Notes to the consolidated income statement and consolidated balance sheet

1 Interest income
in CHF 1,000	2014	2013	Variance absolute	Variance in %
Interest and discount income	71	73	–2	–2.7
Interest income from banks	12,316	14,212	–1,896	–13.3
Interest income from customers	68,529	67,790	739	1.1
Interest income from financial instruments measured at amortised cost	15,245	12,189	3,056	25.1
Interest-rate instruments	–15,968	8,539	–24,507	n.a.
Loan commissions with the character of interest	737	953	–216	–22.7
Total interest income	80,930	103,756	–22,826	–22.0
Interest expenses on liabilities due to banks	124	98	26	26.5
Interest expenses on liabilities due to customers	7,343	8,042	–699	–8.7
Interest expenses on medium-term bonds	2,458	3,300	–842	–25.5
Interest expenses on debenture bonds	5,454	5,443	11	0.2
Total interest expense	15,379	16,883	–1,504	–8.9
Total interest income	65,551	86,873	–21,322	–24.5

2 Income from commission business and services
in CHF 1,000	2014	2013	Variance absolute	Variance in %
Commission income from credit business	815	803	12	1.5
Asset management and investment business 1	37,800	37,950	–150	–0.4
Brokerage fees	39,419	36,186	3,233	8.9
Securities account fees	14,993	14,840	153	1.0
Fund management fees	62,808	56,095	6,713	12.0
Fiduciary commissions	560	659	–99	–15.0
Miscellaneous commission and service income	17,670	14,115	3,555	25.2
Total income from commission business and services	174,065	160,648	13,417	8.4
Brokerage expenses	5,986	4,430	1,556	35.1
Other commission and services-related expenses	49,661	42,107	7,554	17.9
Total expenses from commission business and services	55,647	46,537	9,110	19.6
Total income from commission business and services	118,418	114,111	4,307	3.8

Income from corporate actions, asset management commissions, investment advisory services, all-in fees, securities lending and borrowing.

3 Income from trading activities
in CHF 1,000	2014	2013	Variance absolute	Variance in %
Securities trading 1	–4,240	–5,382	1,142	n.a.
Interest income from trading portfolios	9	29	–20	–69.0
Foreign currency	28,012	22,547	5,465	24.2
Banknotes, precious metals and other	1,582	2,317	–735	–31.7
Total income from trading activities	25,363	19,511	5,852	30.0

The results from derivatives for the purposes of risk minimisation (other than interest rate derivatives) are included in this item.

4 Income from financial investments
in CHF 1,000	2014	2013	Variance absolute	Variance in %
Income from financial instruments at fair value	15,995	17,605	–1,610	–9.1
Income from financial instruments at amortised cost	–3,502	–1,338	–2,164	n.a.
Total income from financial investments	12,493	16,267	–3,774	–23.2

Income from financial instruments at fair value
Results from FVTPL assets	9,261	9,461	–200	–2.1
Interest income from FVTPL financial instruments	4,315	4,591	–276	–6.0
Dividend income from FVTPL financial instruments	952	710	242	34.1
Dividend income from FVTOCI financial instruments	1,467	2,843	–1,376	–48.4
thereof from FVTOCI financial instruments sold	0	0	0	n.a.
Income from liabilities at fair value	0	0	0	n.a.
Total	15,995	17,605	–1,610	–9.1

Income from financial instruments at amortised cost
Revaluation gains/losses on financial instruments at amortised cost	–3,495	–1,715	–1,780	n.a.
Realised gains/losses on financial instruments at amortised cost	–7	377	–384	–101.9
Total	–3,502	–1,338	–2,164	n.a.

5 Other income
in CHF 1,000	2014	2013	Variance absolute	Variance in %
Income from real estate	194	211	–17	–8.1
Income from associated companies	24	–3	27	n.a.
Miscellaneous other income	614	2,425	–1,811	–74.7
Total other income	832	2,633	–1,801	–68.4

6 Personnel expenses
in CHF 1,000	2014	2013	Variance absolute	Variance in %
Salaries and wages	94,859	98,237	–3,378	–3.4
Social contributions required by law	8,206	8,016	190	2.4
Contributions to pension plans / defined-benefit plans	10,185	11,081	–896	–8.1
Contributions to pension plans / defined-contribution plans	1,223	602	621	103.2
Other personnel expenses	4,026	4,070	–44	–1.1
Total personnel expenses	118,499	122,006	–3,507	–2.9

7 General and administrative expenses
in CHF 1,000	2014	2013	Variance absolute	Variance in %
Occupancy expenses	7,860	7,736	124	1.6
Insurance	858	1,085	–227	–20.9
Professional fees	9,138	8,030	1,108	13.8
Financial information procurement	5,287	5,801	–514	–8.9
Telecommunication and postage	1,045	1,021	24	2.4
IT systems	13,195	12,581	614	4.9
Marketing and public relations	3,391	3,634	–243	–6.7
Capital taxes	105	163	–58	–35.6
Other general and administrative expenses	5,893	5,919	–26	–0.4
Total general and administrative expenses	46,772	45,970	802	1.7

8 Depreciation and amortisation
in CHF 1,000	Note	2014	2013	Variance absolute	Variance in %
Depreciation and amortisation of property and equipment	22	10,787	10,425	362	3.5
Amortisation of intangible assets	23	18,561	16,608	1,953	11.8
Total depreciation and amortisation		29,348	27,033	2,315	8.6

9 Valuation allowances, provisions and losses
in CHF 1,000	Note	2014	2013	Variance absolute	Variance in %
Credit risks 1	16	12,069	6,540	5,529	84.5
Legal and litigation risks		742	3,302	–2,560	–77.5
Other		2,666	512	2,154	n.a.
Release of valuation allowances and provisions no longer required		–8,061	–3,999	–4,062	101.6
Total valuation allowances, provisions and losses		7,416	6,355	1,061	16.7

Additions including currency effects.

10a Taxes on income
in CHF 1,000	2014	2013
Domestic
Current taxes	1,057	593
Deferred taxes	–886	867

Foreign
Current taxes	1,601	1,145
Deferred taxes	–1,175	–299

Total current taxes	2,658	1,738
Total deferred taxes	–2,061	568
Total taxes on income	597	2,306
Actual payments for domestic and foreign taxes made by the Group in 2014 totalled CHF 0.7 million (2013: CHF 1.8 million). Proof – taxes on income All anticipated liabilities arising in connection with taxes on income earned during the reporting period are reflected in the financial statements. They are computed in accordance with the laws governing taxation in the respective countries. Deferred tax liabilities arising from differences between the values in the financial statements drawn up for legal and/or tax purposes and those in the consolidation are computed using the following tax rates:
	2014	2013
Liechtenstein	12.5%	12.5%
Switzerland	20.0%	20.0%
Luxembourg	29.2%	28.8%
British Virgin Islands	0.0%	0.0%
Singapore	10.0%	10.0%
Hong Kong	16.5%	16.5%
Pre-tax results, as well as differences between the tax charge in the income statement and the tax charge arrived at on the basis of a standard assumed average rate of 15 per cent (prior year: 15 per cent), may be analysed as follows:
in CHF 1,000	2014	2013
Income before income tax
Domestic	14,482	31,890
Foreign	6,140	6,141
Taxes on income using an assumed average charge	3,093	5,705

Reasons for increased/decreased taxable income
Difference between actual and assumed tax rates	–436	–176
Lower tax charges as a result of changes in laws or taxation agreements	–1,663	–3,223
Use of tax loss carry-forwards	–397	0
Total income tax	597	2,306

10b Deferred tax assets and liabilities
in CHF 1,000	2014	2013
Deferred tax assets
Real estate and property and equipment	4,140	4,185
Securities	12,096	6,737
Other	0	397
Total deferred tax assets	16,236	11,319

Deferred tax liabilities
Real estate and property and equipment	3,541	4,468
Financial instruments	2,452	2,107
Financial instruments directly offset within shareholders’ equity	219	352
Valuation allowances for credit risks	717	159
Other provisions	1,826	2,815
Total deferred tax liabilities	8,755	9,901

