The Swiss have a hallowed tradition as a hub of international banking and as a base to park assets for all manner of legally oppressed (read: wealthy individuals whose home nations wish to kill them) people.
So, not to be out-done by any nation or collection of nations, the Swiss have decided to abandon neutrality during the Great Rate Compression and lead the race past the ZERO lower bound and into interstellar asset space.
Gravity is no longer a limitation for financial assets. Think of the modeling implications for asset modeling CHF deposits and the push/pull aspects of currency appreciation vs. negative rates.
The Swiss National Bank (SNB) is discontinuing the minimum exchange rate of CHF 1.20
per euro. At the same time, it is lowering the interest rate on sight deposit account balances
that exceed a given exemption threshold by 0.5 percentage points, to −0.75%. It is moving the
target range for the three-month Libor further into negative territory, to between –1.25% and
−0.25%, from the current range of between −0.75% and 0.25%.