Annual Financial Statements

Information on the balance sheet

1 – Securities financing transactions (assets and liabilities)  

Securities financing transactions (assets and liabilities)

in 1,000 CHF31.12.202131.12.2022
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 transactions17,450,83735,007
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 agreements7,512,176392,271
with unrestricted right to resell or pledge 7,512,176392,271
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 repledge165,629307,238
of which, repledged securities --
of which, resold securities 156,043289,112
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 customers1,766,3412,328,3156,972,88211,067,537
Mortgage loans204,063,92611,980150,681204,226,587
Residential property187,669,3848,19465,446187,743,025
Office and business premises3,732,842716,4603,739,372
Commercial and industrial premises6,571,1379446,6606,578,742
Other 6,090,5642,77172,1146,165,449
Total loans (before netting with value adjustments)31.12.2022205,830,2672,340,2957,123,563215,294,125
31.12.2021198,427,9672,731,8855,918,441207,078,294
Total loans (after netting with value adjustments) 31.12.2022205,383,9542,334,7666,846,589214,565,308
31.12.2021197,958,2232,722,0925,675,013206,355,329
Off-balance-sheet
Contingent liabilities 66,563133,325468,533668,421
Irrevocable commitments 10,268,998430,5702,736,77813,436,347
Obligations to pay up shares and make further contributions--133,966133,966
Total off-balance-sheet31.12.202210,335,561563,8963,339,27814,238,735
31.12.20219,614,641621,1603,156,49813,392,299

Impaired loans/receivables

in 1,000 CHFGross debt
amount
Estimated liquidation
value of
collateral
Net debt
amount
Individual
value
adjustments
Impaired loans31.12.2022789,818517,752272,066247,820
31.12.2021802,947557,411245,536242,976

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 portfolios and other financial instruments at fair value (assets)
in 1,000 CHF31.12.202131.12.2022
Trading portfolio assets
Debt securities, money market securities/transactions 2,005,2732,213,262
of which stock exchange listed11,920,6481,881,917
of which traded on a representative market37,590283,549
Equity securities 40,34026,182
Precious metals445,876593,368
Other trading portfolio assets82,08956,497
Other financial instruments at fair value
Debt securities --
Structured products --
Other --
Total assets 2,573,5782,889,309
of which, determined using a valuation model37,590283,549
of which, securities eligible for repo transactions in accordance with
liquidity requirements
299,884676,924
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 CHF31.12.202131.12.2022
Trading portfolio assets
Debt securities, money market securities/transactions2 154,395282,145
of which, listed1154,395282,145
Equity securities2 1,6484,888
Precious metals2--
Other trading portfolio liabilities2-2,079
Other financial instruments at fair value
Structured products 2,229,2681,740,581
Other --
Total liabilities2,385,3112,029,693
of which, determined using a valuation model2,229,2681,740,582
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 1,171,8581,066,69552,424,9742,939,3781,699,62771,075,950
Futures --825,915---
Options (OTC) 1,1371,2081,871,823---
Options (exchange traded) ------
Total interest rate instruments1,172,9961,067,90455,122,7122,939,3781,699,62771,075,950
Foreign exchange
Forward contracts 521,607449,75038,695,19041,445236,44514,774,953
Comb. interest rate/currency swaps----1,435494,000
Futures ------
Options (OTC) 11,3979,339836,405---
Options (exchange traded) ------
Total foreign exchange533,004459,08939,531,59641,445237,88015,268,953
Precious metals
Forward contracts 14,64010,0901,130,549---
Swaps------
Futures ------
Options (OTC) 7,6746,757506,436---
Options (exchange traded) ------
Total precious metals22,31416,8471,636,985---
Equity securities/indices
Forward contracts ------
Swaps4,930132,5681,169,084---
Futures --21,335---
Options (OTC) 117,592124,4531,749,478--92,927
Options (exchange traded) 101411,350---
Total equity securities/indices122,532257,1622,941,248--92,927
Credit derivatives
Credit default swaps1,1854,038586,444---
Total return swaps------
First-to-default swaps------
Other credit derivatives------
Total credit derivatives1,1854,038586,444---
Other
Forward contracts ------
Swaps1924310,396---
Futures------
Options (OTC) 19,59019,094257,681---
Options (exchange traded) ------
Total other19,60919,337268,077---
Total 31.12.20221,871,6401,824,376100,087,0612,980,8231,937,50786,437,830
of which determined using a valuation model1,871,6301,824,236-2,980,8231,937,507-
Total 31.12.2021807,508845,811146,898,701548,910770,49365,017,889
of which determined using a valuation model806,358845,143-548,910770,493-

