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"In the first quarter of 2011, the Swiss franc depreciated against the European currencies, leading to exchange rate gains, especially on euro holdings," the central bank said in a statement on Friday.
The Swiss National Bank racked up full-year loss of 19.2 billion Swiss francs in 2010, its largest ever, after it tried to stem the rise of the franc by selling the national currency for euros. It defended the interventions as necessary given deflation risks.