Annual Financial Statements
Information on the balance sheet
1 – Securities financing transactions (assets and liabilities)
Securities financing transactions (assets and liabilities)
in 1,000 CHF | 31.12.2021 | 31.12.2022 | ||||||
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 transactions1 | 7,450,837 | 35,007 | ||||||
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 agreements | 7,512,176 | 392,271 | ||||||
with unrestricted right to resell or pledge | 7,512,176 | 392,271 | ||||||
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 repledge | 165,629 | 307,238 | ||||||
of which, repledged securities | - | - | ||||||
of which, resold securities | 156,043 | 289,112 | ||||||
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 CHF | Secured by mortgage | Other collateral | Unsecured | Total | |||||
Loans (before netting with value adjustments) | |||||||||
Amounts due from customers | 1,766,341 | 2,328,315 | 6,972,882 | 11,067,537 | |||||
Mortgage loans | 204,063,926 | 11,980 | 150,681 | 204,226,587 | |||||
Residential property | 187,669,384 | 8,194 | 65,446 | 187,743,025 | |||||
Office and business premises | 3,732,842 | 71 | 6,460 | 3,739,372 | |||||
Commercial and industrial premises | 6,571,137 | 944 | 6,660 | 6,578,742 | |||||
Other | 6,090,564 | 2,771 | 72,114 | 6,165,449 | |||||
Total loans (before netting with value adjustments) | 31.12.2022 | 205,830,267 | 2,340,295 | 7,123,563 | 215,294,125 | ||||
31.12.2021 | 198,427,967 | 2,731,885 | 5,918,441 | 207,078,294 | |||||
Total loans (after netting with value adjustments) | 31.12.2022 | 205,383,954 | 2,334,766 | 6,846,589 | 214,565,308 | ||||
31.12.2021 | 197,958,223 | 2,722,092 | 5,675,013 | 206,355,329 | |||||
Off-balance-sheet | |||||||||
Contingent liabilities | 66,563 | 133,325 | 468,533 | 668,421 | |||||
Irrevocable commitments | 10,268,998 | 430,570 | 2,736,778 | 13,436,347 | |||||
Obligations to pay up shares and make further contributions | - | - | 133,966 | 133,966 | |||||
Total off-balance-sheet | 31.12.2022 | 10,335,561 | 563,896 | 3,339,278 | 14,238,735 | ||||
31.12.2021 | 9,614,641 | 621,160 | 3,156,498 | 13,392,299 |
Impaired loans/receivables
in 1,000 CHF | Gross debt amount | Estimated liquidation value of collateral | Net debt amount | Individual value adjustments | |||||
Impaired loans | 31.12.2022 | 789,818 | 517,752 | 272,066 | 247,820 | ||||
31.12.2021 | 802,947 | 557,411 | 245,536 | 242,976 |
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)
in 1,000 CHF | 31.12.2021 | 31.12.2022 | ||||||
Trading portfolio assets | ||||||||
Debt securities, money market securities/transactions | 2,005,273 | 2,213,262 | ||||||
of which stock exchange listed1 | 1,920,648 | 1,881,917 | ||||||
of which traded on a representative market | 37,590 | 283,549 | ||||||
Equity securities | 40,340 | 26,182 | ||||||
Precious metals | 445,876 | 593,368 | ||||||
Other trading portfolio assets | 82,089 | 56,497 | ||||||
Other financial instruments at fair value | ||||||||
Debt securities | - | - | ||||||
Structured products | - | - | ||||||
Other | - | - | ||||||
Total assets | 2,573,578 | 2,889,309 | ||||||
of which, determined using a valuation model | 37,590 | 283,549 | ||||||
of which, securities eligible for repo transactions in accordance with liquidity requirements | 299,884 | 676,924 | ||||||
1 Stock exchange listed = traded on a recognised stock exchange. |
3.2 Trading portfolio and other financial instruments at fair value (liabilities)
in 1,000 CHF | 31.12.2021 | 31.12.2022 | ||||||
Trading portfolio assets | ||||||||
Debt securities, money market securities/transactions2 | 154,395 | 282,145 | ||||||
of which, listed1 | 154,395 | 282,145 | ||||||
Equity securities2 | 1,648 | 4,888 | ||||||
Precious metals2 | - | - | ||||||
Other trading portfolio liabilities2 | - | 2,079 | ||||||