Deferred tax assets
Balance at the beginning of the financial year	11,319	11,903
Offset within shareholders’ equity	3,869	1,123
Tax loss carry-forwards 1	0	0
Charged to income statement	1,445	397
Released to income statement	–397	–2,104
Total deferred tax assets	16,236	11,319

Deferred tax liabilities
Balance at the beginning of the financial year	9,901	8,401
Reclassifications	–133	2,639
Charged to income statement	837	83
Released to income statement	–1,850	–1,222
Total deferred tax liabilities	8,755	9,901
Providing that the realisation of future tax benefits is considered probable, these must be treated as an asset. The offset of deferred tax assets and liabilities is only possible if they are due to/ from the same taxing authority.
Deferred taxes arise because of timing differences between the IFRS financial statements and the statutory accounts as a result of differing valuation policies.
Loss carry-forwards not reflected in the balance sheet expire as follows:
Within 1 year	287	79
Within 2 to 4 years	426	551
After 4 years	481	488
Total	1,195	1,118

10c Tax assets and liabilities
in CHF 1,000	Note	31/12/2014	31/12/2013
Tax assets
Amounts receivable arising on current taxes on income		569	14
Deferred tax assets	10b	16,236	11,319
Total tax assets		16,805	11,333

Tax liabilities
Liabilities arising on current taxes on income		2,467	1,780
Deferred tax liabilities	10b	8,755	9,901
Total tax liabilities		11,222	11,681

11 Earnings per share
	2014	2013
Consolidated earnings per share of VP Bank Ltd, Vaduz
Net income (in CHF 1,000) 1	20,025	38,119
Weighted average of bearer shares	5,208,774	5,194,234
Weighted average of registered shares	5,985,689	5,965,479
Total weighted average number of bearer shares	5,807,343	5,790,782
Undiluted consolidated earnings per bearer share	3.45	6.58
Undiluted consolidated earnings per registered share	0.34	0.66

Fully diluted consolidated earnings per share of VP Bank Ltd, Vaduz
Net income (in CHF 1,000) 1	20,025	38,119
Adjusted consolidated net income (in CHF 1,000)	20,025	38,119
Number of shares used to compute the fully diluted consolidated net income	5,807,343	5,790,782
Fully diluted consolidated earnings per bearer share	3.45	6.58
Fully diluted consolidated earnings per registered share	0.34	0.66

On the basis of Group profits attributable to the shareholders of VP Bank Ltd, Vaduz.

12 Dividend
	2014	2013
Approved and paid dividend of VP Bank Ltd, Vaduz
Dividend (in CHF 1,000) for the financial year 2013 (2012)	20,702	14,787
Dividend per bearer share	3.50	2.50
Dividend per registered share	0.35	0.25
Payout ratio (in %)	53.2	29.9

Proposed dividend to be approved by the annual general meeting of VP Bank Ltd, Vaduz (not reflected as a liability as of 31 December) in the event that the capital increase (issuance of new shares) to be voted upon at the extraordinary general meeting of shareholders of 10 April 2015 is approved and carried out.
Dividend (in CHF 1,000) for the financial year 2014	19,846
Dividend per bearer share	3.00
Dividend per registered share	0.30
Payout ratio (in %)	n.a.

Proposed dividend to be approved by the annual general meeting of VP Bank Ltd, Vaduz (not reflected as a liability as of 31 December) in the event that the capital increase (issuance of new shares) to be voted upon at the extraordinary general meeting of 10 April 2015 is rejected.
Dividend (in CHF 1,000) for the financial year 2014	17,744
Dividend per bearer share	3.00
Dividend per registered share	0.30
Payout ratio (in %)	87.0

13 Cash and cash equivalents
in CHF 1,000	31/12/2014	31/12/2013
Cash on hand	18,092	14,475
At-sight balances on postal checking accounts	0	22
At-sight balances with national and central banks	1,908,876	1,362,910
Total cash and cash equivalents	1,926,968	1,377,407

14 Receivables arising from money-market paper
in CHF 1,000	31/12/2014	31/12/2013
Money-market paper (qualifying for refinancing purposes)	22,027	23,227
Other money-market paper	0	0
Total receivables arising from money-market paper	22,027	23,227

15 Due from banks and customers
in CHF 1,000	Note	31/12/2014	31/12/2013
By type of exposure
Due from banks – at-sight balances		665,472	929,941
Due from banks – term balances		2,619,747	3,575,081
Valuation allowances for credit risks	16	–2,993	–3,008
Due from banks		3,282,226	4,502,014

Mortgage receivables		2,942,709	2,786,843
Other receivables		1,365,380	1,181,488
Valuation allowances for credit risks	16	–44,146	–41,655
Due from customers		4,263,943	3,926,676
Total due from banks and customers		7,546,169	8,428,690

Due from customers by type of collateral
Mortgage collateral		2,888,462	2,722,491
Other collateral		1,188,889	1,052,292
Without collateral		230,738	193,548
Subtotal		4,308,089	3,968,331
Valuation allowances for credit risks		–44,146	–41,655
Total due from customers		4,263,943	3,926,676

16 Valuation allowances for credit risks
in CHF 1,000		Note	2014	2013
Balance at the beginning of the financial year			44,663	54,419
Amounts written off on loans / utilisation in accordance with purpose			–5,042	–13,155
Creation of valuation allowances and provisions for credit risks		9	11,856	6,521
Release of valuation allowances and provisions for credit risks			–4,551	–3,141
Foreign-currency translation differences and other adjustments		9	213	19
Balance at the end of the financial year			47,139	44,663
As valuation adjustment for due from banks			2,993	3,008
As valuation adjustment for due from customers			44,146	41,655
Total valuation allowances for credit risks			47,139	44,663


in CHF 1,000	Banks	Mortgage receivables	Other receivables 1	Total 2014
By type of exposure
Balance at the beginning of the financial year 2014	3,008	15,011	26,644	44,663
Amounts written off on loans / utilisation in accordance with purpose		–4,574	–468	–5,042
Creation of valuation allowances and provisions for credit risks	1,228	7,377	3,251	11,856
Release of valuation allowances and provisions for credit risks	–1,244	–1,835	–1,472	–4,551
Foreign-currency translation differences and other adjustments	1	189	23	213
Balance at the end of the financial year 2014	2,993	16,168	27,978	47,139

of which
Individual valuation allowances	0	10,500	12,294	22,794
Lump-sum valuation allowances	2,993	5,668	15,684	24,345
Total	2,993	16,168	27,978	47,139
Other receivables primarily comprise lombard loans, debit balances on accounts and unsecured loans.


in CHF 1,000	Banks	Mortgage receivables	Other receivables	Total 2013
By type of exposure
Balance at the beginning of the financial year 2013	3,016	12,610	38,793	54,419
Amounts written off on loans / utilisation in accordance with purpose			–13,155	–13,155
Creation of valuation allowances and provisions for credit risks	493	3,672	2,356	6,521
Release of valuation allowances and provisions for credit risks	–501	–1,271	–1,369	–3,141
Foreign-currency translation differences and other adjustments			19	19
Balance at the end of the financial year 2013	3,008	15,011	26,644	44,663

of which
Individual valuation allowances	0	9,634	12,863	22,497
Lump-sum valuation allowances	3,008	5,377	13,781	22,166
Total	3,008	15,011	26,644	44,663


in CHF 1,000	Individual 2014	Lump-sum 2014	Individual 2013	Lump-sum 2013
By type of valuation allowance
Balance at the beginning of the financial year	22,497	22,166	32,704	21,715
Amounts written off on loans / utilisation in accordance with purpose	–5,042		–13,155
Creation of valuation allowances and provisions for credit risks	8,317	3,539	4,778	1,743
Release of valuation allowances and provisions for credit risks	–3,125	–1,426	–1,849	–1,292
Foreign-currency translation differences and other adjustments	147	66	19
Balance at the end of the financial year	22,794	24,345	22,497	22,166
Individual valuation allowances relate to loans that are not covered by the liquidation proceeds of collateral or unsecured loans. Value-impaired loans Value-impaired loans are amounts outstanding from customers and banks where it is improbable that the debtor can meet its obligations.
in CHF 1,000			2014	2013
Value-impaired loans 1			69,798	42,258
Amount of valuation allowances for credit losses from non-performing loans			22,794	22,497
Net amounts due			47,004	19,761
Estimated realisable value of value-impaired loans			47,004	19,761
Average amount of value-impaired loans			56,028	49,508

