CHF million | 31.12.06 | 31.12.05 |
Money market paper | 354 | 141 |
Other debt instruments | ||
Listed | 260 | 587 |
Unlisted | 261 | 91 |
Total | 521 | 678 |
Equity instruments | ||
Listed | 5,880 | 2,548 |
Unlisted | 819 | 1,738 |
Total | 6,699 | 4,286 |
Private equity investments | 1,363 | 1,446 |
Total financial investments available-for-sale | 8,937 | 6,551 |
thereof eligible for discount at central banks | 41 | 40 |
The following tables show the unrealized gains and losses recognized directly in Equity in 2006 and 2005: | ||||||
Unrealized gains / (losses) recognized directly in Equity | ||||||
CHF million | Fair value | Gross gains | Gross losses | Net, before tax | Tax effect | Net, after tax |
31 December 2006 | ||||||
Money market paper | 354 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by Swiss national government and agencies | 3 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by Swiss local governments | 0 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by US Treasury and agencies | 0 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by foreign governments and official institutions | 97 | 0 | 0 | 0 | 0 | 0 |
Corporate debt securities | 28 | 0 | 0 | 0 | 0 | 0 |
Mortgage-backed securities | 160 | 0 | (3) | (3) | 0 | (3) |
Other debt instruments | 233 | 5 | 0 | 5 | 0 | 5 |
Equity instruments | 6,699 | 3,102 | (2) | 3,100 | (636) | 2,464 |
Private equity investments | 1,363 | 634 | (13) | 621 | (182) | 439 |
Total | 8,937 | 3,741 | (18) | 3,723 | (818) | 2,905 |
Unrealized gains / (losses) recognized directly in Equity | ||||||
CHF million | Fair value | Gross gains | Gross losses | Net, before tax | Tax effect | Net, after tax |
31 December 2005 | ||||||
Money market paper | 141 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by Swiss national government and agencies | 3 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by Swiss local governments | 0 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by US Treasury and agencies | 64 | 0 | (1) | (1) | 0 | (1) |
Debt securities issued by foreign governments and official institutions | 47 | 0 | 0 | 0 | 0 | 0 |
Corporate debt securities | 421 | 7 | (11) | (4) | 0 | (4) |
Mortgage-backed securities | 143 | 0 | (3) | (3) | 0 | (3) |
Other debt instruments | 0 | 0 | 0 | 0 | 0 | 0 |
Equity instruments | 4,286 | 738 | (16) | 722 | (133) | 589 |
Private equity investments | 1,446 | 405 | (15) | 390 | (31) | 359 |
Total | 6,551 | 1,150 | (46) | 1,104 | (164) | 940 |
The unrealized losses recognized directly in Equity are considered to be temporary on the basis that the investments are intended to be held for a period of time sufficient to recover their cost, and UBS believes that the evidence indicating that the cost of the investments should be recoverable within a reasonable period of time outweighs the evidence to the contrary. Factors considered include the nature of the investments, valuations and research undertaken by UBS, the current outlook for each investment, offers under negotiation at favorable prices and the duration of the unrealized losses.
The following table shows the duration of unrealized losses recognized directly in Equity in 2006 and 2005:
Fair value | Unrealized losses | |||||
CHF million | Investments with unrealized loss less than 12 months | Investments with unrealized loss more than 12 months | Total | Investments with unrealized loss less than 12 months | Investments with unrealized loss more than 12 months | Total |
31 December 2006 | ||||||
Money market paper | 0 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by Swiss national government and agencies | 0 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by Swiss local governments | 0 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by US Treasury and agencies | 0 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by foreign governments and official institutions | 0 | 0 | 0 | 0 | 0 | 0 |
Corporate debt securities | 0 | 0 | 0 | 0 | 0 | 0 |
Mortgage-backed securities | 28 | 132 | 160 | 0 | (3) | (3) |
Other debt instruments | 0 | 0 | 0 | 0 | 0 | 0 |
Equity instruments | 2 | 25 | 27 | 0 | (2) | (2) |
Private equity investments | 74 | 123 | 197 | (3) | (10) | (13) |
Total | 104 | 280 | 384 | (3) | (15) | (18) |
Fair value | Unrealized losses | |||||
CHF million | Investments with unrealized loss less than 12 months | Investments with unrealized loss more than 12 months | Total | Investments with unrealized loss less than 12 months | Investments with unrealized loss more than 12 months | Total |
31 December 2005 | ||||||
Money market paper | 0 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by Swiss national government and agencies | 0 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by Swiss local governments | 0 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by US Treasury and agencies | 55 | 0 | 55 | (1) | 0 | (1) |
Debt securities issued by foreign governments and official institutions | 0 | 0 | 0 | 0 | 0 | 0 |
Corporate debt securities | 272 | 0 | 272 | (11) | 0 | (11) |
Mortgage-backed securities | 0 | 143 | 143 | 0 | (3) | (3) |
Other debt instruments | 0 | 0 | 0 | 0 | 0 | 0 |
Equity instruments | 2,032 | 16 | 2,048 | (13) | (3) | (16) |
Private equity investments | 117 | 34 | 151 | (10) | (5) | (15) |
Total | 2,476 | 193 | 2,669 | (35) | (11) | (46) |
Contractual maturities of the investments in debt instruments1 | ||||||||
Within 1 year | 1-5 years | 5-10 years | Over 10 years | |||||
CHF million, except percentages | Amount | Yield (%) | Amount | Yield (%) | Amount | Yield (%) | Amount | Yield (%) |
31 December 2006 | ||||||||
Swiss national government and agencies | 2 | 2.22 | 0 | 0.00 | 0 | 0.00 | 1 | 4.00 |
Swiss local governments | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 |
US Treasury and agencies | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 |
Foreign governments and official institutions | 38 | 1.48 | 2 | 1.89 | 57 | 4.47 | 0 | 0.00 |
Corporate debt securities | 26 | 7.00 | 0 | 0.00 | 2 | 0.00 | 0 | 0.00 |
Mortgage-backed securities | 0 | 0.00 | 0 | 0.00 | 10 | 4.48 | 150 | 5.10 |
Other debt instruments | 0 | 0.00 | 233 | 9.28 | 0 | 0.00 | 0 | 0.00 |
Total fair value | 66 | 235 | 69 | 151 | ||||
Proceeds from sales of Financial investments available-for-sale, excluding private equity, were as follows: | ||
CHF million | 31.12.06 | 31.12.05 |
Proceeds | 1,380 | 298 |
Gross realized gains | 832 | 60 |
Gross realized losses | 5 | 1 |
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