Forex News – Highlights of SNB chief Hildebrand press conference

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Swiss National Bank Chairman Philipp Hildebrand resigned on Monday with immediate effect after a scandal over a controversial currency trade made by his wife.

The following are comments from a media conference in Berne:

 

NO CONCLUSIVE EVIDENCE

“In view of the continued public debate centred on these financial transactions and following detailed examination of all documentation and reflection since the news conference, I have come to the conclusion it is not possible to provide conclusive and final evidence that my wife did initiate the transaction without my knowledge.”

DID NOT KNOW OF WIFE’S TRADE

“The fact is my word is my bond I had no knowledge of my wife’s transaction on that day.”

SNB CREDIBILITY

“This will allow the SNB to retain its credibility, which is its greatest assset.”

 

Meanwhile the Swiss National Bank’s governing board said this Monday afternoon it would pursue a minimum exchange rate of 1.20 Swiss francs against the euro with “the utmost determination”.

The governing board also said it regretted Philipp Hildebrand’s decision to step down as chairman.