Hans-Rudolf Merz, the Swiss finance minister, mentioned he will resign next October after receiving a lot of criticism with regard his handling to UBS AG fiscal problems and Libya hostage crisis.

The 67-year old businessman, who suffered a heart attack in 2008, said he decided to step down after solving all the important issues related to public finance, financial stability of UBS and Libya crisis.

It is worth noting, Merz was elected in the upper house of the Swiss Parliament in 1997 and worked as Finance Minister since 2004.