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Central bank reports 2008 loss

The Swiss National Bank (SNB) has reported a loss of SFr4.7 billion ($3.98 billion) for 2008, due mainly to exchange rate losses on foreign currency investments.

In a statement on Wednesday, the central bank said the purchase of illiquid assets from bank UBS late last year did not affect the SNB's result.

The Swiss National Bank (SNB) has reported a loss of SFr4.7 billion ($3.98 billion) for 2008, due mainly to exchange rate losses on foreign currency investments.

In a statement the central bank said the purchase of illiquid assets from bank UBS late last year did not affect the SNB's result.

It said this was because of the "loss protection provided by the big bank".

In 2008 the loss on foreign currency investments came to SFr4.4 billion. "The pound sterling," the SNB said, "lost over 30 per cent against the franc.

It added that share price drops were offset by price gains and receipts on coupons from interest-bearing securities.

The net loss comes after a SFr1.3 billion profit in 2007.


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