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SNB reports 6.4 bln Sfr loss as value of gold holdings falls
October 31, 2013 / 6:52 AM / 4 years ago

SNB reports 6.4 bln Sfr loss as value of gold holdings falls

ZURICH, Oct 31 (Reuters) - The Swiss National Bank reported a nine-month loss of 6.4 billion Swiss francs, due to a valuation loss on its gold holdings.

Income from the central bank’s forex positions amounted to 4.0 billion francs, it said on Thursday, while the value of its gold reserves fell 10.7 billion francs.

The SNB set a cap of 1.20 Swiss francs to the euro nearly two years ago to help stave off recession and the threat of deflation.

The SNB said the stabilisation fund set up to bail out Swiss bank UBS in 2008 repaid the loan granted to it by the SNB parent company in full on August 15.

The central bank said it now expects UBS to exercise its purchase option to take over the stabilisation fund before the end of the year. [ID: nL6N0GH0AQ]

The SNB’s balance sheet decreased by 5.353 billion francs to 500.807 billion francs at the end of September versus the end of December 2012. (Reporting by Silke Koltrowitz)

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