In an interview with the Sunday edition of the Basler Zeitung newspaper, Schneider-Ammann said Hildebrand had neither breached the law nor deliberately flouted ethical rules.
Schneider-Ammann said Hildebrand, who stepped down last Monday amid pressure over controversial private currency transactions by his wife, had been the victim of systematic attacks over the past 12 months.
He did not elaborate, but the rightwing Swiss People’s Party, notably its strongman Christoph Blocher, has criticised the central bank over its monetary policy.
Schneider-Ammann said internal banking regulations had to be improved but he warned of “over-regulation.”
His statement comes amid a public debate over the independence of the National Bank and the role of the bank board as supervisory authority.
The cabinet last Wednesday said it would take weeks before it named a successor to Hildebrand. It decided to commission a report to clarify the supervision responsibilities before it elects a new representative of the three-member bank directorate.
Parliament for its part is expected to decide by the end of the month whether to launch a formal investigation into the Hildebrand affair. A criminal inquiry over alleged violation of banking secrecy laws is underway.
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SNB loses Hildebrand’s global influence
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Hildebrand was renowned as a slick networker who gained the ear of powerful policy makers, earning him a place at the high table of important global institutions. Such positions ensured that Switzerland’s interests were heard. His eventual permanent successor can also expect to receive an invitation to join many international policy making bodies – such…
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Finance Minister Eveline Widmer-Schlumpf said it could take several weeks and potentially months before the cabinet appoints a successor for Philipp Hildebrand, who stepped down on Monday. Widmer-Schlumpf said the cabinet wanted the Swiss National Bank (SNB) vacancy to be filled as soon as possible. She added that the interim chairman, Thomas Jordan, would ensure…
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The Hildebrand affair has so far failed to undermine the central bank’s defence of the SFr1.20 euro exchange rate ceiling, while observers doubt that the ongoing row will dent the SNB’s operational credibility. The credibility of central banks is key to their efficiency at maintaining price stability and – as is the current case of…
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His journey takes us to the heart of a $7,000 billion secret. The Swiss hold a third of all global offshore assets, shored up by conservatism and strict banking secrecy laws. With half of this market, just two banks – UBS and Credit Suisse – dominate the heart of the banking sector.
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