The Federal Department of Finance (FDF) and the Swiss National Bank (SNB) have signed a new agreement on SNB profit distributions. Announced on 1st October 2026 in a press release published under event‑related publicity (art. 53 of the listing regulations), it covers the fiscal years 2026 to 2030. The principle remains the same: if the SNB’s financial situation allows, up to 6 billion francs per year can be paid to the Confederation and the cantons.

A convention for the 2026‑2030 fiscal years

The new text applies from the 2026 fiscal year and governs distributions up to the 2030 fiscal year. It replaces the 2021 convention, which covered the 2020‑2025 fiscal years. According to the press release, the terms remain unchanged.

The aim of a multi‑year convention, explains the SNB, is to smooth distribution flows over the medium term: the FDF and the SNB set the key elements in a convention that spans several years. The cantons were informed in advance.

A base amount and four tiers

The 6 billion‑franc per year ceiling is broken down as follows, depending on the SNB’s net profit for the relevant fiscal year:

  • Base amount of 2 billion francs, paid if net profit reaches at least 2 billion;
  • +1 billion if net profit reaches 10 billion francs;
  • +1 billion if it reaches 20 billion;
  • +1 billion if it reaches 30 billion;
  • +1 billion if it reaches 40 billion, bringing the distribution to the maximum of 6 billion.

Concretely, a net profit of 15 billion francs would entitle, according to this scale, to 3 billion (the base amount and the first supplement). Below 2 billion net profit, the scale does not provide a base amount. This is an interpretation of the published mechanism, not a projection for a specific fiscal year.

What changes: the minimum allocation to provisions

The National Bank Act obliges the SNB to set aside, from its annual result, provisions intended to keep monetary reserves at the level required for monetary policy. The profit that remains after this allocation is, in principle, available for distribution to the Confederation and the cantons.

Citing the improvement of its capital position in recent years, the SNB will reduce the minimum allocation to provisions from 10 % to 8 % starting with the 2026 fiscal year. This reduction remains subject to annual approval by the Bank Council. The press release does not specify the base on which this percentage is calculated, nor the expected numerical effect on distributable amounts.

What the press release does not say

  • It provides no indication of the SNB’s expected result for the 2026 fiscal year, nor of the amount that could be paid for that year.
  • It does not detail the allocation of the sums between the Confederation and the cantons, nor among the cantons themselves.
  • It does not specify the payment schedule.
  • It refers, for the text of the agreement and its explanatory notes, to the SNB website; these documents were not consulted for this article.

The payment in any case depends on the SNB’s financial situation: the convention sets a scale and a ceiling, not a guaranteed amount.

Sources