Recoveries from loans already written off (other income)			11	38
Interest receivable on non-performing loans in 2014 was CHF 0.553 million (2013: CHF 0.495 million).
Non-performing loans A loan is classified as non-performing as soon as the capital repayments and/or interest payments contractually stipulated are outstanding for 90 days or more. Such loans are not to be classified as value-impaired if it can be assumed that they are still covered by existing collateral.
in CHF 1,000			2014	2013
Non-performing loans			12,348	21,502
Amount of valuation allowances for credit losses from non-performing loans			2,354	9,378
Net amounts due			9,994	12,124
Average amount of non-performing loans			16,925	27,665

Valuation allowances on non-performing loans at the beginning of the financial year			9,378	19,728
Net decrease/increase			–2,080	1,996
Amounts written off and disposals / utilisation in conformity with purpose			–4,944	–12,346
Valuation allowances on non-performing loans at the end of the financial year			2,354	9,378


in CHF 1,000			31/12/2014	31/12/2013
According to type of exposure
Banks			0	0
Mortgage receivables			11,938	20,567
Other receivables			410	935
Customers			12,348	21,502
Total non-performing loans			12,348	21,502

According to region (domicile of debtor)
Liechtenstein and Switzerland			11,906	21,211
Rest of Europe			342	33
North and South America			10	93
Other countries			90	165
Total non-performing loans			12,348	21,502

17 Trading portfolios
in CHF 1,000	31/12/2014	31/12/2013
Debt securities valued at fair value
Public-law institutions in Liechtenstein and Switzerland
Other public-law institutions	0	2,392
Exchange-listed
Non-exchange-listed
Total	0	2,392

Equity securities / investment-fund units valued at fair value
Exchange-listed
Non-exchange-listed
Total	0	0
Other	189	230
Total trading portfolios	189	2,622

18 Derivative financial instruments
31/12/2014 in CHF 1,000	Positive replacement values	Negative replacement values	Contract volumes
Interest-rate instruments
Forward contracts
Swaps		31,433	377,847
Futures			74,239
Options (OTC)
Options (exchange-traded)
Total interest rate instruments 31/12/2014	0	31,433	452,086

Foreign currencies
Forward contracts	3,266	3,240	303,188
Combined interest rate/currency swaps	51,653	9,497	2,845,589
Futures
Options (OTC)	842	842	99,005
Options (exchange-traded)
Total foreign currencies 31/12/2014	55,761	13,579	3,247,782

Equity securities/indices
Forward contracts
Futures			10,910
Options (OTC)
Options (exchange-traded)		509	17,095
Total equity securities/indices 31/12/2014	0	509	28,005


31/12/2014 in CHF 1,000	Positive replacement values	Negative replacement values	Contract volumes
Precious metals
Forward contracts		31	1,131
Futures
Options (OTC)	365	365	29,233
Options (exchange-traded)
Total precious metals 31/12/2014	365	396	30,364

Total derivative financial instruments 31/12/2014	56,126	45,917	3,758,237


31/12/2013 in CHF 1,000	Positive replacement values	Negative replacement values	Contract volumes
Interest-rate instruments
Forward contracts
Swaps	964	19,104	327,867
Futures			1,538
Options (OTC)		80	20,000
Options (exchange-traded)
Total interest rate instruments 31/12/2013	964	19,184	349,405

Foreign currencies
Forward contracts	2,494	3,162	304,652
Combined interest rate/currency swaps	30,725	28,511	4,437,263
Futures
Options (OTC)	339	339	89,051
Options (exchange-traded)
Total foreign currencies 31/12/2013	33,558	32,012	4,830,966

Equity securities/indices
Forward contracts
Futures			9,159
Options (OTC)
Options (exchange-traded)		328	9,060
Total equity securities/indices 31/12/2013	0	328	18,219

Precious metals
Forward contracts
Futures
Options (OTC)	1,216	1,216	33,411
Options (exchange-traded)
Total precious metals 31/12/2013	1,216	1,216	33,411

Total derivative financial instruments 31/12/2013	35,738	52,740	5,232,001
The fair value of derivative financial instruments without market value is arrived at by recognised valuation models. These models take account of the relevant parameters such as contract specifications, the market price of the underlying security, the yield curve and volatility.

19 Financial instruments at fair value
in CHF 1,000	31/12/2014	31/12/2013
Debt instruments
Public-law institutions in Liechtenstein and Switzerland	0	0
Public-law institutions outside Liechtenstein and Switzerland	37,951	35,181
Exchange-listed	231,753	216,093
Non-exchange-listed	21,904	16,629
Total	291,608	267,903

Equity shares / investment fund units
Exchange-listed	39,694	60,707
Non-exchange-listed	39,843	16,321
Total	79,537	77,028

Structured products
Exchange-listed	0	0
Non-exchange-listed 1	96	1,474
Total	96	1,474

Total financial instruments at fair value	371,241	346,405
Principally structured credit notes (credit-linked notes and credit-default notes).
The fair value of non-exchange-listed financial instruments is determined exclusively on the basis of traders’ quotations or external pricing models based upon prices and interest rates of a supervised, active and liquid market. Management is convinced that the prices arrived at by these techniques constitute the most appropriate value for the balance sheet as of the date of the transactions, as well as for the related revaluation entries in the income statement.

20 Financial instruments at amortised cost
in CHF 1,000	31/12/2014	31/12/2013
Debt instruments
Public-law institutions in Liechtenstein and Switzerland	4,000	0
Public-law institutions outside Liechtenstein and Switzerland	393,922	302,786
Exchange-listed	632,214	473,437
Non-exchange-listed	43,973	0
Total	1,074,109	776,223

Total financial instruments at amortised cost	1,074,109	776,223

21 Associated companies

in CHF 1,000

31/12/2014

31/12/2013

Balance at the beginning of the financial year

Additions

Value impairments

–8

Balance as of balance-sheet date

Details of material companies reflected in the consolidation using the equity method

Name	Registered office	Activity	Share capital	% of capital held
				31/12/2014	31/12/2013
VAM Corporate Holdings Ltd.	Mauritius	Fund promoter company	GBP 50,000	20	20
Data Info Services AG	Vaduz	Procurement, trading and brokerage of goods and services	CHF 50,000	50	50

22 Property and equipment
in CHF 1,000	Bank buildings	Other real estate	Furniture and equipment	IT systems	Total
Acquisition cost 2014
Balance on 01/01/2014	198,815	22,038	20,533	28,542	269,928
Additions	2,201	94	181	3,586	6,062
Disposals/derecognitions 1	–257		–591	–12,690	–13,538
Changes in scope of consolidation					0
Foreign-currency translation	92	44	61	131	328
Balance on 31/12/2014	200,851	22,176	20,184	19,569	262,780

Accumulated depreciation and amortisation 2014
Balance on 01/01/2014	–107,077	–4,873	–17,518	–23,281	–152,749
Depreciation and amortisation	–5,900	–264	–1,229	–3,394	–10,787
Disposals/derecognitions 1	257		591	12,690	13,538
Changes in scope of consolidation					0
Foreign-currency translation		–34	–40	–91	–165
Balance on 31/12/2014	–112,720	–5,171	–18,196	–14,076	–150,163

Net book values on 31/12/2014	88,131	17,005	1,988	5,493	112,617


in CHF 1,000	Bank buildings	Other real estate	Furniture and equipment	IT systems	Total
Acquisition cost 2013
Balance on 01/01/2013	196,670	21,821	20,427	31,115	270,033
Additions	2,145	217	158	2,727	5,247
Disposals/derecognitions 1			–35	–5,265	–5,300
Changes in scope of consolidation			–15	–33	–48
Foreign-currency translation			–2	–2	–4
Balance on 31/12/2013	198,815	22,038	20,533	28,542	269,928

Accumulated depreciation and amortisation 2013
Balance on 01/01/2013	–101,250	–4,596	–16,200	–25,628	–147,674
Depreciation and amortisation	–5,827	–280	–1,362	–2,956	–10,425
Disposals/derecognitions 1			35	5,265	5,300
Changes in scope of consolidation			6	33	39
Foreign-currency translation		3	3	5	11
Balance on 31/12/2013	–107,077	–4,873	–17,518	–23,281	–152,749

Net book values on 31/12/2013	91,738	17,165	3,015	5,261	117,179
Includes the derecognitions of completely depreciated and amortised assets.


