Swiss central bank boss slopes off

Date: Monday 09 Jan 2012

Philipp Hildebrand, the Chairman of the governing board of the Swiss National Bank, has resigned from his post at the central bank with immediate effect.

His resignation follows on the heels of a scandal over foreign exchange trades made by his wife a few weeks ahead of a decision by the Swiss National Bank to use all the firepower at its disposal to cap the value of the Swiss franc.

Hildebrand's wife, Kashya, made a half a million dollar currency trade in august 2011, just three weeks before the Swiss National Bank announced its heavy intervention in the currency markets. Hildebrand himself reportedly also made a large trade shortly before the Swiss central bank action. Both the Hildebrands have denied any wrong-doing.

Hildebrand is set to make a statement about his resignation at which he plans to make a number of documents available, the Swiss National Bank said.

The value of the Swiss franc hardened a little on the news of the resignation.


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