Other financial instruments at fair value | ||||||||
Structured products | 2,229,268 | 1,740,581 | ||||||
Other | - | - | ||||||
Total liabilities | 2,385,311 | 2,029,693 | ||||||
of which, determined using a valuation model | 2,229,268 | 1,740,582 | ||||||
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 instruments | Hedging instruments | |||||||||||||||||||
Replacement values | Replacement values | |||||||||||||||||||
in 1,000 CHF | Positive | Negative | Contract volume | Positive | Negative | Contract volume | ||||||||||||||
Interest rate instruments | ||||||||||||||||||||
Forward contracts incl. FRAs | - | - | - | - | - | - | ||||||||||||||
Swaps | 1,171,858 | 1,066,695 | 52,424,974 | 2,939,378 | 1,699,627 | 71,075,950 | ||||||||||||||
Futures | - | - | 825,915 | - | - | - | ||||||||||||||
Options (OTC) | 1,137 | 1,208 | 1,871,823 | - | - | - | ||||||||||||||
Options (exchange traded) | - | - | - | - | - | - | ||||||||||||||
Total interest rate instruments | 1,172,996 | 1,067,904 | 55,122,712 | 2,939,378 | 1,699,627 | 71,075,950 | ||||||||||||||
Foreign exchange | ||||||||||||||||||||
Forward contracts | 521,607 | 449,750 | 38,695,190 | 41,445 | 236,445 | 14,774,953 | ||||||||||||||
Comb. interest rate/currency swaps | - | - | - | - | 1,435 | 494,000 | ||||||||||||||
Futures | - | - | - | - | - | - | ||||||||||||||
Options (OTC) | 11,397 | 9,339 | 836,405 | - | - | - | ||||||||||||||
Options (exchange traded) | - | - | - | - | - | - | ||||||||||||||
Total foreign exchange | 533,004 | 459,089 | 39,531,596 | 41,445 | 237,880 | 15,268,953 | ||||||||||||||
Precious metals | ||||||||||||||||||||
Forward contracts | 14,640 | 10,090 | 1,130,549 | - | - | - | ||||||||||||||
Swaps | - | - | - | - | - | - | ||||||||||||||
Futures | - | - | - | - | - | - | ||||||||||||||
Options (OTC) | 7,674 | 6,757 | 506,436 | - | - | - | ||||||||||||||
Options (exchange traded) | - | - | - | - | - | - | ||||||||||||||
Total precious metals | 22,314 | 16,847 | 1,636,985 | - | - | - | ||||||||||||||
Equity securities/indices | ||||||||||||||||||||
Forward contracts | - | - | - | - | - | - | ||||||||||||||
Swaps | 4,930 | 132,568 | 1,169,084 | - | - | - | ||||||||||||||
Futures | - | - | 21,335 | - | - | - | ||||||||||||||
Options (OTC) | 117,592 | 124,453 | 1,749,478 | - | - | 92,927 | ||||||||||||||
Options (exchange traded) | 10 | 141 | 1,350 | - | - | - | ||||||||||||||
Total equity securities/indices | 122,532 | 257,162 | 2,941,248 | - | - | 92,927 | ||||||||||||||
Credit derivatives | ||||||||||||||||||||
Credit default swaps | 1,185 | 4,038 | 586,444 | - | - | - | ||||||||||||||
Total return swaps | - | - | - | - | - | - | ||||||||||||||
First-to-default swaps | - | - | - | - | - | - | ||||||||||||||
Other credit derivatives | - | - | - | - | - | - | ||||||||||||||
Total credit derivatives | 1,185 | 4,038 | 586,444 | - | - | - | ||||||||||||||
Other | ||||||||||||||||||||
Forward contracts | - | - | - | - | - | - | ||||||||||||||
Swaps | 19 | 243 | 10,396 | - | - | - | ||||||||||||||
Futures | - | - | - | - | - | - | ||||||||||||||
Options (OTC) | 19,590 | 19,094 | 257,681 | - | - | - | ||||||||||||||
Options (exchange traded) | - | - | - | - | - | - | ||||||||||||||
Total other | 19,609 | 19,337 | 268,077 | - | - | - | ||||||||||||||
Total 31.12.2022 | 1,871,640 | 1,824,376 | 100,087,061 | 2,980,823 | 1,937,507 | 86,437,830 | ||||||||||||||
of which determined using a valuation model | 1,871,630 | 1,824,236 | - | 2,980,823 | 1,937,507 | - | ||||||||||||||
Total 31.12.2021 | 807,508 | 845,811 | 146,898,701 | 548,910 | 770,493 | 65,017,889 | ||||||||||||||
of which determined using a valuation model | 806,358 | 845,143 | - | 548,910 | 770,493 | - |
Derivative financial instruments by counterparty and time remaining to maturity
