SNB Scandal Violated Swiss Secrecy Laws

Phillip Hildebrand
Philipp Hildebrand, Former SNB Chairman

The recent furore over the Swiss National Bank’s former chairman is not just about banker behaviour – it is also focusing debate once again on banking secrecy.

At the heart of the affair is the leaking of confidential bank data detailing foreign currency exchange transactions by Philipp Hildebrand’s family in breach of Swiss banking secrecy laws.

Zurich police last week opened criminal investigations into two Swiss People’s Party cantonal parliamentarians allegedly involved in the transmission of the data to third parties.

And party vice president Christoph Blocher, who has made no secret of his involvement in alerting the government to suspicions about Hildebrand’s private financial activities, was also interviewed by the police about his role in the affair.

Read the full story at SwissInfo.ch.
 

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Posted on January 21, 2012 16:16 by Tom Herod
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Swiss Franc Falls Over Central Bank Speculation

Swiss National Bank

WASHINGTON (AP) - The Swiss franc is falling against other major currencies Tuesday on speculation that the Swiss central bank might weaken the currency against the euro.

Traders dumped francs in favor of euros and dollars. They cited two published reports that the Swiss National Bank might peg the euro at 1.25 Swiss franc, up from the current rate of 1.20 Swiss franc. That would make the franc less valuable relative to the euro, the dollar and other currencies.

The SNB wants to limit the franc's strength to protect Swiss companies. Ratcheting that up to 1.25 Swiss franc would provide additional help for companies that are struggling because of the franc's continued strength. A too-strong franc hurts Swiss exporters by making their goods appear more expensive to foreign buyers.

The franc surged this summer as traders dumped euros and dollars. Weak economic news from the U.S., Germany and France made their currencies less attractive. The franc is seen as a safe bet because of Switzerland's relatively strong, stable economy.
 

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Posted on September 20, 2011 13:50 by Tom Herod
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