FSB announces Hildebrand resignation 11 January 2012Basel Reporter: Anna Reitman
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The Financial Stability Board has announced Philipp Hildebrand's resignation as vice chairman. The announcement came as Hildebrand stepped down as chairman of the board of the Swiss National Bank after a successful campaign to unseat him. At issue was a controversial currency transaction made by his wife mere weeks before the Swiss central bank moved to peg the franc to the euro in September.
Mark Carney, chairman of the FSB, said, “Philipp has been instrumental in helping to manage the response to the global financial crisis and in developing major reforms to strengthen the resiliency and stability of the international financial system. I very much regret the circumstances of his departure and the loss of his future contributions to the work of the Financial Stability Board.”
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