Clearing account with the Swiss National Bank

Clearing account with the Swiss National Bank

Account maintained with the Swiss National Bank for the settlement of payment transfers. Today the clearing network is only available to companies that fall under Switzerland's banking law. The clearing account balances of the business sector are listed in the balance sheet of the Swiss National Bank as liabilities which are due daily. They can be exchanged by the accountholders into banknotes at any time. Also known as giro balances.

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Part of Speech: noun
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Industry/Domain: Banking
Category: Investment banking
Company: UBS
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