Swiss National Bank buys paper factory
The Swiss National Bank is to buy a troubled paper firm to make sure it can maintain the supply of bank notes.
The company, Landqart, specializes in bank note paper and also makes the paper for notes for many other European countries as well as Morocco.
The central bank is to pay 90% of the CHF 21m cost for the firm – the security printer Orell Füssli is to take a 10% stake.
Switzerland is in the process of updating its current notes. While we have the new 10, 20 and 50 franc notes, the 100, 200 and 1,000 notes are still to be released.
The bank says buying the firm secures the delivery of the new notes.