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 11'349 Zürcher Kantonalbank
CHF 6'451 Berner Kantonalbank
CHF 6'027 Luzerner Kantonalbank
CHF 5'503 Banque Cantonale Vaudoise
CHF 4'489 Thurgauer Kantonalbank
CHF 4'076 St. Galler Kantonalbank
CHF 4'015 Banque Cantonale de Fribourg
CHF 3'763 Banque Cantonale de Genève
CHF 3'367 Basler Kantonalbank
CHF 2'902 Basellandschaftliche Kantonalbank
CHF 2'281 Banque Cantonale Neuchâteloise
CHF 2'139 Graubündner Kantonalbank
CHF 2'034 Banca dello Stato del Cantone Ticino
CHF 1'865 Banque Cantonale du Valais
CHF 1'699 Aargauische Kantonalbank
CHF 1'558 Schwyzer Kantonalbank
CHF 1'515 Zuger Kantonalbank
CHF 1'087 Nidwaldner Kantonalbank
CHF 843 Banque Cantonale du Jura
CHF 758 Schaffhauser Kantonalbank
CHF 687 Urner Kantonalbank
CHF 682 Glarner Kantonalbank
CHF 507 Obwaldner Kantonalbank
CHF 430 Appenzeller Kantonalbank
CHF 70'027 Total

Status as of 26 November 2021

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