2022 Reporting

2022 Reporting

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    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 – 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 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).

    4 – Derivative financial instruments (assets and liabilities)

    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 – Financial investments

    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.

    6 – Non-consolidated participations

    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".

    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
    31.12.202131.12.2022
    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 – Tangible fixed assets

    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

    9 – Intangible assets

    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

    13 – Issued structured products

    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”.

    14 – Outstanding bond issues and central mortgage institution loans

    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).

    15 – Value adjustments, provisions and reserves for general banking risks

    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.

    16 – Cooperative capital

    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.

    17 – Related parties

    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).

    19 – Balance sheet by currency

    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

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