Bloomberg News

SWISS DAYBOOK: SNB Franc Ceiling, UBS’s Ermotti, Swiss Re, Roche

September 29, 2011

Sept. 29 (Bloomberg) -- The Swiss central bank’s franc ceiling of 1.20 versus the euro is “very, very credible,” Vice President Thomas Jordan said.

The Swiss National Bank will use “all measures” to defend it, Jordan said at an event in Basel, Switzerland, late yesterday. He declined to comment on whether policy makers will raise the cap, saying the Zurich-based central bank is taken “seriously in the market.”

EQUITIES: *Sergio Ermotti, the interim chief executive officer of UBS, will reappraise his external mandates if named CEO of Switzerland’s biggest bank, Handelszeitung reported *Roche said it got U.S. clearance for a new generation of Accu- Check Aviva, which tests blood glucose in diabetics *Swiss Re’s Chief Executive Officer Stefan Lippe is seeking to spend more of his company’s capital on underwriting as rival Warren Buffett allocates cash to buybacks

WHAT TO WATCH: *SNB President Philipp Hildebrand attending a Geneva event in the evening *The Basel Committee on Banking Supervision said it will speed up a review of draft liquidity rules for lenders that are intended to take effect at the start of 2015

ECONOMY/GOVERNMENT: *The SNB will be able to return to profit in the medium term after foreign-currency purchases contributed to a record loss in 2010, Jordan said at an event in Basel, Switzerland

MARKETS: *The SMI dropped 0.2 percent to 5,551.65 *The SPI lost 0.3 percent to 5,035.58 *The Stoxx Europe 600 Index dropped 1.1 percent to 227.39 *The MSCI Asia-Pacific Index dropped 0.3 percent at 7:19 a.m. Zurich time *Euro-franc traded at 1.2200 at 7:19 a.m. Zurich time

--Editors: Jennifer M. Freedman

To contact the reporter on this story: Carolyn Bandel in Zurich at cbandel@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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