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 9'778 Zürcher Kantonalbank
CHF 5'335 Banque Cantonale Vaudoise
CHF 4'478 Berner Kantonalbank
CHF 4'257 St. Galler Kantonalbank
CHF 4'156 Luzerner Kantonalbank
CHF 3'427 Thurgauer Kantonalbank
CHF 3'305 Banque Cantonale de Genève
CHF 3'117 Banque Cantonale de Fribourg
CHF 2'483 Basellandschaftliche Kantonalbank
CHF 2'461 Basler Kantonalbank
CHF 2'270 Graubündner Kantonalbank
CHF 2'021 Banque Cantonale Neuchâteloise
CHF 1'960 Banca dello Stato del Cantone Ticino
CHF 1'408 Banque Cantonale du Valais
CHF 1'313 Aargauische Kantonalbank
CHF 1'227 Schwyzer Kantonalbank
CHF 1'168 Zuger Kantonalbank
CHF 851 Nidwaldner Kantonalbank
CHF 681 Banque Cantonale du Jura
CHF 628 Urner Kantonalbank
CHF 598 Schaffhauser Kantonalbank
CHF 522 Glarner Kantonalbank
CHF 464 Obwaldner Kantonalbank
CHF 362 Appenzeller Kantonalbank
CHF 58'270 Total

Status as of 31 December 2019

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