'We were advised that the 104 million
Swiss francs actually represent the total amount in fines or penalties imposed by FINMA on various private banks for violations of the Swiss finance and banking laws.
The Polish parliament is considering a bill to help
Swiss franc borrowers, Reuters has said.
The loan was issued in
Swiss francs, but the plaintiffs claim that the conversion to another currency was made unbeknownst to them, based on a power of attorney they had concluded with a Cypriot lawyer.
In contrast, the money held in Swiss banks by their foreign clients from across the world surprisingly rose during 2014 to 1.5 trillion
Swiss franc (USD 1.6 trillion or Rs 103 lakh crore), from about Rs 90 lakh crore at the end of 2013 - the record low level so far.
Around 150,000 families still owe around e1/429 billion of
Swiss franc debt, with four per cent of loans due within a year.
Without the hedging strategy, investors wouldn't have been protected when the rand value of the
Swiss franc liabilities increased.
At the time, the Swiss National Bank viewed monetary conditions as inappropriately restrictive, despite strong money growth and recent declines in short-term interest rates, because the
Swiss franc had been appreciating sharply against the euro since the fall of 2007 (AR 2009, p.
| KUWAIT, May 1 (KUNA) -- Swiss exports to GCC states topped 6.6 billion
swiss francs in 2012, a growth rate of 19 percent from the year 2011, said here today director of the Swiss business center Ramyond Four, who is visiting Kuwait at the head of a trade delegation.
As part of the issuance, African Bank has executed a cross currency hedge, swapping all
Swiss Franc coupon and principal flows into South African rand.
The additional 4 percent was probably acquired over the preceding eight-month period at a cost of 2.1 billion
Swiss francs, or $2.4 billion, based on the average price during that period.