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International Liquidity Provision During the Financial Crisis: A View from Switzerland

The authors document the provision of liquidity in Swiss francs (CHF) by the Swiss National Bank (SNB) to banks located outside Switzerland during the recent financial crisis. What makes the Swiss case special is the size of this liquidity provision"”at times, 80 percent of all short-term CHF liquidity provided by the SNB"”and the measures adopted to distribute this liquidity.