Hildebrand Backed by Swiss President Widmer-Schlumpf to Stay SNB President

Swiss central bank Chairman Philipp Hildebrand should stay in office as he hasn’t done anything illegal and helped stabilize the Swiss economy, President Eveline Widmer-Schlumpf said.

“There’s absolutely no reason for us not to trust Hildebrand,” Widmer-Schlumpf told the SF state broadcaster when asked whether Hildebrand should resign. The government took notice of two reports saying the chairman didn’t act against the law or any central bank regulations, Widmer-Schlumpf added.

Hildebrand said Jan. 5 he acted appropriately in his role after reports about improper currency trades in his family led to calls for his resignation. He expressed regret that he didn’t curb his wife’s currency trading.

Hildebrand played an important role in stabilizing the financial situation of Switzerland, Widmer-Schlumpf told SF yesterday. He “contributed to the relatively good situation which we have now in Switzerland despite the strong franc,” she said.

The Wall Street Journal yesterday reported that the right- wing Swiss People’s Party is isolated in its calls for Hildebrand to resign. Other parties, including the Social Democrats and the Green Liberal Party, have pledged to support him, the newspaper said on its website, citing lawmakers.

To contact the reporter on this story: Klaus Wille in Zurich at kwille@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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