Annual Report

Information on the balance sheet

1 – Securities financing transactions
(assets and liabilities)

Securities financing transactions (assets and liabilities)

in 1,000 CHF31.12.202031.12.2021
Book value of receivables from cash collateral delivered in connection with securities borrowing and reverse repurchase transactions1--
Book value of obligations from cash collateral received in connection with securities lending and repurchase transactions14,179,4877,450,837
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 agreements4,226,7227,512,176
with unrestricted right to resell or pledge 4,226,7227,512,176
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 repledge147,893165,629
of which, repledged securities --
of which, resold securities 147,893156,043
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 customers1,662,8662,716,1245,782,19810,161,188
Mortgage loans196,765,10115,762136,244196,917,106
Residential property180,187,64712,62970,743180,271,019
Office and business premises3,650,7392446,0943,657,077
Commercial and industrial premises6,243,93546012,2636,256,658
Other 6,682,7792,42947,1446,732,352
Total loans (before netting with value adjustments)31.12.2021198,427,9672,731,8855,918,441207,078,294
31.12.2020192,296,0003,024,4935,296,452200,616,945
Total loans (after netting with value adjustments) 31.12.2021197,958,2232,722,0925,675,013206,355,329
31.12.2020192,296,0003,024,4935,037,972200,358,465
Off-balance-sheet
Contingent liabilities 91,903136,919479,972708,793
Irrevocable commitments 9,522,738484,2412,554,73712,561,717
Obligations to pay up shares and make further contributions--121,789121,789
Total off-balance-sheet31.12.20219,614,641621,1603,156,49813,392,299
31.12.20208,223,537671,2153,011,23811,905,989

Impaired loans / receivables

in 1,000 CHFGross debt
amount
Estimated liquidation
value of
collateral
Net debt
amount
Individual
value
adjustments
Impaired loans31.12.2021802,947557,411245,536242,976
31.12.2020900,047617,395282,652261,263
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.

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

Trading portfolio and other financial instruments
at fair value (assets)
in 1,000 CHF31.12.202031.12.2021
Trading portfolio assets
Debt securities, money market securities/transactions 2,401,8182,005,273
stock exchange listed12,323,5471,920,648
traded on a representative market78,27137,590
Equity securities 35,23740,340
Precious metals573,076445,876
Other trading portfolio assets34,16182,089
Other financial instruments at fair value
Debt securities --
Structured products --
Other --
Total assets 3,044,2922,573,578
of which, determined using a valuation model78,27137,590
of which, securities eligible for repo transactions in accordance with liquidity requirements324,407299,884
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 CHF31.12.202031.12.2021
Trading portfolio assets
Debt securities, money market securities/transactions2 147,373154,395
of which, listed1147,373154,395
Equity securities2 1821,648
Precious metals2--
Other trading portfolio liabilities2338-
Other financial instruments at fair value
Structured products 2,191,8562,229,268
Other --
Total liabilities2,339,7492,385,311
of which, determined using a valuation model2,191,8562,229,268
1 Stock exchange listed = traded on a recognised stock exchange.
2 For short positions (booked using the trade date accounting principle).