Replacement values | Contract volume | |||||||||||||||||||
in 1,000 CHF | Positive | Negative | up to 1 year | 1 to 5 years | over 5 years | Total | ||||||||||||||
Banks and securities firms | 971,182 | 1,091,274 | 55,966,198 | 13,684,664 | 2,332,838 | 71,983,700 | ||||||||||||||
Other customers | 118,680 | 69,798 | 3,194,948 | 1,482,182 | 164,129 | 4,841,259 | ||||||||||||||
Stock exchanges | 10 | 141 | 808,600 | 40,000 | - | 848,600 | ||||||||||||||
Central clearing houses | 3,762,591 | 2,600,670 | 35,459,079 | 43,196,116 | 30,196,138 | 108,851,333 | ||||||||||||||
Total 31.12.2022 | 4,852,463 | 3,761,883 | 95,428,825 | 58,402,962 | 32,693,105 | 186,524,892 | ||||||||||||||
Total 31.12.2021 | 1,356,418 | 1,616,304 | 133,567,959 | 48,093,806 | 30,254,825 | 211,916,590 |
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 value | Fair value | |||||||||||||||
in 1,000 CHF | 31.12.2021 | 31.12.2022 | 31.12.2021 | 31.12.2022 | ||||||||||||
Debt securities | 8,495,191 | 15,057,305 | 8,704,326 | 14,318,744 | ||||||||||||
of which, intended to be held until maturity | 8,495,191 | 15,057,305 | 8,704,326 | 14,318,744 | ||||||||||||
of which, not intended to be held to maturity (available for sale) | - | - | - | - | ||||||||||||
Equity securities | 3,788 | 51,829 | 5,443 | 53,783 | ||||||||||||
of which qualified participations1 | - | 31 | - | 31 | ||||||||||||
Precious metals | - | - | - | - | ||||||||||||
Real estate | 49,790 | 41,823 | 51,246 | 42,549 | ||||||||||||
Total financial investments | 8,548,769 | 15,150,957 | 8,761,016 | 14,415,076 | ||||||||||||
of which securities for repo transactions in line with liquidity requirements | 8,439,884 | 15,002,197 | - | - | ||||||||||||
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 investment | Safe investment | Average to good investment | Speculative to highly speculative investment | Highest-risk investment/default | Unrated investment1 | |||||||||||||||||||
Debt securities1 | 9,403,159 | 19,669 | - | - | - | 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
2021 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
in 1,000 CHF | Acquisition cost | Accumulated value adjustments and changes in book values (equity method) | Book value 31.12.2021 | Changes to the consolidated Group1 | Reclassifications | Additions | Disposals | Value adjustments | Changes in book value in the case of participations valued using the equity method | Book value 31.12.2022 | Market value 31.12.2022 | |||||||||||||||||||||||||||||||||
Participations valued using the equity method | 315,262 | 296,442 | 611,704 | - | - | 28,403 | - | -687 | 58,593 | 698,013 | ||||||||||||||||||||||||||||||||||
with market value | 128,663 | 104,070 | 232,733 | - | - | -1 | - | - | 19,714 | 252,446 | 241,311 | |||||||||||||||||||||||||||||||||
without market value | 186,599 | 192,372 | 378,971 | - | - | 28,404 | - | -687 | 38,879 | 445,567 | – | |||||||||||||||||||||||||||||||||
Other non consolidated participations | 136,208 | -23,799 | 112,409 | 977 | - | 891 | -2.687 | -1.406 | - | 110,185 | ||||||||||||||||||||||||||||||||||
with market value | 636 | -4 | 632 | - | - | - | - | - | - | 632 | 898 | |||||||||||||||||||||||||||||||||
without market value | 135,572 | -23,795 | 111,777 | 977 | - | 891 | -2.687 | -1.406 | - | 109,553 | – | |||||||||||||||||||||||||||||||||
Total non consolidated participations | 451,470 | 272,643 | 724,113 | 977 | - | 29,294 | -2.687 | -2.093 | 58,593 | 808,198 | ||||||||||||||||||||||||||||||||||
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
31.12.2021 | 31.12.2022 | |||||||||||||||||||||||||||
in 1,000 CHF, share in % | Registeredoffice | Business activity | Equity interest in %1 | Voting share in %1 | Capital | Equity interest in %1 | Voting share in %1 | |||||||||||||||||||||
7.1 Group companies | ||||||||||||||||||||||||||||
