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 9'411 Zürcher Kantonalbank
CHF 5'477 Banque Cantonale Vaudoise
CHF 4'041 St. Galler Kantonalbank
CHF 3'988 Berner Kantonalbank
CHF 3'378 Luzerner Kantonalbank
CHF 3'181 Thurgauer Kantonalbank
CHF 3'151 Banque Cantonale de Fribourg
CHF 2'932 Banque Cantonale de Genève
CHF 2'146 Basler Kantonalbank
CHF 2'049 Banque Cantonale Neuchâteloise
CHF 2'031 Basellandschaftliche Kantonalbank
CHF 1'939 Banca dello Stato del Cantone Ticino
CHF 1'916 Graubündner Kantonalbank
CHF 1'344 Banque Cantonale du Valais
CHF 1'101 Zuger Kantonalbank
CHF 1'091 Schwyzer Kantonalbank
CHF 1'082 Aargauische Kantonalbank
CHF 748 Nidwaldner Kantonalbank
CHF 665 Banque Cantonale du Jura
CHF 575 Urner Kantonalbank
CHF 508 Schaffhauser Kantonalbank
CHF 445 Glarner Kantonalbank
CHF 432 Obwaldner Kantonalbank
CHF 340 Appenzeller Kantonalbank
CHF 53'971 Total

Status as of 30 September 2018

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