity A164 44a Capital adequacy reporting A Liquidity statement Offices A Offices in Switzerland and in foreign countries A Breakdown of offices, by location and bank category A Location of registered offices and branches Number of staff A Number of staff A Number of staff, by location and by gender Average rates of interest for selected balance sheet items A Average rate of interest, individual asset items A Average rate of interest, individual liability items Distribution of selected balance sheet items, by rate of interest A Domestic mortgage loans, in CHF, by rate of interest Website 561 Amounts due from domestic banks, in CHF, by rate of interest Website 562 Amounts due from domestic customers, in CHF, by rate of interest A Amounts due to domestic customers in savings or deposit accounts, in CHF, by rate of interest Website 571 Amounts due to domestic banks, in CHF, by rate of interest A Cash bonds, in CHF, by rate of interest A Bond issues, in CHF, by rate of interest A Mortgage bond issues, by rate of interest Die Banken in der Schweiz 2012 / Banks in Switzerland

8 Page Table Tables covering institutions with a special field of business A Assets A Liabilities A Income statement A Number of staff 8 Die Banken in der Schweiz 2012 / Banks in Switzerland 2012

9 Information on reporting institutions Page Table B3 LIST OF REPORTING INSTITUTIONS B Institutions with a special field of business B Cantonal banks B Big banks B8 B Regional banks and savings banks 3.10 RBA Holding banks 3.20 Other regional banks and savings banks B Raiffeisen banks B13 B14 B16 B17 B Other banks 5.11 Commercial banks 5.12 Banks that specialise in stock exchange, securities and asset management business 5.13 Institutions in the fields of consumer credit lending, hire purchase and other consumer finance 5.14 Other banking institutions 5.20 Foreign-controlled banks B Branches of foreign banks B24 B Private bankers 8.10 Private bankers who actively seek deposits from the public 8.20 Private bankers who do not actively seek deposits from the public B25 Changes to reporting institutions B28 Company name changes B29 Swiss banks with branches abroad Die Banken in der Schweiz 2012 / Banks in Switzerland

10 Additional information Page B32 B35 Table Publications and other resources Keyword index 10 Die Banken in der Schweiz 2012 / Banks in Switzerland 2012

11 Conventions used in this yearbook and notes CONVENTIONS USED IN THIS YEARBOOK 0 Rounded zero or value negligible. Absolute zero.. Data confidential, not available or not applicable. 195 Figures in bold type show new or revised values. Break in the series. NOTES Rounding differences The figures in the tables are rounded. Where rounded figures are used in calculations (totals, balances, rates of change, shares), deviations from the exact values can result. Further information publications@snb.ch Banks in Switzerland on the SNB website The tables published in Banks in Switzerland are also available on the SNB website at Statistics, Statistical publications, Banks in Switzerland, and are updated annually. Moreover, some tables that are not included in the printed version of Banks in Switzerland for lack of space are published on the SNB website. In the table of contents, website is added next to these supplementary tables instead of the page number. The name of the table has three digits, e.g. 561, 562. Editorial deadline The cut-off date for the tables was 23 May Die Banken in der Schweiz 2012 / Banks in Switzerland

