In normal times, the gnomes of Zurich prefer to keep a low profile. In 2008, however, Switzerland shot into the global finance spotlight in a manner that is far from boring.

This year, UBS set one dismal precedent by becoming the first non-US bank to produce more than $35bn of credit writedowns (which, remarkably, sets it almost on a par with Citi and Merrill Lynch, the leaders in this subprime hall of shame.)