The SNB has released data on its international reserves and foreign currency liquidity up to December 2011. Total reserves, excluding gold holdings, rose to CHF261.9bn in December from CHF239.0bn in November. Foreign currency reserves amounted to CHF254.2bn, up from CHF231.6bn the prior month.

Gold holdings (shown at market values) fell to CHF49.4bn, down from CHF53.1bn in November. The SNB's elevated foreign reserves position is due to its policy of setting a "1.20 minimum exchange rate" for the CHF against the euro, which requires it to purchase euro against issuing new CHF base money balances.

Even though our measure of "bank liquidity" declined to CHF248.4bn in October (latest available data) from a peak of CHF270.1bn in August, the interbank liquidity situation in the Swiss banking market has remained fairly elevated.  

source: BarCap