Quotes from RBS:
-Since the introduction of the FX floor (Sep-11), the SNB has been
leaving approximately two-thirds of its reserves unsterilized. If this
average ratio is maintained, then the latest sight deposit data
suggests that the SNB could have intervened by "only" CHF 23bn approx.
in August.
-Valuation changes in August should knock off CHF 3.3bn from the total
FX reserves. Thus, the intervention amount for the month of August
could be around CHF 19.5bn (or, EUR 16bn). This compares with CHF 44bn
in July and CHF 59bn in June.
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