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 11'307 Zürcher Kantonalbank
CHF 6'327 Berner Kantonalbank
CHF 6'145 Luzerner Kantonalbank
CHF 5'445 Banque Cantonale Vaudoise
CHF 4'514 Thurgauer Kantonalbank
CHF 4'126 St. Galler Kantonalbank
CHF 4'082 Banque Cantonale de Fribourg
CHF 3'793 Banque Cantonale de Genève
CHF 3'367 Basler Kantonalbank
CHF 2'927 Basellandschaftliche Kantonalbank
CHF 2'278 Banque Cantonale Neuchâteloise
CHF 2'139 Graubündner Kantonalbank
CHF 2'064 Banca dello Stato del Cantone Ticino
CHF 1'900 Banque Cantonale du Valais
CHF 1'699 Aargauische Kantonalbank
CHF 1'563 Schwyzer Kantonalbank
CHF 1'542 Zuger Kantonalbank
CHF 1'107 Nidwaldner Kantonalbank
CHF 833 Banque Cantonale du Jura
CHF 749 Schaffhauser Kantonalbank
CHF 702 Glarner Kantonalbank
CHF 671 Urner Kantonalbank
CHF 509 Obwaldner Kantonalbank
CHF 438 Appenzeller Kantonalbank
CHF 70'227 Total

Status as of 15 December 2021

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