Liquidity

LIQA: Liquidity risk management

For information on the management of liquidity risks, please refer to Section 3 ‘Risk management’ of the consolidated notes to the 2025 Annual Report.

LIQ1: Liquidity coverage ratio (LCR)

	a	b	c	b	c
	Amounts in millions Swiss francs	Unweighted values Q4 2025	Weighted values Q4 2025	Unweighted values Q3 2025	Weighted values Q3 2025
	High-quality liquid assets (HQLA)
1	Total HQLA	–	8,201	–	8,078
	Cash outflows
2	Retail deposits	13,992	1,223	13,902	1,209
3	of which stable deposits	5,485	274	5,429	271
4	of which less stable deposits	8,507	949	8,473	938
5	Unsecured wholesale funding	9,336	6,071	8,656	5,821
6	of which operational deposits (all counterparties)	1,815	454	1,652	413
7	of which non-operational deposits all counterparties	7,464	5,560	6,954	5,358
8	of which unsecured debt	57	57	50	50
9	Secured wholesale funding and collateral swaps	0	5	0	2
10	Other outflows	3,307	803	2,969	752
11	of which outflows related to derivative exposures and other transactions	815	325	746	314
12	of which outflows related to loss of funding on asset-backed securities, covered bonds and other structured financing instruments, asset-backed commercial papers, conduits, securities investment vehicles and other such financing facilities	4	4	37	37
13	of which, outflows related to committed credit and liquidity facilities	2,488	473	2,186	402
14	Other contractual funding obligations	142	137	130	125
15	Other contingent funding obligations	26,388	68	25,549	63
16	Total cash outflows	–	8,307	–	7,972
	Cash inflows
17	Secured financing operations (e.g. reverse repo transactions)	0	0	0	0
18	Infows from fully performing exposures	2,373	1,958	2,635	2,001
19	Other cash inflows	25	25	25	25
20	Total cash inflows	–	1,983	–	2,026
	Adjusted values
21	Total HQLA	–	8,201	–	8,078
22	Total net cash outflows	–	6,324	–	5,947
23	Liquidity coverage ratio (LCR)	–	129.69 %	–	135.83 %

The figures shown are calculated as a simple average of the monthly determined LCR values.

In addition to high-quality liquid assets (HQLA), the main factors influencing the reported LCR metric are non-operational deposits from business customers in the financial sector, which are fully accounted for as outflows, as well as cash inflows and outflows from derivative transactions (particularly currency swaps).

As at 31 December 2025, the weighted high-quality liquid assets consist of 64.2 % Level 1, 35.3 % Level 2a and 0.5 % Level 2b assets.

Concentrations of liabilities are avoided by applying maximum limits to the funds of individual borrowers or business entities.

The liquidity requirement arising from potential cash collateral requirements for derivative financial instruments under the Credit Support Annexes per counterparty is based on the highest outflow within 30 days over the past 24 months.

Based on margin number 321 and 325 of FINMA Circular 2015/02 ‘Liquidity risks – banks’, the LCR in euros is relevant in addition to the LCR reported across all currencies and the LCR in Swiss francs due to the current foreign-currency exposures as at 31 December 2025.

LIQ2: Net stable funding ratio (NSFR)