12 12 Die Banken in der Schweiz 2012 / Banks in Switzerland 2012

13 Commentary Die Banken in der Schweiz 2012 / Banks in Switzerland

14 14 Die Banken in der Schweiz 2012 / Banks in Switzerland 2012

15 Banks in Switzerland Key developments in 2012 This publication contains data on the individual financial statements of banks (parent companies) as required by law. With the big banks, in particular, these statements may differ from the group financial statements BALANCE SHEET BUSINESS In 2012, the aggregate balance sheet total for all banks in Switzerland went down slightly by 0.5% or CHF 14.7 billion to CHF 2,778.3 billion. The performance of the individual banking categories varied, with an expansion in balance sheet totals recorded by the following categories, in particular: cantonal banks (CHF 32.9 billion), Raiffeisen banks (CHF 8.8 billion) and private bankers (CHF 7.4 billion), as well as the branches of foreign banks (CHF 37.3 billion). In contrast, the big bank category registered a substantial contraction in its balance sheet total (down by CHF billion), due in particular to foreign business. In 2012, domestic business rose significantly, by CHF billion on the asset side and by CHF 59.0 billion on the liability side of the balance sheet. This increase meant that, for the first time since 1997, domestic assets of banks in Switzerland exceeded foreign assets (CHF 1,492.6 billion, compared to CHF 1,285.7 billion). Since 2007, the proportion of domestic business has also been increasing on the liabilities side. In 2012, domestic items rose by CHF 59.0 billion to CHF 1,363.8, while foreign items declined by CHF 73.7 billion to CHF 1,414.4 billion. Under mortgage loans, which account for some 30% of the aggregate balance sheet total, the strong growth recorded in previous years continued. Domestic mortgage loans were up by CHF 36.6 billion or 4.6% to CHF billion (2011: 5.2%). This increase was attributable, in particular, to the cantonal banks (up by CHF 14.1 billion or 5.1% to CHF billion), the big banks (up by CHF 11.6 billion or 4.8% to CHF billion) and the Raiffeisen banks (up by CHF 7.1 billion or 5.5% to CHF billion). Once again, fixed-interest mortgage loans were up (by CHF 30.2 billion or 4.4% to CHF billion). Unlike Balance sheet total Assets 1 Individual financial statements as required by law (parent company) relate to the business conducted by the banks head offices in Switzerland and their legally dependent domestic and foreign branches. Consolidated financial statements, however, also include business conducted by the banks legally autonomous subsidiaries in Switzerland and in other countries (banks and non-banks). Further information on the data collection conventions may be found in Explanatory notes on the banking statistics. Die Banken in der Schweiz 2012 / Banks in Switzerland

16 previous years, the variable-interest mortgages also increased in 2012 (by CHF 6.8 billion or 5.9% to CHF billion). Sundry loans, which are entered under the amounts due from customers item, rose by CHF 44.8 billion or 8.7% in total to CHF billion. The increase is mainly attributable to loans abroad (up by CHF 35.0 billion to CHF billion), and here, in particular, to lending by big banks (up by CHF 26.9 billion to CHF billion). For loans to domestic borrowers, the advance was CHF 9.8 billion (to CHF billion), with increases recorded mainly in lending to financial and non-financial companies. In connection with the Swiss National Bank s (SNB) measures for the enforcement of the minimum exchange rate, SNB sight deposits grew substantially (up by CHF 94.6 billion to CHF billion). Bank sight deposits at foreign central banks, however, declined significantly (down by CHF 14.4 billion to CHF 56.2 billion). Overall, liquid assets increased by CHF 81.8 billion to CHF billion. The amounts due from banks item moved in the opposite direction to that of liquid assets, with a decline by CHF billion to CHF billion. In particular, amounts due from banks abroad fell significantly, by CHF 95.8 billion to CHF billion. The amounts due arising from the money market instruments item was down by almost one-third or CHF 22.6 billion, to CHF 55.5 billion, where a decline was recorded in the stocks of instruments issued both by domestic borrowers (down by CHF 4.1 billion to CHF 2.7 billion) and by foreign borrowers (down by CHF 18.5 billion to CHF 52.9 billion). Trading portfolios of securities and precious metals decreased by CHF 12.7 billion to CHF billion, despite rising stock exchange prices. In contrast, an increase of CHF 8.2 billion to CHF billion was recorded for financial investments, while participating interests were down by CHF 2.6 billion to CHF 61.7 billion. The other assets item was down by one-third or CHF 46.3 billion to CHF 85.1 billion, mainly because the positive replacement value of outstanding derivative financial instruments declined by CHF 42.7 billion to CHF 75.6 billion. Liabilities Once again, a substantial advance was recorded in customer deposits, by a total of CHF 72.1 billion to CHF 1,571.5 billion. The increase also reflected the significant increase in bank lending. The amounts due to customers in the savings or deposit accounts item was up by CHF 38.1 billion to CHF billion. In the case of the other amounts due to customers item, while sight liabilities recorded growth (up by CHF 85.6 billion to CHF billion), time liabilities declined (down by CHF 47.5 billion to CHF billion). The amounts due from cash bonds item decreased by CHF 4.1 billion to CHF 30.1 billion. As in previous years, sight deposits and savings deposits rose, while time deposits and cash bonds declined. 16 Die Banken in der Schweiz 2012 / Banks in Switzerland 2012

