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SNB flags 9 bln Sfr full-year loss on drop in gold price
January 6, 2014 / 6:56 AM / in 4 years

SNB flags 9 bln Sfr full-year loss on drop in gold price

ZURICH, Jan 6 (Reuters) - 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 federal government.

The SNB reports detailed earnings on March 25. (Reporting by Katharina Bart and Oliver Hirt; Editing by Alison Williams)

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