TABLE-Swiss sight deposits rise slightly

Mon Nov 26, 2012 3:00am EST

ZURICH, Nov 26 (Reuters) - The amount of cash commercial
banks hold with the Swiss National Bank rose slightly last week
versus the previous week, data showed on Monday.
    The level is partly a measure of how inclined banks are to
find an ultra-safe home for their money and may also reflect
efforts by the SNB to defend the 1.20 per euro cap it imposed on
Sept. 6, 2011 on the soaring safe-haven Swiss franc.   

    Sight deposits of domestic banks: 
 Week ending                Amount in Sfr millions
 November 23                294 559
 November 16                292 700
 November 9                 291 522
 November 2                 290 679
 October 26                 293 309
 October 19                 292 163 
 October 12                 293 142
 October 5                  291 041
 September 28               291 245
 September 21               292 305
 September 14               294 152
 September 7                291 114
 August 31                  288 959
 August 24                  286 375
 August 17                  280 585
 August 10                  277 537
 August 3                   277 299
 July 27                    270 923
 July 20                    261 399
 July 13                    249 281
 July 6                     245 161
 June 29                    237 835
 June 22                    227 955
 June 15                    212 508
 June 8                     194 607
 June 1                     185 408
 May 25                     170 071
 May 18                     155 850
 May 11                     150 900
 May 4                      153 604
 
    Sight deposits are the accounts of commercial banks with the
central bank, and constitute a large part of the liquidity in
the banking system. They are seen as an early proxy for how much
the SNB is having to spend to defend the franc cap.
    As part of its efforts to weaken the franc, the SNB began
flooding the money market with cash last August and raised total
sight deposits to 200 billion francs, before capping the franc
against the euro a month later.
    The SNB's tools for expanding sight deposits are foreign
exchange swaps and repurchases of its own debt.   

 (Reporting by Catherine Bosley)
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