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 12'072 Zürcher Kantonalbank
CHF 6'710 Luzerner Kantonalbank
CHF 6'683 Berner Kantonalbank
CHF 5'613 Banque Cantonale Vaudoise
CHF 5'039 Thurgauer Kantonalbank
CHF 4'375 Banque Cantonale de Fribourg
CHF 4'235 St. Galler Kantonalbank
CHF 3'851 Banque Cantonale de Genève
CHF 3'271 Basler Kantonalbank
CHF 3'054 Basellandschaftliche Kantonalbank
CHF 2'536 Graubündner Kantonalbank
CHF 2'281 Banca dello Stato del Cantone Ticino
CHF 2'215 Banque Cantonale Neuchâteloise
CHF 2'046 Banque Cantonale du Valais
CHF 1'836 Aargauische Kantonalbank
CHF 1'690 Schwyzer Kantonalbank
CHF 1'648 Zuger Kantonalbank
CHF 1'217 Nidwaldner Kantonalbank
CHF 841 Schaffhauser Kantonalbank
CHF 812 Banque Cantonale du Jura
CHF 766 Glarner Kantonalbank
CHF 708 Urner Kantonalbank
CHF 534 Obwaldner Kantonalbank
CHF 468 Appenzeller Kantonalbank
CHF 74'501 Total

Status as of 9 September 2022

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