Derivative financial instruments

Trading instrumentsHedging instruments
Replacement values Replacement values
in 1,000 CHFPositiveNegativeContract volumePositiveNegativeContract volume
Interest rate instruments
Forward contracts incl. FRAs ------
Swaps 365,188345,438110,488,262537,487545,49946,704,300
Futures --8,349,839---
Options (OTC) 3,2014,6862,098,424---
Options (exchange traded) ------
Total interest rate instruments368,389350,124120,936,525537,487545,49946,704,300
Foreign exchange
Forward contracts 156,003180,62817,517,19911,423224,96318,219,275
Comb. interest rate/currency swaps251,047---
Futures ------
Options (OTC) 16,08213,6161,059,365---
Options (exchange traded) ------
Total foreign exchange172,087194,24918,577,61111,423224,96318,219,275
Precious metals
Forward contracts 10,61113,829985,229---
Swaps-1151---
Futures ------
Options (OTC) 6,1914,563525,840---
Options (exchange traded) ------
Total precious metals16,80218,3931,511,220---
Equity securities/indices
Forward contracts ------
Swaps25,19575,2791,708,076---
Futures --25,751---
Options (OTC) 181,806162,8523,199,332-3294,314
Options (exchange traded) 1,14966827,348---
Total equity securities/indices208,150238,7994,960,507-3294,314
Credit derivatives
Credit default swaps3,7406,953656,753---
Total return swaps------
First-to-default swaps------
Other credit derivatives------
Total credit derivatives3,7406,953656,753---
Other
Forward contracts ------
Swaps41248,482---
Futures------
Options (OTC) 38,33637,169247,604---
Options (exchange traded) ------
Total other38,34037,293256,086---
Total 31.12.2021807,508845,811146,898,701548,910770,49365,017,889
of which determined using a valuation model806,358845,143-548,910770,493-
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-
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 firms696,975931,68640,100,32714,616,3974,162,71458,879,438
Other customers79,045150,7684,749,3002,232,139142,5817,124,020
Stock exchanges1,1496686,421,7431,981,195-8,402,938
Central clearing houses579,249533,18282,296,58929,264,07525,949,530137,510,194
Total 31.12.20211,356,4181,616,304133,567,95948,093,80630,254,825211,916,590
Total 31.12.20201,645,3022,098,52762,671,66238,285,39529,950,919130,907,976
No netting contracts are used to report the replacement values.

Quality of counterparties

Banks and securities firms: the derivative transactions were conducted primarily with counterparties with a very good credit rating. 66.4% of the positive replacement values are with counterparties with an upper-medium grade rating or better (Moody's) or comparable.
Clients: in transactions with clients, the required margins were secured by assets or free credit lines.

5.1 – Breakdown of financial investments

Breakdown of financial investments

Book valueFair value
in 1,000 CHF31.12.202031.12.202131.12.202031.12.2021
Debt securities8,780,7988,495,1919,130,6218,704,326
of which, intended to be held until maturity8,780,7988,495,1919,130,6218,704,326
of which, not intended to be held to maturity (available for sale) ----
Equity securities4,8373,78866,6325,443
of which qualified participations1305-61,938-
Precious metals----
Real estate43,26849,79044,25951,246
Total financial investments8,828,9028,548,7699,241,5128,761,016
of which securities for repo transactions in line with liquidity requirements8,755,6178,439,884--
1 At least 10% of the capital or the votes.

5.2 – Breakdown of counterparties by rating

Breakdown of counterparties by rating

Book value
31.12.2021
in 1,000 CHF
Very safe investmentSafe investmentAverage to good investmentSpeculative to highly speculative investmentHighest-risk investment/defaultUnrated
investment
Debt securities8,334,57719,687---140,928
Ratings are assigned based on Moody's rating classes. The Raiffeisen Group uses the ratings of all three major international rating institutions.

Non-consolidated participations

20202021
in 1,000 CHFAcquisition costAccumulated value adjustments and changes in book values (equity method)Book value
31.12.2020
Changes to the consolidated GroupReclassificationsCurrent year additionsCurrent year disposalsCurrent year value adjustmentsCurrent year changes in book value in the case of participations valued using the equity methodBook value
31.12.2021
Market value
31.12.2021
Participations valued using the equity method 316,262251,889568,151--2,500--41,053611,704
with market value128,66359,217187,880-----44,853232,733380,520
without market value187,599192,672380,271--2,500---3,800378,971
Other non-consolidated participations135,817-20,704115,113--1,045-45-3,72925112,409
with market value636-4632------632975
without market value135,181-20,700114,481--1,045-45-3,72925111,777
Total non-consolidated participations452,079231,185683,264--3,545-45-3,72941,078724,113
#colspan#
Companies in which the bank holds a permanent direct
or indirect significant participation
31.12.202031.12.2021
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 services100.0100.02,443,800100.0100.0
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 consulting100.0100.0---
RAInetworks (Subsidiary of Raiffeisen Switzerland) Pte. Ltd, In the process of closure SingaporeTrading in goods and
services for the
Raiffeisen Group
100.0100.07100.0100.0
KMU Capital Ltd3St. GallenFinancial services100.0100.02,566100.0100.0
KMU Capital Holding Ltd4HerisauAffiliated company606010,0006060
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 LtdZurichReal estate brokerage and consulting services50501005050
Leonteq Ltd5ZurichFinancial services292918,9342929
Viseca Payment Services Ltd.ZurichFinancial 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 fairs11.511.528,37711.211.2
Twint LtdZurichFinancial services4412,75044
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 2021.
5 Raiffeisen Switzerland Cooperative sold in 2015 a 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 or equity and the shareholding is worth either > CHF 2 million of the equity or the book value is > CHF 15 million.

