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UBS chief warns over 'duff loans'

UBS chief executive Peter Wuffli has spoken out to warn over the number of risky loans made by investment banks. In an interview with the Financial Times, Mr. Wuffli aired concerns over the use of leveraged finances, claiming there was a risk that if the credit cycle turns that bank could be dragged into litigation.

In particular he highlighted the use of 'cov-lite' loans that do not have the usual safeguards for lenders.

"This is potentially risky in terms of exposure to litigation, exposure to quarrels, or just plain exposure to reputation," he said.

"So financial institutions that think long-term, such as ours, do perceive a certain responsibility that includes deal terms, leverage and quality of the deals and so on.

"Selling duff loans is not a great recipe for good business."

Mr. Wuffli went on to comment on the state of the current state of the market.

"It is quite clear the whole market right now is confused - as it was in 1999 and 2000 - on the question of what is here to stay and what is here to reverse.

"What is not here to stay is the absence of default, the absence of inflation over a longer period of time, and of essentially flat yield and credit curves."

Source:
http://www.bobsguide.com/guide/news/19993.html

 
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