Powerful Swiss central bank faces reform calls in wake of Credit Suisse rescue – Reuters
- Date: 28-Apr-2023
- Source: Reuters
- Sector:Financial Services
- Country:Jordan
Powerful Swiss central bank faces reform calls in wake of Credit Suisse rescue – Reuters
ZURICH, April 28 (Reuters) - The Swiss National Bank is facing calls for an overhaul in its governance, with critics saying too much power lies in the hands of its chairman Thomas Jordan and that more transparency is needed.
The SNB played a major role in the state-sponsored rescue of Credit Suisse (CSGN.S) making 250 billion Swiss francs ($280 billion) of liquidity available to ease its takeover by UBS (UBSG.S).
In the wider economy, its monetary policy has led to it building up a balance sheet of nearly 900 billion Swiss francs - equivalent to 113% of Swiss economic output.
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