* Swiss parliament to discuss UBS stake next week
* Lock up period expires on June 9
ZURICH, May 9 (Reuters) - The Swiss parliament will hold a hearing next week to discuss what the government should do with the stake it took in struggling bank UBS UBSN.VXUBS.N last year, a newspaper reported on Saturday.
The Tages-Anzeiger daily said the parliament’s finance committee had invited new UBS chairman Kaspar Villiger to a hearing on Thursday, with Finance Minister Hans-Rudolf Merz.
Without citing its sources, the newspaper said the hearing was aimed at discussing what the government should do with the 9.3 percent stake it took in the bank in October.
UBS declined to comment on the article and the finance ministry could not immediately be reached.
In return for a capital injection of 6 billion francs, UBS issued the government with mandatory convertible notes to be converted into UBS registered shares no later than 30 months after issuance.
The newspaper said the government, which stressed at the time it did not want to hold the UBS stake for years and would sell it to private investors as soon as possible, must decide what to do when a lock-up period for the notes ends on June 9. UBS said this week it remained wary about its immediate outlook as it braced for the recession’s full impact after a first quarter loss, but its shares rose on its resilient capital ratios.
UBS, one of Europe’s worst-hit banks in the crisis, made more than $50 billion of writedowns that prompted a government rescue in October and the naming of new top management earlier this year. (Reporting by Emma Thomasson, Editing by Peter Blackburn)
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