17 The amounts due to banks item went down by CHF 10.0 billion to CHF billion, with the decrease occurring both domestically (by CHF 8.6 billion to CHF 76.2 billion) and abroad (by CHF 1.4 billion to CHF billion). The amounts due from bond issues and central mortgage institution loans item advanced by CHF 4.7 billion to CHF billion, attributable mainly to increases in the domestic sector, especially on central mortgage institution loans (by CHF 6.8 billion to CHF 81.6 billion). Liabilities from money market instruments halved (down by CHF 55.8 billion to CHF 59.9 billion), a development that was almost exclusively attributable to the substantial reduction in big banks stock of money market instruments issued abroad. Under other liabilities, a decline of CHF 25.7 billion to CHF billion was recorded. The main reason for this was the negative replacement values (down by CHF 28.5 billion to CHF 88.7 billion). 2. DERIVATIVE FINANCIAL INSTRUMENTS AND OFF-BALANCE-SHEET TRANSACTIONS The contract volume of derivative financial instruments declined by 15.8% or CHF 8.4 trillion to CHF 44.7 trillion. With a share of 95.8% in total contract volume, big banks dominate transactions in derivative financial instruments. Derivative financial instruments Interest rate derivatives declined substantially, with a fall in contract volume by 21.2% or CHF 8.2 trillion to CHF 30.7 trillion. Positive replacement values were down by 9.3%, while negative replacement values decreased by 6.9%. In terms of contract volume, interest rate derivatives are still the most important category of derivative financial instruments. Foreign exchange derivatives are the second-largest category. Their contract volume rose by 2.9% to CHF 10.6 trillion, while the positive replacement values were down by 21.2% and negative replacement values by 19.1%. Credit derivatives, the third-largest category, recorded significant decreases in contract volume (down by 18.7% to CHF 2.5 trillion), as well as in positive replacement values (down by 56.2%) and negative replacement values (down by 51.0%). The contract volume for derivatives on equity/ index-related products rose by 16.7% to CHF billion; however, the positive and negative replacement values decreased (down by 16.9% and 19.8% respectively). The decline in fiduciary funds continued in 2012, with a fall of almost one-quarter to CHF billion. Funds of this kind invested in euros recorded a particularly pronounced drop halving to CHF 27.7 billion. Fiduciary funds placed in US dollars also decreased (by CHF 11.3 billion to CHF 75.4 billion), as did those in Swiss francs (by CHF 2.4 billion to CHF 6.0 billion). The significant decline in fiduciary fund Fiduciary transactions Die Banken in der Schweiz 2012 / Banks in Switzerland

18 euro investments resulted in a reduction of the euro share from 30.4% to 20.1%. In 2012, the share of the US dollar which is the most important investment currency for fiduciary funds rose from 48.1% to 54.8%. The share of fiduciary funds invested in Swiss francs was down slightly from 4.6% to 4.4%. The substantial decrease was evident in the case of both domestic fiduciary funds (down by CHF 6.8 billion to CHF 24.8 billion) and those from abroad (down by CHF 35.9 billion to CHF billion). Fiduciary funds from advanced economies, in particular, were down sharply, by 32.3%, but significant declines were also recorded in funds from emerging economies (down by 22.7%) and offshore financial centres (down by 19.4%). Securities held in custody accounts Customer holdings of securities in bank custody accounts increased by 8.8% to CHF 4,612.3 billion. This was attributable, in particular, to increasing stock exchange prices. Security holdings are still below the previous peak registered in 2007 (CHF 5,402.3 billion). Among the securities categories, the most substantial rise was recorded by share holdings (up by 13.4% to CHF 1,654.3 billion). Units in collective investment schemes and investments in bonds were also up, with the former advancing by 12.2% to CHF 1,427.3 billion and the latter by 5.1% to CHF 1,268.8 billion. The most important investment currency was still the Swiss franc (share: 48.5%), followed by the US dollar (23.1%) and the euro (18.8%). In 2012, the most significant increases were recorded by securities holdings in US dollars (up by 11.8% to CHF 1,065.2 billion) and Swiss francs (up by 9.1% to CHF 2,239.0 billion). Although investments in euros also rose (by 2.3% to CHF billion), the advance was less pronounced than that for Swiss francs and US dollars. Broken down by custody account holders, the holdings of institutional investors registered the highest growth (up by 12.2% to CHF 3,166.3 billion). Investments by private customers were also up (by 3.1% to CHF 1,110.6 billion), while those of commercial customers decreased slightly (by 1.4% to CHF billion). Custody account holders domiciled abroad held 53.1% of securities, and their holdings rose by 10.1% to CHF 2,449.5 billion in The share of custody account holdings attributable to custody account holders domiciled in Switzerland amounted to 46.9%. Their custody account holdings were also up, by 7.3% to CHF 2,162.8 billion. 18 Die Banken in der Schweiz 2012 / Banks in Switzerland 2012

