Help the refugees

If you move around the world by choice, consider helping those forced from their homes by conflict. Donate to the UN Refugee Agency today.

Home News Ex Swiss bank chief ‘to get 12 months pay’: reports

Ex Swiss bank chief ‘to get 12 months pay’: reports

Published on 12/01/2012

Former Swiss central bank chief Philipp Hildebrand will receive a full 12 months salary after quitting in a scandal over foreign exchange trades by his wife, media reported on Thursday.

“Swiss National Bank (SNB) contractual rules mean Mr Hildebrand will be paid a year’s salary,” Le Matin newspaper said.

Le Temps reported that the ex-bank chairman was paid 861,900 Swiss francs (710,000 euros) in 2010.

The initial six months salary cover the bank’s notice period, even though Hildebrand left his post with immediate effect, said reports.

The remaining payments act as compensation for a ban imposed by the SNB on him taking up a position with another bank.

Senior executives quitting the central bank may take up work in a different line straight away, if agreed by its governing council.

Hildebrand stepped down on Monday after conceding that he had no conclusive evidence to prove he did not know about a dollar deal by his wife weeks before an intervention by the SNB to halt the rise of the franc — a move that saw the dollar rise significantly against the Swiss currency.

Kashya Hildebrand, who profited after buying $504,000 (396,000 euros) last August said she had failed her husband by not considering that it could have been perceived as a conflict of interest.

An independent investigation into the couple’s transactions cleared them of any wrongdoing.