Reuters: US Dollar Report: UPDATE 1-Hildebrand's wife broke no rules, SNB auditor finds

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UPDATE 1-Hildebrand's wife broke no rules, SNB auditor finds Apr 25th 2012, 16:59 Wed Apr 25, 2012 12:59pm EDT * SNB requested audit in wake of FX trade controversy * KPMG already ruled Philipp Hildebrand broke no rules * Tougher SNB internal rules announced in March By Catherine Bosley ZURICH, April 25 (Reuters) - The wife of former Swiss National Bank chief Philipp Hildebrand did not breach central bank regulations when she made controversial currency transactions that led to his resignation, an auditor has found. The SNB commissioned an audit after Hildebrand stepped down in January following an uproar over the dollar purchase made by his wife Kashya, a Zurich art dealer, just weeks before the SNB set a cap of 1.20 per euro on the strong Swiss franc. "KPMG did not identify any activities which might suggest that transactions were carried out via Kashya Hildebrand's business and private accounts which were in breach of the rules or guidelines in force during the period covered by the investigation," the SNB said on Wednesday. The audit looked at all foreign exchange transactions exceeding 20,000 Swiss francs and all other transactions exceeding 100,000 francs, the SNB said. Hildebrand, a former hedge fund manager who controlled his own portfolio, was not found to have broken the SNB's old rules but was forced to step down after an email exchange with his banker suggested he had been aware of his wife's trade. Kashya Hildebrand spent 400,000 Swiss francs ($423,800) on buying dollars last August. Stiffer rules on SNB governing board members' financial transactions were announced in March. The auditor gave Thomas Jordan, the central bank's chairman, a clean bill of health. Link this Share this Digg this Email Reprints

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