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“Switzerland’s central bank will scrap its annual payment to the government for 2013 after a gold-price decline caused a loss of 9 billion francs ($10 billion).  Switzerland’s 26 cantons are the central bank’s biggest shareholders. Together with the government, they receive an annual payment of 1 billion francs if the distribution reserve isn’t negative after appropriation of profit.  The SNB’s gold holdings are the target of a popular initiative that demands that at least 20 percent of the central bank’s assets be in the form of gold. The measure would also block the sale of such holdings and require all SNB gold to be located in Switzerland.  The SNB is listed on the Zurich stock exchange.”

http://www.bloomberg.com/news/2014-01-06/snb-sees-10-billion-loss-for-2013-as-gold-price-plummets.html

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