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Founding Instrument(s)
(with links if possible) |
Federal Mortgage Bond Act (Pfandbriefgesetz, PfG) of 25 June 1930; Mortgage Bond Ordinance (Pfandbriefverordnung, PfV); and the company's Articles of Association. Pfandbriefbank was established on 20 December 1930 and entered in the Commercial Register of the Canton of Zurich on 19 March 1931.
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Any additional or subsequent mandate or governance statements (not included in the above). |
Its statutory purpose is to arrange long-term mortgage finance at stable and low interest rates by issuing Swiss Pfandbriefe and using the proceeds to grant loans to member banks against mortgage cover. The Federal Council approves the Articles and valuation rules and may appoint a representative of mortgage debtors to the board. FINMA supervises the institution, relying substantially on external audit.
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Ownership |
Owned by its 286 member banks (q1 26) who are also borrowers. Nominal share capital is partly paid (44% at Q1 2026). Only qualifying banks may be shareholders, and share allocations are linked broadly to use of the Pfandbriefbank's lending facility.
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Legal status |
Swiss joint-stock company (Aktiengesellschaft) under Article 620 et seq. of the Code of Obligations and one of Switzerland's two statutory central mortgage bond institutions. It is a specialised wholesale refinancing institution rather than a retail mortgage originator.
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Government accounting for stake |
No direct shareholding by the Swiss Confederation.
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Member bank accounting for stake |
Member banks are expected to recognise their Pfandbriefbank shares as an equity investment and the Pfandbriefbank loan as secured wholesale funding. The customer mortgages remain on the member bank's balance sheet, subject to the statutory mortgage-cover lien and segregation requirements.
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Government guarantee |
No guarantee by the Swiss Confederation. Pfandbrief investors benefit from the assets of Pfandbriefbank, the liability and assets of the member bank, the mortgage debtor's other assets and the mortgaged property.
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Other Comments |
Pfandbriefbank is designed to have no currency, interest-rate or maturity mismatch
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