April 3, 2009 / 12:27 PM / 8 years ago

UPDATE 1-UBS to take $300 mln Q1 charge for assets to SNB

* UBS completes transfer of toxic assets to SNB

* Total assets transferred worth $38.7 bln

* UBS’s Q1 charge nearly offset by gain on bonds sale

(Adds details from statement)

ZURICH, April 3 (Reuters) - Swiss bank UBS UBSN.VX (UBS.N) said on Friday it will book a charge of about $300 million in the first quarter for the sale of a final tranche of toxic assets to the Swiss National Bank.

The charge is going to be nearly offset by a 305 million Swiss franc ($266.8 million) gain UBS made from buying back some of its bonds.

The SNB said in October it would set up a special fund to absorb illiquid securities from UBS. The bank was initially allowed to transfer up to $60 billion of assets to the fund but the figure was cut to $40 billion in February.

The fund holds $38.7 billion after Friday’s tranche, UBS said in a statement.

UBS, Switzerland’s largest bank, has been forced to write down about $50 billion on risky subprime assets in the crisis and has seen billions flow out of its accounts over the course of this year. It accepted a 6-billion-Swiss-franc cash injection from the Swiss government last October.

$1=1.143 Swiss Franc

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