Annual Report

Information on the balance sheet

1 – Securities financing transactions (assets and liabilities)

Securities financing transactions (assets and liabilities)

in 1,000 CHF31.12.201931.12.2020
Book value of receivables from cash collateral delivered in connection with securities borrowing and reverse repurchase transactions1249,931-
Book value of obligations from cash collateral received in connection with securities lending and repurchase transactions16,325,1354,179,487
Book value of securities lent in connection with securities lending or delivered as collateral in connection with securities borrowing as well as securities in own portfolio transferred in connection with repurchase agreements6,019,5814,226,722
with unrestricted right to resell or pledge 6,019,5814,226,722
Fair value of securities received and serving as collateral in connection with securities lending or securities borrowed in connection with securities borrowing as well as securities received in connection with reverse repurchase agreements with an unrestricted right to resell or repledge447,066147,893
of which, repledged securities 249,524-
of which, resold securities 197,542147,893
1 Before netting agreements

2 – Collateral for loans/receivables and off-balance-sheet transactions, as well as impaired loans/receivables

Collateral for loans/receivables and off-balance-sheet transactions

in 1,000 CHFSecured
by mortgage
Other collateralUnsecuredTotal
Loans (before netting with value adjustments)
Amounts due from customers1,979,1593,024,4935,175,80010,179,452
Mortgage loans190,316,841-120,652190,437,493
Residential property174,438,636-62,217174,500,853
Office and business premises3,584,433-6,0253,590,458
Commercial and industrial premises6,139,983-11,0196,151,002
Other 6,153,789-41,3916,195,180
Total loans (before netting with value adjustments)31.12.2020192,296,0003,024,4935,296,452200,616,945
31.12.2019187,221,7351,196,5645,265,584193,683,883
Total loans (after netting with value adjustments) 31.12.2020192,296,0003,024,4935,037,972200,358,465
31.12.2019187,221,7351,196,5645,032,101193,450,400
Off-balance-sheet
Contingent liabilities 118,726157,931401,992678,649
Irrevocable commitments 8,104,811513,2842,487,45611,105,551
Obligations to pay up shares and make further contributions--121,789121,789
Total off-balance-sheet31.12.20208,223,537671,2153,011,23811,905,989
31.12.20197,828,154387,7972,888,49611,104,447

Impaired loans / receivables

in 1,000 CHFGross debt
amount
Estimated liquidation value of collateralNet debt amountIndividual
value adjustments
Impaired loans31.12.2020900,047617,395282,652261,263
31.12.2019883,754604,963278,791235,455

The difference between the net amount borrowed and the individual value adjustments is attributable to the fact that prudent estimates have been made of the amounts Raiffeisen expects to receive based on the creditworthiness of individual borrowers.

3 – Trading portfolio and other financial instruments at fair value (assets and liabilities)

3.1 Trading portfolio and other financial instruments at fair value (assets)

Trading portfolio and other financial instruments at fair value (assets)

in 1,000 CHF31.12.201931.12.2020
Trading portfolio assets
Debt securities, money market securities/transactions 2,711,2452,401,818
stock exchange listed12,595,3622,323,547
traded on a representative market115,88378,271
Equity securities 31,18635,237
Precious metals403,235573,076
Other trading portfolio assets55,51634,161
Other financial instruments at fair value
Debt securities --
Structured products --
Other --
Total assets 3,201,1823,044,292
of which, determined using a valuation model115,88378,271
of which, securities eligible for repo transactions in accordance with liquidity requirements311,265324,407
1 Stock exchange listed = traded on a recognised stock exchange

3.2 Trading portfolio and other financial instruments at fair value (liabilities)

Trading portfolios and other financial instruments at fair value (liabilities)

in 1,000 CHF31.12.201931.12.2020
Trading portfolio assets
Debt securities, money market securities/transactions2 189,724147,373
of which, listed1189,724147,373
Equity securities2 5,272182
Precious metals2--
Other trading portfolio liabilities22,546338
Other financial instruments at fair value
Structured products 2,497,3972,191,856
Other --
Total liabilities2,694,9392,339,749
of which, determined using a valuation model2,497,3972,191,856
1 Stock exchange listed = traded on a recognised stock exchange
2 For short positions (booked using the trade date accounting principle)

