Instant view: SNB chief Hildebrand quits after currency scandal

Mon Jan 9, 2012 9:13am EST
 
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ZURICH (Reuters) - Philipp Hildebrand has quit as Swiss National Bank chief, the bank said, in the wake of a scandal over a controversial currency trade made by his wife just weeks before he set a cap on the soaring Swiss franc.

COMMENTARY

DANIEL HARTMANN, BANTLEON BANK

"The credibility of a central bank does not depend on one person. Besides, with Thomas Jordan, the SNB has an experienced person on the board who has a lot of experience. The exchange rate will be influenced more by other factors, such as the euro zone crisis."

CHRIS CRUDEN, CEO INSCH CAPITAL

"We've always been a big seller of his 'line in the sand' euro trade. Maybe his wife will turn out to be a better trader than him after all."

GAVIN FRIEND, NATIONAL AUSTRALIA BANK

"We're surprised given he survived Thursday's grilling. It prompts questions of whether he reflected on the whole issue over the weekend or are there more trades? Again, this is all peripheral stuff. From a policy point of view there will be no change and the Swiss franc will revert to where it was before the knee-jerk reaction. I guess (Vice Chairman Thomas) Jordan steps in for now."

DAVID MARMET, ZKB   Continued...