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 11'722 Zürcher Kantonalbank
CHF 7'700 Luzerner Kantonalbank
CHF 6'845 Berner Kantonalbank
CHF 6'504 Banque Cantonale Vaudoise
CHF 6'165 Thurgauer Kantonalbank
CHF 4'463 Banque Cantonale de Fribourg
CHF 4'365 St. Galler Kantonalbank
CHF 4'168 Banque Cantonale de Genève
CHF 3'648 Graubündner Kantonalbank
CHF 3'404 Basellandschaftliche Kantonalbank
CHF 3'305 Basler Kantonalbank
CHF 2'327 Banca dello Stato del Cantone Ticino
CHF 2'268 Banque Cantonale du Valais
CHF 2'161 Banque Cantonale Neuchâteloise
CHF 1'848 Aargauische Kantonalbank
CHF 1'823 Schwyzer Kantonalbank
CHF 1'749 Zuger Kantonalbank
CHF 1'166 Nidwaldner Kantonalbank
CHF 1'009 Schaffhauser Kantonalbank
CHF 988 Glarner Kantonalbank
CHF 868 Banque Cantonale du Jura
CHF 702 Urner Kantonalbank
CHF 578 Obwaldner Kantonalbank
CHF 506 Appenzeller Kantonalbank
CHF 80'282 Total

Status as of 28 November 2023

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