Raiffeisen Switzerland Cooperative2 | St.Gallen | Central bank, association services | 100.0 | 100.0 | 2,497,800 | 100.0 | 100.0 | |||||||||||||||||||||
Raiffeisen Unternehmerzentrum AG | Gossau SG | Advisory services for SMEs | 100.0 | 100.0 | 5,000 | 100.0 | 100.0 | |||||||||||||||||||||
Raiffeisen Immo Ltd | St.Gallen | Brokering and advisory services | 100.0 | 100.0 | 5,000 | 100.0 | 100.0 | |||||||||||||||||||||
KMU Capital Ltd3 | St.Gallen | Financial services | 100.0 | 100.0 | 2,566 | 100.0 | 100.0 | |||||||||||||||||||||
KMU Capital Holding Ltd4 | Herisau | Affiliated company | 60.0 | 60.0 | 10,000 | 60.0 | 60.0 | |||||||||||||||||||||
Raiffeisen Switzerland B.V. Amsterdam | Amsterdam NL | Financial services | 100.0 | 100.0 | 1,000 | 100.0 | 100.0 | |||||||||||||||||||||
7.2 Participations valued using the equity method | ||||||||||||||||||||||||||||
Liiva Ltd | Zürich | Real estate brokerage and consulting services | 50.0 | 50.0 | 100 | - | - | |||||||||||||||||||||
Leonteq Ltd5 | Zurich | Financial services | 29.0 | 29 | 18,934 | 29.0 | 29.0 | |||||||||||||||||||||
Viseca Payment Services Ltd. | Zurich | Financial services | 25.5 | 25.5 | 25,000 | 25.5 | 25.5 | |||||||||||||||||||||
Pfandbriefbank schweizerischer Hypothekarinstitute AG2 | Zurich | Pfandbriefbank | 21.7 | 21.7 | 1,100,000 | 21.7 | 21.7 | |||||||||||||||||||||
of which not paid up | 616,000 | |||||||||||||||||||||||||||
7.3 Other non-consolidated participations6 | ||||||||||||||||||||||||||||
responsAbility Participations AG | Zurich | Financial services | 14.4 | 14.4 | 13,888 | 14.4 | 14.4 | |||||||||||||||||||||
Swiss Bankers Prepaid Services Ltd | Grosshöchstetten | Financial services | 16.5 | 16.5 | 10,000 | 16.5 | 16.5 | |||||||||||||||||||||
Cooperative Olma Messen St.Gallen | St.Gallen | Organisation of fairs | 11.2 | 11.2 | 30,213 | 10.5 | 10.5 | |||||||||||||||||||||
Twint Ltd | Zurich | Financial services | 4.0 | 4.0 | 12,750 | 4.0 | 4.0 | |||||||||||||||||||||
SIX Group Ltd | Zurich | Financial services | 5.5 | 5.5 | 19,522 | 5.5 | 5.5 | |||||||||||||||||||||
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
2021 | 2022 | |||||||||||||||||||||||||||||
in 1,000 CHF | Acquisition cost | Accumulated depreciation | Book value 31.12.2021 | Impact of any changes in the scope of consolidation | Reclassifications | Additions | Disposals | Depreciation | Reversals | Book value 31.12.2022 | ||||||||||||||||||||
Bank buildings | 2,489,164 | -633,896 | 1,855,268 | -4,395 | -35,855 | 137,764 | -14,012 | -39,709 | - | 1,899,061 | ||||||||||||||||||||
Other real estate | 635,419 | -161,720 | 473,699 | - | 8,009 | 49,601 | -15,741 | -9,726 | - | 505,842 | ||||||||||||||||||||
Proprietary or separately acquired software | 653,703 | -264,704 | 388,999 | -3,761 | 46 | 8,511 | - | -61,706 | - | 332,089 | ||||||||||||||||||||
thereof self-developed | 463,435 | -139.196 | 324,239 | -219 | - | 283 | - | -44.137 | - | 280,166 | ||||||||||||||||||||
Other tangible fixed assets | 1,230,543 | -981.766 | 248,777 | -5 | 27,800 | 50,676 | -883 | -74,584 | - | 251,781 | ||||||||||||||||||||
Objects in finance leasing | 45 | -45 | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Total tangible assets | 5,008,874 | -2.042.131 | 2,966,743 | -8,161 | - | 246,552 | -30,636 | -185,725 | - | 2,988,773 |
8.2 – Operating leases
Operating leases
in 1,000 CHF | 31.12.2021 | 31.12.2022 | ||
Non-recognised lease commitments | ||||
Due within 12 months | 1,320 | 1,122 | ||
Due within 1 to 5 years | 721 | 1,541 | ||
Due after 5 years | - | - | ||
Total non-recognised lease commitments | 2,041 | 2,663 | ||
of which obligations that can be terminated within one year | 2,041 | 2,663 |
Intangible assets
2021 | 2022 | |||||||||||||||||||||||||||||||
