Activity report 2022

Liquidity

The purpose of the funds managed by compenswiss is to compensate for deficits and surpluses in the social insurance schemes. All financial flows of the social insurance system first pass through the Central Compensation Office, which reports to the Federal Department of Finance. The balances of these central social insurance accounts are then transferred to or debited from compenswiss. The cash flows are recorded in aggregate before being distributed to the individual funds of the three social insurance schemes (OASI, InvI and LEC).

Liquidity management

compenswiss centrally manages the liquidity of the three social insurance schemes. In its planning, the institution takes into account the financial flows and major seasonal fluctuations, which have different structural causes for each of the three social insurances. The management of the financial flows is based on detailed planning which ensures an appropriate level of liquidity for each of the three schemes. 

The ability to tap into the Swiss repo market provides compenswiss with considerable short-term financing capacity. In addition, a securities-backed credit line of CHF 500 million with the SNB gives it even more scope to guarantee the solvency of the social security schemes.

Results 2022

In 2022, the return on the Treasury investments was –‍0.23% (compared with –‍0.33% in 2021). Although the SNB's key interest rates moved back into positive territory at the end of the third quarter, they remained negative for most of 2022. The performance of the Treasury thus reflects the average return on the Swiss Average Rate Overnight (SARON), the benchmark short-term interest rate.

For the second year in a row, the financial flows of the social security funds showed significant positive budgetary outturns. This was due to higher-than-expected contributions to the schemes and lower-than-expected expenditure. Budgetary deviations were positive for all three social insurance schemes, but the OASI was the main beneficiary. 


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