4 – Derivative financial instruments (assets and liabilities)

Derivative financial instruments


Trading instruments

Hedging instruments
Replacement values Replacement values
in 1,000 CHFPositiveNegativeContract volumePositiveNegativeContract volume
Interest rate instruments
Forward contracts incl. FRAs 000---
Swaps 398,638395,76337,872,366534,343854,55740,633,300
Futures --3,216,908---
Options (OTC) 4,1487,6662,586,389---
Options (exchange traded) ------
Total interest rate instruments402,786403,42943,675,663534,343854,55740,633,300
Foreign exchange
Forward contracts 381,611370,45429,930,54717,64665,4827,552,427
Comb. interest rate/currency swaps142775---
Futures ------
Options (OTC) 10,12312,954973,458---
Options (exchange traded) ------
Total foreign exchange391,735383,45130,904,78017,64665,4827,552,427
Precious metals
Forward contracts 18,31611,8901,034,207---
Swaps-2789---
Futures --168---
Options (OTC) 4,7269,319633,360---
Options (exchange traded) ------
Total precious metals23,04221,2361,667,824---
Equity securities/indices
Forward contracts ------
Swaps23,575110,3241,516,328---
Futures --4,324---
Options (OTC) 227,880218,9533,730,259--94,892
Options (exchange traded) 88240417,954---
Total equity securities/indices252,337329,6815,268,865--94,892
Credit derivatives
Credit default swaps5,78513,056788,376---
Total return swaps------
First-to-default swaps------
Other credit derivatives------
Total credit derivatives5,78513,056788,376---
Other
Forward contracts ------
Swaps5810,14869,506---
Futures------
Options (OTC) 17,57117,487252,344---
Options (exchange traded) ------
Total other17,62927,635321,850---
Total 31.12.20201,093,3141,178,48882,627,357551,988920,03948,280,619
of which determined using a valuation model1,092,4321,178,084-551,988920,039-
Total 31.12.20191,357,4911,354,339131,651,715540,494964,00844,508,957
of which determined using a valuation model1,357,1241,354,094-540,494964,008-

Derivative financial instruments by counterparty
and time remaining to maturity

Replacement valuesContract volume
in 1,000 CHFPositiveNegativeup to 1 year1 to 5 yearsover 5 yearsTotal
Banks and securities firms1,107,1341,399,36343,205,08617,956,7316,325,24167,487,058
Other customers143,349128,3195,823,3301,572,994454,5287,850,852
Stock exchanges8824043,239,353--3,239,353
Central clearing houses393,937570,44010,403,89318,755,67023,171,15052,330,713
Total 31.12.20201,645,3022,098,52762,671,66238,285,39529,950,919130,907,976
Total 31.12.20191,897,9862,318,347102,817,07643,842,25229,501,345176,160,672

No netting contracts are used to report the replacement values.

Quality of counterparties

Banks and securities dealers: Derivative transactions were conducted primarily with counterparties with a very good credit rating; 75.3% of the positive replacement values are open with counterparties with an upper-medium grade or better rating (Moody’s) or with a comparable rating.

Clients: In transactions with clients, the required margins were secured by assets or free credit lines.

5 – Financial investments

5.1 Breakdown of financial investments

Breakdown of financial investments


Book value

Fair value
in 1,000 CHF31.12.201931.12.202031.12.201931.12.2020
Debt securities7,112,2398,780,7987,443,0149,130,621
of which, intended to be held until maturity7,112,2398,780,7987,443,0149,130,621
of which, not intended to be held to maturity (available for sale) ----
Equity securities24,3724,83768,19166,632
of which qualified participations16,58730549,60261,938
Precious metals----
Real estate57,75743,26863,11444,259
Total financial investments7,194,3688,828,9027,574,3199,241,512
of which securities for repo transactions in line with liquidity requirements7,077,0348,755,617--
1 At least 10% of the capital or the votes

5.2 Breakdown of counterparties by rating

Breakdown of counterparties by rating


Book value
31.12.2020
in 1,000 CHF
Very safe investmentSafe investmentAverage to good investmentSpeculative to highly speculative investmentHighest-risk investment/defaultUnrated
investment
Debt securities8,599,66220,121---161,015

Ratings are assigned based on Moody’s rating classes. The Raiffeisen Group uses the ratings of all three major international rating institutions.