in 1,000 CHF | Cost value | Accumulated depreciation | Book value 31.12.2021 | Changes to the consolidated Group | Additions | Disposals | Amortisation | Book value 31.12.2022 | ||||||||||||||||||||||||
Goodwill | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Other intangible assets | - | - | - | 7,536 | -1,005 | 6,531 | ||||||||||||||||||||||||||
Total intangible assets | - | - | - | - | 7,536 | - | -1,005 | 6,531 | ||||||||||||||||||||||||
#colspan# |
10 – Other assets and other liabilities
Other assets and other liabilities
in 1,000 CHF | 31.12.2021 | 31.12.2022 | ||
Other assets | ||||
Settlement accounts for indirect taxes | 985,869 | 1,205,638 | ||
Other settlement accounts | 29,914 | 29,095 | ||
Employer contribution reserves with pension plans | 135,395 | 145,474 | ||
Deferred income taxes recognised as assets | - | 6,945 | ||
Miscellaneous other assets | 11,545 | 13,882 | ||
Total other assets | 1,162,723 | 1,401,034 | ||
Other liabilities | ||||
Compensation account | 30,623 | 31.12.5172 | ||
Due, unredeemed coupons and debt instruments | 3,879 | 2,600 | ||
Levies, indirect taxes | 47,253 | 50,159 | ||
Other settlement accounts | 52,797 | 64,581 | ||
Miscellaneous other liabilities | 17,273 | 17,799 | ||
Total other liabilities | 151,825 | 1,330,579 |
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
31.12.2021 | 31.12.2022 | |||||||||||||||
in 1,000 CHF | Book value | Effective commitments | Book value | Effective commitments | ||||||||||||
Amounts due from banks | 573,856 | 573,856 | 740,433 | 740,433 | ||||||||||||
Amounts due from customers | 1,495,221 | 1,420,009 | 394,593 | 303,652 | ||||||||||||
Mortgage loans | 35,997,410 | 26,510,552 | 37,391,422 | 27,851,842 | ||||||||||||
Financial investments | 912,901 | 179,396 | 1,016,954 | 160,638 | ||||||||||||
Total pledged or assigned assets | 38,979,388 | 28,683,813 | 39,543,402 | 29,056,566 | ||||||||||||
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
in 1,000 CHF | 31.12.2021 | 31.12.2022 | ||
Amounts due in respect of customer deposits | 223,336 | 231,553 | ||
Negative replacement values of derivative financial instruments | 29,714 | - | ||
Bonds | 20,000 | 20,000 | ||
Accrued expenses and deferred income | 264 | 264 | ||
Total liabilities to own social insurance institutions | 273,314 | 251,817 |
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
2021 | 2022 | |||||||||||||||||||||||
in 1,000 CHF | Raiffeisen1 | Others | Total | Raiffeisen1 | Others | Total | ||||||||||||||||||
As at 01.01 | 128,529 | 1,301 | 129,830 | 134,347 | 1,048 | 135,395 | ||||||||||||||||||
+ Deposits | 14,893 | - | 14,893 | 19,376 | - | 19,376 | ||||||||||||||||||
– Withdrawals | -9,100 | -253 | -9,353 | -8,762 | -548 | -9,310 | ||||||||||||||||||
+ Interest paid1 | 25 | - | 25 | 13 | - | 13 | ||||||||||||||||||
As at 31.12 | 134,347 | 1,048 | 135,395 | 144,974 | 500 | 145,474 | ||||||||||||||||||
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
percent | 31.12.2021 | 31.12.2022 | ||
Coverage ratio | 118.5 | 107.1 |
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 CHF | 31.12.2021 | 31.12.2022 | ||
Pension expenditure according to separate financial statements | 127,789 | 137,625 | ||
Deposits/withdrawals employer contribution reserves (excl. interest paid) | -5,540 | -10,066 | ||
Employer contributions reported on an accruals basis | 122,249 | 127,559 | ||
Change in economic benefit/obligation as a result of surplus/insufficient cover in the pension plan | - | - | ||
Pension expenses (see note 27 "Personnel expenses") | 122,249 | 127,559 |
Issued structured products
Book value | Total | |||||||||||||||
Valued as a whole | Valued separately | |||||||||||||||
31.12.2022 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 | ||||||||||||
Underlying risk of the embedded derivative | ||||||||||||||||