Additional information regarding property and equipment, in CHF 1,000				2014	2013
Fire insurance value of real estate				182,703	179,024
Fire insurance value of other property and equipment				38,637	39,275
Fair value of other real estate				17,005	17,165
There is no property and equipment arising from financing leasing contracts.

23 Goodwill and other intangible assets
in CHF 1,000	Software	Other intangible assets capitalised	Goodwill	Total
Acquisition cost 2014
Balance on 01/01/2014	144,067	10,037	46,112	200,216
Additions	3,635	41		3,676
Disposals/derecognitions	–6,000			–6,000
Foreign-currency translation	403			403
Balance on 31/12/2014	142,105	10,078	46,112	198,295

Accumulated amortisation 2014
Balance on 01/01/2014	–111,526	–167	–35,302	–146,995
Amortisation	–16,548	–2,013		–18,561
Disposals/derecognitions	6,000			6,000
Foreign-currency translation	–332			–332
Balance on 31/12/2014	–122,406	–2,180	–35,302	–159,888

Net book values on 31/12/2014	19,699	7,898	10,810	38,407


in CHF 1,000	Software	Other intangible assets capitalised	Goodwill	Total
Acquisition cost 2013
Balance on 01/01/2013	140,634	3,041	46,112	189,787
Additions	3,925	10,037		13,962
Disposals/derecognitions	–493	–3,041		–3,534
Foreign-currency translation	1			1
Balance on 31/12/2013	144,067	10,037	46,112	200,216

Accumulated amortisation 2013
Balance on 01/01/2013	–95,612	–3,041	–35,302	–133,955
Amortisation	–16,441	–167		–16,608
Disposals/derecognitions	493	3,041		3,534
Foreign-currency translation	34			34
Balance on 31/12/2013	–111,526	–167	–35,302	–146,995

Net book values on 31/12/2013	32,541	9,870	10,810	53,221
There are no other capitalised intangible assets on the consolidated balance sheet of VP Bank Group with an unlimited estimated useful life. Review of impairment in value of goodwill The existing goodwill of CHF 10.810 million arises from the acquisition of VP Bank (Luxembourg) SA in 2001 and is allocated to the cash-generating unit Client Business International. Since 1 January 2005, this goodwill amount has no longer been subject to amortisation, but rather to an annual impairment test. For the purposes of the impairment test carried out in 2014, the realisable amount was based upon the fair value (Level 3), minus selling costs. The level of the implicit premium (74 basis points) for client assets was computed on the basis of stock exchange quotes for enterprises which focus on the business of asset management, as well as acquisition prices paid on the occasion of corporate mergers, and was used to determine the recoverable amount. The recoverable amount exceeded the book value to such an extent that a decline in the value of the goodwill could be viewed as improbable. For this reason, a supplementary computation of the recoverable amount based upon the value in use was dispensed with.

24 Other assets
in CHF 1,000	31/12/2014	31/12/2013
Value-added taxes and other tax receivables	2,550	1,732
Prepaid retirement pension contributions	0	0
Miscellaneous other assets 1	12,787	11,914
Total other assets	15,337	13,646
Compensation accounts, settlement accounts and miscellaneous other assets.

25 Medium-term notes
in CHF 1,000 Maturity	Interest rate 0–0.9999%	Interest rate 1–1.9999%	Interest rate 2–2.9999%	Interest rate 3–3.9999%	Total
2015	30,131	18,813	2,106	872	51,922
2016	31,958	38,785	834	620	72,197
2017	6,713	12,306	5,120	263	24,402
2018	8,917	4,714	2,019	111	15,761
2019	3,416	5,391	1,556		10,363
2020	6,715	6,872	853		14,440
2021		1,428	1,035		2,463
2022		521	245		766
2023		629			629
2024		366			366
Total 31/12/2014	87,850	89,825	13,768	1,866	193,309
Total 31/12/2013	65,317	160,225	15,880	2,300	243,722
The average interest rate as of 31 December 2014 was 1.32 per cent (prior year: 1.43 per cent).

26 Debentures, VP Bank Ltd, Vaduz
						in CHF 1,000
Year of issue	ISIN	Interest rate in %	Currency	Maturity	Nominal amount	Total 31/12/2014	Total 31/12/2013
2010	CH0112734469	2.500	CHF	27/05/2016	200,000	199,370	198,936
Debt securities issued are recorded at fair value plus transaction costs upon initial recognition. Fair value corresponds to the consideration received. Subsequently, they are re-measured at amortised cost. In this process, the effective interest method (2.73 per cent) is applied in order to amortise the difference between the issuance price and redemption value over the duration of the debentures.

27 Other liabilities
in CHF 1,000	31/12/2014	31/12/2013
Value-added taxes and other tax receivables	10,585	9,754
Accrued retirement pension contributions	64,344	35,044
Miscellaneous other liabilities 1	29,248	101,438
Total other liabilities	104,177	146,236
Compensation accounts, settlement accounts and miscellaneous other liabilities.

28 Provisions
in CHF 1,000	Default risks	Legal and litigation risks	Other provisions	Total 2014	Total 2013
Carrying value at the beginning of the financial year	186	9,465	307	9,958	7,098
Utilisation in accordance with purpose		–406	–80	–486	0
New provisions charged to income statement	208	742	2,240	3,190	3,984
Provisions releases to income statement	–226	–3,135	–202	–3,563	–886
Reclassifications		–574	574	0	0
Foreign-currency translation differences and other adjustments		31		31	–238
Carrying value at the end of the financial year	168	6,123	2,839	9,130	9,958

Maturity of provisions
• within one year				9,130	9,958
• over one year				0	0

29 Non-controlling interests
in CHF 1,000	2014	2013
Balance at the beginning of the financial year	0	17,741
Reductions and dividend payments		–18,309
Foreign-currency translation differences		0
Non-controlling interests in net income		568
Balance at the end of the financial year	0	0

30 Share capital
	31/12/2014		31/12/2013
	No. of shares	Nominal CHF	No. of shares	Nominal CHF
Registered shares of CHF 1.00 nominal value	6,004,167	6,004,167	6,004,167	6,004,167
Bearer shares of CHF 10.00 nominal value	5,314,347	53,143,470	5,314,347	53,143,470
Total share capital		59,147,637		59,147,637
All shares are fully paid up.

31 Treasury shares
	2014		2013
	No. of shares	in CHF 1,000	No. of shares	in CHF 1,000
Registered shares at the beginning of the financial year	30,659	377	45,084	572
Purchases	10,050	76	4,325	30
Sales	–40,500	–451	–18,750	–225
Balance of registered shares as of balance-sheet date	209	2	30,659	377

Bearer shares at the beginning of the financial year	107,795	25,526	130,207	32,921
Purchases	88,043	7,710	189,396	15,895
Sales	–84,204	–12,221	–211,808	–23,290
Balance of bearer shares as of balance-sheet date	111,634	21,015	107,795	25,526

32 Assets pledged or assigned to secure own liabilities and assets subject to reservation of title
	31/12/2014		31/12/2013
in CHF 1,000	Market value	Actual liability	Market value	Actual liability
Securities	487,588	0	380,720	0
Money-market paper	0	0	0	0
Other	0	0	0	0
Total pledged assets	487,588	0	380,720	0
The assets are pledged to limits for the repo business with national and central banks, for stock exchange deposits and to secure the business activities of overseas organisations pursuant to local legal provisions. Pledged or assigned assets within the framework of securities lending transactions or of repurchase and reverse repurchase transactions are not reflected in the above analysis. They are shown in the table “Securities lending and repurchase and reverse repurchase transactions with securities” (note 48).