		a	b	c	d	e
	31.12.2025	Unweighted value by residual maturity
	Amounts in millions Swiss francs	No maturity	< 6 months	≥ 6 months to < 1 year	≥ 1 year	Weighted value
	Available Stable Funding (ASF) item
1	Capital instruments	4,095	0	0	1,623	5,719
2	Regulatory capital before regulatory adjustments	4,095	0	0	960	5,055
3	Other capital instruments	0	0	0	664	664
4	Retail deposits and deposits from small business customers:	18,245	331	104	138	17,334
5	Stable deposits	7,587	56	28	50	7,337
6	Less stable deposits	10,658	276	76	89	9,998
7	Wholesale funding:	3,396	1,332	149	76	2,515
8	Operational deposits	920	81	0	0	500
9	Other wholesale funding	2,476	1,251	149	76	2,015
11	Other liabilities	5,443	9,961	1,323	16,071	18,974
12	derivative liabilities	–			216	–
13	All other liabilities and equity not included in the above	5,443	9,961	1,323	15,855	18,974
14	Total ASF	–	–	–	–	44,543
	Required Stable Funding (RSF) item
15	Total high-quality liquid assets (HQLA)	–	–	–	–	1,196
17	Performing loans and securities	2,843	8,459	4,362	32,397	34,579
19	Performing loans to financial institutions secured by non-level 1 and 2a HQLA and unsecured performing loans to financial institutions	453	1,731	380	1,450	1,967
20	Performing loans to non-financial corporate clients, loans to retail and small business customers, and loans to sovereigns, central banks and public sector entities, of which:	931	2,475	940	4,891	6,320
21	with a risk weight of less than or equal to 35 % under SA-BIS for credit risk	0	0	0	283	184
22	Performing residential mortgages, of which:	1,140	4,208	2,967	25,212	25,353
23	with a risk weight of less than or equal to 35 % under SA-BIS	530	2,446	1,559	17,387	16,822
24	Securities that are not in default and do not qualify as HQLA, including exchange-traded equities	320	44	74	844	939
26	Other assets	391	88	41	680	710
27	Physical traded commodities, including precious metals	2	–	–	–	2
28	Assets posted as initial margin for derivative contracts and contributions to default funds of CCPs	–			86	73
29	Derivative assets	–			155	0
30	Derivative liabilities after deduction of collateral posted in the form of variation margins	–			397	79
31	All other assets not included in the above categories	389	88	41	43	556
32	Off-balance sheet items	–	16,831	280	2,484	135
33	Total RSF	–	–	–	–	36,620
34	Net Stable Funding Ratio (NSFR)	–	–	–	–	121.63 %

		a	b	c	d	e
	30.09.2025	Unweighted value by residual maturity
	Amounts in millions Swiss francs	No maturity	< 6 months	≥ 6 months to < 1 year	≥ 1 year	Weighted value
	Available Stable Funding (ASF) item
1	Capital instruments	4,022	0	0	1,623	5,645
2	Regulatory capital before regulatory adjustments	4,022	0	0	960	4,982
3	Other capital instruments	0	0	0	663	663
4	Retail deposits and deposits from small business customers:	17,998	564	113	161	17,351
5	Stable deposits	7,543	63	42	58	7,324
6	Less stable deposits	10,455	500	72	103	10,027
7	Wholesale funding:	3,162	1,014	269	67	2,289
8	Operational deposits	848	86	0	0	467
9	Other wholesale funding	2,314	927	269	67	1,822
10	Liabilities with matching interdependent assets	0	0	0	0	0
11	Other liabilities	5,277	9,649	1,393	15,682	18,257
12	derivative liabilities	–			275	–
13	All other liabilities and equity not included in the above	5,277	9,649	1,393	15,406	18,257
14	Total ASF	–	–	–	–	43,542
	Required Stable Funding (RSF) item
15	Total high-quality liquid assets (HQLA)	–	–	–	–	1,218
16	Deposits held at other financial institutions for operational purposes	0	0	0	0	0
17	Performing loans and securities	2,852	7,633	4,220	32,127	33,970
18	Performing loans to financial institutions secured by level 1 and 2a HQLA	0	0	0	0	0
19	Performing loans to financial institutions secured by non-level 1 and 2a HQLA and unsecured performing loans to financial institutions	588	1,828	522	1,939	2,562
20	Performing loans to non-financial corporate clients, loans to retail and small business customers, and loans to sovereigns, central banks and public sector entities, of which:	1,035	2,438	788	5,050	6,415
21	with a risk weight of less than or equal to 35 % under SA-BIS for credit risk	0	0	0	279	182
22	Performing residential mortgages, of which:	909	3,304	2,866	24,348	24,105
23	with a risk weight of less than or equal to 35 % under SA-BIS	410	1,726	1,383	16,602	15,754
24	Securities that are not in default and do not qualify as HQLA, including exchange-traded equities	319	63	45	790	887
25	Assets with matching interdependent liabilities	0	0	0	0	0
26	Other assets	432	66	38	756	709
27	Physical traded commodities, including precious metals	2	–	–	–	2
28	Assets posted as initial margin for derivative contracts and contributions to default funds of CCPs	–			73	62
29	Derivative assets	–			213	0
30	Derivative liabilities after deduction of collateral posted in the form of variation margins	–			437	87
31	All other assets not included in the above categories	431	66	38	32	558
32	Off-balance sheet items	–	16,433	264	2,226	130
33	Total RSF	–	–	–	–	36,027
34	Net Stable Funding Ratio (NSFR)	–	–	–	–	120.86 %

The NSFR is determined by the ratio of equity and long-term borrowings to long-term loans granted. A factor of 0 is not applied to any mutually dependent loans or liabilities.