8.1 – Tangible fixed assets

Tangible fixed assets

20202021
in 1,000 CHFAcquisition
cost
Accumulated
depreciation
Book value
31.12.2020
Impact of any
changes in the
scope of
consolidation
ReclassificationsAdditionsDisposalsDepreciationReversalsBook value
31.12.2021
Bank buildings 2,433,580-609,8791,823,701--13,12094,178-5,283-44,208-1,855,268
Other real estate 598,470-154,185444,285-4,77244,869-8,881-11,346-473,699
Proprietary or separately acquired software 663,702-226,210437,492--1314,758--63,238-388,999
thereof self-developed470,729-102.122368,607--2,706--47.073-324,239
Other tangible fixed assets 1,212,249-936.580275,669-8,36146,492-680-81.065-248,777
Objects in finance leasing45-45--------
Total tangible assets4,908,046-1.926.8992,981,147--200,297-14,844-199.857-2,966,743

8.2 – Operating leases

Operating leases

in 1,000 CHF31.12.202031.12.2021
Non-recognised lease commitments
Due within 12 months1,7031,320
Due within 1 to 5 years1,865721
Due after 5 years--
Total non-recognised lease commitments3,5682,041
of which obligations that can be terminated within one year3,5682,041

Intangible assets

20202021
in 1,000 CHFCost
value
Accumulated depreciationBook value
31.12.2020
Changes to the consolidated GroupAdditionsDisposalsAmortisation1Book value
31.12.2021
Goodwill261,828-255,1256,703----6,703-
Other intangible assets 12,500-12,500--
Total intangible assets274,328-267,6256,703----6,703-
1 Of which extraordinary depreciation of CHF 5.2 million.

10 – Other assets and liabilities

Other assets and liabilities

in 1,000 CHF31.12.202031.12.2021
Other assets
Compensation account 279,622-
Settlement accounts for indirect taxes 676,470985,869
Other settlement accounts 29,06729,914
Employer contribution reserves with pension plans129,830135,395
Miscellaneous other assets11,61511,545
Total other assets1,126,6041,162,723
Other liabilities
Compensation account -30,623
Due, unredeemed coupons and debt instruments 5,4153,879
Levies, indirect taxes 41,32547,253
Other settlement accounts 35,83752,797
Miscellaneous other liabilities17,75817,273
Total other liabilities100,335151,825

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 ownership 1
31.12.202031.12.2021
in 1,000 CHFBook valueEffective
commitments
Book valueEffective
commitments
Amounts due from banks891,384891,384573,856573,856
Amounts due from customers1,777,2341,609,6391,495,2211,420,009
Mortgage loans35,138,46325,224,28835,997,41026,510,552
Financial investments1,133,953388,0591,098,655365,150
Total pledged or assigned assets38,941,03328,113,36939,165,14328,869,567
1 Without securities financing transactions (see separate presentation of the securities financing transactions in note 1).

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. Three Raiffeisen banks and one Group company are insured outside the Raiffeisen Group's pension schemes (other collective foundations, collective insurance contracts, etc.), compared with four in the previous year.

12.1 Liabilities to own pension schemes

Liabilities to own social insurance institutions

in 1,000 CHF31.12.202031.12.2021
Amounts due in respect of customer deposits208,824223,336
Negative replacement values of derivative financial instruments 24,56029,714
Bonds20,00020,000
Accrued expenses and deferred income264264
Total liabilities to own social insurance institutions253,648273,314

12.2 Employer contribution reserves

Employer contribution reserves arise for the Raiffeisen Employer Foundation (Raiffeisen) and for pension schemes outside the Raiffeisen Group (Others). These are solely employer-funded pension schemes.

