SNB’s findings to be announced Wednesday

The Swiss National Bank (SNB) said it will publish findings from a review of its enlarged governing board on Wednesday, which will include a clean bill of health for acting chief Thomas Jordan.

The move could pave the way for Jordan to permanently replace former head Philipp Hildebrand, who stepped aside in January after it emerged his wife had bought dollars weeks before the SNB imposed a cap on the Swiss franc.

Both Sonntagszeitung and Neue Zuercher Zeitung am Sonntag reported that Jordan would be given the all-clear in the review, launched in January after the Hildebrand couple’s trades became public.

Swiss business leaders urged the SNB to name a replacement for Hildebrand quickly in order to prevent further uncertainty over the central bank’s commitment to defend a 1.20 cap, put in place last September to curb the franc’s strength against the euro.

“Under no circumstances may the impression arise, either internally or externally, that there is a leadership vacuum at the SNB,” said Gerold Buehrer, head of Swiss business lobby Economiesuisse.

The franc has hovered just above 1.2050 against the euro in recent days and on Friday rose to its highest level against the dollar since February 20. The SNB has repeatedly said it will defend the 1.20 cap against the euro, a message reinforced by Jordan himself in a speech last Tuesday, Reuters reported.

The SNB declined to comment on its supervisory board’s plans for a successor or filling the vacant seat on the governing board.

The SNB’s supervisory board is in charge of proposing governing board members, who then need to be confirmed by the Swiss government.