The Swiss central bank distributes the value of lost banknotes to good causes.
Keystone / Gaetan Bally
A Swiss charity, which covers the uninsured damage of natural disasters, is supporting the landslide-devasted villages of Blatten and Ried – partly funded by the proceeds of lost banknotes.
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The foundations Fonds Suisse is among a host of agencies offering to help the villagers get back on their feet.
Daniel Arni, managing director of Fonds Suisse, explained the funding mechanism to Swiss public broadcaster SRF.
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“When the Swiss National Bank (SNB) issues new banknotes, it recalls the old ones. Twenty-five years after the banknote are recalled, the value of the notes that were not exchanged will be distributed,” said Arni said. Fonds Suisse will receive a portion of this.
Last month, the Swiss central bank transferred almost CHF180 million to the foundation from its CHF400 million missing banknote fund.
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Some of this money will be used by Fonds Suisse to pay for damage that cannot be insured and is not covered by the state or other donors.
“Most of the time, it’s about restoring and securing freight roads or clearing and cultivating agricultural land,” says Arni. This was also the case last summer, when Fonds Suisse allocated funds following the storms in Valais, Mesox, and the Maggia Valley.
In the Lötschental valley, in which Blatten and Ried are situated, people are grateful for this support.
Council president Christian Rieder is deeply concerned, especially about the money: “We need to build a livelihood for people in the short and medium term, especially a place to live. The crisis management currently underway, including the emergency services, will also cost a fortune.”
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Adapted from German by DeepL/mga
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