Employer Contribution reserves

20202021
in 1,000 CHFRaiffeisenOthersTotalRaiffeisenOthersTotal
As at 1.1.125,4281,301126,729128,5291,301129,830
+ Deposits13,039-13,03914,893-14,893
– Withdrawals-9,999--9,999-9,100-253-9,353
+ Interest paid161-6125-25
As at 31.12.128,5291,301129,830134,3471,048135,395
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 scheme. 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 report and that of the previous year (in accordance with Swiss GAAP FER 26), the coverage ratio of the pension schemes of the Raiffeisen Group is:
Raiffeisen Pension Fund Cooperative
percent31.12.202031.12.2021
Coverage ratio117.8118.5
The value fluctuation reserve of the Raiffeisen Pension Fund Cooperative slightly exceeded the 115% target set out in the regulations as at 31 December 2021 after applying the "Principles on the appropriation of uncommitted funds (profit participation)". The Assembly of Delegates of the Raiffeisen Pension Fund Cooperative decides how uncommitted funds will be used. 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 scheme 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 CHF20202021
Pension expenditure according to separate financial statements122,543127,789
Deposits/withdrawals employer contribution reserves (excl. interest paid)-3,040-5,540
Employer contributions reported on an accruals basis119,503122,249
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")119,503122,249

Issued structured products

Book value
Valued as a wholeValued separately
31.12.2021
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-8,4858,192-3,08013,597
With own debenture component (oDC)-8,4858,192-3,08013,597
Without oDC-----
Equity securities-1,896,7251,182,740-11.2623,068,203
With own debenture component (oDC)-1,896,6471,182,740-27,4053,051,982
Without oDC-78-16,14316,221
Foreign currencies-----
With own debenture component (oDC)-----
Without oDC-----
Commodities/precious metals-17,620121,16635,915174,701
With own debenture component (oDC)-17,620121,16635,915174,701
Without oDC-----
Credit derivatives-306,43842,605826349,869
With own debenture component (oDC)-306,43842,605826349,869
Without oDC-----
Total -2,229,2681,354,70422,3983,606,370

Structured products of 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".

Outstanding bonds and central mortgage institution loan

31.12.2021
in 1,000 CHF
Year of issueInterest
rate
MaturityEarly
redemption
possibility
Bond principal
Bonds of Raiffeisen Switzerland
non subordinated20102.00021.9.2023249,275
20112.6254.2.2026150,000
20141.6257.2.202299,490
20160.30022.4.2025367,340
20160.75022.4.203189,100
20180.35016.2.2024399,180
20190.1257.5.2024100,000
20200.00015.7.2022112,000
20210.00019.12.203129,550
subordinated with PONV clause120182.000Perpetual2.5.2023393,7952
20200.182511.11.202511.11.2024150,000
20200.50011.11.202511.11.2027175,000
20201.50023.11.203423.11.2033175,000
20202.000Perpetual16.4.2026520,6402
20210.177515.1.202715.1.2026124,200
20210.40528.9.202928.9.2028149,000
20210.57015.1.203115.1.2030202,800
20212.250Perpetual31.3.2027300,0002
Money market securities20210.000420223,182,341
Underlying instruments from issued structured products3div.0.014420221,041,516
1.23042023110,727
0.10942024143,278
0.23742,02516,087
0.5934202637,839
2.0274after 20265,257
Total bonds of Raiffeisen Switzerland8,323,415
Loans from Pfandbriefbank schweizerischer Hypothekarinstitute AGdiv.0.824div.
Total outstanding bond issues and central mortgage institution loans34,061,815
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" or "Negative replacement values of derivative financial instruments", respectively.
4 Average weighted interest rate (volume-weighted).
Value adjustments
and provisions
20202021
in 1,000 CHFPrevious
31.12.2020
Changes
to the
consolidated
Group,
other
changes
Use in conformity
with designated
purpose
Reclassi-
fications
Currency
differences
Past due
interest,
recoveries
New creations
charged to income
Releases
to income
Balance at
31.12.21
Provisions
Provisions for deferred taxes1841,207-83,240----52,513-13,238797,242
Provisions for default risks23,17230,408-201-1,782-8-4,311-4,50251,398
of which provisions for expected loss1,2-30,408---7-1,178-31,579
Provisions for other business risks369,545--13,353---729-1,23355,688
Provisions for restructuring 8,202--3,162---5,650-3,4397,251
Other provisions425,371-541-3,853---508-21,485
Total provisions967,497-53,373-20,569-1,782-8-63,711-22,412933,064
Reserves for general banking risks200,000-------200,000
Value adjustments for default and country risks
Value adjustments for default risks in respect of impaired loans/receivables261,263--24,6791,782-208,21453,366-56,950242,976
Value adjustments for expected loss1,2-493,211---24---10,928482,259
Total value adjustments for default and country risks261,263493,211-24,6791,782-448,21453,366-67,878725,235
1 In accordance with the transitional provisions in Article 98(1) AO, the Raiffeisen Group allocated value adjustments and provisions for expected losses directly in equity with effect from 1 January 2021 through the retained earnings reserve. As a consequence of this reduction in the retained earnings reserve, provisions for deferred taxes fell by CHF 83.2 million. In the same way as for the allocation to risk provisioning for expected losses, this reduction was recognised directly in equity through the retained earnings reserve. The effects of this initial allocation are shown in the table under "Changes to the consolidated Group, other changes".
2 The changes in provisions and value adjustments for expected losses taken through the income statement are shown as net figures. As product rollovers during the year and rating changes during the year can have a material impact on releases and new allocations if shown gross, the decision was made to report them net.
3 The provisions of CHF 56 million for other business risks include provisions of CHF 39 million, which resulted from the repurchase of the now-liquidated ARIZON Sourcing Ltd at the end of 2018.
4 Other provisions include provisions for legal expenses.

