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IBDvalueinvestin (98.35)

UBS warns will take a $300B charge in 1st qtr, Banks warning just starting,



April 03, 2009 – Comments (3) | RELATED TICKERS: UBS

Nothing has changed for banks, Big losses continue.

3 Comments – Post Your Own

#1) On April 03, 2009 at 9:17 AM, camistocks (69.87) wrote:

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. 


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#2) On April 03, 2009 at 9:17 AM, bigpeach (30.79) wrote:

300 million, not billion. I hardly think that will send UBS over the precipice.

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#3) On April 03, 2009 at 9:47 AM, IBDvalueinvestin (98.35) wrote:

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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