Switzerland names new vice chairman of Swiss National Bank's governing board
Reuters
Published May 04, 2022 10:07AM ET
ZURICH (Reuters) - Switzerland's Federal Council has appointed Martin Schlegel as vice chairman of the governing board of the Swiss National Bank, succeeding Fritz Zurbruegg as head of the department responsible for financial stability.
Zurbruegg, who implemented the scrapping of the Swiss central bank's minimum exchange rate policy and the introduction of negative interest rates, is to retire this year.
Schlegel, who holds a doctorate in economics from the University of Basel, has been a member of the SNB's enlarged governing board since 2018, deputising for SNB Chairman Thomas Jordan as deputy head of the department responsible for economic affairs.
In his new job, Schlegel will oversee financial stability, cash, finance and risks.
"He has been with the SNB for nearly 20 years, in which time he has held various management positions," the central bank said in a statement on Wednesday.
The SNB also said the government had approved a partial revision of the central bank's regulation, allowing it to increase the number of alternate members of its governing board.
"The increase in the number of deputies is aimed at helping the SNB to continue to manage well the monetary policy and operational challenges that have risen sharply in recent years," the SNB said. "At the same time, it will facilitate an even broader integration of different skills in SNB management."
Each of the SNB's three departments can now have two deputies, the SNB said, naming Petra Gerlach and Attilio Zanetti to succeed Schlegel as deputies to the Head of Department I.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.