Cooperative capital

in 1,000 CHFNumber of
members
Nominal
amount per share
Cooperative capital
Cooperative capital at 1.1.2021
Cooperative capital 1,935,790-411,463
Cooperative capital (additional cooperative shares)12,108,012
Total cooperative capital at 1.1.20211,935,790-2,519,475
+ Payments from new cooperative members 87,71220017,542
10730032
20340081
3,0135001,507
+ Payments of cooperative shares (additional cooperative shares)236,429
Total payments from new cooperative members 91,035-255,591
– Repayments to departing cooperative members -61,017200-12,203
-91300-27
-147400-59
-1,977500-989
– Repayments of cooperative shares (additional cooperative shares)-65.876
– Repayments through decrease in nominal capital-3.808
Total repayments to departing cooperative members -63,232--82.962
Total cooperative capital at 31.12.2021-
of which cooperative capital 1,890,192200378,038
3,079300924
5,8434002,337
64,47950032,240
of which cooperative capital (additional cooperative shares)2,278,565
Total cooperative capital at 31.12.20211,963,593-2,692,104
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 13,106,612, previous year 12,233,175.
Interest-bearing cooperative capital:
  • Year under review: CHF 2,692,104,000
  • Previous year: CHF 2,519,475,000
Paid-up cooperative capital:
  • Year under review: CHF 2,692,104,000
  • Previous year: CHF 2,519,475,000
Non-distributable statutory or legal reserves based on individual financial statements as at 31 December 2021: CHF 4,554,350,000 ,previous year: CHF 4,366,460,000
No cooperative member holds more than 5% of voting rights.

Amounts due from/to related parties

Amounts due fromAmounts due to
in 1,000 CHF2020202120202021
Members of the Board of Directors of Raiffeisen Switzerland and associated persons and companies7,4046,8016,6365,599
Members of the Executive Board and Head of internal Auditing of Raiffeisen Switzerland and associated persons and companies4,8998,1926,4877,409
Other related parties1 5,317,6245,026,46525,128,78126,308,189
Total amounts due from/to related parties5,329,9275,041,45825,141,90426,321,197
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 to related parties amount to CHF 142.3 million (previous year: CHF 147.6 million). There were no irrevocable commitments as at 31 December 2021 (previous year: CHF 227.8 million) and call-in obligations amounted to CHF 121.8 million (previous year: CHF 121.8 million).

