KPMG audit clears SNB governing board

An independent audit of financial transactions by members of the governing board of the Swiss National Bank has found no breach of regulations occurred.

The audit was commissioned by the SNB after former chairman Philipp Hildebrand resigned in January amidst a furore over international financial transactions carried out by his wife.

Two previous audits of the controversial Hildebrand transactions found no rules had been broken but he was still forced to quit after losing public confidence. The affair prompted an examination into the financial activities of other board members and their families.

That audit by accountancy firm KPMG of all transactions made between January 1, 2009 and December 31, 2011 was released on Wednesday. 

“KPMG concludes that, during the course of the analysis presented in the report, no activities were identified which might suggest that financial transactions by members of the Enlarged Governing Board were in breach of the guidelines and regulations in place during the period under review,” the SNB said in a statement.

In the cases of three board members, including acting chairman Thomas Jordan who is widely tipped to be permanently appointed to the role, KPMG found that no transactions required further analysis.

Transactions made by Hildebrand, Jean-Pierre Danthine and Thomas Wiedmer were examined in more detail but the three were cleared of any wrong-doing under existing regulations.

The SNB is undertaking a review of regulations concerning private transactions by board members with a view to publishing more stringent regulations shortly.