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 12'048 Zürcher Kantonalbank
CHF 6'650 Berner Kantonalbank
CHF 6'634 Luzerner Kantonalbank
CHF 5'559 Banque Cantonale Vaudoise
CHF 4'992 Thurgauer Kantonalbank
CHF 4'364 Banque Cantonale de Fribourg
CHF 4'210 St. Galler Kantonalbank
CHF 3'871 Banque Cantonale de Genève
CHF 3'271 Basler Kantonalbank
CHF 3'054 Basellandschaftliche Kantonalbank
CHF 2'509 Graubündner Kantonalbank
CHF 2'272 Banca dello Stato del Cantone Ticino
CHF 2'250 Banque Cantonale Neuchâteloise
CHF 2'037 Banque Cantonale du Valais
CHF 1'851 Aargauische Kantonalbank
CHF 1'690 Schwyzer Kantonalbank
CHF 1'658 Zuger Kantonalbank
CHF 1'206 Nidwaldner Kantonalbank
CHF 834 Schaffhauser Kantonalbank
CHF 827 Banque Cantonale du Jura
CHF 754 Glarner Kantonalbank
CHF 713 Urner Kantonalbank
CHF 534 Obwaldner Kantonalbank
CHF 459 Appenzeller Kantonalbank
CHF 74'247 Total

Status as of 19 July 2022

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