SNB boss: as a leading financial hub, Swiss must accept risks

The outgoing head of the Swiss National Bank, Thomas Jordan, says the country should aim to preserve its leading financial position – but that to do this, it must accept the risk of systemically important banks. The SNB does not guarantee any financial institution, Jordan said in an interview with the Neue Zürcher Zeitung paper on Saturday. However, framework conditions should be created “to allow an entrepreneurial bank to operate internationally from [Switzerland]”, he said. The challenge is to define an overall package of measures for the newly enlarged bank UBS to reduce risk and allow it to operate successfully from Switzerland, Jordan said. Improvements in measures to ensure resolvability as well as adjustments on the capital side are needed. + Get the most important news from Switzerland in your inbox The SNB supports the measures proposed by the Federal Council, the outgoing central bank chief said. According to Jordan, there are many reasons speaking against a fundamental ...