The Swiss National Bank (SNB) Governing Board Member Fritz Zurbruegg said on Thursday that the central bank is ready to intervene in the foreign exchange market if needed.

The SNB reported in its annual report that it spent CHF25.8 billion ($26.9 billion) on defending the cap in late 2014.

Zurbruegg noted that the Swiss franc remains overvalued. He said that he does not expect a sustained negative inflation or a deflationary spiral.