6 – Non-consolidated participations

Non-consolidated participations

20192020
in 1,000 CHFAcquisition costAccumulated value adjustments and changes in book values (equity method)Book value
31.12.2019
Changes to the consolidated GroupReclassi-
fications
Current year additionsCurrent year disposalsCurrent year value adjustmentsCurrent year changes in book value in the case of participations valued using the equity methodBook value
31.12.2020
Market value
31.12.2020
Participations valued using the equity method 286,759305,875592,634--29,566---54,049568,151-
with market value128,66363,569192,232------4,352187,880192,456
without market value1158,096242,306400,402--29,566---49,697380,271
Other non-consolidated participations135,188-19,662115,526--2,135-1,466-1,082-115,113-
with market value145-4141--491---632986
without market value135,043-19,658115,385--1,644-1,466-1,082-114,481
Total non-consolidated participations421,947286,213708,160--31,701-1,466-1,082-54,049683,264-
1 An amount of CHF 53.8 million was written-off for the Viseca Holding participation valued according to the equity method as a result of the reduction in the attributable equity capital.

7 – Companies in which the bank holds a permanent direct or indirect significant participation

Companies in which the bank holds a permanent
direct or indirect significant participation

31.12.201931.12.2020
in 1,000 CHF, share in %Registered
office
Business activityEquity interest
in %1
Voting share
in %1
CapitalEquity interest
in %1
Voting share
in %1
7.1 Group companies
Raiffeisen Switzerland Cooperative2St.GallenCentral bank, association services100.0100.01,700,000100.0100.0
Raiffeisen Unternehmerzentrum AGGossau SGAdvisory services for SMEs100.0100.05,000100.0100.0
Raiffeisen Immo LtdSt.GallenBrokering and advisory services100.0100.05,000100.0100.0
Business Broker LtdZurichManagement consulting100.0100.0100100.0100.0
RAInetworks (Subsidiary of Raiffeisen
Switzerland) Pte. Ltd
SingaporeTrading in goods and services for the Raiffeisen Group100.0100.07100.0100.0
KMU Capital Ltd3St.GallenFinancial services100.0100.02,566100.0100.0
KMU Capital Holding Ltd4HerisauAffiliated company60.060.010,00060.060.0
ARIZON Sourcing Ltd in LiquidationSt.GallenOperational and advisory services for banks100.0100.0---
Raiffeisen Switzerland B.V. AmsterdamAmsterdam NLFinancial services100.0100.01,000100.0100.0
Valyo LtdBadenDevelopment and operation of platforms100.0100.01,050100.0100.0
7.2 Participations valued using the equity method
Liiva LtdZürichBrokering and advisory services--10050.050.0
Vorsorge Partner AGSt.GallenPension advisory services40.040.0---
Leonteq Ltd5ZurichFinancial services29.029.018,93429.029.0
Viseca Holding LtdZurichFinancial services25.525.525,00025.525.5
Pfandbriefbank schweizerischer Hypothekarinstitute AG2ZurichPfandbriefbank21.721.71,000,00021.721.7
of which not paid up560,000
7.3 Other non-consolidated participations6
responsAbility Participations AGZurichFinancial services14.414.413,88814.414.4
Swiss Bankers Prepaid Services LtdGrosshöchstettenFinancial services16.516.510,00016.516.5
Cooperative Olma Messen St.GallenSt.GallenOrganisation of fairs11.511.527,44511.511.5
Twint LtdZurichFinancial services4.04.012,7504.04.0
SIX Group LtdZurichFinancial services5.55.519,5225.55.5
1 The level of equity capital and voting shares is always stated from the perspective of the directly controlling company.
2 The Raiffeisen banks directly own Raiffeisen Switzerland Cooperative and 18.7% of Pfandbriefbank schweizerischer Hypothekarinstitute AG.
3 Controlled by KMU Capital Holding AG.
4 In 2018, Raiffeisen Switzerland Cooperative initially terminated the shareholders' binding agreement in relation to KMU Capital Holding AG (formerly Investnet Holding AG) for good cause and subsequently, where necessary, challenged the agreements in the context of "Investnet". On the basis of the challenge, Raiffeisen Switzerland is claiming all the shares in KMU Capital Holding AG, which is entirely controlled by KMU Capital AG. The dispute is still ongoing. In connection with the challenge of agreements, Raiffeisen Switzerland also wrote off liabilities of CHF 30 million and contingent liabilities amounting to CHF 30 million in 2018. Raiffeisen Switzerland assumes that there will be no more payments. If, contrary to the expectations of Raiffeisen Switzerland, neither the challenge to the agreements nor the validity of the termination are confirmed, minority shareholders might be entitled to tender shares in KMU Capital Holding AG to Raiffeisen Switzerland according to the shareholders' binding agreement of 2015 and based on a contractually agreed valuation method (put option). Similarly, the above-mentioned written-off liabilities and contingent liabilities could become relevant again. Due to the aforementioned challenges to agreements and the termination of the shareholders' binding agreement, the put option will not be valued as of 31 December 2020.
5 Raiffeisen Switzerland Cooperative sold in 2015 call option on Leonteq founding partner for 2.4% of the share capital in Leonteq AG. The strike price is CHF 210 per share (adjusted for dividend payments) and the term is 10 years (until October 2025).
6 All participations in cooperation partners and joint ventures by the banks are listed here. Other participations are listed if the shareholding represents more than 10% of the voting share and equity and the shareholding is worth either > CHF 2 million of the equity or the book value is > CHF 15 million.

