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 11'924 Zürcher Kantonalbank
CHF 7'096 Luzerner Kantonalbank
CHF 6'814 Berner Kantonalbank
CHF 6'106 Banque Cantonale Vaudoise
CHF 5'613 Thurgauer Kantonalbank
CHF 4'349 Banque Cantonale de Fribourg
CHF 4'232 St. Galler Kantonalbank
CHF 3'938 Banque Cantonale de Genève
CHF 3'319 Basler Kantonalbank
CHF 3'251 Basellandschaftliche Kantonalbank
CHF 2'962 Graubündner Kantonalbank
CHF 2'320 Banca dello Stato del Cantone Ticino
CHF 2'231 Banque Cantonale Neuchâteloise
CHF 2'111 Banque Cantonale du Valais
CHF 1'849 Aargauische Kantonalbank
CHF 1'744 Schwyzer Kantonalbank
CHF 1'677 Zuger Kantonalbank
CHF 1'222 Nidwaldner Kantonalbank
CHF 846 Schaffhauser Kantonalbank
CHF 817 Banque Cantonale du Jura
CHF 787 Glarner Kantonalbank
CHF 704 Urner Kantonalbank
CHF 551 Obwaldner Kantonalbank
CHF 491 Appenzeller Kantonalbank
CHF 76'954 Total

Status as of 22 December 2022

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