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 9'463 Zürcher Kantonalbank
CHF 5'509 Banque Cantonale Vaudoise
CHF 4'058 Berner Kantonalbank
CHF 4'043 St. Galler Kantonalbank
CHF 3'428 Luzerner Kantonalbank
CHF 3'162 Thurgauer Kantonalbank
CHF 3'161 Banque Cantonale de Fribourg
CHF 2'953 Banque Cantonale de Genève
CHF 2'157 Basler Kantonalbank
CHF 2'125 Basellandschaftliche Kantonalbank
CHF 2'048 Banque Cantonale Neuchâteloise
CHF 1'981 Banca dello Stato del Cantone Ticino
CHF 1'948 Graubündner Kantonalbank
CHF 1'347 Banque Cantonale du Valais
CHF 1'130 Zuger Kantonalbank
CHF 1'110 Schwyzer Kantonalbank
CHF 1'106 Aargauische Kantonalbank
CHF 769 Nidwaldner Kantonalbank
CHF 670 Banque Cantonale du Jura
CHF 587 Urner Kantonalbank
CHF 517 Schaffhauser Kantonalbank
CHF 451 Glarner Kantonalbank
CHF 442 Obwaldner Kantonalbank
CHF 350 Appenzeller Kantonalbank
CHF 54'515 Total

Status as of 31 December 2018

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