SNB's Zurbrugg: current situation temporary

GENEVA Thu Nov 8, 2012 1:51pm EST

GENEVA Nov 8 (Reuters) - Swiss National Bank Board Member Fritz Zurbruegg believes the extraordinary situation in which financial markets find themselves will at some point normalise, he said on Thursday.

The SNB set a cap of 1.20 on the Swiss franc a year ago, after investors fretting about the debt crisis in the euro zone pushed the safe-haven unit up sharply, threatening to tip Switzerland into a recession and deflation.

"For the moment, I am still assuming that at a certain point we'll be back in the normal and that this is not the new normal," he said. (Reporting by Catherine Bosley; editing by Ron Askew)