Interest rate instruments | - | 10,089 | 7,014 | 343 | 17,447 | |||||||||||
With own debenture component (oDC) | - | 10,089 | 7,014 | 343 | 17,447 | |||||||||||
Without oDC | - | - | - | - | - | |||||||||||
Equity securities | - | 1,454,506 | 861,111 | -72.428 | 2,243,190 | |||||||||||
With own debenture component (oDC) | - | 1,454,434 | 861,111 | -73.933 | 2,241,612 | |||||||||||
Without oDC | - | 72 | - | 1,505 | 1,577 | |||||||||||
Foreign currencies | - | - | - | - | - | |||||||||||
With own debenture component (oDC) | - | - | - | - | - | |||||||||||
Without oDC | - | - | - | - | - | |||||||||||
Commodities/precious metals | - | 24,555 | 125,419 | 3,467 | 153,442 | |||||||||||
With own debenture component (oDC) | - | 24,555 | 125,419 | 3,467 | 153,442 | |||||||||||
Without oDC | - | - | - | - | - | |||||||||||
Credit derivatives | - | 251,431 | 30,443 | -206 | 281,668 | |||||||||||
With own debenture component (oDC) | - | 251,431 | 30,443 | -206 | 281,668 | |||||||||||
Without oDC | - | - | - | - | - | |||||||||||
Total | - | 1,740,581 | 1,023,988 | -68.823 | 2,695,746 |
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 issue | Interest rate | Maturity | Early redemption possibility | Bond principal | |||||||||||||||
Bonds of Raiffeisen Switzerland | ||||||||||||||||||||
non subordinated | 2010 | 2.000 | 21.09.2023 | 250,000 | ||||||||||||||||
2011 | 2.625 | 04.02.2026 | 127,545 | |||||||||||||||||
2016 | 0.300 | 22.04.2025 | 375,000 | |||||||||||||||||
2016 | 0.750 | 22.04.2031 | 97,860 | |||||||||||||||||
2018 | 0.350 | 16.02.2024 | 400,000 | |||||||||||||||||
2019 | 0.125 | 45,419 | 100,000 | |||||||||||||||||
2021 | 0.000 | 19.12.2031 | 29,550 | |||||||||||||||||
2022 | 0.000 | 15.07.2032 | 39,334 | |||||||||||||||||
subordinated with PONV clause2 | 2018 | 2.000 | Perpetual2 | 02.05.2023 | 328,495 | |||||||||||||||
2020 | 0.1825 | 11.11.2025 | 11.11.2024 | 150,000 | ||||||||||||||||
2020 | 0.500 | 11.11.2028 | 11.11.2027 | 166,100 | ||||||||||||||||
2020 | 1.500 | 23.11.2034 | 23.11.2033 | 175,000 | ||||||||||||||||
2020 | 2.000 | Perpetual2 | 16.04.2026 | 510,130 | ||||||||||||||||
2021 | 0.1775 | 15.01.2027 | 15.02.2026 | 116,300 | ||||||||||||||||
2021 | 0.405 | 28.09.2029 | 28.09.2028 | 119,100 | ||||||||||||||||
2021 | 0.570 | 15.01.2031 | 15.01.2030 | 186,000 | ||||||||||||||||
2021 | 2.250 | Perpetual2 | 31.03.2027 | 296,755 | ||||||||||||||||
2022 | 01.11.2027 | - | 494,000 | |||||||||||||||||
Underlying instruments from issued structured products4 | diverse | 2023 | 738,431 | |||||||||||||||||
2024 | 155,083 | |||||||||||||||||||
2025 | 17,596 | |||||||||||||||||||
2026 | 41,500 | |||||||||||||||||||
2027 | 68,918 | |||||||||||||||||||
after 2027 | 2,459 | |||||||||||||||||||
Total bonds of Raiffeisen Switzerland | 4,985,156 | |||||||||||||||||||
Loans from Pfandbriefbank schweizerischer Hypothekarinstitute AG | 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
2021 | 2022 | |||||||||||||||||||||||||||||||||||
in 1,000 CHF | Balance 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 taxes | 797,242 | - | - | - | - | - | 33,717 | -6,554 | 824,405 | |||||||||||||||||||||||||||
Provisions for default risks | 51,398 | - | -36 | -4,119 | -10 | - | 13,031 | -2,447 | 57,817 | |||||||||||||||||||||||||||
of which provisions for expected losses1 | 31,579 | - | - | - | -8 | - | 1,723 | - | 33,294 | |||||||||||||||||||||||||||
Provisions for other business risks2 | 55,688 | - | -12,339 | - | - | - | 1,412 | -1,117 | 43,644 | |||||||||||||||||||||||||||
Provisions for restructuring | 7,251 | - | -2,857 | - | - | - | 1,300 | - | 5,694 | |||||||||||||||||||||||||||
Other provisions3 | 21,485 | - | -6,072 | - | - | - | 330 | -161 | 15,582 | |||||||||||||||||||||||||||
Total provisions | 933,064 | - | -21,304 | -4,119 | -10 | - | 49,790 | -10,279 | 947,142 | |||||||||||||||||||||||||||