8 – Tangible fixed assets

8.1 – Tangible fixed assets

Tangible fixed assets


2019

2020
in 1,000 CHFAcquisition
cost
Accumulated
depreciation
Book value
31.12.2019
Impact of any
changes in the
scope of consolidation
ReclassificationsAdditionsDisposalsDepreciationCurrent year
reversals
in 1,000 CHF
Book value
31.12.2020
Bank buildings 2,415,987-584,0201,831,967--47,03895,786-10,413-46,60101,823,701
Other real estate 582,464-148,222434,242-17,53119,495-13,274-13,7090444,285
Proprietary or separately
acquired software
650,136-161,954488,182-4024,411--75,1410437,492
thereof self-developed450,939-45,094405,845--19,790--57.0280368,607
Other tangible fixed assets 1,167,689-924,553243,136-29,46779,720-801-75,8530275,669
Objects in finance leasing45-396-----600
Total tangible assets4,816,321-1,818,7882,997,533--219,412-24,488-211,31002,981,147
1 9,6 Mio. recognised in the income statement under "Other ordinary income".

8.2 – Operating leases

Operating leases

in 1,000 CHF31.12.201931.12.2020
Non-recognised lease commitments
Due within 12 months1,9141,703
Due within 1 to 5 years2,7171,865
Due after 5 years--
Total non-recognised lease commitments4,6313,568
of which obligations that can be terminated within one year4,5843,568

9 – Intangible assets

Intangible assets

20192020
in 1,000 CHFCost
value
Accumulated
depreciation
Book value
31.12.2019
Changes to the
consolidated Group
AdditionsDisposalsAmortisationBook value
31.12.2020
Goodwill261,827-253,6468,181----1,4786,703
Other intangible assets 12,500-10,6851,815----1,8150
Total intangible assets274,327-264,3319,996----3,2936,703

10 – Other assets and other liabilities

Other assets and other liabilities

in 1,000 CHF31.12.201931.12.2020
Other assets
Compensation account 259,757279,622
Settlement accounts for indirect taxes 631,857676,470
Other settlement accounts 20,26629,067
Employer contribution reserves with pension plans126,729129,830
Miscellaneous other assets14,35111,615
Total other assets1,052,9601,126,604
Other liabilities
Due, unredeemed coupons and debt instruments 6,6135,415
Levies, indirect taxes 44,12741,325
Other settlement accounts 36,13435,837
Miscellaneous other liabilities19,71717,758
Total other liabilities106,591100,335

11 – Assets pledged or assigned to secure own
commitments and of assets under reservation of ownership

Assets pledged or assigned to secure own
commitments and of assets under reservation
of ownership1
31.12.201931.12.2020
in 1,000 CHFBook valueEffective
commitments
Book valueEffective
commitments
Amounts due from banks814,887814,887891,384891,384
Amounts due from customers--1,777,2341,609,639
Mortgage loans34,190,61823,969,64535,138,46325,224,288
Financial investments1,177,390432,8921,133,953388,059
Tangible fixed assets/other assets----
Total pledged or assigned assets36,182,89525,217,42438,941,03328,113,369
Total assets under reservation of ownership2 6600
1 Without securities financing transactions (see separate presentation of the securities financing transactions in note 1).
2 These are primarily finance leasing objects that are recognised as assets.

