Phillipp Hildebrand has revealed fascinating
details about the conversations his family had with Bank Sarasin
about the CHF/USD currency trades that led to his resignation as
chairman of the Swiss National Bank (SNB).
Hildebrand has been at the centre of the
currency trading controversy after data stolen by a former Bank
Sarasin IT worker revealed that his wife had profited from a
currency trade just weeks before the Swiss franc was capped against
the Euro.
Having conceded that he could not conclusively
prove that he had no knowledge of this transaction, Hildebrand
resigned on 9 January as SNB chairman with immediate effect.
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By GlobalDataIn an effort to clear his name, Hildebrand has
released a number of documents related to his wife’s transactions,
including emails between Hildebrand and his relationship manager at
Bank Sarasin, Felix Scheuber.
The emails provide a unique insight to the
Hildebrand family’s financial transactions during this period and
how they interacted with their private bank.
The emails consist of a prolonged conversation
between Phillipp Hildebrand, his wife Kashya and Scheuber.
It outlines how Scheuber tried to interest the
couple in investing in subordinated insurance bonds.
Scheuber said that regulatory changes in the
European insurance industry meant that these bonds offered an
excellent opportunity for capital gains and attractive running
yields.
Hildebrand “surprised” by
transaction
The emails also detail how Phillipp Hildebrand
supposedly agreed that his wife could decide their USD
exposure.
However, in a subsequent email Phillip
Hildebrand said that he was surprised to find out that a dollar
transaction had been carried out in his account.
He instructed Scheuber that in future any
currency transactions must come from, or be confirmed by, him.
Bank Sarasin said it did not comment on the
documents when contacted by PBI.
For full copy of the documents released,
please click here:
http://www.snb.ch/en/mmr/reference/pre_20120109_3/source/pre_20120109_3.en.pdf
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