19 3. INCOME STATEMENT Of the 297 banks covered (2011: 312), 254 recorded an annual profit (2011: 260) and 43 an annual loss (2011: 52). The total annual profit for all the banks decreased by almost a half to CHF 7.1 billion, while the total annual loss rose from CHF 0.5 billion to CHF 6.9 billion. The decline in annual profit and the increase in annual loss was attributable to higher depreciation, provisions and extraordinary expenses at the big banks. 2 Unlike annual results, there was little change in profit from ordinary banking operations (gross profit), which was down by CHF 1.3 billion or 6.9% to CHF 17.4 billion. The main factors responsible for the decline were higher general and administrative expenses, higher personnel expenses, slightly lower net income from commission business and services, and a slightly lower result from trading activities. Net interest income and the other ordinary net income item were both higher than in In interest rate business, a decline was recorded in both the income components (down by CHF 2.1 billion to CHF 44.6 billion) and interest expenses (down by CHF 2.2 billion to CHF 23.7 billion). Since the expenses were down by more than income, net interest income increased slightly with respect to 2011 (by CHF 0.1 billion to CHF 20.9 billion). Looking at the income components, interest and discount income decreased by CHF 1.3 billion to CHF 38.0 billion, interest and dividend income from the trading portfolio decreased by CHF 0.6 billion to CHF 4.5 billion and that from financial investments by CHF 0.3 billion to CHF 2.2 billion. Since 2008, net income from commission business and services has been falling constantly. This continued in 2012, although to a significantly lesser extent. Overall, net income from commission business and services was down by CHF 0.2 billion or 1.0% to CHF 23.4 billion, attributable to a decline in commission income from securities and investment business by CHF 0.9 billion to CHF 22.2 billion. By contrast, growth was recorded in both commission income from lending business (up by CHF 0.3 billion to CHF 2.1 billion) and commission income from other services (up by CHF 0.1 billion to CHF 3.4 billion). On the expenses side, a decrease was recorded (down by CHF 0.4 billion to CHF 4.2 billion). Annual profit and annual loss Gross profit Net interest income Net income from commission business and services 2 The impact of business transactions on individual financial statements (parent company) may differ from their impact on group financial statements and this can result in differences between parent company and group results, some of which may be considerable. Die Banken in der Schweiz 2012 / Banks in Switzerland

20 Result from trading activities Other result from ordinary activities Personnel expenses, general and administrative expenses Overall, there was little change in the result from trading activities item compared to 2011 (down by 1.2% to CHF 8.6 billion). While the result from trading activities was favourable for the majority of banking categories, it was down significantly for one big bank, in particular. The other result from ordinary activities item increased by CHF 0.1 billion or 1.5% to CHF 6.0 billion; however, the individual components of this item moved in opposite directions. The net result from sales of financial investments declined by a half (down by CHF 0.6 billion to CHF 0.5 billion) and the miscellaneous ordinary net income item also decreased (by CHF 0.2 billion to CHF 5.7 billion). These developments were offset by the fact that the net result from participating interests rose one-third, by CHF 0.6 billion to CHF 2.7 billion, while the miscellaneous ordinary expenses item was down by CHF 0.2 billion to CHF 3.0 billion. The operating expenses item rose by CHF 1.2 billion or 2.8% to CHF 41.5 billion, with both the general and administrative expenses item (up by CHF 0.6 billion or 4.5% to CHF 13.9 billion) and the personnel expenses item (up by CHF 0.5 billion or 2.0% to CHF 27.7 billion) contributing to this result. Personnel expenses were mainly influenced by higher wages and salaries (up CHF 0.8 billion or 3.6% to CHF 22.9 billion). This increase was almost entirely attributable to the domestic sector (up CHF 0.8 billion or 4.5% to CHF 18.0 billion). Outside Switzerland, by contrast, wages and salaries remained almost unchanged (up by CHF 0.02 billion or 0.5% to CHF 4.9 billion). Depreciation, value adjustments and provisions Depreciation of tangible assets rose by CHF 6.4 billion to CHF 9.9 billion, influenced strongly by the increase in this item for the two big banks, by CHF 6.7 billion to CHF 8.0 billion, due largely to depreciation of participating interests. For all other bank categories, depreciation of tangible assets was down by a total of CHF 0.3 billion to CHF 1.9 billion. The value adjustments, provisions and losses item recorded a rise of CHF 1.6 billion to CHF 3.6 billion, which was primarily attributable to higher provisions made by one big bank. Extraordinary expenses In 2012, the extraordinary expenses item was up by CHF 3.2 billion to CHF 5.4 billion, thereby influencing total annual profit/loss to a greater degree than in previous years. The increase in this item was mainly attributable to one big bank and the modification of its accounting principles with regard to pension fund schemes. 20 Die Banken in der Schweiz 2012 / Banks in Switzerland 2012

