The SNB released its foreign reserve data for May:

Foreign currency reserves increased from 237.6bn francs to 303.8bn. Presented in euros, May saw an increase of €55.2bn in SNB foreign currency holdings. If one takes a close look at ECB’s financial statements he »ll find out that the entry ‘Liabilities to non-euro area residents denominated in euro’ increased from €77.5bn on May 4 to €116.4bn on June 1, a change of €38.9bn. Since the Fed-ECB currency swaps seem to have stabilized and the Swiss franc rate is close to the floor of 1.20 set by the SNB, this entry can act as a close proxy of capital flight towards Swiss banks. It’s rather obvious that things have turned negative since the start of May:

ps: On the subject of capital flight, Bundesbank Target2 claims for May came at €698.6bn: http://www.bundesbank.de/Redaktion/EN/Standardartikel/Service/Services_banks_companies/target2_balance.html

Advertisements