Switzerland's financial regulator Monday spoke out in favor of keeping bank supervision out of the purview of the Swiss National Bank.

"The crisis shows that cooperation [between the regulator and the SNB] is absolutely essential, but both institutes will remain independent to each other; the SNB has a mandate to conduct monetary policy and financial stability and these tasks shouldn't be endangered by supervision of any particular institution," Jean-Baptiste Zufferey said on the sidelines of a Swiss banking conference in Rueschlikon.

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