Swiss stabfund losses wipe out UBS equity

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The Swiss National Bank's bailout vehicle for UBS, the country's biggest financial firm, has lost more than $400m for 2009, the central bank announced on Thursday.

The vehicle, referred to by the central bank as the stabilisation fund, recorded a total loss of $2.62 billion for the year. Under the terms of the Stabfund agreement, any losses on the portfolio will first be absorbed by UBS's $3.9 billion equity contribution to the vehicle. Losses of $1.7 billion in 2008 coupled with the 2009 figure

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