33 Future commitments under operating leases At the end of the year, there were several operating lease contracts for real estate and other property and equipment, which are principally used for the conduct of business activities of the Bank. The equipment leasing contracts contain renewal options as well as escape clauses.
in CHF 1,000	31/12/2014	31/12/2013
Remaining duration of up to 1 year	6,389	5,966
Remaining duration of 1 to 5 years	17,164	11,797
Remaining duration of over 5 years	4,800	5,400
Total minimum commitments under operating leases	28,353	23,163
As of 31 December 2014, general and administrative expenses include CHF 6.691million of operating lease costs (prior year: CHF 7.489 million).

34 Litigation

Within the normal course of business, VP Bank Group is involved in various legal proceedings. It raises provisions for ongoing and threatened litigation whenever, in the opinion of management, payments or losses by Group companies are probable and their amount can be estimated. If no outflow of resources is probable or the amount of the liabilities cannot be reliably estimated, a contingent liability is to be disclosed. All provisions are recorded in the item “Other provisions” in the consolidated balance sheet (note 28).

35 Balance sheet per currency
in CHF 1,000	CHF	USD	EUR	Other	Total
Assets
Cash and cash equivalents	1,899,701	444	26,205	618	1,926,968
Receivables arising from money-market paper				22,027	22,027
Due from banks	484,771	1,079,947	1,249,876	467,632	3,282,226
Due from customers	3,100,030	482,686	581,295	99,932	4,263,943
Trading portfolios				189	189
Derivative financial instruments	54,970	1,156			56,126
Financial instruments at fair value	209,500	82,261	77,797	1,683	371,241
Financial instruments at amortised cost	291,893	335,641	446,575		1,074,109
Associated companies	65				65
Property and equipment	111,207	1,375		35	112,617
Intangible assets	37,863	544			38,407
Tax receivables	14		555		569
Deferred tax assets	16,236				16,236
Accrued receivables and prepaid expenses	13,662	4,153	6,060	722	24,597
Other assets	10,148	136	4,359	694	15,337
Total assets 31/12/2014	6,230,060	1,988,343	2,392,722	593,532	11,204,657


in CHF 1,000	CHF	USD	EUR	Other	Total
Liabilities and shareholders’ equity
Due to banks	168,450	11,163	120,432	4,009	304,054
Due to customers – savings and deposits	858,695		406		859,101
Due to customers – other liabilities	2,239,807	2,885,766	2,184,046	1,277,307	8,586,926
Derivative financial instruments	39,308	3,971	2,638		45,917
Medium-term notes	169,384	4,398	19,527		193,309
Debenture issues	199,370				199,370
Tax liabilities	2,287		180		2,467
Deferred tax liabilities	8,755				8,755
Accrued liabilities and deferred items	19,519	639	2,348	488	22,994
Other liabilities	86,079	4,905	9,649	3,544	104,177
Provisions	8,832	298			9,130
Total liabilities	3,800,486	2,911,140	2,339,226	1,285,348	10,336,200
Total shareholders’ equity	788,018	79,658	53	728	868,457
Total liabilities and shareholders’ equity 31/12/2014	4,588,504	2,990,798	2,339,279	1,286,076	11,204,657


in CHF 1,000	CHF	USD	EUR	Other	Total
Assets
Cash and cash equivalents	1,354,324	602	22,027	454	1,377,407
Receivables arising from money-market paper				23,227	23,227
Due from banks	362,849	1,741,311	1,794,197	603,657	4,502,014
Due from customers	2,932,134	407,758	486,007	100,777	3,926,676
Trading portfolios			2,392	230	2,622
Derivative financial instruments	34,360	1,378			35,738
Financial instruments at fair value	227,545	51,673	65,577	1,610	346,405
Financial instruments at amortised cost	247,959	233,420	294,844		776,223
Associated companies	41				41
Property and equipment	116,750	392		37	117,179
Intangible assets	52,248	973			53,221
Tax receivables	14				14
Deferred tax assets	11,319				11,319
Accrued receivables and prepaid expenses	11,937	3,456	5,152	541	21,086
Other assets	10,749	240	2,227	430	13,646
Total assets 31/12/2013	5,362,229	2,441,203	2,672,423	730,963	11,206,818


in CHF 1,000	CHF	USD	EUR	Other	Total
Liabilities and shareholders’ equity
Due to banks	92,316	72,074	25,012	34,772	224,174
Due to customers – savings and deposits	880,115	1	343		880,459
Due to customers – other liabilities	2,182,597	2,937,181	2,723,391	681,025	8,524,194
Derivative financial instruments	47,152	2,049	3,539		52,740
Medium-term notes	216,898	1,687	25,137		243,722
Debenture issues	198,936				198,936
Tax liabilities	1,645		135		1,780
Deferred tax liabilities	9,901				9,901
Accrued liabilities and deferred items	21,214	723	3,485	553	25,975
Other liabilities	56,868	59,984	9,088	20,296	146,236
Provisions	9,660	267	31		9,958
Total liabilities	3,717,302	3,073,966	2,790,161	736,646	10,318,075
Total shareholders’ equity	827,928	59,969	20	826	888,743
Total liabilities and shareholders’ equity 31/12/2013	4,545,230	3,133,935	2,790,181	737,472	11,206,818

36 Maturity structure of assets and liabilities
				Due within
in CHF 1,000	At sight	Callable	1 year	1 to 5 years	Over 5 years	Total
Assets
Cash and cash equivalents	1,926,968					1,926,968
Receivables arising from money-market paper			22,027			22,027
Due from banks	665,472		2,605,358	10,990	406	3,282,226
Due from customers	15,465	445,821	2,037,056	1,362,593	403,008	4,263,943
Trading portfolios	189					189
Derivative financial instruments	56,126					56,126
Financial instruments at fair value	328,847		11,374	7,108	23,912	371,241
Financial instruments at amortised cost	59,499		164,945	767,631	82,034	1,074,109
Associated companies	65					65
Property and equipment 1					112,617	112,617
Intangible assets					38,407	38,407
Tax receivables	569					569
Deferred tax assets				16,236		16,236
Accrued receivables and prepaid expenses	22,928		1,464	169	36	24,597
Other assets	15,098	239				15,337
Total assets 31/12/2014	3,091,266	446,060	4,842,224	2,164,727	660,420	11,204,657

Liabilities and shareholders’ equity
Due to banks	256,853		47,201			304,054
Due to customers – savings and deposits		859,101				859,101
Due to customers – other liabilities	7,401,785	481,402	702,433	1,306		8,586,926
Derivative financial instruments	45,917					45,917
Medium-term notes			52,922	121,723	18,664	193,309
Debenture issues				199,370		199,370
Tax liabilities	2,467					2,467
Deferred tax liabilities	4,213			4,542		8,755
Accrued liabilities and deferred items	22,689		305			22,994
Other liabilities	104,177					104,177
Provisions	9,130					9,130
Total liabilities 31/12/2014	7,847,231	1,340,503	802,861	326,941	18,664	10,336,200
Without maturity


				Due within
in CHF 1,000	At sight	Callable	1 year	1 to 5 years	Over 5 years	Total
Assets
Cash and cash equivalents	1,377,407					1,377,407
Receivables arising from money-market paper			23,227			23,227
Due from banks	929,941		3,572,073			4,502,014
Due from customers	19,110	425,428	1,744,932	1,279,761	457,445	3,926,676
Trading portfolios	230				2,392	2,622
Derivative financial instruments	35,738					35,738
Financial instruments at fair value	305,461		3,035	13,241	24,668	346,405
Financial instruments at amortised cost			124,666	573,515	78,042	776,223
Associated companies	41					41
Property and equipment 1					117,179	117,179
Intangible assets					53,221	53,221
Tax receivables	14					14
Deferred tax assets				11,319		11,319
Accrued receivables and prepaid expenses	19,665		893	457	71	21,086
Other assets	13,406	240				13,646
Total assets 31/12/2013	2,701,013	425,668	5,468,826	1,878,293	733,018	11,206,818

Liabilities and shareholders’ equity
Due to banks	169,378		54,796			224,174
Due to customers – savings and deposits		880,459				880,459
Due to customers – other liabilities	7,497,306	183,631	837,981	5,276		8,524,194
Derivative financial instruments	52,740					52,740
Medium-term notes			99,107	136,809	7,806	243,722
Debenture issues				198,936		198,936
Tax liabilities	1,780					1,780
Deferred tax liabilities	5,388			4,513		9,901
Accrued liabilities and deferred items	25,610		355	10		25,975
Other liabilities	146,236					146,236
Provisions	9,958					9,958
Total liabilities 31/12/2013	7,908,396	1,064,090	992,239	345,544	7,806	10,318,075
Without maturity

37 Classification of assets by country or groups of countries
	31/12/2014		31/12/2013
	in CHF 1,000	Proportion in %	in CHF 1,000	Proportion in %
Liechtenstein and Switzerland	6,942,922	62.0	6,316,320	56.4
Rest of Europe	3,134,204	28.0	3,949,462	35.2
North America	313,456	2.7	279,896	2.5
Other countries	814,075	7.3	661,140	5.9
Total assets	11,204,657	100.0	11,206,818	100.0
The classification is made according to the principle of domicile of the counterparties. Diversified collateral existing in the area of lombard loans is not taken into consideration in this respect.

