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Crisis, what crisis? say Swiss financiers amid UBS woes

GENEVA, April 6, 2008 (AFP) - Swiss ministers and financiers are striving to reassure markets and citizens there is no banking crisis even as the once-mighty UBS totters after losing billions of dollars in subprime exposure.
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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).
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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.

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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

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