The SNB released data on its FX reserves regarding 2012Q3. Securities investments were CHF342.73bn while deposits 86.58bn in September. Here’s a breakdown for the last few months:
It is clear that the SNB managed to increase its reserves substantially while actually decreasing its deposits with foreign central banks (mainly the ECB). In Euro terms FX reserves increased €53.6bn, securities €71.1bn and deposits dropped €17.5bn. As a result, the growth in its reserves was not reflected on the Eurosystem balance sheet as during 2012H1.
Data on investment assets composition were also released:
What’s clearly impressive is the fact that the SNB was able to diversify out of the Euro and into other currencies such as the US$ and the BGP with Euro share dropping from 60% to 48%. Government bonds also dropped a bit from 85% to 83%. Calculated euro securities holdings went from €154bn in 2012Q2 to €164bn in 2012Q3, a change of only €10bn, despite securities increasing by over €71bn during the same period. In other words (assuming that all of SNB FX reserves are a result of its Euro floor), around €60bn were sold in exchange for other currencies in 2012Q3 which should be considered a large flow.
It will be very interesting to observe how the SNB reserves balances change in September.