For European banks, concerns mount over write-downs at izbrano

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For European banks, concerns mount over write-downs

International Herald Tribune - When UBS of Switzerland disclosed in October that it had written down $3.6 billion in the value of its mortgage-backed securities, it was praised by several analysts for biting the bullet. Then, in December, it said it would write down $10 billion more, rattling those who follow the Swiss bank, but earning the grudging respect of some for trying to get a handle on the subprime fiasco. On Wednesday, UBS warned it would mark down yet another $4 billion worth of securities, leading to the bank’s first annual loss since it was formed in a merger in 1998. Now, all bets are off. “This is shocking stuff,” said Aye Idehen, a fund manager at Kleinwort Benson, a unit of Allianz in London, who holds UBS stock in his portfolio. “The worrying thing is there seems to be no end to this.”

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