10
INTERNATIONAL MONETARY FUND
STRUCTURE AND RECENT PERFORMANCE OF THE
MACROECONOMY AND FINANCIAL SYSTEM
A. Financial Structure, Macrofinancial Developments, and Risks
1. The Swiss economy has regained momentum. Driven by robust domestic demand, the
recovery is gathering pace. Inflation is slightly positive and unemployment low. The exchange rate
floor was introduced in September 2011 and has helped safeguard macroeconomic stability. The
fiscal position is strong.
2. Switzerland has a diverse financial sector that is systemically important to global
markets. It comprises several significant global players in banking and insurance, 24 cantonal
banks, regional financial institutions, private banks, foreign banks, internationally oriented
insurance companies, and many pension funds. It has one of the largest banking and insurance
sectors in terms of assets to GDP. The two large banks––UBS and Credit Suisse (CS)––rank among
the world’s top ten banks and are designated as G-SIFIs. The large reinsurance group, Swiss Re, is
the world’s second largest reinsurance company. Switzerland is a global leader in private wealth
management, with a global market share of more than 25 percent in cross-border private banking.
The Swiss financial system contributes about 10 percent to Swiss GDP and employs over 5 percent
of the labor force.
3. Banking and insurance are highly concentrated. The two large banks account for about
one-half of the Swiss banking system’s global assets and are important intermediaries in global
financial markets. The newly bank-licensed PostFinance and the cooperative Raiffeissen banks are
among the largest in the country in terms of deposit customers. Two life insurers and three non-
life insurers account for over 50 percent of the market. About 65 percent of total premiums are
booked abroad, and 95 percent of reinsurance premiums relate to foreign business.
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