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 9'658 Zürcher Kantonalbank
CHF 5'542 Banque Cantonale Vaudoise
CHF 4'335 Berner Kantonalbank
CHF 4'042 St. Galler Kantonalbank
CHF 3'769 Luzerner Kantonalbank
CHF 3'350 Thurgauer Kantonalbank
CHF 3'255 Banque Cantonale de Genève
CHF 3'183 Banque Cantonale de Fribourg
CHF 2'443 Basler Kantonalbank
CHF 2'400 Basellandschaftliche Kantonalbank
CHF 2'134 Banque Cantonale Neuchâteloise
CHF 2'124 Graubündner Kantonalbank
CHF 2'019 Banca dello Stato del Cantone Ticino
CHF 1'397 Banque Cantonale du Valais
CHF 1'239 Aargauische Kantonalbank
CHF 1'194 Schwyzer Kantonalbank
CHF 1'153 Zuger Kantonalbank
CHF 827 Nidwaldner Kantonalbank
CHF 668 Banque Cantonale du Jura
CHF 596 Urner Kantonalbank
CHF 571 Schaffhauser Kantonalbank
CHF 499 Glarner Kantonalbank
CHF 452 Obwaldner Kantonalbank
CHF 366 Appenzeller Kantonalbank
CHF 57'216 Total

Status as of 15 July 2019

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