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/receivables | 242,976 | - | -24,990 | 4,119 | -37 | 8,590 | 74,702 | -57,540 | 247,820 | |||||||||||||||||||||||||||
Value adjustments for expected losses1 | 482,259 | - | - | - | -127 | - | 1,456 | - | 483,588 | |||||||||||||||||||||||||||
Total value adjustments for default and country risks | 725,235 | - | -24,990 | 4,119 | -164 | 8,590 | 76,158 | -57,540 | 731,408 | |||||||||||||||||||||||||||
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 CHF | Number of members | Nominal amount per share | Cooperative capital | |||||||||
Cooperative capital at 1.1.2022 | ||||||||||||
Cooperative capital | 1,963,593 | 413,539 | ||||||||||
Cooperative capital (additional cooperative shares)1 | 2,278,565 | |||||||||||
Total cooperative capital at 1.1.2022 | 1,963,593 | 2,692,104 | ||||||||||
+ Payments from new cooperative members | 79,158 | 200 | 15,832 | |||||||||
125 | 300 | 37 | ||||||||||
237 | 400 | 95 | ||||||||||
36,020 | 500 | 18,010 | ||||||||||
+ Payments of cooperative shares (additional cooperative shares) | 440,626 | |||||||||||
Total payments from new cooperative members | 115,540 | 474,600 | ||||||||||
– Repayments to departing cooperative members | -74,751 | 200 | -14,950 | |||||||||
-96 | 300 | -29 | ||||||||||
-188 | 400 | -75 | ||||||||||
-2,599 | 500 | -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 | 1,894,599 | 200 | 378,920 | |||||||||
3,108 | 300 | 932 | ||||||||||
5,892 | 400 | 2,357 | ||||||||||
97,900 | 500 | 48,950 | ||||||||||
Cooperative capital (additional cooperative shares) | 2,638,730 | |||||||||||
Total cooperative capital at 31.12.2022 | 2,001,499 | 3,069,889 | ||||||||||
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 | Amounts due to | |||||||||||||||
in 1,000 CHF | 31.12.2021 | 31.12.2022 | 31.12.2022 | 31.12.2022 | ||||||||||||
Members of the Board of Directors of Raiffeisen Switzerland and associated persons and companies | 6,801 | 7,053 | 5,599 | 4,778 | ||||||||||||
Members of the Executive Board and Head of internal Auditing of Raiffeisen Switzerland and associated persons and companies | 8,192 | 4,219 | 7,409 | 8,629 | ||||||||||||
Other related parties1 | 5,026,465 | 5,723,786 | 26,308,189 | 27,612,617 | ||||||||||||
Total amounts due from/to related parties | 5,041,458 | 5,735,058 | 26,321,197 | 27,626,024 | ||||||||||||
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
Due | ||||||||||||||||||||||||||||
in 1,000 CHF | At sight | Cancellable | within 3 months | within 3 to 12 months | within 1 to 5 years | after 5 years | Total | |||||||||||||||||||||
Liquid assets | 35,441,687 | - | - | - | - | - | 35,441,687 | |||||||||||||||||||||
Amounts due from banks | 914,290 | - | 1,252,252 | 29,983 | - | - | 2,196,525 | |||||||||||||||||||||
Amounts due from customers | 167,003 | 1,402,942 | 2,352,686 | 1,204,771 | 3,334,959 | 2,447,037 | 10,909,398 | |||||||||||||||||||||
Mortgage loans | 21,009 | 3,865,620 | 8,456,814 | 20,523,202 | 112,520,699 | 58,268,566 | 203,655,910 | |||||||||||||||||||||
Trading portfolio assets | 2,889,309 | - | - | - | - | - | 2,889,309 | |||||||||||||||||||||
Positive replacement values of derivative financial instruments | 4,852,463 | - | - | - | - | - | 4,852,463 | |||||||||||||||||||||
Financial investments1 | 7,908 | 48,774 | 2,201,193 | 4,000,404 | 3,264,980 | 5,627,697 | 15,150,957 | |||||||||||||||||||||
Total 31.12.2022 | 44,293,669 | 5,317,335 | 14,262,945 | 25,758,361 | 119,120,638 | 66,343,300 | 275,096,249 | |||||||||||||||||||||
Total 31.12.2021 | 61,483,697 | 5,337,766 | 13,203,045 | 23,799,126 | 109,170,665 | 66,360,246 | 279,354,545 | |||||||||||||||||||||
#colspan# |
Due | ||||||||||||||||||||||||||||
in 1,000 CHF | At sight | Cancellable | within 3 months | within 3 to 12 months | within 1 to 5 years | after 5 years | Total | |||||||||||||||||||||