38 Financial instruments Fair value of financial instruments The following table shows the fair values of financial instruments based on the valuation methods and assumptions set out below. This table is presented because not all financial instruments are disclosed at their fair values in the consolidated financial statements. The fair value equates to the price at the date of measurement which could be realised from the sale of the asset, or which must be settled for the transfer of the liability, in an orderly transaction between market participants.
in CHF million	Carrying value 31/12/2014	Fair value 31/12/2014	Variance	Carrying value 31/12/2013	Fair value 31/12/2013	Variance
Assets
Cash and cash equivalents	1,927	1,927	0	1,377	1,377	0
Receivables arising from money-market paper	22	22	0	23	23	0
Due from banks	3,282	3,283	1	4,502	4,502	0
Due from customers	4,264	4,390	126	3,927	4,001	74
Trading portfolios	0	0	0	3	3	0
Derivative financial instruments	56	56	0	36	36	0
Financial instruments at fair value	371	371	0	346	346	0
Financial instruments at amortised cost	1,074	1,099	25	776	788	12
Subtotal			152			86

Liabilities
Due to banks	304	304	0	224	224	0
Due to customers	9,446	9,436	10	9,405	9,402	3
Derivative financial instruments	46	46	0	53	53	0
Medium-term notes	193	198	–5	244	247	–3
Debenture issue	199	207	–8	199	211	–12
Subtotal			–3			–12

Total variance			149			74
The following valuation methods are used to determine the fair value of on-balance-sheet financial instruments: Cash and cash equivalents, money-market paper For the balance-sheet-items “Cash and cash equivalents” and “Receivables arising from money-market paper”, which do not have a published market value on a recognised stock exchange or on a representative market, the fair value corresponds to the amount payable at the balance-sheet date. Due from/to banks and customers, medium-term notes, debenture issues In determining the fair value of amounts due from/to banks, due from/to customers (including mortgage receivables and due to customers in the form of savings and deposits), as well as of medium-term notes and debenture issues with a fixed maturity or a refinancing profile, the net present value method is applied (discounting of monetary flows with swap rates corresponding to the respective term). For products whose interest or payment flows cannot be determined in advance, replicating portfolios are used. Trading portfolios, trading portfolios pledged as security, financial instruments at fair value Fair value corresponds to market value for the majority of these financial instruments. The fair value of non-exchange-listed financial instruments (in particular for structured credit loans) is determined only on the basis of external traders’ prices or pricing models which are based on prices and interest rates in an observable, active and liquid market. Derivative financial instruments For the majority of the positive and negative replacement values (see note 18), the fair value equates to the market value. The fair value for derivative instruments without market value is determined using uniform models. These valuation models take account of the relevant parameters such as contract specifications, the market price of the underlying security, the yield curve and volatility. Valuation methods for financial instruments The fair value of listed securities held for trading purposes or as financial instruments, as well as that of listed derivatives and other financial instruments with a price established in an active market, is determined on the basis of current market value (Level 1). Valuation methods or pricing models are used to determine the fair value of financial instruments if no direct market prices are available. If possible, the underlying assumptions are based on observed market prices or other market indicators as at the balance-sheet date (Level 2). For most of the derivatives traded over the counter, as well as for other financial instruments that are not traded in an active market, fair value is determined by means of valuation methods or pricing models. Among the most frequently applied of those methods and models are cash-value-based forward pricing and swap models, as well as options pricing models such as the Black-Scholes model or derivations thereof. The fair values arrived at on the basis of these methods and models are influenced to a significant degree by the choice of the specific valuation model and the underlying assumptions applied, for example the amounts and time sequence of future cash flows, discount rates, volatilities and/or credit risks. If neither current market prices nor valuation methods/models based on observable market data can be drawn on for the purpose of determining fair value, then valuation methods or pricing models supported by realistic assumptions derived from actual market data are used (Level 3). Level 3 principally includes investment funds, for which an obligatory net asset value is not published at least on a quarterly basis. The fair value of these positions is, as a rule, computed on the basis of external estimates by experts in relation to the level of future distributions of fund units, or equates to the acquisition cost of the securities less any applicable valuation allowances.

Valuation methods for financial instruments
in CHF million at fair value	Quoted market prices Level 1	Valuation methods, based on market data Level 2	Valuation methods, with assumptions based on market data Level 3	Total
Assets 31/12/2014
Cash and cash equivalents		1,927		1,927
Receivables arising from money-market paper	22			22
Due from banks		3,283		3,283
Due from customers		4,390		4,390
Trading portfolios				0
Derivative financial instruments		56		56
Financial instruments at fair value	309	57	5	371
Financial instruments at amortised cost	1,099			1,099

Liabilities 31/12/2014
Due to banks		304		304
Due to customers		9,436		9,436
Derivative financial instruments		46		46
Medium-term notes		198		198
Debenture issued	207			207
In the financial year 2014, positions with a fair value of CHF 0.0 million (2013: CHF 0.0 million) were reclassified from Level 1 (quoted market prices) to Level 2 (valuation methods based on market data) and positions with a fair value of CHF 4.3 million (2013: CHF 0.0 million) were reclassified from Level 2 to Level 3 (valuation methods, based on realistic market-data-related assumptions). The reclassifications are made as of the end of the reporting period in the case of changes in the availability of market prices (market liquidity).
Assets 31/12/2013
Cash and cash equivalents		1,377		1,377
Receivables arising from money-market paper	23			23
Due from banks		4,502		4,502
Due from customers		4,001		4,001
Trading portfolios	3			3
Derivative financial instruments		36		36
Financial instruments at fair value	312	30	4	346
Financial instruments at amortised cost	788			788

Liabilities 31/12/2013
Due to banks		224		224
Due to customers		9,402		9,402
Derivative financial instruments		53		53
Medium-term notes		247		247
Debenture issued	211			211

Level 3 financial instruments in CHF million	2014	2013
Balance sheet
Holdings at the beginning of the year	4.1	5.8
Investments	0.0	0.0
Disposals	0.0	0.0
Issues	0.0	0.0
Redemptions	–2.8	–1.3
Losses recognised in the income statement	0.0	0.0
Losses recognised as other comprehensive income	–1.5	–0.4
Gains recognised in the income statement	0.0	0.0
Gains recognised as other comprehensive income	0.5	0.0
Reclassification to Level 3	4.3	0.0
Reclassification from Level 3	0.0	0.0
Translation differences	0.0	–0.1
Total book value at balance-sheet date	4.5	4.1


Level 3 financial instruments in CHF million	2014	2013
Income on holdings at balance-sheet date
Unrealised losses recognised in the income statement	0.0	0.0
Unrealised losses recognised as other comprehensive income	–1.5	–0.4
Unrealised gains recognised in the income statement	0.0	0.0
Unrealised gains recognised as other comprehensive income	0.5	0.0
No deferred day 1 profit or loss (difference between the transaction price and the fair value calculated on the transaction day) was reported for Level 3 positions as of 31 December 2014 or 31 December 2013. Sensitivity of fair values of Level-3 financial instruments: Changes in the net asset values of investment funds lead to corresponding changes in the fair values of these financial instruments. A realistic change in the basic assumptions or estimated values has no material impact on the statement of income, other comprehensive income or the equity of VP Bank Group’s shareholders.

