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 11'299 Zürcher Kantonalbank
CHF 6'292 Berner Kantonalbank
CHF 5'888 Luzerner Kantonalbank
CHF 5'526 Banque Cantonale Vaudoise
CHF 4'430 Thurgauer Kantonalbank
CHF 4'122 St. Galler Kantonalbank
CHF 3'895 Banque Cantonale de Fribourg
CHF 3'678 Banque Cantonale de Genève
CHF 3'367 Basler Kantonalbank
CHF 2'902 Basellandschaftliche Kantonalbank
CHF 2'160 Banque Cantonale Neuchâteloise
CHF 2'139 Graubündner Kantonalbank
CHF 1'954 Banca dello Stato del Cantone Ticino
CHF 1'830 Banque Cantonale du Valais
CHF 1'665 Aargauische Kantonalbank
CHF 1'521 Schwyzer Kantonalbank
CHF 1'482 Zuger Kantonalbank
CHF 1'049 Nidwaldner Kantonalbank
CHF 828 Banque Cantonale du Jura
CHF 763 Schaffhauser Kantonalbank
CHF 682 Glarner Kantonalbank
CHF 657 Urner Kantonalbank
CHF 502 Obwaldner Kantonalbank
CHF 430 Appenzeller Kantonalbank
CHF 69'061 Total

Status as of 16 September 2021

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