Swiss National Bank Worried About Real Estate Amid ‘Permanent Crisis Mode’

The Swiss central bank is in “permanent crisis mode,” Swiss National Bank President Philipp Hildebrand told Radio DRS 1.

“We’ve been in permanent crisis mode for four and a half years,” Hildebrand said. Policy makers are “permanently dealing with new developments that we have to cushion as well as possible, and prepare ourselves for any further developments.”

Hildebrand said uncertainty about how the sovereign-debt crisis will develop is affecting the Swiss economy. He also said he’s concerned about the real-estate market.

“The combination of economic, financial and at the same time a real-estate crisis -- that would really hurt for the long term,” he said.

To contact the reporter on this story: Corinne Gretler in Zurich at

To contact the editor responsible for this story: Andrew Rummer at

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