UBS publishes updated timeseries reflecting a change in the reporting of own credit to Corporate Center – Core Functions from the Investment Bank and the Legacy Portfolio
Zurich/Basel, 9 July 2012 – Today, UBS publishes updated timeseries containing historical financial information which has been restated to reflect a change in the reporting of own credit to Corporate Center – Core Functions from the Investment Bank and the Legacy Portfolio.
Beginning in the second quarter of 2012, changes in UBS’s own credit reflected in the valuation of financial liabilities designated at fair value, for which UBS's own credit risk would be considered by market participants, are reported as part of Corporate Center – Core Functions and no longer within the Investment Bank and the Legacy Portfolio. This reflects the fact that own credit is not managed at a business division level and is not indicative of business divisions' performance. Historical timeseries have been restated accordingly.
Own credit in the form of debit valuation adjustments arising from derivative liabilities will continue to be reported within the business divisions to reflect risk management considerations.
The timeseries of financial information for UBS and its business divisions can be found at http://www.ubs.com/global/en/about_ubs/investor_relations/quarterly_reporting/timeseries.html. The numbers contained in these updated timeseries are unaudited.