The SNB uses repo transactions to manage the Swiss franc liquidity in the financial system, thereby keeping the secured short-term Swiss franc money market rates close to the SNB policy rate. Find further information on the SNB’s repo transactions here, for example concerning collateral eligible for SNB repos, as well as current circular letters to market participants.

In accordance with art. 9 para. 1 (e) of the National Bank Act, the Swiss National Bank (SNB) may enter into credit transactions with banks and other financial market participants on condition that sufficient collateral is provided for the loans. As a rule, open market transactions are carried out and standing facilities are used by means of repo transactions.

Only securities that fulfil stringent requirements with regard to credit rating and liquidity are accepted as collateral by the SNB. The criteria for the eligibility of securities are detailed in the ‘Instruction sheet on collateral eligible for SNB repos’. Only those securities included in the list of collateral eligible for SNB repos may be pledged as collateral for repo transactions. The SNB decides whether securities will be included in the list of collateral or excluded from it. All securities contained in the list form part of the SNB GC Basket.

Based on their characteristics, the securities in the SNB GC Basket are assigned to additional baskets. The L1 Basket contains Swiss franc and foreign currency securities issued by, as a rule, central banks, public sector entities and multilateral development banks. The L2A Basket contains all other securities from the SNB GC Basket. In addition, Swiss franc securities are pooled in an L1 CHF Basket and an L2A CHF Basket.

The SNB maintains the 'List of collateral eligible for SNB repos (SNB GC Basket)', updating and publishing it on a daily basis. It also publishes a list of all modifications to the basket. This list covers new inclusions, exclusions and redemptions over the last 12 months and is also updated every day. By subscribing to an RSS feed, you will receive a daily update of the latest list of securities eligible for SNB repos.

An online search function (Search list) can be used to check whether a particular security is eligible for SNB repos. A similar function is also available for the modifications (Search modifications), allowing specific searches to be carried out for new inclusions, exclusions and redemptions. Personal search settings can be saved (in Favourites) or exported as a CSV or XML file.

The two list tables accessible below use Microsoft Office Excel 2007 (file format: .xlsx). Users with older Excel versions are requested to download the tables in CSV format (cf. Search list and Search modifications).

If you wish to apply for inclusion of a security in the list or if you have questions relating to the list, to modifications or to the ‘Instruction sheet on collateral eligible for SNB repos’, please contact the Portfolio & Financial Data Administration team, SNB Department III, email repo.administration@snb.ch. The SNB does not comment on inclusion in the list of collateral eligible for SNB repos prior to the payment date.