12 – Pension schemes

Most employees of the Raiffeisen Group are covered by the Raiffeisen Pension Fund Cooperative. The statutory retirement age is set at 65. Members have the option of taking early retirement from the age of 58 with a corresponding reduction in benefits. The Raiffeisen Pension Fund Cooperative covers at least the mandatory benefits under Swiss occupational pension law.

The Raiffeisen Employer Foundation manages the individual employer contribution reserves of the Raiffeisen banks and the companies of the Raiffeisen Group. 4 (previous year: 5) Raiffeisen banks as well as one Group company are insured outside the Raiffeisen Group’s pension scheme (other collective foundations, collective insurance contracts, etc.).

12.1 Liabilities to own pension schemes

Liabilities to own pension schemes

in 1,000 CHF31.12.201931.12.2020
Amounts due in respect of customer deposits191,435208,824
Negative replacement values of derivative financial instruments 7,43824,560
Bonds40,00020,000
Accrued expenses and deferred income411264
Total liabilities to own social insurance institutions239,284253,648

12.2 Employer contribution reserves

Employer contribution reserves arise for the Raiffeisen Employer Foundation (Raiffeisen) and for pension plans outside the Raiffeisen Group (Others).

Employer contribution
reserves
20192020
in 1,000 CHFRaiffeisenOthersTotalRaiffeisenOthersTotal
As at 1.1.2020123,0541,674124,728125,4281,301126,729
+ Deposits14,690-14,69013,039-13,039
– Withdrawals-12,432-373-12,805-9,999--9,999
+ Interest paid1116-11661-61
As at 31.12.2020125,4281,301126,729128,5291,301129,830
1 Interest paid on the employer contribution reserves is recorded as interest income.

The employer contribution reserves correspond to the nominal value as calculated by the pension plan. The individual employer contribution reserves of the affiliated companies cannot be offset against each other. The balance of the employer contribution reserves is recorded in the balance sheet under “Other assets”. The employer contribution reserves are subject neither to waiver of use (conditional or unconditional) nor to other necessary value adjustments. Any discounting effect is not considered.

12.3 Economic benefit/obligation and retirement benefit expenditure

According to the latest audited annual reports (in accordance with Swiss GAAP FER 26) of the pension plans of the Raiffeisen Group, the coverage ratio is:

Raiffeisen Pension Fund Cooperative

percent31.12.201931.12.2020
Coverage ratio116.4117.8

The fluctuation reserve of the Raiffeisen Pension Fund cooperative slightly exceeded the 115% target set out in the regulations as of 31 December 2020. The Assembly of Delegates of Raiffeisen Pension Fund Cooperative decides how any uncommitted funds will be used. In this decision, the Assembly generally follows the “Principles on the appropriation of uncommitted funds (profit participation)” that it has adopted. The Board of Directors of Raiffeisen Switzerland assumes that even if uncommitted funds are available, no economic benefits will accrue to the employer until further notice; uncommitted funds are to be used to benefit pension plan members.

The affiliated employers have no economic benefits or economic obligations for which allowance would have to be made in the balance sheet and income statement.

Pension expenses with significant influencing factors

in 1,000 CHF20192020
Pension expenditure according to separate financial statements120,226122,543
Deposits/withdrawals employer contribution reserves (excl. interest paid)-1,885-3,040
Employer contributions reported on an accruals basis118,341119,503
Change in economic benefit/obligation as a result of surplus/insufficient cover in the pension plan--
Pension expenses of the Raiffeisen Group (see note 27 "Personnel expenses")118,341119,503

