UBS published a “transparency report two years ago about what went wrong before the financial crisis. The report was perhaps premature. Yesterday’s SFr1.4bn of Libor-related fines and other charges demonstrate the scale of wrongdoing at the bank between 2005 and 2010. And there is much more besides. UBS has increased its provisions for litigation and regulatory matters by SFr2.7bn this year, and only half of that covers the Libor settlement. The remaining SFr1.3bn will cover other Libor-related issues, as well as claims related to residential mortgage-backed securities. Investors will see very little of the SFr2.5-3bn pre-provision, pre-tax profits that the bank expects to report this year.
两年前,瑞银(UBS)曾发布一份“透明度报告,有关在金融危机前它面对的一些问题。这份报告也许发布得过早了一些。昨日,瑞银因牵涉伦敦银行间同业拆借利率(Libor)丑闻,被处以14亿瑞士法郎罚金,同时它还面对其它一些指控,这足以显示瑞银在2005年到2010年间不当行为的严重程度。事情还不止于此,今年瑞银将与诉讼及监管事宜有关的准备金增加了27亿瑞士法郎,这其中用于上述和解的只占一半。其余13亿瑞士法郎用来解决其他与Libor丑闻有关的问题,以及用于支付住房抵押贷款支持证券的相关赔款。投资者将会发现,瑞银今年预期的25亿至30亿瑞士法郎的拨备及税前利润,恐怕要大打折扣。
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