The soaring value of the Swiss franc against the euro has led Switzerland's central bank to report a first half loss of 50bn francs (£33bn).
The bank, which is owned by the Swiss federal government, said the loss could affect its ability to pay a dividend this year.
Those dividends are traditionally used to pay for public services.
Switzerland shocked markets in January when it abandoned its four-year currency peg to the euro.
The move saw the Swiss franc skyrocket in value as investors piled into the currency over fears of a renewed eurozone debt crisis despite the imminent onset of quantitative easing by the European Central Bank (ECB).