As previously announced, those in possession of such banknotes will be reimbursed the nominal value by Orell Füssli. For the SNB, security is paramount in the production of banknotes. Orell Füssli has reviewed its security arrangements, and has taken the necessary measures to ensure that such events are precluded to the greatest possible extent in the future. I would like to emphasise that the SNB and Orell Füssli have been working together in the area of banknote production for about a century. The supply of secure banknotes for our country has been, and will continue to be, guaranteed at all times. We will also be pursuing the development of the new banknote series in close collaboration with Orell Füssli. As you are aware, the new banknote series has suffered a series of delays. The SNB is committed to putting banknotes into circulation that are state of the art in terms of both design innovation and technology. Our current banknote series was unique in this respect when it was issued in the mid-1990s. And it still has a very high security standard today, as a result of this commitment to quality. This means that the SNB is not under any pressure to roll out a new banknote series quickly. The new series must meet very high security, quality and technical production standards – and will have to do so for at least 15 years after its first release.
Jean-Pierre Danthine: Resilience of Swiss banks from a financial stability perspective Introductory remarks by Mr Jean-Pierre Danthine, Vice Chairman of the Governing Board of the Swiss National Bank, at the Media News Conference of the Swiss National Bank, Berne, 12 December 2013. *  *  *  In my remarks, I would like to look at the situation at Swiss banks from a financial stability perspective, taking the big banks first and then moving on to a discussion of domestically focused banks. To close, I will say a few words on the subject of banknotes. Big banks: strengthening resilience Since the last media news conference in June, the two Swiss big banks have improved their capital situation further. This applies particularly to their risk-weighted capital ratios, where, in an international comparison, they are above the average for large global banks. Credit Suisse, for example, has already met the requirement of 13% loss-absorbing capital to risk-weighted assets, which comes into force in 2019. According to its published plans, UBS should be able to meet this target by the end of 2014. As regards total capital – which, in addition to loss-absorbing capital, also comprises low-trigger contingent capital instruments – the big banks have also made great progress; however, they have not yet achieved the ratios that will apply from 2019. Unweighted capital ratios – leverage ratios – generate a different picture.