The investigation ordered by Swiss National Bank (SNB) was carried out by auditors PricewaterhouseCoopers (PwC).
The Swiss National Bank (SNB) intervened to try to drive down the franc in 2009.
And the Swiss National Bank also unexpectedly cut rates by 50 basis points, to 2.00%, on Thursday afternoon.
The Swiss National Bank (SNB) is therefore aiming for a substantial and sustained weakening of the Swiss franc.
This would outline the upcoming difficulty for Mr. Azumi trying to replicate the success of Philipp Hildebrand, chairman of the Swiss National Bank (SNB).
Is the Swiss National Bank setting up Switzerland for something similar?
FORBES: Swiss National Bank Cruelly Puts a Bull's Eye On Switzerland's Economy
In addition, the Federal Open Market Committee has authorized increases in its existing temporary reciprocal currency arrangements with the European Central Bank and the Swiss National Bank.
In addition, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank will continue to offer three-month tenders until further notice.
According to a Swiss National Bank report in May, UBS and Credit Suisse had about 3% of their cross-border exposure in Ireland, Italy, Portugal, Spain and Greece, as of 2010.
Did he get blind sided by the Swiss National Bank when they intervened in the FX market so forcing the Swiss Franc down by 8% against the Euro in day?
Meader gave the example of the recent move by the Swiss National Bank to keep a peg to the euro after the Swiss franc rose sharply as investors sought a safe haven.
FORBES: INTERVIEW: Currency Market Intervention Can Be Supportive To Gold -- Thomson Reuters GFMS
To the detriment of investors and traders who had been piling into the franc as a haven, the Swiss National Bank came down like a hammer to weaken the value of the franc.
The European Central Bank and the Bank of England both took part in the coordinated action Wednesday, which also included the U.S. Federal Reserve, the Bank of Canada, the Swiss National Bank and the Swedish Riksbank.
The Swiss National Bank surprised markets by cutting its key interest rate target by 0.25 percentage points, citing growing economic uncertainty amid sharp plunges in global equity markets and a reduced risk of inflation.
Now, officials at the Swiss National Bank are considering what currency or basket of currencies would replace the euro as its reference point for the currency ceiling, according to a person familiar with the situation.
Traders and analysts were surprised a bank had tapped central-bank funds, especially since the Swiss National Bank recently flooded the market with liquidity to keep the franc from rising against the euro and the dollar.
Rather than acknowledge this and reverse course in favor of the very franc strength that would serve as a magnet for economy-boosting investment, the Swiss National Bank is harshly pouring gasoline on the franc-devaluing fire.
FORBES: Swiss National Bank Cruelly Puts a Bull's Eye On Switzerland's Economy
This covered not only money deposited by German Jews in Swiss banks that was never reclaimed, but also bullion of doubtful origin that the Swiss National Bank had bought from the German Reichsbank during the war.
The surprising news overnight that the Swiss National Bank announced it will peg the Swiss franc to the value of the Euro currency did coincide with gold prices backing well off the record high scored in earlier trading Tuesday.
FORBES: Comex Gold Ends Weaker on Mild Profit Taking after Hitting New Record High Early On
Before the advent of the euro, Germany's mark was Switzerland's main point of reference including a period in the 1970s when the Swiss National Bank pegged the franc against the mark to rein in a surge in the Swiss currency.
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing coordinated actions to enhance their capacity to provide liquidity support to the global financial system.
The unexpected collective move by the U.S. Federal Reserve, the European Central Bank, the Bank of Japan, the Bank of Canada and the Swiss National Bank were bullish for risk assets as the U.S. and European stock markets, and most commodity markets, rallied on the news.
FORBES: A.M. Kitco Metals Roundup: Comex Gold Trades Near Steady as Recent Gains Consolidated
Instead, the Swiss National Bank is very cruelly devaluing the Swiss franc, and in doing so it is devaluing the income streams of all Swiss companies, all Swiss workers whose paychecks will increasingly buy less, plus its monetary machinations will serve as a repellent to the very investment that drives all economic activity.
FORBES: Swiss National Bank Cruelly Puts a Bull's Eye On Switzerland's Economy
It says that, if necessary, the central bank will create an unlimited amount of Swiss national currency to buy foreign exchange and thereby push down the value of the franc.
The national bank vowed to intervene in the currency markets in order to prevent the Swiss franc from appreciating further against the euro.
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