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 10'513 Zürcher Kantonalbank
CHF 5'302 Banque Cantonale Vaudoise
CHF 5'205 Berner Kantonalbank
CHF 4'846 Luzerner Kantonalbank
CHF 4'237 St. Galler Kantonalbank
CHF 3'653 Banque Cantonale de Genève
CHF 3'542 Thurgauer Kantonalbank
CHF 3'373 Banque Cantonale de Fribourg
CHF 3'001 Basler Kantonalbank
CHF 2'746 Basellandschaftliche Kantonalbank
CHF 2'260 Graubündner Kantonalbank
CHF 2'036 Banque Cantonale Neuchâteloise
CHF 1'943 Banca dello Stato del Cantone Ticino
CHF 1'512 Banque Cantonale du Valais
CHF 1'508 Aargauische Kantonalbank
CHF 1'330 Schwyzer Kantonalbank
CHF 1'277 Zuger Kantonalbank
CHF 872 Nidwaldner Kantonalbank
CHF 705 Schaffhauser Kantonalbank
CHF 700 Banque Cantonale du Jura
CHF 653 Urner Kantonalbank
CHF 554 Glarner Kantonalbank
CHF 471 Obwaldner Kantonalbank
CHF 372 Appenzeller Kantonalbank
CHF 62'611 Total

Status as of 30 June 2020

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