Following are comments from analysts on the first public remarks by Swiss National Bank Chairman Philipp Hildebrand over a controversial currency trade made by his wife three weeks before he oversaw moves to impose a cap on the Swiss franc.
Switzerland's top central banker is battling for his future after some right-wing politicians called for his resignation.
Hildebrand said: So long as I have the confidence of the government and the bank council, stepping down is not an issue for me.
STEVE BARROW, HEAD OF G10 CURRENCY RESEARCH, STANDARD BANK:
I don't think this will have a major bearing on the currency. There has been no significant bearing since the revelations came out or since he made his defence.
For me an issue is whether the market will speculate that this sort of pressure on him could alter the SNB's willingness to go forward with their policy (of setting a floor in euro/Swiss). Quite clearly he would deny that.
MICHAEL HEWSON, ANALYST CMC MARKETS
I think Hildebrand has lost credibility over this issue and he will have to go, if not now then further down the line. But the SNB is bigger than Hildebrand and so I don't think it would alter anything as regards SNB monetary policy if he did leave.
For highlights of Hildebrand's comments see:
For text of Hildebrand's speech: http://www.snb.ch/de/mmr/speeches/id/ref_20120105_pmh/source/ref_20120105_pmh.de.pd
For text of Hildebrand's speech: http://www.snb.ch/de/mmr/speeches/id/ref_20120105_pmh/source/ref_20120105_pmh.de.pd f
(Reporting by Neal Armstrong; Editing by Ruth Pitchford)