TABLE-Swiss sight deposits higher in week ending May 24

Mon May 27, 2013 3:06am EDT

ZURICH, May 27 (Reuters) - The amount of cash commercial
banks hold with the Swiss National Bank edged higher last 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
 May 24                     280 967 
 May 17                     278 637
 May 10                     278 526
 May 3                      280 794
 April 26                   284 222
 April 19                   284 327
 April 12                   281 734
 April 5                    281 665
 March 29                   283 799
 March 22                   282 979
 March 15                   282 164
 March 8                    283 026
 March 1                    286 144
 Feb 22                     288 048
 Feb 15                     285 025
 Feb 8                      280 226
 Feb 1                      281 934 
 Jan 25                     283 522
 Jan 18                     284 331
 Jan 11                     283 683
 Jan 4                      282 640
                            
 
    Sight deposits are the accounts of commercial banks with the
central bank, and constitute a large part of the liquidity in
the banking system. 
    As part of its efforts to weaken the franc, which shot to
near parity with the euro last August, the SNB began flooding
the money market with cash and raised total sight deposits to
200 billion, 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.
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