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The SNB's Bank Council needs to be made accountable

The Bank Council plays an important role in overseeing the SNB. It makes proposals for the appointment of members of the Extended Governing Board and it must approve the level of provisions, which directly affects profit distribution. Yet, the Bank Council is hardly visible in the public and seems to be accountable to no-one. This is inappropriate. We use the recent example of the decision of the SNB not to make a transfer to the Confederation and cantons in 2022 to illustrate how the Bank Council is involved in key policy decisions. There is a need to strengthen its accountability.