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 11'357 Zürcher Kantonalbank
CHF 7'752 Luzerner Kantonalbank
CHF 6'721 Berner Kantonalbank
CHF 6'717 Banque Cantonale Vaudoise
CHF 6'145 Thurgauer Kantonalbank
CHF 4'538 Banque Cantonale de Fribourg
CHF 4'230 St. Galler Kantonalbank
CHF 4'029 Graubündner Kantonalbank
CHF 3'931 Banque Cantonale de Genève
CHF 3'331 Basellandschaftliche Kantonalbank
CHF 3'297 Basler Kantonalbank
CHF 2'369 Banca dello Stato del Cantone Ticino
CHF 2'295 Banque Cantonale du Valais
CHF 2'225 Banque Cantonale Neuchâteloise
CHF 1'848 Aargauische Kantonalbank
CHF 1'829 Schwyzer Kantonalbank
CHF 1'711 Zuger Kantonalbank
CHF 1'166 Nidwaldner Kantonalbank
CHF 1'055 Schaffhauser Kantonalbank
CHF 1'003 Glarner Kantonalbank
CHF 872 Banque Cantonale du Jura
CHF 717 Urner Kantonalbank
CHF 582 Obwaldner Kantonalbank
CHF 511 Appenzeller Kantonalbank
CHF 80'231 Total

Status as of 12 March 2024

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