CHF million | 31.12.05 | 31.12.04 |
Money market paper | 141 | 567 |
Other debt instruments | ||
Listed | 587 | 261 |
Unlisted | 91 | 28 |
Total | 678 | 289 |
Equity instruments | ||
Listed | 2,548 | 504 |
Unlisted | 1,738 | 689 |
Total | 4,286 | 1,193 |
Private equity investments | 1,446 | 2,139 |
Total financial investments | 6,551 | 4,188 |
thereof eligible for discount at central banks | 40 | 86 |
The following tables show the unrealized gains and losses not recognized in the income statement for the years ended 2005 and 2004:
Unrealized gains / losses not recognized in the income statement | ||||||
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 securities | 0 | 0 | 0 | 0 | 0 | 0 |
Equity investments | 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 |
Unrealized gains / losses not recognized in the income statement | ||||||
CHF million | Fair value | Gross gains | Gross losses | Net, before tax | Tax effect | Net, after tax |
31 December 2004 | ||||||
Money market paper | 567 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by Swiss national government and agencies | 10 | 1 | 0 | 1 | 0 | 1 |
Debt securities issued by Swiss local governments | 20 | 1 | 0 | 1 | 0 | 1 |
Debt securities issued by US Treasury and agencies | 0 | 0 | 0 | 0 | 0 | 0 |
Debt securities issued by foreign governments and official institutions | 40 | 0 | 0 | 0 | 0 | 0 |
Corporate debt securities | 147 | 7 | (4) | 3 | 0 | 3 |
Mortgage-backed securities | 72 | 0 | 0 | 0 | 0 | 0 |
Other debt securities | 0 | 0 | 0 | 0 | 0 | 0 |
Equity investments | 1,193 | 455 | (5) | 450 | (83) | 367 |
Private equity investments | 2,139 | 577 | (22) | 555 | (88) | 467 |
Total | 4,188 | 1,041 | (31) | 1,010 | (171) | 839 |
The unrealized losses not recognized in the income statement 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. This includes the nature of the investments, valuations and research undertaken by UBS, the current outlook for each investment, offers under negotiation at favourable prices and the duration of the unrealized losses.
The following table shows the duration of unrealized losses not recognized in the income statement for the year ended 2005:
Fair value | Unrealized losses | |||||||
Investments with | Investments with | Total | Investments with | Investments with | Total | |||
CHF million | ||||||||
31 December 2005 | ||||||||
Money market paper | 0 | 0 | 0 | 0 | 0 | 0 | ||
Debt securities issued by the 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 securities | 0 | 0 | 0 | 0 | 0 | 0 | ||
Equity investments | 2,032 | 16 | 2,048 | (13) | (3) | (16) | ||
Private equity investments | 117 | 34 | 151 | (10) | (5) | (15) | ||
Total | 2,476 | 193 | 2669 | (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 2005 | ||||||||
Swiss national government and agencies | 0 | 0.00 | 2 | 4.36 | 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 | 42 | 5.51 | 10 | 5.77 | 12 | 6.03 |
Foreign governments and official institutions | 38 | 1.91 | 2 | 1.90 | 5 | 5.64 | 2 | 6.17 |
Corporate debt securities | 13 | 3.20 | 239 | 4.25 | 66 | 5.38 | 103 | 5.66 |
Mortgage-backed securities | 0 | 0.00 | 0 | 0.00 | 14 | 3.92 | 129 | 4.80 |
Other debt securities | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 |
Total fair value | 51 | 285 | 95 | 247 | ||||
Proceeds from sales and maturities of investment securities available-for-sale, excluding private equity, were as follows:
CHF million | 31.12.05 | 31.12.04 |
Proceeds | 298 | 277 |
Gross realized gains | 60 | 58 |
Gross realized losses | 1 | 45 |
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