Swiss central bank books $4 billion loss

The Swiss National Bank was Sfr4.7 billion ($4 billion) in the red for 2008, it emerged on Wednesday.

The central bank said that the poor performance was primarily due to exchange-rate losses on foreign currency investments. The central bank noted that the $54 billion bailout fund for UBS, the country's biggest bank, was not included in the results "owing to the loss protection provided by the lender."

The results contrast with an Sfr8 billion profit for 2007.

The losses on foreign currency i

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