ZURICH—The Swiss National Bank's supervisory council said Monday it will tighten rules on personal financial transactions made by its senior policy makers in the wake of Philipp Hildebrand's departure.
Mr. Hildebrand resigned as SNB president in January after a currency deal involving his wife caused a major stir in Switzerland at a time when the central bank was trying to stem the franc's appreciation against the euro. The SNB introduced a ceiling of 1.20 Swiss francs per euro in September in an effort to curb global investor demand for the Swiss currency.
"In essence, only savings accounts at the SNB, well-diversified investment schemes, payments into occupational pension funds and individual pension fund schemes, and investments in real estate in Switzerland or abroad will be permissible," the SNB said.
The new rules will apply to the three governing members, their deputies, as well as "additional management personnel specified by the Bank Council," it said.
The council also recommended that the members of the board put control of their personal finances in the hands of independent asset managers.
The board members will be required to make quarterly disclosures of their assets. Currency transactions will still be allowed on non-financial assets like real estate, but deals worth more than 20,000 Swiss francs ($21,780) must be approved by the compliance office.
Last week, an independent probe by consultancy firm KPMG into the private financial transactions of key SNB directors found no evidence of wrongdoing
The implementation of the latest compliancy rules and the KPMG probe should now clear the way for the nomination of interim president Thomas Jordan as new SNB head.
The bank council will also have to recommend a third governing board member, in addition to Mr. Jordan and Jean-Pierre Danthine, with current SNB Deputy Director Thomas Moser seen as the favorite.
The final decision on the make-up of the new board will be taken by the Swiss government, however this isn't expected until shortly before the SNB's annual general meeting on April 27.
Swiss National Bank, SNB, Philipp Hildebrand, supervisory council, personal financial transactions, Currency transactions, Swiss francs, Mr. Jordan, Switzerland, Bank Council
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