13 – Issued structured products

Issued structured products


Book value
Valued as a wholeValued separately
31.12.2020
in 1,000 CHF
Booked in
trading portfolio
Booked in other
financial
instruments
at fair value
Value of the
host
instrument
Value of the
derivative
Total
Underlying risk of the embedded derivative
Interest rate instruments-13,6348,768-4,14418,258
With own debenture component (oDC)-13,6348,768-4,14418,258
Without oDC-----
Equity securities-1,720,3671,578,714-63,8733,235,208
With own debenture component (oDC)-1,720,1681,578,714-77,7113,221,171
Without oDC-199-13,83814,037
Foreign currencies-439--439
With own debenture component (oDC)-439--439
Without oDC-----
Commodities/precious metals-92,345121,11715,998229,459
With own debenture component (oDC)-92,345121,11715,998229,459
Without oDC-----
Credit derivatives-365,07173,509584439,164
With own debenture component (oDC)-365,07173,509584439,164
Without oDC-----
Total -2,191,8561,782,107-51.4363,922,528

Structured products Raiffeisen Switzerland Cooperative

In the case of issued structured products that include a debt security, the derivative is split from the underlying contract and valued and presented separately. Underlying instruments are recognised at their nominal value in “Bonds and central mortgage institution loans”. The derivative components of the products are recognised at market value in “Positive replacement values of derivative financial instruments” and “Negative replacement values of derivative financial instruments”.

Structured products of Raiffeisen Switzerland B.V. Amsterdam

Issued structured products are carried at market value and included in “Liabilities from other financial instruments at fair value”.

14 – Outstanding bond issues and central mortgage institution loans

Outstanding bond issues and central mortgage institution loans
31.12.2020
in 1,000 CHF
Year of issueInterestrateMaturityEarly redemption
possibility
Bond principal
Bonds of Raiffeisen Switzerland
non subordinated20102.00021.09.2023250,000
20112.62504.02.2026149,155
20141.62507.02.202299,235
20160.30022.04.2025371,560
20160.75022.04.203181,915
20180.35016.02.2024389,145
20190.12507.05.2024100,000
20200.00022.06.2021175,000
20200.00015.07.2022112,000
subordinated with PONV clause120182.000Perpetual02.05.2023400'0002
20202.000Perpetual16.04.2026492'1102
20200.18311.11.202511.11.2024149,500
20200.50011.11.202811.11.2027175,000
20201.50023.11.203423.11.2033175,000
Underlying instruments from issued structured products3div.0.119420211,235,869
–0.07742022277,975
0.7164202388,657
0.10042024146,942
–0.0104202515,095
0.6734after 202517,568
Total bonds of Raiffeisen Switzerland4,901,727
Total loans from Pfandbriefbank schweizerischer Hypothekarinstitute AGdiv.0.9064div.24,489,600
Total outstanding bond issues and central mortgage institution loans29,391,327
1 PONV clause = point of non-viability/time of imminent insolvency
2 Subordinated perpetual Additional-Tier-1 bond with contingent write-down. With FINMA's consent, the bond can be terminated on a unilateral basis by Raiffeisen Switzerland (no earlier than five years following issue).
3 In the case of issued structured products that include a debt security, the derivative is split from the underlying contract and valued and presented separately. Underlying instruments are recognised at their nominal value in "Bond issues and central mortgage institution loans". The derivative components of the products are recognised at market value in "Positive replacement values of derivative financial instruments" and "Negative replacement values of derivative financial instruments".
4 Average weighted interest rate (volume-weighted)

15 – Value adjustments and provisions

Value adjustments and provisions

20192020
in 1,000 CHFPrevious
31.12.2019
Changes
to the
consolidated
Group
Use in conformity
with designated
purpose
Reclassi-
fications
Currency
differences
Past due
interest,
recoveries
New creations
charged to income
Releases
to income
Balance at
31.12.2020
Provisions
Provisions for deferred taxes852,109-----41,217-52,119841,207
Provisions for default risks14,596--208,250--4,281-3,93523,172
Provisions for other business risks180,497--12,4591,000--1,070-56369,545
Provisions for restructuring 21,385--13,183-----8,202
Other provisions229,782--3,391-1,000--323-34325,371
Total provisions998,369--29,0538,250--46,891-56,960967,497
Reserves for general banking risks200,000-----75,000-75,000200,000
Value adjustments for default and country risks
Value adjustments for default risks in respect of impaired loans/receivables235,455--28,085-8,250-10,48698,625-46,968261,263
Value adjustments for latent risks---------
Total value adjustments for default and country risks235,455--28,085-8,250-10,48698,625-46,968261,263
1 The provisions of CHF 70 million for other business risks include provisions of CHF 49 million, which resulted from the repurchase of the now-liquidated ARIZON Sourcing Ltd at the end of 2018.
2 Other provisions include provisions for legal expenses.

