SNB released data on its FX reserves for June 2012. They ‘ve grown from CHF305.9bn to 364.9bn, an increase of  59bn or around €49.2bn. ECB’s liabilities to non euro area residents increased by €33.5bn from €116.4bn to €149.9bn during the same period. So it seems that euro outflows kept their strength in June. The difference between SNB and ECB figures probably suggests that the SNB invested a part of its reserves in securites (although FX reserves data also include other currencies and their exact composition is not known for June).

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