Race to appoint new Swiss central bank chief nears completion
ZURICH - The Swiss National Bank's supervisory board is in the final stages of deciding its candidate to replace outgoing Chairman Thomas Jordan, people familiar with the matter have told Reuters.
The Bank Council, which must present its candidate to the Swiss cabinet for approval, said it did not comment on the search process or on rumours. Schlegel started his SNB career in 2003 and worked in the research department, which was then headed by Jordan, who under the rules has no role in choosing his successor.
But the newcomer will not have an easy time, having to reduce the big payments the SNB is making to commercial banks - 7.4 billion francs last year - after interest rates turned positive. If Schlegel is promoted, it would leave a vacancy on the SNB's three-member rate-setting governing council, alongside former Federal Reserve Bank of New York executive Antoine Martin, who joined in January.
According to the SNB, candidates must have an"impeccable reputation", expertise in"monetary, banking and financial issues," Swiss citizenship and live in the country.
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