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 10'743 Zürcher Kantonalbank
CHF 5'771 Berner Kantonalbank
CHF 5'337 Banque Cantonale Vaudoise
CHF 5'250 Luzerner Kantonalbank
CHF 4'182 St. Galler Kantonalbank
CHF 3'792 Thurgauer Kantonalbank
CHF 3'687 Banque Cantonale de Genève
CHF 3'636 Banque Cantonale de Fribourg
CHF 3'167 Basler Kantonalbank
CHF 2'791 Basellandschaftliche Kantonalbank
CHF 2'260 Graubündner Kantonalbank
CHF 2'062 Banque Cantonale Neuchâteloise
CHF 1'838 Banca dello Stato del Cantone Ticino
CHF 1'650 Banque Cantonale du Valais
CHF 1'513 Aargauische Kantonalbank
CHF 1'407 Schwyzer Kantonalbank
CHF 1'364 Zuger Kantonalbank
CHF 958 Nidwaldner Kantonalbank
CHF 741 Banque Cantonale du Jura
CHF 729 Schaffhauser Kantonalbank
CHF 647 Urner Kantonalbank
CHF 608 Glarner Kantonalbank
CHF 487 Obwaldner Kantonalbank
CHF 396 Appenzeller Kantonalbank
CHF 65'016 Total

Status as of 18 November 2020

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