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 9'568 Zürcher Kantonalbank
CHF 5'492 Banque Cantonale Vaudoise
CHF 4'106 Berner Kantonalbank
CHF 4'042 St. Galler Kantonalbank
CHF 3'521 Luzerner Kantonalbank
CHF 3'221 Thurgauer Kantonalbank
CHF 3'141 Banque Cantonale de Fribourg
CHF 3'053 Banque Cantonale de Genève
CHF 2'280 Basellandschaftliche Kantonalbank
CHF 2'222 Basler Kantonalbank
CHF 2'055 Banque Cantonale Neuchâteloise
CHF 1'993 Banca dello Stato del Cantone Ticino
CHF 1'948 Graubündner Kantonalbank
CHF 1'347 Banque Cantonale du Valais
CHF 1'141 Aargauische Kantonalbank
CHF 1'127 Zuger Kantonalbank
CHF 1'123 Schwyzer Kantonalbank
CHF 803 Nidwaldner Kantonalbank
CHF 681 Banque Cantonale du Jura
CHF 595 Urner Kantonalbank
CHF 534 Schaffhauser Kantonalbank
CHF 475 Glarner Kantonalbank
CHF 442 Obwaldner Kantonalbank
CHF 355 Appenzeller Kantonalbank
CHF 55'265 Total

Status as of 31 March 2019

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