I know for a fact that Swiss law does not have a "charity may not take significant business risks" provisions, therefore I maintain that this is not a usual practice here. But this is really not so important, after all we want to look at how things are done in the UK.
Michael
-- Michael Bimmler mailto:mbimmler@gmail.commbimmler@gmail.com
Take a look at housing associations, many of whom are registered charities (or Industrial and Provident Societies) and who have been involved in swapping toxic assets.
http://www.insidehousing.co.uk/story.aspx?storycode=6503040
Also recall how local authorities got their fingers burned in Iceland...
Gordo