* SNB posts loss of 9.1 billion Sfr in 2013
* Gold holdings lost 15.2 billion Sfr
ZURICH, March 7 The Swiss National Bank reported
a loss for 2013, as profit from its foreign currency reserves
failed to offset a decline in the valuation of its gold holdings
after the price of the precious metal slumped last year.
The central bank reported a consolidated loss of 9.1 billion
Swiss francs, confirming preliminary figures it reported in
It reiterated it would be unable distribute dividends to its
biggest shareholders, Switzerland's 26 cantons, or states, or to
the federal government.
The SNB posted a valuation loss of 15.2 billion Swiss francs
for 2013 on its gold holdings after the price of the yellow
metal fell 30 percent last year.
A profit of 3.1 billion francs on the central bank's huge
foreign currency positions, accumulated to defend the 1.20 per
euro ceiling the SNB imposed on the franc in September 2011, as
well as a 3.4 billion profit from the sale of once-toxic assets
back to UBS, could not compensate for the loss on gold.
The SNB's gold holdings have come under scrutiny as
Switzerland inches closer to voting on an initiative that would
prohibit the central bank from selling any of its gold reserves.
Both the Swiss government and Switzerland's upper house have
rejected the proposal, dubbed "Save our Swiss gold", saying it
could hamper the central bank's ability to fulfil its mandate.
The popular vote on the proposal may still be years off.
The SNB said losses on interest-bearing paper and
instruments came in at 8.7 billion francs due to higher interest
rates, whereas a favourable stock market environment helped
equity securities contribute 13.7 billion to the net result.
(Reporting by Alice Baghdjian)