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Swiss National Bank losing 42 mln francs a day

The Swiss National Bank lost 3.9 billion Swiss francs ($3.4 billion) in the fourth quarter of 2008 - 42 million francs a day - taking its full-year loss to 4.8 billion, Sunday paper Sonntag reported.

An SNB spokesman confirmed the figures, but said they were provisional and that official numbers would not be released until March 4, the paper reported, attributing the loss to toxic assets transferred to the SNB from the balance sheet of troubled Swiss banking giant UBS.

The SNB had already taken $20 billion in UBS toxic assets into a special-purpose vehicle and was committed to absorbing around $40 billion more in the spring. (Reuters)