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Swiss National Bank chairman Philipp Hildebrand resigns

9 January 2012 Last updated at 17:09 GMT

The chairman of the Swiss National Bank (SNB), Philipp Hildebrand, has resigned with immediate effect.

It follows revelations his wife Kashya bought $504,000 (£323,024) in August, three weeks before the central bank intervened to cap the Swiss franc.

He told a news conference he had "no knowledge" of his wife's transaction, which she later made a profit on.