UNEXCHANGED SWISS BANKNOTE FUNDS

 

Switzerland's central bank said today (May 9) that it would hand over to the government an emergency relief fund cash that had previously been earmarked for the exchange of old banknotes.

The Swiss National Bank (SNB) is to transfer a total of Sfr890.6 million ($1.07 billion) that was set aside for the exchange of sixth-series banknotes, which ceased to be legal tender in 2000. The bank said the Sfr890.6 million amounted to 90% of the value of the notes that had not been exchanged by April 30.

A total of CHF178.1 million will be paid to the Swiss Fund for Assistance in the Event of Uninsurable Natural Disaster Damage (fondssuisse). Two-thirds of the remaining money will go to the cantons (CHF475 million) and one-third to the federal government (CHF237.5 million), according to the press release.

The distribution of the money is governed by the Federal Act on Currency and Payment Instruments. It stipulates that 25 years after the recall of a banknote series, the equivalent value of the banknotes that have not been exchanged will be allocated according to a distribution formula. The SNB said the beneficiaries will be paid in May 2025.

To read the complete article, see:
SNB to hand out cash earmarked for exchange of defunct notes (https://www.centralbanking.com/central-banks/currency/banknotes/7972854/snb-to-hand-out-cash-earmarked-for-exchange-of-defunct-notes)

A total of CHF178.1 million will be paid to the Swiss Fund for Assistance in the Event of Uninsurable Natural Disaster Damage (fondssuisse). Two-thirds of the remaining money will go to the cantons (CHF475 million) and one-third to the federal government (CHF237.5 million), according to the press release.

The distribution of the money is governed by the Federal Act on Currency and Payment Instruments. It stipulates that 25 years after the recall of a banknote series, the equivalent value of the banknotes that have not been exchanged will be allocated according to a distribution formula. The SNB said the beneficiaries will be paid in May 2025.

To read the complete article, see:
Swiss authorities profit from unexchanged banknotes (https://www.swissinfo.ch/eng/various/confederation-and-cantons-profit-from-banknotes-that-are-not-exchanged/89291798)

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