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 firms971,1821,091,27455,966,19813,684,6642,332,83871,983,700
Other customers118,68069,7983,194,9481,482,182164,1294,841,259
Stock exchanges10141808,60040,000-848,600
Central clearing houses3,762,5912,600,67035,459,07943,196,11630,196,138108,851,333
Total 31.12.20224,852,4633,761,88395,428,82558,402,96232,693,105186,524,892
Total 31.12.20211,356,4181,616,304133,567,95948,093,80630,254,825211,916,590

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. 89.2% 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 CHF31.12.202131.12.202231.12.202131.12.2022
Debt securities8,495,19115,057,3058,704,32614,318,744
of which, intended to be held until maturity8,495,19115,057,3058,704,32614,318,744
of which, not intended to be held to maturity (available for sale) ----
Equity securities3,78851,8295,44353,783
of which qualified participations1-31-31
Precious metals----
Real estate49,79041,82351,24642,549
Total financial investments8,548,76915,150,9578,761,01614,415,076
of which securities for repo transactions in line with liquidity requirements8,439,88415,002,197--
1 At least 10% of the capital or the votes.

5.2 Breakdown of counterparties by rating

Breakdown of counterparties by rating

Book value
31.12.2022
in 1,000 CHF
Very safe investmentSafe investmentAverage to good investmentSpeculative
to highly
speculative
investment
Highest-risk investment/defaultUnrated
investment1
Debt securities19,403,15919,669---5,634,477
1 The item "Unrated asset" mainly includes money market securities issued by the Swiss National Bank (SNB bills).

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

20212022
in 1,000 CHFAcquisition costAccumulated value adjustments and changes in book values (equity method)Book value
31.12.2021
Changes
to the consolidated Group1
ReclassificationsAdditionsDisposalsValue adjustmentsChanges in book value in the case of participations valued using the equity methodBook value
31.12.2022
Market value
31.12.2022
Participations valued using the equity method 315,262296,442611,704--28,403--68758,593698,013
with
market value
128,663104,070232,733---1--19,714252,446241,311
without
market value
186,599192,372378,971--28,404--68738,879445,567
Other non
consolidated participations
136,208-23,799112,409977-891-2.687-1.406-110,185
with
market value
636-4632------632898
without
market value
135,572-23,795111,777977-891-2.687-1.406-109,553
Total non
consolidated participations
451,470272,643724,113977-29,294-2.687-2.09358,593808,198
1 The companies held until now under non-consolidated participations, Quichet AG and Sedunimmo SA, will be valued using the equity method from this financial year onwards, and will now be reported in the notes under "Participations valued using the equity method".

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

31.12.202131.12.2022
in 1,000 CHF, share in %RegisteredofficeBusiness 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 services100.0100.02,497,800100.0100.0
Raiffeisen Unternehmerzentrum AGGossau SGAdvisory services for SMEs100.0100.05,000100.0100.0
Raiffeisen Immo LtdSt.GallenBrokering and advisory services100.0100.05,000100.0100.0
KMU Capital Ltd3St.GallenFinancial services100.0100.02,566100.0100.0
KMU Capital Holding Ltd4HerisauAffiliated company60.060.010,00060.060.0
Raiffeisen Switzerland B.V. AmsterdamAmsterdam NLFinancial services100.0100.01,000100.0100.0
7.2 Participations valued using the equity method
Liiva LtdZürichReal estate brokerage and consulting services50.050.0100--
Leonteq Ltd5ZurichFinancial services29.02918,93429.029.0
Viseca Payment Services Ltd.ZurichFinancial services25.525.525,00025.525.5
Pfandbriefbank schweizerischer Hypothekarinstitute AG2ZurichPfandbriefbank21.721.71,100,00021.721.7
of which not paid up616,000
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 fairs11.211.230,21310.510.5
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 2022.
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 Majority interests that are immaterial for accounting purposes are valued according to the equity method but not listed separately.
7 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

