SNB offers dollar-denominated bills for UBS loan

The Swiss National Bank (SNB) announced on Monday that it will issue its own bills denominated in dollars.

The bills will be used to finance the SNB StabFund, the special purpose vehicle that houses the toxic assets of UBS, Switzerland's biggest bank.

The central bank said it will issue the dollar-denominated debt certificates with terms of less than one year from mid-February, with the first auction to be held on the 16th.

After that, auctions will be held once a fortnight. All parties who a

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