April 03, 2009
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RELATED TICKERS: UBS
Nothing has changed for banks, Big losses continue.
it's $300 MILLIONS not BILLIONS... They also didn't warn about anything.
ZURICH, April 3 (Reuters) - Swiss bank UBS (UBSN.VX) (UBS.N) said on Friday it will book a charge of about $300 million in the first quarter for the sale of a final tranche of toxic assets to the Swiss National Bank.
The charge is going to be nearly offset by a 305 million Swiss franc ($266.8 million) gain UBS made from buying back some of its bonds.
The SNB said in October it would set up a special fund to absorb illiquid securities from UBS. The bank was initially allowed to transfer up to $60 billion of assets to the fund but the figure was cut to $40 billion in February.
The fund holds $38.7 billion after Friday's tranche, UBS said in a statement.
UBS, Switzerland's largest bank, has been forced to write down about $50 billion on risky subprime assets in the crisis and has seen billions flow out of its accounts over the course of this year. It accepted a 6-billion-Swiss-franc cash injection from the Swiss government last October.
300 million, not billion. I hardly think that will send UBS over the precipice.
My eyes must have failed me, I could have sworn I saw 300B
Guess thats not so bad then at 300M
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