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 11'685 Zürcher Kantonalbank
CHF 6'424 Luzerner Kantonalbank
CHF 6'295 Berner Kantonalbank
CHF 5'454 Banque Cantonale Vaudoise
CHF 4'794 Thurgauer Kantonalbank
CHF 4'271 Banque Cantonale de Fribourg
CHF 4'186 St. Galler Kantonalbank
CHF 3'852 Banque Cantonale de Genève
CHF 3'271 Basler Kantonalbank
CHF 3'054 Basellandschaftliche Kantonalbank
CHF 2'280 Banque Cantonale Neuchâteloise
CHF 2'251 Graubündner Kantonalbank
CHF 2'194 Banca dello Stato del Cantone Ticino
CHF 1'989 Banque Cantonale du Valais
CHF 1'786 Aargauische Kantonalbank
CHF 1'625 Schwyzer Kantonalbank
CHF 1'612 Zuger Kantonalbank
CHF 1'164 Nidwaldner Kantonalbank
CHF 829 Banque Cantonale du Jura
CHF 793 Schaffhauser Kantonalbank
CHF 736 Glarner Kantonalbank
CHF 703 Urner Kantonalbank
CHF 525 Obwaldner Kantonalbank
CHF 454 Appenzeller Kantonalbank
CHF 72'227 Total

Status as of 22 April 2022

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