21 4. CAPITAL AND LIQUIDITY Both required capital and eligible capital were down in The decline in required capital (by 2.3% to CHF 76.8 billion) was greater than that in eligible capital (by 0.9% to CHF billion). Consequently, excess capital rose slightly, by 0.3% to CHF 85.3 billion. In the fourth quarter of 2012, the required liquid funds amounted to CHF billion (Q4 2011: CHF billion). The available liquid funds came to CHF billion (CHF billion), thereby increasing the excess cover from CHF billion to CHF billion. By contrast, the liquidity ratio decreased from 216.8% to 213.5%. The increase in liquid funds is attributable to liquid assets, which include bank sight deposits at the SNB. These increased significantly in connection with the SNB s measures for the enforcement of the minimum exchange rate. Capital Liquidity 5. OFFICES In 2012, the number of banks in Switzerland (excluding institutions with a special field of business) fell from 312 to 297. While two new banks were included in the banking statistics, 17 were removed. Five banks were taken over by other banks, six were wound up and one lost its status as a bank. Bankruptcy proceedings were initiated for one bank. These changes involved the stock exchange banks, other banking institutions and foreign-controlled banks categories. In addition, four banks in the branches of foreign banks category were closed. 6. NUMBER OF STAFF In terms of full-time equivalents, staff numbers decreased slightly in 2012 by 3,626 or 2.7% to 128,914. A total of 2,932 jobs disappeared in Switzerland (down by 2.7% to 105,166), while the decline abroad amounted to 694 (down by 2.8% to 23,748). The number of employed men was down by 2,021 or 2.5% to 80,121, and the number of employed women by 1,605 or 3.2% to 48,793. The proportion of female employees declined from 38.0% to 37.8%. Die Banken in der Schweiz 2012 / Banks in Switzerland

22 7. AVERAGE RATE OF INTEREST AND DISTRIBUTION BY RATE OF INTEREST Continuing low interest rates are reflected in the average interest on asset and liability items in Swiss francs: the rate of interest for most items fell significantly again in Under asset items in Swiss francs, the average rate of interest on domestic mortgage loans, 3 weighted by holdings, declined to 2.18% (down by 21 basis points). The average rate of interest on amounts due from domestic customers also decreased, amounting to 2.31% at the end of the year (down by 35 basis points). In both cases, all bank categories contributed to the decline. For liability items in Swiss francs, the average rate of interest on domestic amounts due in savings or deposit accounts was again down, decreasing by 8 basis points to 0.53%. The average rate of interest on other amounts due to domestic customers declined by 5 basis points to 0.31%. All banks recorded lower figures for both items. The rate of interest for amounts due from cash bonds was down by 17 basis points to 1.68%; here, too, all bank categories contributed to the decline. The average rate of interest on bonds, warrant issues and convertible bonds decreased by 22 basis points to 2.13%, with individual bank categories recording decreases ranging between 1 and 30 basis points. The rate of interest on both claims against and liabilities towards domestic banks in Swiss francs, weighted by holdings, recorded a decline. While the rate of interest on the claims side was down by 9 basis points to 0.48%, it fell by 10 basis points to 0.54% on the liabilities side. 3 Not comparable with the reference interest rate for tenancies. For the reference rate for tenancies, only banks in Switzerland whose domestic mortgage loans in Swiss francs exceed a total amount of CHF 300 million are required to report data. 22 Die Banken in der Schweiz 2012 / Banks in Switzerland 2012