snb fight against chf appreciation through sterilisation forex operations and 0 interest rates, refuses 2 peg exchange rate but 4 introduction of controls on banks credit supply through higher or lower capital ratios according to the cycle. joins austrian theory on credit cycles. the quesiton, why did they nbot follow themselves this policy be4 when eur/chf was at 1.65 by raising ratessimlar 2 Europe? Menawhile negative artes means lower real estate price in future and funding gap for pension funds linked 2 property? plausible.see fuw

Quote : "Zudem soll der Puffer generell einem übermässigen Kreditwachstum entgegenwirken. In der Aktivierung und Deaktivierung des antizyklischen Kapitalpuffers soll neben dem Finanzdepartement (EFD) und der Finma die Nationalbank eine zentrale Rolle einnehmen."

meanwhile, the glacial era is starting 4 the swiss eocnomy, read this report

Strong franc and growth concerns

Dear Reader,

Equities: The strong franc and significant economic concerns have greatly diminished expectations for corporate earnings in francs. The striking yield gap between Swiss equities and franc bonds should not narrow again until economic expectations have stabilized. Switzerland is not currently our equity market of choice. Bonds: The Swiss bond market was supported by economic concerns and the possibility that the European debt crisis could spread to other countries. We favor bonds issued by broadly diversified, internationally active companies with limited exposure to European peripheral states. Real estate: Real estate investments have limited upside potential. Economy and Swiss franc: The strong franc is stifling parts of the Swiss economy. The government and the Swiss National Bank are taking more aggressive action to weaken the franc. We expect the franc to weaken moderately. swiss fund industry lost market share. Why ? Mangers operate from London w/ Luxembourg domiciled societies EU compliant. Towers watson and Diana Mackay in Chancen für Schweizer Anbieter die zu den profiliertesten Kennern der Fondsbranche in Europa zählt, believe that w/ lots of chf in deposits chf investments will increase. really , r u the specialist?