UBS bailout a success so far: head of SNB rescue

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The Swiss National Bank's innovative bailout of UBS, the country's biggest bank, was a necessary and, so far, successful operation despite a mark-to market $4.6 billion loss, the head of the central bank's rescue vehicle said on Friday.

The central bank set up the stabilisation fund, a structure to buy and manage the illiquid assets of UBS, in October 2008 on signs that the bank faced failure.

The central bank loaned $25.8 billion to the vehicle, with UBS, which has assets with a book value of

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