16 – Cooperative capital

Cooperative capital

in 1,000 CHFNumber of
members
Nominal
amount per share
Cooperative capital
Cooperative capital at 1.1.2020
Cooperative capital 1,909,233405,807
Cooperative capital (additional cooperative shares)11,945,238
Total cooperative capital at 1.1.20201,909,2332,351,045
+ Payments from new cooperative members 84,01220016,802
12930039
19040076
3,2045001,602
+ Payments of cooperative shares (additional cooperative shares)220,267
Total payments from new cooperative members 87,535238,786
– Repayments to departing cooperative members -58,653200-11,731
-72300-22
-138400-55
-2,115500-1,058
– Repayments of cooperative shares (additional cooperative shares)-57,493
Total repayments to departing cooperative members -60,978-70,359
Total cooperative capital at 31.12.2020
of which cooperative capital 1,850,804200370,161
3,063300919
5,7874002,315
76,13650038,068
of which cooperative capital (additional cooperative shares)2,108,012
Total cooperative capital at 31.12.20201,935,7902,519,475
1 To avoid double counting, the number of members is shown only under the position "Cooperative capital".
Number of cooperative shares, number of shares: Current year 12,233,175, previous year 11,399,140

Interest-bearing cooperative capital: Current year CHF 2,519,475,000, previous year CHF 2,351,045,000

Paid-up cooperative capital: Current year CHF 2,519,475,000, previous year CHF 2,351,045,000

Non-distributable statutory or legal reserves based on individual financial statements as at 31 December 2020: CHF 4,366,460,000, previous year CHF 4,181,330,000

No cooperative member holds more than 5% of voting rights.

17 – Related parties

Amounts due from/to related parties

Amounts due fromAmounts due to
in 1,000 CHF2019202020192020
Members of the Board of Directors of Raiffeisen Switzerland and associated persons and companies7,3287,4044,6986,636
Members of the Executive Board and Head of internal Auditing of Raiffeisen Switzerland and associated persons and companies9,5974,8994,5186,487
Other related parties1 4,911,8865,317,62423,850,49225,128,781
Total amounts due from/to related parties4,928,8115,329,92723,859,70825,141,904
1 Includes particularly receivables from and liabilities to non-consolidated participations with a participating interest between 20% and 50%, or a participating interest of less than 20% if significant influence can be exercised otherwise.

Material off-balance-sheet transactions with related parties

Contingent liabilities exist towards related parties amounting to CHF 147.6 million (previous year: CHF 39.3 million), irrevocable commitments amounting to CHF 227.8 million (previous year: CHF 372.8 million) and call-in obligations amounting to CHF 121.8 million (previous year CHF 109.2 million).

Transactions with related parties

On- and off-balance-sheet transactions with related parties are allowed at arm’s length terms, with the following exceptions:

  • The Executive Board and the Head of Internal Auditing of Raiffeisen Switzerland enjoy industry-standard preferential terms, as do other personnel.
  • Liabilities to other related parties include CHF current account balances in the amount of CHF 45.9 million for which the credit balance exceeding the allowance is subject to a negative interest rate of –0.4%. Furthermore, a credit balance in the amount of CHF 7.7 million is included, which bears 2.75% interest.

Special provisions apply to the processing and monitoring of loans to executive bodies to ensure that staff remains independent at all times.

18 – Maturity structure of financial instruments

Maturity structure of financial instruments
(Assets/financial instruments)

Due
in 1,000 CHFAt sightCancellablewithin
3 months
within 3 to
12 months
within 1 to
5 years
after
5 years
Total
Liquid assets36,661,205-----36,661,205
Amounts due from banks208,103-3,798,64930,000--4,036,753
Amounts due from securities financing transactions -------
Amounts due from customers3,3191,648,7751,617,6171,095,4344,281,1201,394,84210,041,107
Mortgage loans17,2954,332,8308,726,73522,356,94799,991,97454,891,578190,317,358
Trading portfolio assets 3,044,292-----3,044,292
Positive replacement values of derivative financial instruments 1,645,302-----1,645,302
Other financial instruments at fair value -------
Financial investments14,532-55,202610,5782,658,6935,499,8988,828,902
Total 31.12.202041,584,0485,981,60514,198,20324,092,959106,931,78761,786,318254,574,919
Total 31.12.201935,027,4516,862,45217,093,48423,740,584103,688,95956,900,820243,313,750
1 Financial assets include CHF 43,268,000 of real estate (previous year: CHF 57,758,000).

