Swiss National bank (SNB) expects losses stemming from the euro's depreciation against the franc in the first half to reachfour billion Swiss francs. The 16-nation currency's 8.6% drop this year versus the franc has resulted in a loss of 14 billion Swiss francs of reserves.

In the first quarter, SNB profit slipped to 1.51 billion francs compared with 4.83 billion francs in the same quarter last year.