Loan book

The proceeds from the bonds taken up by the market are passed on to the 24 Swiss cantonal banks in the form of loans. The cantonal banks not only hold the Pfandbriefzentrale's entire share capital but are also the sole borrowers. 21 cantonal banks also have an unlimited state guarantee from their canton for their commitments. All the cantonal banks have a good or very good credit rating.

The composition of the mortgage-covered loan book is as follows (amounts in CHF million):

CHF 10'793 Zürcher Kantonalbank
CHF 5'871 Berner Kantonalbank
CHF 5'490 Luzerner Kantonalbank
CHF 5'407 Banque Cantonale Vaudoise
CHF 4'210 St. Galler Kantonalbank
CHF 3'929 Thurgauer Kantonalbank
CHF 3'687 Banque Cantonale de Genève
CHF 3'636 Banque Cantonale de Fribourg
CHF 3'267 Basler Kantonalbank
CHF 2'707 Basellandschaftliche Kantonalbank
CHF 2'240 Graubündner Kantonalbank
CHF 2'132 Banque Cantonale Neuchâteloise
CHF 1'825 Banca dello Stato del Cantone Ticino
CHF 1'700 Banque Cantonale du Valais
CHF 1'513 Aargauische Kantonalbank
CHF 1'409 Zuger Kantonalbank
CHF 1'407 Schwyzer Kantonalbank
CHF 1'008 Nidwaldner Kantonalbank
CHF 759 Schaffhauser Kantonalbank
CHF 736 Banque Cantonale du Jura
CHF 657 Urner Kantonalbank
CHF 633 Glarner Kantonalbank
CHF 492 Obwaldner Kantonalbank
CHF 411 Appenzeller Kantonalbank
CHF 65'919 Total

Status as of 17 February 2021

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