The Swiss National Bank (SNB) reported losses of CHF20 billion in the second quarter. The SNB's losses for the first half of the year 2015 totalled CHF50.1 billion, equivalent to 7.5% of Switzerland's GDP.

The losses were mainly driven by removing of the euro exchange rate cap in January, set at 1.20 francs per euro in September 2011. The depreciation of the euro against the Swiss franc led to significant currency losses.