Netting Agreements In order to reduce the credit risks in connection with financial derivatives, repurchase and reverse repurchase as well as securities-lending and -borrowing transactions, VP Bank Group enters into global offset agreements or similar arrangements (netting agreements) with its counterparties. These include ISDA Master Netting Agreements, Global Master Securities Lending Agreements and Global Master Repo Agreements. Using netting agreements, VP Bank Group can protect itself against losses arising from possible insolvency proceedings or other circumstances in which the counterparty is unable to meet its obligations. In such cases, netting agreements foresee the immediate offset and/or settlement of all financial instruments falling under the related agreement. A right of offset, in principle, exists only whenever a default in payment or other circumstances occur which are not expected in the ordinary course of business. Financial instruments falling under a netting agreement do not meet the set-off requirements for balance-sheet purposes, which is why the related financial instruments are not netted in the balance sheet.
Netting Agreements
31/12/2014	Balance-sheet netting			Netting potential
in CHF 1,000	Amount prior to balance-sheet netting	Balance- sheet netting	Carrying value	Financial Liabilities	Collateral received	Assets after taking account of netting potential
Financial assets
Reverse repurchase transactions			0			0
Positive replacement values	56,126		56,126	17,732		38,394
Collateral deposited for transactions with derivatives	54,184		54,184	16,627		37,557
Total assets	110,310	0	110,310	34,359	0	75,951
	Amount prior to balance-sheet netting	Balance- sheet netting	Carrying value	Financial assets	Collateral provided	Liabilities after taking account of netting potential
Financial liabilities
Repurchase transactions						0
Negative replacement values	45,917		45,917	34,359	6,373	5,185
Collateral received from transactions with derivatives	325		325			325
Total liabilities	46,242	0	46,242	34,359	6,373	5,510

31/12/2013	Balance-sheet netting			Netting potential
in CHF 1,000	Amount prior to balance-sheet netting	Balance- sheet netting	Carrying value	Financial Liabilities	Collateral received	Assets after taking account of netting potential
Financial assets
Reverse repurchase transactions	335,739		335,739		335,739	0
Positive replacement values	35,738		35,738	17,416		18,322
Collateral deposited for transactions with derivatives	37,823		37,823	14,342		23,481
Total assets	409,300	0	409,300	31,758	335,739	41,803
	Amount prior to balance-sheet netting	Balance- sheet netting	Carrying value	Financial assets	Collateral provided	Liabilities after taking account of netting potential
Financial liabilities
Repurchase transactions						0
Negative replacement values	52,740		52,740	31,758	19,170	1,812
Collateral received from transactions with derivatives						0
Total liabilities	52,740	0	52,740	31,758	19,170	1,812

39 Scope of consolidation
Company	Registered office	Base currency	Capital	Group share of equity
VP Bank Ltd	Vaduz	CHF	59,147,637	100%
IFOS Internationale Fonds Service Aktiengesellschaft	Vaduz	CHF	1,000,000	100%
VP Verwaltung GmbH	Munich	EUR	500,000	100%
VP Bank (Singapore) Ltd.	Singapore	SGD	67,000,000	100%
VP Wealth Management (Hong Kong) Ltd.	Hong Kong	HKD	5,000,000	100%
VP Bank (Luxembourg) SA	Luxembourg	CHF	20,000,000	100%
which holds the following sub-participation:
VPB Finance S.A.	Luxembourg	CHF	5,000,000	100%
VPB Finanz Holding AG	Zurich	CHF	20,000,000	100%
which holds the following sub-participation:
VP Bank (Switzerland) Ltd	Zurich	CHF	20,000,000	100%
VP Bank (BVI) Ltd	Tortola	USD	10,000,000	100%
Shareholdings excluded from the scope of consolidation	none
Associated companies	VAM Corporate Holdings Ltd., Mauritius Data Info Services AG, Vaduz
Companies consolidated for the first time	none
Shareholdings accounted for the first time in accordance with the equity method	none
Name changes during the financial year	Verwaltungs- und Privat-Bank Aktiengesellschaft, Vaduz, in VP Bank Ltd, Vaduz VP Bank (BVI) Limited was changed to VP Bank (BVI) Ltd

40 Transactions with related companies and individuals Members of the Board of Directors and Group Management as well as their next of kin, and companies which are controlled by these individuals either by virtue of a majority shareholding or as a result of their role as Chairman of the Board and/or Chief Executive Officer in these companies, are considered to be related companies and individuals.
in CHF 1,000	2014	2013
Remuneration of the members of the Board of Directors
Remuneration due in the short term 1 ,2	1,001	1,025
Post-employment benefits
Other long-term remuneration due
Remuneration due upon termination of contract of employment
Share-based payment 1 ,2 ,3	306	319

Remuneration of the members of Group Management
Remuneration due in the short term	2,615	2,584
Post-employment benefits
Other long-term remuneration due
Remuneration due upon termination of contract of employment
Share-based payments 4	1,561	1,400
The social-security costs and any applicable value-added taxes on the emoluments paid to Board members are not included. Compensation for out-of-pocket expenses is not included. The shares are not subject to any minimum holding period (see notes 43 and 44). Performance-related and restricted shares with conditional entitlement to receive bearer shares of VP Bank.
VP Bank Group also makes payments to related persons within the framework of brokerage services and bought-in advisory services. These correspond to customary market conditions. The aggregate amount of such payments and fees in 2014 was CHF 0.481 million (previous year: CHF 0.327 million). The Board of Directors and the Group Management as well as parties related thereto (excluding qualifying shareholders) and retirement pension plans as of 31 December 2014, held 99,781 bearer shares and 179,600 registered shares of VP Bank Ltd, Vaduz (previous year: 89,627 bearer shares and 179,600 registered shares).


Loans to related companies and individuals (as of balance-sheet dates):
in CHF 1,000	2014	2013
Mortgages and loans at the beginning of the financial year	9,170	9,481
Additions	3,820	1,065
Repayments	–4,040	–1,376
Mortgages and loans at the end of the financial year	8,950	9,170
With regard to members of the Board of Directors and Group Executive Management, basically the same conditions apply as for all other employees. They correspond to customary market conditions excluding a credit margin. Loans to related individuals and companies were granted under normal market conditions.

41 Retirement pension plans

Benefits after termination of employment

The Group maintains a number of pension plans in the Principality of Liechtenstein and abroad for employees meeting the criteria for admission to the pension plans. Amongst these are both defined-benefit and defined-contribution plans which insure most employees against the effects of death, invalidity and retirement.

Defined-contribution pension plans

The Group offers defined-contribution pension plans to those employees who meet the appropriate admission criteria. The company is obligated to transfer a predetermined percentage of the annual salary to the pension plans. For certain plans, the employees are also obligated to make contributions. These contributions are deducted by the employer from the salary typically each month and also passed on to the pension plans. Apart from the payment of contributions and the transfer of employee contributions, there are presently no further obligations incumbent on the employer.

The employee contributions to contribution-defined pension plans for 2014 amounted to CHF 1.223 million (prior year: CHF 0.602 million).

Defined-benefit pension plans

The Group finances defined-benefit pension plans for employees who meet the admission criteria. The most significant of such plans are located in the Principality of Liechtenstein and Switzerland.

For employees in the Principality of Liechtenstein and Switzerland, the Group operates several pension plans with fixed, predefined admission criteria. The largest of the plans are operated using an autonomous foundation, the remaining plans are handled using collective foundations of insurance companies. In these foundations, the assets available to meet the pension obligations are segregated out.

For the pension plans which are operated using collective foundations, there are pension commissions which comprise an equal number of representatives.

The Council of the Foundation of the autonomous pension plan is also made up of an equal number of employer and employee representatives. On the basis of the Law and the Rules of the Pension Fund, the Foundation Council is obligated to act solely in the interests of the Foundation and of the beneficiaries (current actively insured employees and pensioners). Thus, in this plan, the employer cannot himself determine pension benefits and their financing, but resolutions are taken on an equal representation basis. The Council of the Foundation is responsible for setting the investment strategy, for changes to the Rules of the Pension Fund and in particular also for determining how pension benefits are to be financed.

