Noteworthy among these fees is the relative increase in fees for selling products such as investment funds, against a backdrop of growing demand for these assets, bolstered by households seeking more profitable investments than deposits given their low returns. These developments have resulted in the ratio of gross income to assets, which includes fees in addition to net interest income, having fallen to a lesser extent than the net interest margin. Banks have also made huge efforts to reduce their operating expenses through branch closures and job cuts, but to date these expenses have declined more moderately than gross income. This was reflected in a continued increase in the ratio between these two magnitudes, that is, the efficiency ratio, until 2017, which underlines the deterioration in their efficiency during this period. This trend seemed to come to a halt in 2018 when this ratio improved slightly. In terms of assets, in 2018 operating expenses were at similar levels to their pre-crisis ones. However, in a setting where the share of credit in assets is currently significantly lower than it was then, these expenses should also be smaller given that the costs associated with the management of non-credit assets are lower. The information in the consolidated statements also shows that the most recent levels of the efficiency ratio are above pre-crisis ones, therefore indicating a situation of lower efficiency.
Thomas Jordan: Global economic outlook and economic developments in Switzerland Introductory remarks by Mr Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, at the Media News Conference of the Swiss National Bank, Berne, 12 December 2013. *  *  *  Ladies and gentlemen Welcome to the Swiss National Bank’s news conference. I would like to begin today by explaining the SNB’s monetary policy decision before moving on to present our assessment of the economic situation and monetary conditions. My colleague, Jean-Pierre Danthine, will then talk to you about developments in connection with financial stability and banknotes. Finally, my colleague, Fritz Zurbrügg, will look at the current situation on the financial markets, as well as at the management of our currency reserves and interest rate benchmark reforms. As always, we will conclude with a question and answer session. I will now start with our monetary policy decision. As you will have no doubt expected, the SNB is maintaining its minimum exchange rate of CHF 1.20 per euro. The Swiss franc is still high. With the three-month Libor already practically at zero, the minimum exchange rate continues to be the right tool for ensuring appropriate monetary conditions in Switzerland. If the Swiss franc were to appreciate, this would have significant consequences for the Swiss economy. On the one hand, an appreciation would lead to a further decline in import prices and a renewed threat of deflation.