20212022
in 1,000 CHFAcquisition
cost
Accumulated
depreciation
Book value
31.12.2021
Impact of any
changes in the
scope of
consolidation
ReclassificationsAdditionsDisposalsDepreciationReversalsBook value
31.12.2022
Bank buildings 2,489,164-633,8961,855,268-4,395-35,855137,764-14,012-39,709-1,899,061
Other real estate 635,419-161,720473,699-8,00949,601-15,741-9,726-505,842
Proprietary or separately acquired software 653,703-264,704388,999-3,761468,511--61,706-332,089
thereof self-developed463,435-139.196324,239-219-283--44.137-280,166
Other tangible fixed assets 1,230,543-981.766248,777-527,80050,676-883-74,584-251,781
Objects in finance leasing45-45--------
Total tangible assets5,008,874-2.042.1312,966,743-8,161-246,552-30,636-185,725-2,988,773

8.2 – Operating leases

Operating leases

in 1,000 CHF31.12.202131.12.2022
Non-recognised lease commitments
Due within 12 months1,3201,122
Due within 1 to 5 years7211,541
Due after 5 years--
Total non-recognised lease commitments2,0412,663
of which obligations that can be terminated within one year2,0412,663

Intangible assets

20212022
in 1,000 CHFCost valueAccumulated depreciationBook value
31.12.2021
Changes to the consolidated GroupAdditionsDisposalsAmortisationBook value
31.12.2022
Goodwill--------
Other intangible assets ---7,536-1,0056,531
Total intangible assets----7,536--1,0056,531
#colspan#

10 – Other assets and other liabilities

Other assets and other liabilities

in 1,000 CHF31.12.202131.12.2022
Other assets
Settlement accounts for indirect taxes 985,8691,205,638
Other settlement accounts 29,91429,095
Employer contribution reserves with pension plans135,395145,474
Deferred income taxes recognised as assets-6,945
Miscellaneous other assets11,54513,882
Total other assets1,162,7231,401,034
Other liabilities
Compensation account 30,62331.12.5172
Due, unredeemed coupons and debt instruments 3,8792,600
Levies, indirect taxes 47,25350,159
Other settlement accounts 52,79764,581
Miscellaneous other liabilities17,27317,799
Total other liabilities151,8251,330,579

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

Assets pledged or assigned to secure own commitments and assets under reservation of ownership1 

31.12.202131.12.2022
in 1,000 CHFBook valueEffective
commitments
Book valueEffective
commitments
Amounts due from banks573,856573,856740,433740,433
Amounts due from customers1,495,2211,420,009394,593303,652
Mortgage loans35,997,41026,510,55237,391,42227,851,842
Financial investments912,901179,3961,016,954160,638
Total pledged or assigned assets38,979,38828,683,81339,543,40229,056,566
1 Without securities financing transactions (see separate presentation of the securities financing transactions in table 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. Altersjahr vorzeitig in den Ruhestand zu treten. 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. Two Raiffeisen banks and one Group company are insured outside the Raiffeisen Group’s pension schemes (other collective foundations, collective insurance contracts, etc.), compared with three in the previous year.

