SNB Readiness to Intervene on FX Is Elevated, Martin Tells RTS

(Bloomberg) — The Swiss National Bank maintains an increased readiness to step into currency markets, Vice President Antoine Martin told public broadcaster RTS.

“We have an elevated willingness to intervene in the FX markets,” Martin said in a television interview broadcast on Thursday. “What we have seen since the start of the conflict in Iran is that the Swiss franc has fallen in value. So yes, we are concerned about the strength of the Swiss franc, we have said that we are prepared to take action. But since the start of the conflict, things have gone rather well.”

An account of the SNB’s most recent policy meeting — where interest rates were kept at zero — showed that officials agreed that they should remain on high alert about the strength of the franc and be especially ready to take action if required. The Swiss currency currently trades at lower levels versus the euro and the dollar than when the war started.

Turning to Swiss banking, Martin said that the SNB “fully support the measures proposed yesterday by the Federal Council.”

The government on Wednesday outlined plans that would add billions of dollars to UBS Group AG’s capital requirements, deepening a showdown with the lender over its proposed banking reforms.

“Recent experience shows that banks tend to paint a grim picture,” Martin said.

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