UBS announced an agreement with the Swiss National Bank (SNB) today to transfer up to $60 billion of currently illiquid securities and other assets from its balance sheet to a separate fund entity. These assets include $31 billion of primarily cash securities made up of U.S. subprime, U.S. Alt-A, U.S. prime, U.S. CMBS and RMBS, U.S. student loan auction rate certificates and other securities backed by student loans, and U.S. reference-linked note programs.

 

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