12.1 Liabilities to own pension schemes

Liabilities to own social insurance institutions
in 1,000 CHF31.12.202131.12.2022
Amounts due in respect of customer deposits223,336231,553
Negative replacement values of derivative financial instruments 29,714-
Bonds20,00020,000
Accrued expenses and deferred income264264
Total liabilities to own social insurance institutions273,314251,817

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

20212022
in 1,000 CHFRaiffeisen1OthersTotalRaiffeisen1OthersTotal
As at 01.01128,5291,301129,830134,3471,048135,395
+ Deposits14,893-14,89319,376-19,376
– Withdrawals-9,100-253-9,353-8,762-548-9,310
+ Interest paid125-2513-13
As at 31.12134,3471,048135,395144,974500145,474
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 audited annual reports for the year under review and the previous year (in accordance with Swiss GAAP FER 26) of the Raiffeisen Pension Fund Cooperative, the coverage ratio is:

Raiffeisen Pension Fund Cooperative

percent31.12.202131.12.2022
Coverage ratio118.5107.1
The target level of the value fluctuation reserve of the Raiffeisen Pension Fund Cooperative was 117% as at 31 December 2022. As at the end of 2022, the coverage ratio was below this target level and therefore there were no uncommitted funds. The Assembly of Delegates of the Raiffeisen Pension Fund Cooperative decides how uncommitted funds will be used. In general, the “principles for the use of uncommitted funds (profit participation)” which it issues are applied. 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 expenditure with significant influencing factors

in 1,000 CHF31.12.2021 31.12.2022
Pension expenditure according to separate financial statements127,789137,625
Deposits/withdrawals employer contribution reserves (excl. interest paid)-5,540-10,066
Employer contributions reported on an accruals basis122,249127,559
Change in economic benefit/obligation as a result of surplus/insufficient cover in the pension plan--
Pension expenses (see note 27 "Personnel expenses")122,249127,559

Issued structured products

Book valueTotal
Valued as a wholeValued separately
31.12.2022 in 1,000 CHFBooked in
trading portfolio
Booked in
other financial
instruments
at fair value
Value of the
host instrument
Value of the
derivative
Underlying risk of the embedded derivative
Interest rate instruments-10,0897,01434317,447
With own debenture component (oDC)-10,0897,01434317,447
Without oDC-----
Equity securities-1,454,506861,111-72.4282,243,190
With own debenture component (oDC)-1,454,434861,111-73.9332,241,612
Without oDC-72-1,5051,577
Foreign currencies-----
With own debenture component (oDC)-----
Without oDC-----
Commodities/precious metals-24,555125,4193,467153,442
With own debenture component (oDC)-24,555125,4193,467153,442
Without oDC-----
Credit derivatives-251,43130,443-206281,668
With own debenture component (oDC)-251,43130,443-206281,668
Without oDC-----
Total -1,740,5811,023,988-68.8232,695,746

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” or “Negative replacement values of derivative financial instruments”, respectively.

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 bond issues and central mortgage institution loan

31.12.2022
in 1,000 CHF
Year of issueInterest rate MaturityEarly
redemption
possibility
Bond principal
Bonds of Raiffeisen Switzerland
non subordinated20102.00021.09.2023250,000
20112.62504.02.2026127,545
20160.30022.04.2025375,000
20160.75022.04.203197,860
20180.35016.02.2024400,000
20190.12545,419100,000
20210.00019.12.203129,550
20220.00015.07.203239,334
subordinated with PONV clause220182.000Perpetual202.05.2023328,495
20200.182511.11.202511.11.2024150,000
20200.50011.11.202811.11.2027166,100
20201.50023.11.203423.11.2033175,000
20202.000Perpetual216.04.2026510,130
20210.177515.01.202715.02.2026116,300
20210.40528.09.202928.09.2028119,100
20210.57015.01.203115.01.2030186,000
20212.250Perpetual231.03.2027296,755
20225.230301.11.2027-494,000
Underlying instruments from issued structured products4diverse0.77652023738,431
0.41752024155,083
0.5965202517,596
0.4475202641,500
0.4905202768,918
4.1495after 20272,459
Total bonds of Raiffeisen Switzerland4,985,156
Loans from Pfandbriefbank schweizerischer
Hypothekarinstitute AG
div.0.875div.27,017,300
Total outstanding bond issues and central mortgage
institution loans
32,002,456
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 The higher interest rate is attributable to the fact that the bond was issued in EUR.
4 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".
5 Average weighted interest rate (volume-weighted).

