考研英语阅读理解精读100篇TEXT3_大学英语阅读

考研英语阅读理解精读100篇TEXT3

　　Thanks to this gradualist approach, UBS had been expected to take write-downs in managed increments of SFr2 billion-3 billion over a period of several quarters. It now appears that the bank has incorporated market values into its model, sending its fourth-quarter write-downs into orbit. The change of approach may be on the advice of auditors and regulators but it is more likely to reflect a desire by UBSs bosses to avoid months of speculation about the banks exposure, something that Marcel Rohner, the chief executive, described as distracting.

　　In a particular indignity for a bank long associated with conservatism, concerns about the level of UBSs capital ratio had even started to surface. Hence the moves to strengthen its tier-one capital, an important measure of bank solidity, by SFr19.4 billion, a great deal more than the write-down. The majority of that money will come from sovereign-wealth funds, the white knights of choice for todays bank in distress. Singapores GIC, which manages the city-states foreign reserves, has pledged to buy SFr11 billion-worth of convertible bonds in UBS; an unnamed Middle Eastern investor will put in a further SFr2 billion. UBS will also raise money by selling treasury shares, and save cash by issuing its 2007 dividend in the form of shares. Its capital ratio is expected to end up above 12% in the fourth quarter, a strong position.The majority of that money will come from sovereign-wealth funds, the white knights of choice for todays bank in distress.