UBS, the country's biggest bank and once a byword for safe, reliable investments, now has the dubious distinction of being the world's biggest subprime loser after fresh writedowns this week drove its total damage to 37.
4 billion dollars (24 billion euros).
But politicians and senior banking officials have been at pains to stress that UBS' woes are not symptomatic of a wider malaise affecting the whole financial system.
Finance Minister Hans-Rudolf Merz has repeatedly said in recent weeks that there is no need to panic despite the vast losses at UBS and similar -- if less extensive -- writedowns at rival Credit Suisse.
Credit Suisse warned last month it could suffer a first quarter loss, citing exposure to the US subprime crisis, and said some of its traders had engaged in "intentional misconduct" and had been suspended.
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"Certainly there has been a weakening of the robustness of the two institutes but one must note that our banking system as a whole has remained stable," Merz said