DealBook – UBS Pays $3.76 Billion To Swiss Central Bank In Buyback Of Toxic Assets – 8 November 2013

DealBook

By CHAD BRAY

LONDON — In the latest sign of a strengthening environment for European banks, the Swiss bank UBS said Friday that it paid $3.76 billion to Switzerland’s central bank to repurchase the remaining value of a portfolio of troubled assets taken off its books during the financial crisis.

As part of its rescue plan five years ago, UBS spun off $38.7 billion in illiquid or distressed loans, securities and derivatives into a fund backed by the Swiss government and the Swiss National Bank. The underlying assets in the fund have been sold over time.

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