Archive – Banking & Fintech

Stable franc indicates SNB credibility intact

This content was published on Jan 6, 2012 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…

National bank chief convinces Swiss newspapers

This content was published on Jan 6, 2012 But they demanded clarifications to unanswered questions, a day after Hildebrand dismissed suggestions he should resign, saying his only mistake was to let his American wife conduct a particularly sensitive transaction from their joint account. The Neue Zürcher Zeitung (NZZ) said Hildebrand had to “at least try to provide evidence [that he’s] beyond all suspicion…

Central banker rejects claims over private deals

This content was published on Jan 5, 2012 He said he had no plans to resign and accused opponents of trying to exploit false allegations for political ends. Breaking his silence to counter a national uproar on Thursday, Hildebrand said he had acted according to the central bank’s internal rules in the United States dollar swaps, which came as he was spearheading efforts…

Romney gets support from Swiss banks

This content was published on Jan 5, 2012 The non-profit Center for Responsive Politics tracks money and its influence on US elections and public policy. It found that through Credit Suisse, Romney had received $203,750 (SFr193,560) for the 2012 election cycle. The money did not come from the bank directly, but rather from its political action committee, its employees or owners, or those…

National bank chief to explain transactions

This content was published on Jan 5, 2012 Hildebrand and his wife Kashya have been accused of timing currency transactions to profit after the SNB set a minimum exchange rate for the franc against the euro. However, both the bank and the government have said that Hildebrand did no wrong. On Wednesday the SNB published its internal regulations on individual trading for board…

Revelations emerge about central bank affair

This content was published on Jan 4, 2012 The bank revealed on Tuesday that the employee, who worked in the bank’s IT sector and who had subsequently handed himself over to police, had given the information to a lawyer with close links to the rightwing People’s Party. “According to the employee, this lawyer then arranged a meeting with [People’s Party deputy chairman] Christoph…

In times of economic crisis, should central banks retain their independence?

This content was published on Jan 4, 2012 But should there not be a measure of political control over actions taken by the bank and its head?

Free trade dream meets biggest challenge

This content was published on Jan 4, 2012 And if the World Trade Organization (WTO) fails to make progress on the most pressing problems this month, Switzerland may join forces with powerful economies to tackle issues which it cannot hope to solve alone. While Switzerland has successfully developed a web of FTAs, with many like-minded countries around the world, the biggest developing economies…

More bankers face US tax evasion charges

This content was published on Jan 4, 2012 The trio are accused of helping US clients switch their UBS accounts to the Wegelin private bank between 2008 and 2009 while the world’s largest wealth manager faced a tax evasion investigation. They are also alleged to have attracted clients between 2005 and 2010 and helped them to hide their tracks by creating sham foundations,…

Central bank’s independence put to the test

This content was published on Jan 3, 2012 But the latest allegation of insider trading against SNB chairman Philipp Hildebrand has also called into question the independence of the central bank from political interference. Rumours that Hildebrand helped his wife make a profit from a franc-dollar transaction by forewarning her of SNB exchange rate interventions have been rejected by subsequent investigations. But the…

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