Press releases

The Confederation ended 2025 with a financing surplus of CHF 0.3 billion. The improvement relative to the budget is primarily attributable to a temporary increase in receipts from the canton of Geneva. The Federal Council was informed of this provisional result during its meeting on 18 February 2026. At the same time, it launched work on the next budget. Despite the balanced financial result, the federal finances remain tight: structural deficits can still be expected for 2027 to 2029, even with relief package 27 and the planned VAT increase for the Armed Forces and security. Without these measures, the deficits from 2027 onwards would amount to between CHF 2 and 4 billion.

The Swiss Confederation issued two bonds by auction on 11.02.2026: 0.50%, maturity 27.06.2032 (reopening) and 0.50%, maturity 28.05.2040 (reopening). The issuance volume (excluding own holdings) amounts to a total of 372.140 million francs

The Swiss Confederation is offering two bonds on a public tender system on 11.02.2026: 0.50%, maturity 27.06.2032 (reopening) and 0.50%, maturity 28.05.2040 (reopening).

For legal entities, direct taxes levied by the cantons and municipalities amount to an average of just under 9% of profits, which represents a decline compared to 2025. The situation is relatively homogeneous across the cantons: only three cantons recorded an increase in the tax burden on legal entities between 2008 and 2026.For natural persons, on the other hand, the tax burden will increase compared with 2025. However, the trend varies greatly between the cantons: twelve cantons recorded an increase, while fourteen recorded a decrease. On average, direct taxes will account for almost one-fifth of the income of natural persons in 2026.Note: The detailed report on the tax burden index is no longer published annually. The latest report dates from 2025 and is available on our website (link).The next report will be published in 2028.2026 results (basic data - only available in German, French, and Italian) Viewing results for legal entities (Dashboard) Viewing results for natural persons (Dashboard)

The Swiss Confederation issued two bonds by auction on 14.01.2026: 2.25%, maturity 22.06.2031 (reopening) and 4.00%, maturity 06.01.2049 (reopening). The issuance volume (excluding own holdings) amounts to a total of 252.960 million francs

The Swiss Confederation is offering two bonds on a public tender system on 14.01.2026: 2.25%, maturity 22.06.2031 (reopening) and 4.00%, maturity 06.01.2049 (reopening).

The Swiss Confederation issued a bond by auction on 10.12.2025: 1.25%, maturity 28.06.2043 (reopening). The issuance volume (excluding own holdings) amounts to a total of 195.250 million francs.

The Swiss Confederation is offering a bond on a public tender system on 10.12.2025: 1.25%, maturity 28.06.2043 (reopening).

Optional auction date will be maintained.

On 21 November 2025, the Federal Finance Administration (FFA) and the Swiss National Bank (SNB) held the second roundtable on the topic of cash. Various issues relating to access to and acceptance of cash were discussed with representatives of the parties involved in the cash cycle. ‘The principles on adequate access to cash’ were also presented, along with initial thoughts on an initiative to optimise the access network throughout the Swiss financial centre. The aim of the cash roundtable is to debate with all stakeholders the changes observed in the cash cycle and their possible consequences.

The Federal Finance Administration (FFA) plans to issue bonds with a face value of CHF 4.5 billion in 2026. Taking account of bonds maturing in 2026, the volume of Confederation bonds outstanding will increase by CHF 1 billion overall. The volume of outstanding money market debt register claims will be kept in a range between CHF 6 billion and CHF 14 billion. Bond auctions take place monthly, except in August, while money market debt register claims are auctioned on a weekly basis. Auctions will now last only 30 minutes, instead of the previous 1.5 hours.

The Swiss Confederation issued two bonds by auction on 12.11.2025: 1.25%, maturity 27.06.2037 (reopening) and 0.875%, maturity 22.05.2047 (reopening). The issuance volume (excluding own holdings) amounts to a total of 378.721 million francs.