FACTBOX-Key events in subprime fallout at UBS

ZURICH, Aug 12 (Reuters) - UBS AG (UBSN.VX), Europe's hardest-hit victim of the credit crisis, made a bigger-than-expected loss of $332 million in the second quarter.

The period was also characterised by heavy money outflows from its business of banking to the world's rich and the troubled Swiss bank has now notched up some $42 billion in writedowns [ID:nLB144790]. Following are key events in the world's largest wealth manager's woes, which started last year in May, when it closed down its Dillon Read hedge fund unit.

CLOSES DILLON READ HEDGE FUND UNIT - MAY 3, 2007

UBS shocks investors by closing down its Dillon Read hedge fund unit after posting lower-than-expected first-quarter results, a rare event from the bank, whose track record had earned it a reputation as a serial outperformer.

WRITEDOWNS TO CAUSE THIRD-QUARTER LOSS - OCTOBER 1, 2007

UBS warns a 4 billion franc subprime hit would cause a third-quarter pre-tax loss of between 600 and 800 million Swiss francs. A few weeks later, UBS's quarterly loss -- its first in nine years -- at 726 million franc is within that range.

MORE WRITEDOWNS - JANUARY 30, 2008

In a surprise statement ahead of its scheduled annual results release, UBS announces another subprime writedown, this time of $4 billion, dragging the bank deep into the red for the year. The new write-downs bring its total from the sub-prime debacle to $18.4 billion.

Two weeks later the bank posts a full-year loss of 4.4 billion francs, announcing tens of billions of dollars in new exposure to risky U.S. mortgages, leveraged finance and complex securities, sending shares tumbling to levels not seen since 2004.

Shareholders then back a $11.9 billion capital injection from Singapore and an unidentified Middle East investor.

WRITEDOWNS DOUBLE - APRIL 1, 2008

UBS doubles its writedowns from the subprime crisis, dumps its chairman, Marcel Ospel, and seeks more emergency capital.

The bank writes down an additional $19 billion in ailing assets, bringing to $37 billion the damage wrought by the subprime crisis and causing a net loss of $12 billion in the first quarter. It proposes its lawyer, Peter Kurer, as Ospel's successor.