ZURICH Jan 6 The Swiss National Bank
said it would swing to a 9 billion Swiss franc loss for 2013 due
to a dramatic drop in the value of its gold holdings.
The SNB said a 15 billion franc loss on its gold holdings,
which lost 28 percent of its value last year, could not entirely
be offset by a gain of roughly 3 billion francs from foreign
currency and profits of more than 3 billion francs from selling
a stabilisation fund set up five years ago to bail out UBS
during the financial crisis.
The loss is likely to be politically charged as its means
the central bank cannot distribute dividends to its biggest
shareholders, Switzerland's 26 cantons, or states, or to the
The SNB reports detailed earnings on March 25.
(Reporting by Katharina Bart and Oliver Hirt; Editing by Alison