Maturity structure of financial instruments
(Debt capital/financial instruments)

Due
in 1,000 CHFAt sightCancellablewithin
3 months
within 3 to
12 months
within 1 to
5 years
after
5 years
Total
Amounts due to banks512,1301,611,4687,189,6111,155,97489,500-10,558,683
Liabilities from securities financing transactions --4,166,68014,147--4,180,827
Amounts due in respect of customer deposits 78,150,80296,348,0545,088,9833,401,3305,751,1481,684,271190,424,588
Trading portfolio liabilities147,893-----147,893
Negative replacement values of derivative financial instruments 2,098,527-----2,098,527
Liabilities from other financial instruments at fair value 2,191,856-----2,191,856
Cash bonds--22,58872,779201,43656,768353,571
Bond issues and central mortgage institution loans--1,239,3201,563,4498,264,11018,324,44829,391,327
Total 31.12.202083,101,20897,959,52217,707,1826,207,67914,306,19420,065,487239,347,272
Total 31.12.201972,131,10393,002,52421,884,0348,837,42714,448,80418,679,788228,983,680
1 Financial assets include CHF 43,268,000 of real estate (previous year: CHF 57,758,000)

19 – Balance sheet by currency

Balance sheet by currency

31.12.2020
in 1,000 CHF
CHFEURUSDOtherTotal
Assets
Liquid assets36,345,636248,9809,62556,96536,661,205
Amounts due from banks 1,163,446717,0561,405,650750,6014,036,753
Amounts due from securities financing transactions -----
Amounts due from customers9,653,302305,05869,47513,27310,041,107
Mortgage loans190,316,889469--190,317,358
Trading portfolio assets 604,666924,560789,887725,1793,044,292
Positive replacement values of derivative financial instruments 1,645,302---1,645,302
Financial investments 8,825,388413,46768,828,902
Accrued income and prepaid expenses 278,9101,128472105280,615
Non-consolidated participations683,264---683,264
Tangible fixed assets 2,981,147---2,981,147
Intangible assets6,703---6,703
Other assets 1,126,408--1961,126,604
Total assets reflected in the balance sheet253,631,0592,197,2922,278,5771,546,324259,653,252
Delivery claims under spot exchange, forward exchange and currency option contracts12,320,39111,461,00811,544,9883,818,88239,145,269
Total assets265,951,45113,658,30013,823,5655,365,206298,798,521
Liabilities
Amounts due to banks 5,499,159987,5712,957,3881,114,56510,558,683
Liabilities from securities financing transactions 3,813,000-367,827-4,180,827
Amounts due in respect of customer deposits 185,228,0153,607,4261,109,594479,553190,424,588
Trading portfolio liabilities147,893---147,893
Negative replacement values of derivative financial instruments 2,098,527---2,098,527
Liabilities from other financial instruments at fair value 415,806882,411745,519148,1212,191,856
Cash bonds353,571---353,571
Bond issues and central mortgage institution loans29,223,68495,48854,98817,16729,391,327
Accrued expenses and deferred income 860,3721,6192,342365864,698
Other liabilities 99,910149-275100,335
Provisions967,4897--967,497
Reserves for general banking risks200,000---200,000
Cooperative capital 2,519,475---2,519,475
Retained earnings reserve 14,863,954---9514,863,859
Currency translation reserve---1212
Group profit 860,670---23860,647
Minority interests in equity -70,543----70,543
of which minority interests in group profit-8,792----8,792
Total liabilities reflected in the balance sheet247,080,9835,574,6715,237,6581,759,940259,653,252
Delivery entitlements from spot exchange, forward exchange and currency option contracts19,006,2438,078,5568,483,9383,607,09239,175,828
Total liabilities 266,087,22513,653,22713,721,5965,367,032298,829,081
Net position per currency-135.7755,073101,968-1.826-30.560

Foreign currency conversion rates


31.12.2019

31.12.2020
EUR1.0871.082
USD0.9680.884