Amounts due to banks | 1,047,478 | 239,807 | 11,673,192 | 956,849 | 73,000 | - | 13,990,326 | |||||||||||||||||||||
Liabilities from securities financing transactions | - | - | 35,007 | - | - | - | 35,007 | |||||||||||||||||||||
Amounts due in respect of customer deposits | 91,099,801 | 97,405,602 | 6,315,226 | 3,363,448 | 4,936,526 | 1,664,032 | 204,784,635 | |||||||||||||||||||||
Trading portfolio liabilities | 289,112 | - | - | - | - | - | 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 | - | - | 14,932 | 38,716 | 112,274 | 43,873 | 209,795 | |||||||||||||||||||||
Bond issues and central mortgage institution loans | - | - | 966,674 | 1,768,952 | 8,958,628 | 20,308,201 | 32,002,456 | |||||||||||||||||||||
Total 31.12.2022 | 97,938,854 | 97,645,409 | 19,005,031 | 6,127,965 | 14,080,428 | 22,016,106 | 256,813,794 | |||||||||||||||||||||
Total 31.12.2021 | 90,461,054 | 100,593,862 | 29,740,459 | 7,717,436 | 13,536,739 | 21,390,120 | 263,439,670 | |||||||||||||||||||||
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 | CHF | EUR | USD | Other | Total | |||||
Assets | ||||||||||
Liquid assets | 35,168,867 | 209,237 | 16,734 | 46,849 | 35,441,687 | |||||
Amounts due from banks | 464,339 | 459,201 | 780,141 | 492,845 | 2,196,525 | |||||
Amounts due from customers | 10,458,193 | 303,224 | 135,545 | 12,436 | 10,909,398 | |||||
Mortgage loans | 203,655,568 | 343 | - | - | 203,655,910 | |||||
Trading portfolio assets | 1,040,156 | 617,135 | 564,088 | 667,930 | 2,889,309 | |||||
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 | 326,537 | 6,270 | 461 | 570 | 333,838 | |||||
Non-consolidated participations | 808,198 | - | - | - | 808,198 | |||||
Tangible fixed assets | 2,988,773 | - | - | - | 2,988,773 | |||||
Intangible assets | 6,531 | - | - | - | 6,531 | |||||
Other assets | 1,401,029 | 5 | 0 | - | 1,401,034 | |||||
Total assets shown in the balance sheet | 276,318,589 | 1,595,414 | 1,499,991 | 1,220,630 | 280,634,623 | |||||
Delivery entitlements under spot exchange, forward exchange and currency option contracts | 17,559,227 | 16,475,847 | 18,167,577 | 3,303,094 | 55,505,745 | |||||
Total assets | 293,877,815 | 18,071,261 | 19,667,568 | 4,523,724 | 336,140,368 | |||||
Liabilities | ||||||||||
Amounts due to banks | 4,163,218 | 2,545,255 | 5,887,458 | 1,394,396 | 13,990,326 | |||||
Liabilities from securities financing transactions | 6,000 | 19,760 | 9,247 | - | 35,007 | |||||
Amounts due in respect of customer deposits | 198,269,238 | 4,883,767 | 1,179,992 | 451,638 | 204,784,635 | |||||
Trading portfolio liabilities | 250,627 | 38,485 | - | - | 289,112 | |||||
Negative replacement values of derivative financial instruments | 3,761,882 | - | - | - | 3,761,882 | |||||
Liabilities from other financial instruments at fair value | 639,689 | 565,270 | 466,476 | 69,146 | 1,740,581 | |||||
Cash bonds | 209,795 | - | - | - | 209,795 | |||||
Bond issues and central mortgage institution loans | 31,451,925 | 520,632 | 16,959 | 12,940 | 32,002,456 | |||||
Accrued expenses and deferred income | 879,566 | 9,931 | 22,349 | 4,865 | 916,710 | |||||
Other liabilities | 1,329,429 | 999 | 4 | 145 | 1,330,579 | |||||
Provisions | 946,984 | 158 | 0 | - | 947,142 | |||||
Reserves for general banking risks | 200,000 | 200,000 | ||||||||
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 sheet | 262,534,749 | 8,584,258 | 7,582,486 | 1,933,129 | 280,634,623 | |||||
Delivery obligations from spot exchange, forward exchange and currency option contracts | 31,515,035 | 9,472,115 | 11,968,397 | 2,624,137 | 55,579,685 | |||||
Total liabilities | 294,049,784 | 18,056,373 | 19,550,883 | 4,557,267 | 336,214,307 | |||||
Net position per currency | -171.969 | 14,888 | 116,685 | -33.542 | -73.939 |