Period of exchange of bank notes – The old money should no longer be worth anything in the future – News

What did the Council of States decide? The Council of States follows its commission and does not intend to cancel the current period of exchange of tickets. The Federal Council had proposed to lift the deadline of 20 years.

What does the Council of States want? It follows the proposal of the competent Council of States (WAK-SR). Therefore, the deadline must be respected, but the value of the non-exchanged tickets must be allocated differently to the Swiss National Bank (SNB). One-fifth of this sum goes to the Swiss fund, the last third to the Confederation and two-thirds to the cantons. Today, all the equivalent of non exchanged notes goes to the Swiss Fund. This helps with uninsurable elementary damage events.

Why would the state government cancel the trading period? The Federal Council considers that the 20 year trading period is no longer up to date. Deleting the deadline would mean that no one would be in possession of old banknotes that have lost their value and can not be exchanged. Thus, the sixth series of notes, issued since 1976, have unlimited trading capacity. However, they can no longer be used as a payment six months after the recall of the series.

What about other currencies? Internationally traded currencies have no conversion period, especially the euro, the US dollar and the pound sterling.

What would be the consequences of lifting? The Swiss fund, which until now provided financial assistance for non-insurable elementary losses, would no longer receive any sum from the SNB. From the point of view of the Bundesrat, however, the fund could in the future finance its services with its capital gains.

And then? Certainly not decided yet. The National Council has yet to decide on this issue. If the National Council follows the Council of States, the Swiss fund will receive one fifth of the previous receipts.