SNB’s Jordan: SNB is ready to intervene in currency market if necessary

Swiss National Bank (SNB) Chairman Thomas Jordan is crossing the wires now, via in Swiss newspaper Tages-Anzeiger, singing the same old tune that the Swiss franc is significantly overvalued.

Key Headlines:

SNB is ready to intervene in currency market if necessary

Swiss franc is still significantly overvalued against the euro

From a Swiss perspective we have an interest in a normalization of global monetary policy

Negative interest rates remain a central element in SNB's monetary policy

Our expansionary monetary policy is appropriate in the current environment

Declines to comment on market operations, when asked if SNB was active in FX market after US election

Sees broad support in Switzerland for SNB's monetary policy and its independence

Swiss banking system is solid