Value adjustments,
provisions and
reserves for general banking risks

20212022
in 1,000 CHFBalance at
31.12.2021
Changes
to the
consolidated
Group,
other changes
Use in con-
formity with
designated
purpose
Reclassi-
fications
Currency
differences
Past due
interest,
recoveries
New creations
charged to income
Releases
to income
Balance at
31.12.2022
Provisions
Provisions for deferred taxes797,242-----33,717-6,554824,405
Provisions for default risks51,398--36-4,119-10-13,031-2,44757,817
of which provisions for
expected losses1
31,579----8-1,723-33,294
Provisions for other business risks255,688--12,339---1,412-1,11743,644
Provisions for restructuring 7,251--2,857---1,300-5,694
Other provisions321,485--6,072---330-16115,582
Total provisions933,064--21,304-4,119-10-49,790-10,279947,142
Reserves for general
banking risks
200,000-------200,000
Value adjustments for default and country risks
Value adjustments for default risks in respect of impaired loans/receivables242,976--24,9904,119-378,59074,702-57,540247,820
Value adjustments for
expected losses1
482,259----127-1,456-483,588
Total value adjustments for default and country risks725,235--24,9904,119-1648,59076,158-57,540731,408
1 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.
2 The provisions of CHF 44 million for other business risks include provisions of CHF 30 million, which resulted from the repurchase of the now-liquidated ARIZON Sourcing Ltd at the end of 2018.
3 Other provisions include provisions for legal expenses.

Cooperative capital

in 1,000 CHFNumber of
members
Nominal
amount
per share
Cooperative capital
Cooperative capital at 1.1.2022
Cooperative capital 1,963,593413,539
Cooperative capital (additional cooperative shares)12,278,565
Total cooperative capital at 1.1.20221,963,5932,692,104
+ Payments from new cooperative members 79,15820015,832
12530037
23740095
36,02050018,010
+ Payments of cooperative shares (additional cooperative shares)440,626
Total payments from new cooperative members 115,540474,600
– Repayments to departing cooperative members -74,751200-14,950
-96300-29
-188400-75
-2,599500-1,300
– Repayments of cooperative shares (additional cooperative shares)-80,462
Total repayments to departing cooperative members -77,634-96,816
Total cooperative capital at 31.12.2022
Cooperative capital 1,894,599200378,920
3,108300932
5,8924002,357
97,90050048,950
Cooperative capital (additional cooperative shares)2,638,730
Total cooperative capital at 31.12.20222,001,4993,069,889
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 14,430,908, previous year 13,106,612.

Interest-bearing cooperative capital:

  • Year under review: CHF 3,069,889,000
  • Previous year: CHF 2,692,104,000

Paid-up cooperative capital:

  • Year under review: CHF 3,069,889,000
  • Previous year: CHF 2,692,104,000

Non-distributable statutory or legal reserves based on single-entity financial statements as at 31 December 2022: CHF 4,752,766,000, previous year: CHF 4,554,350,000.

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

Amounts due from/to related parties
Amounts due fromAmounts due to
in 1,000 CHF31.12.202131.12.202231.12.202231.12.2022
Members of the Board of Directors of Raiffeisen Switzerland and associated persons and companies6,8017,0535,5994,778
Members of the Executive Board and Head of internal Auditing of Raiffeisen Switzerland and associated persons and companies8,1924,2197,4098,629
Other related parties1 5,026,4655,723,78626,308,18927,612,617
Total amounts due from/to related parties5,041,4585,735,05826,321,19727,626,024
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 104.6 million (previous year: CHF 142.3 million). There were irrevocable commitments of CHF 18.5 million (previous year: none) and call-in obligations amounted to CHF 134.0 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 of CHF 27.6 billion include an item of CHF 7.6 million, which bears interest at 2.75%.

