In his first public statement on his wife’s currency trades that have led international observers and Swiss politicians to call for his resignation, Swiss National Bank chief Philipp Hildebrand denied any wrongdoing and refused to step down.Hildebrand said that he “acted not only according to the rules, but also in an appropriate manner…I am not aware of any breach of laws. But I understand that the public is having some questions.”
Despite what Hildebrand himself called a “dramatic” loss in confidence in the institution he leads, he said he would not step down: “”So long as I have the confidence of the government and the bank council, stepping down is not an issue for me.”
The Swiss Government has thus far backed Hildebrand and defended him from calls for his resignation.
As we noted yesterday, there is still the possibility that as further details emerge, the drip, drip, drip of negative information or the possibility of new revelations may be too much for Hildebrand to withstand.