Transactions with related parties

On and off-balance-sheet transactions with related parties are allowed under market conditions, with the following exceptions:
  • The Executive Board and the Head of Internal Auditing of Raiffeisen Switzerland enjoy industry-standard preferential terms, as do all other personnel.
  • Liabilities to other related parties include CHF current account balances in the amount of CHF 52.9 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 remain 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 assets57,274,981-----57,274,981
Amounts due from banks185,620-3,059,850---3,245,470
Amounts due from customers72,4031,442,0201,863,6241,127,1782,668,5582,821,9159,995,698
Mortgage loans16,9103,895,7468,168,53622,328,576103,434,59558,515,268196,359,631
Trading portfolio assets 2,573,578-----2,573,578
Positive replacement values of derivative financial instruments 1,356,418-----1,356,418
Financial investments13,788-111,035343,3713,067,5125,023,0628,548,769
Total 31.12.202161,483,6975,337,76613,203,04523,799,126109,170,66566,360,246279,354,545
Total 31.12.202041,584,0485,981,60514,198,20324,092,959106,931,78761,786,318254,574,919
#colspan#

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 banks453,3591,415,95811,705,0282,195,962131,92510,00015,912,232
Liabilities from securities financing transactions --7,450,837---7,450,837
Amounts due in respect of customer deposits 86,006,08099,177,9047,211,2522,912,3224,635,2201,786,218201,728,997
Trading portfolio liabilities156,043-----156,043
Negative replacement values of derivative financial instruments 1,616,304-----1,616,304
Liabilities from other financial instruments at fair value 2,229,268-----2,229,268
Cash bonds--33,00057,547144,33449,294284,174
Bond issues and central mortgage institution loans--3,340,3422,551,6058,625,26119,544,60734,061,815
Total 31.12.202190,461,054100,593,86229,740,4597,717,43613,536,73921,390,120263,439,670
Total 31.12.202083,101,20897,959,52217,707,1826,207,67914,306,19420,065,487239,347,272
1 Financial assets include CHF 49,790,000 of real estate (previous year: CHF 43,268,000).
Balance sheet by currency
31.12.2021
in 1,000 CHF
CHFEURUSDOtherTotal
Assets
Liquid assets56,951,799243,3748,10871,69957,274,981
Amounts due from banks 1,141,495771,3851,021,346311,2443,245,470
Amounts due from customers9,530,040344,99692,84427,8189,995,698
Mortgage loans196,359,217414--196,359,631
Trading portfolio assets 632,042665,626714,169561,7402,573,578
Positive replacement values of derivative financial instruments 1,356,418---1,356,418
Financial investments 8,545,00063,75768,548,769
Accrued income and prepaid expenses 276,6333,813471133281,050
Non-consolidated participations724,113---724,113
Tangible fixed assets 2,966,743---2,966,743
Other assets 1,162,6995-201,162,723
Total assets reflected in the balance sheet279,646,2002,029,6191,840,696972,660284,489,174
Delivery claims under spot exchange, forward exchange and currency option contracts7,056,01614,758,28112,188,7403,413,49737,416,534
Total assets286,702,21616,787,90014,029,4364,386,157321,905,708
Liabilities
Amounts due to banks 6,842,2512,318,8805,298,4871,452,61415,912,232
Liabilities from securities financing transactions 6,427,000861,747114,86247,2287,450,837
Amounts due in respect of customer deposits 194,310,8695,840,2901,117,801460,037201,728,997
Trading portfolio liabilities156,043---156,043
Negative replacement values of derivative financial instruments 1,616,304---1,616,304
Liabilities from other financial instruments at fair value 692,981728,268681,794126,2252,229,268
Cash bonds284,174---284,174
Bond issues and central mortgage institution loans31,313,3732,221,79847,251479,39334,061,815
Accrued expenses and deferred income 827,6161,9191,716435831,686
Other liabilities 151,43325514123151,825
Provisions932,8172461-933,064
Reserves for general banking risks200,000200,000
Cooperative capital 2,692,104---2,692,104
Retained earnings reserve 15,218,686---11815,218,568
Currency translation reserve---1111
Group profit 1,068,810---201,068,790
Minority interests in equity -46,544----46,544
of which minority interests in group profit24,184---24,184
Total liabilities reflected in the balance sheet262,687,91911,973,4037,261,9242,565,928284,489,174
Delivery entitlements from spot exchange, forward exchange and currency option contracts24,294,5744,827,2226,563,5501,930,45137,615,798
Total liabilities 286,982,49216,800,62613,825,4754,496,379322,104,971
Net position per currency-280.276-12.726203,961-110.222-199.263

Foreign currency conversion rates

31.12.202031.12.2021
EUR1.0821.037
USD0.8840.912