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 assets35,441,687-----35,441,687
Amounts due from banks914,290-1,252,25229,983--2,196,525
Amounts due from customers167,0031,402,9422,352,6861,204,7713,334,9592,447,03710,909,398
Mortgage loans21,0093,865,6208,456,81420,523,202112,520,69958,268,566203,655,910
Trading portfolio assets 2,889,309-----2,889,309
Positive replacement values of derivative
financial instruments
4,852,463-----4,852,463
Financial investments17,90848,7742,201,1934,000,4043,264,9805,627,69715,150,957
Total 31.12.202244,293,6695,317,33514,262,94525,758,361119,120,63866,343,300275,096,249
Total 31.12.202161,483,6975,337,76613,203,04523,799,126109,170,66566,360,246279,354,545
#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 banks1,047,478239,80711,673,192956,84973,000-13,990,326
Liabilities from securities financing transactions --35,007---35,007
Amounts due in respect of customer deposits 91,099,80197,405,6026,315,2263,363,4484,936,5261,664,032204,784,635
Trading portfolio liabilities289,112-----289,112
Negative replacement values of derivative
financial instruments
3,761,882-----3,761,882
Liabilities from other financial instruments at
fair value
1,740,581-----1,740,581
Cash bonds--14,93238,716112,27443,873209,795
Bond issues and central mortgage institution loans--966,6741,768,9528,958,62820,308,20132,002,456
Total 31.12.202297,938,85497,645,40919,005,0316,127,96514,080,42822,016,106256,813,794
Total 31.12.202190,461,054100,593,86229,740,4597,717,43613,536,73921,390,120263,439,670
1 Financial assets include CHF 41'823'000 of real estate (previous year: CHF 49,790,000).

Balance sheet by currency

31.12.2022
in 1,000 CHF
CHFEURUSDOtherTotal
Assets
Liquid assets35,168,867209,23716,73446,84935,441,687
Amounts due from banks 464,339459,201780,141492,8452,196,525
Amounts due from customers10,458,193303,224135,54512,43610,909,398
Mortgage loans203,655,568343--203,655,910
Trading portfolio assets 1,040,156617,135564,088667,9302,889,309
Positive replacement values of derivative financial instruments 4,852,463---4,852,463
Financial investments 15,147,936-3,022-15,150,957
Accrued income and prepaid expenses 326,5376,270461570333,838
Non-consolidated participations808,198---808,198
Tangible fixed assets 2,988,773---2,988,773
Intangible assets6,531---6,531
Other assets 1,401,02950-1,401,034
Total assets shown in the balance sheet276,318,5891,595,4141,499,9911,220,630280,634,623
Delivery entitlements under spot exchange, forward exchange and currency option contracts17,559,22716,475,84718,167,5773,303,09455,505,745
Total assets293,877,81518,071,26119,667,5684,523,724336,140,368
Liabilities
Amounts due to banks 4,163,2182,545,2555,887,4581,394,39613,990,326
Liabilities from securities financing transactions 6,00019,7609,247-35,007
Amounts due in respect of customer deposits 198,269,2384,883,7671,179,992451,638204,784,635
Trading portfolio liabilities250,62738,485--289,112
Negative replacement values of derivative financial instruments 3,761,882---3,761,882
Liabilities from other financial instruments at fair value 639,689565,270466,47669,1461,740,581
Cash bonds209,795---209,795
Bond issues and central mortgage institution loans31,451,925520,63216,95912,94032,002,456
Accrued expenses and deferred income 879,5669,93122,3494,865916,710
Other liabilities 1,329,42999941451,330,579
Provisions946,9841580-947,142
Reserves for general banking risks200,000200,000
Cooperative capital 3,069,889---3,069,889
Retained earnings reserve 16,221,420---16,221,420
Currency translation reserve-----
Group profit 1,181,898---1,181,898
Minority interests in equity -46,809----46,809
of which minority interests in group profit-118----118
Total liabilities shown in the balance sheet262,534,7498,584,2587,582,4861,933,129280,634,623
Delivery obligations from spot exchange, forward exchange and currency option contracts31,515,0359,472,11511,968,3972,624,13755,579,685
Total liabilities 294,049,78418,056,37319,550,8834,557,267336,214,307
Net position per currency-171.96914,888116,685-33.542-73.939