SNB records $8.7 billion loss on Swiss franc gains

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The Swiss National Bank recorded a loss of Sfr8.46 billion ($8.7 billion) for the first three quarters of 2010 to 30 September due to exchange rate-related losses, the central bank said on Friday.

Losses on its foreign currency position totalling Sfr14.7 billion wiped out gains on gold holdings amounting to Sfr4.6 billion, and Sfr2.3 billion-worth of earnings from its stabilisation fund, a special purpose vehicle that houses the toxic assets of UBS, Switzerland's biggest bank.

The recorded loss

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