Government of Singapore Investment Corp and an unidentified middle eastern investor (rumoured to be a state controlled fund from Oman) have chipped in 11.5 billion swiss francs in capital into UBS, more than enough to offset a write down of US$10 billion in the value of its holdings of sub-prime, collateralised debt obligations and related securities.GOSIC will end up with a nine per cent stake in UBS once the convertible notes switch into ordinary shares in two years' time. The Oman investor will have a 1.5 per cent stake.UBS is also replacing its next dividend with an issue of stock rather than cash and abandoning a planned cancellation of some shares. These capital measures will increase the bank's capital ratio to more than 12 per cent.The bank took US$3.7 billion in write-downs at the end of October, though, as with plenty of banks, the modelling of those losses (and the valuation of the affected securities) proved inadequate.The Daily Telegraph, reporting on UBS briefings held overnight, said the bank believed it has now written down between 60 per cent and 77 per cent of its total exposure to sub-prime mortgage securities, compared with average industry write-downs of 33 per cent.The write-down means UBS will report a substantial loss in the December 2007 quarter, possibly large enough to leave the bank in the red for the calendar year.