SNB balance sheet could not have coped with peg defence, says Jordan
Losses 'could not have been justified'
The Swiss National Bank's (SNB) decision to abandon its exchange rate ceiling was essential to avoid imposing intolerable losses on the central bank, chairman Thomas Jordan said today.
Trying to defend the Swiss franc-euro peg would have caused an "uncontrollable expansion" of the SNB's balance sheet, Jordan said during a press conference following the first monetary policy meeting since the peg was abandoned.
The expansion could have left the central bank with a balance sheet worth several
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