Retirement benefits in this plan are based upon the balance of accumulated capital savings. Annual savings credits and interest (no negative interest is possible) are added to the employee‘s capital savings account. Upon retirement, the insured person has the option between a lifetime pension which includes a reversionary spouse‘s pension, or the payment of a capital sum. In addition to retirement benefits, employee benefits also include an invalidity pension and a partner pension. These are computed as a percentage of the insured annual salary. An insured person can also purchase additional benefits to improve his/her pension situation up to a maximum allowed under the pension rules.

Upon termination of employment, the accumulated savings capital is transferred to the pension plan of the new employer or to a vested benefits scheme. This form of employment benefit can lead to a situation where pension payments may vary significantly between the various years.

The minimum provisions of the Law on Occupational Pension Plans and its Implementing Provisions (BPVG) are to be observed in determining employee benefits. The minimum insurable salary and the minimum savings credits are laid down in the BPVG.

As a result of the form of the pension plan and the legal provisions of the BPVG, the employer is exposed to actuarial risks, the most significant of which are investment risk, interest rate risk, invalidity risk and longevity risk. The employee and employer contributions are laid down by the Councils of the Foundations. In this connection, the employer must bear, at a minimum, half of all contributions. In the event of a funding deficit, restructuring contributions to eliminate the funding deficit may be demanded both from the employer and employees.

The latest actuarial valuation of the present value of the defined-benefit obligations and service costs was carried out as of 31 December 2014 by independent actuaries using the Projected Unit Credit Method. The fair value of plan assets as of 31 December 2014 was determined based upon information available at the time of preparation of the annual financial statements.

The most significant assumptions underlying the actuarial computations may be summarised as follows:
	31/12/2014	31/12/2013
Discount rate	1.15%	2.40%
Rate of future salary increases	1.00%	1.50%
Rate of future pension increases	0.00%	0.00%
Life expectancy at the age of 65, in years
Year of birth	1949	1948
• men	21	21
• women	24	24
Year of birth	1969	1968
• men	23	23
• women	26	26

The amounts recognised in the income statement and in shareholders’ equity may be summarised as follows:
Pension costs
in CHF 1,000	2014	2013
Pension expense recognised in income statement
Service cost
•current service cost	9,338	10,434
•past service cost	–70	0
•plan settlements	0	0
Net interest expense	661	401
Administrative costs	256	246
Total pension cost expense of the period	10,185	11,081

Revaluation components recognised in comprehensive income
Actuarial gains/losses
Result of changes to demographic assumptions	0	9,789
Result of changes to economic assumptions	36,059	–7,784
Experience adjustments	1,238	3,084
Return on plan assets (excluding amounts in net interest expense)	–7,240	1,787
Total expense recognised in comprehensive income	30,057	6,876
Total pension cost	40,242	17,957

The movement in pension obligations and plan assets may be summarised as follows:
Movement in present value of defined-benefit obligations
in CHF 1,000	2014	2013
Present value of defined-benefit obligations at beginning of financial year	234,141	216,137
Current service cost	9,338	10,434
Employee contributions	4,994	4,961
Interest expense on present value of pension obligations	5,539	4,255
Actuarial gains/losses	37,297	5,089
Past service cost	–70	0
Plan settlements	0	0
Pension payments financed by plan assets	–7,317	–6,735
Balance at end of financial year	283,922	234,141

Movement in plan assets
in CHF 1,000	2014	2013
Plan assets at beginning of financial year	199,097	189,550
Employee contributions	4,994	4,961
Employer contributions	10,942	8,000
Third-party contributions	0	1,500
Interest income on plan assets	4,878	3,854
Return on plan assets (excluding amounts under interest income)	7,240	–1,787
Transfers of assets through plan settlements	0	0
Pension payments financed by plan assets	–7,317	–6,735
Administrative costs	–256	–246
Balance at end of financial year	219,578	199,097

The net position of pension obligations recognised in the balance sheet may be summarised as follows:
Net position of pension obligations recognised in balance sheet
in CHF 1,000	31/12/2014	31/12/2013
Present value of pension obligations financed through a fund	283,922	234,141
Market value of plan assets	–219,578	–199,097
Under- / excess of funding	64,344	35,044
Present value of pension obligations not financed through a fund	0	0
Unrecognised assets	0	0
Recognised pension obligations	64,344	35,044


In the case of the autonomous pension plan, the Foundation Council issues investment guidelines for the investment of the plan’s assets which contain the tactical asset allocation and the benchmarks for comparing the results with those of the general investment universe. The plan assets are well diversified and, in addition, the legal provisions of the BPVG are to be observed. The plan assets of collective pension foundations are invested in insurance policies with insurance companies. The Council of the Foundation reviews on an ongoing basis whether the investment strategy chosen is appropriate to cover the pension benefits and whether the risk budget corresponds to the demographic structure. Compliance with investment guidelines and the investment performance of investment advisors are also subject to ongoing review.

Plan assets primarily consist of the following categories of securities:
in CHF 1,000	31/12/2014	31/12/2013
Equity shares	20,676	23,178
Bonds	108,544	92,273
Alternative financial investments	6,229	4,166
Real estate	8,917	8,781
Qualifying insurance paper	45,487	43,344
Cash equivalents	29,725	27,355
Other financial investments	0	0
Total	219,578	199,097
The pension plans hold shares in VP Bank Ltd, Vaduz, with a market value totalling CHF 1.3 million (previous year: CHF 1.3 million). In 2014, the return on plan assets was CHF 12.118 million (previous year: CHF 2.067 million).

The defined-benefit pension obligations may be allocated as follows to the currently active insured employees, those who have left the Group with vested rights and pensioners as well as the duration of the pension obligations:
in CHF 1,000	31/12/2014	31/12/2013
Current actively insured employees	215,458	176,593
Pensioners	68,464	57,548
Total	283,922	234,141
The duration of pension obligations is approximately 18 years (previous year: 16 years).

Presented in the following table are the sensitivities for the most important factors in the computation of the present value of pension obligations.
Changes in present value of defined-benefit obligations
in CHF 1,000	31/12/2014		31/12/2013
Variance	0.25%	–0.25%	0.25%	–0.25%
Discount rate	–11,154	11,861	–8,371	8,976
Interest on pension capital accounts	2,559	–2,569	2,092	–2,041
Development of salaries	1,053	–1,063	814	–806

42 Significant foreign exchange rates The following exchange rates were used for the most important currencies:
	Year-end rates		Annual average rates
	31/12/2014	31/12/2013	2014	2013
USD/CHF	0.9937	0.8894	0.91493	0.92679
EUR/CHF	1.2024	1.2255	1.21464	1.23077
SGD/CHF	0.7499	0.7044	0.72218	0.74065
HKD/CHF	0.1281	0.1147	0.11798	0.11948
GBP/CHF	1.5493	1.4730	1.50678	1.44933

43 Employee stock-ownership plan

The stock-ownership plan enables employees to subscribe annually to a defined number of bearer shares of VP Bank Ltd, Vaduz, at a preferential price subject to a four-year restriction on selling. Upon expiration of the sales restriction period, or at the time of resignation from VP Bank Group, the related shares become freely available. As the employees are therefore ultimately able to take up the shares at any time and in full, the expense arising from the employee participation plans is recorded in full at the time of their respective allocation. The number of bearer shares that can be subscribed to depends upon the years of service, rank and management level.

The purchase price is determined annually in relation to the market value of the bearer shares on the Swiss Exchange (ex-dividend). The shares issued in this manner derive either from shareholdings of VP Bank Group or must be purchased for this purpose over the exchange. The expense thereby incurred is charged directly to personnel costs.

During 2014, 11,872 shares were issued at a preferential price (2013: 10,324 shares). Share issue expenses in 2014 were CHF 0.5 million (2013: CHF 0.7 million).

There is no profit-sharing plan for the Board of Directors. Its members, however, receive a part of their remuneration/bonuses in the form of equity shares which are not subject to any lock-up period (note 40). A profit-sharing plan exists for Group Executive Management and other management members (note 44). VP Bank has defined waiting periods for the Board of Directors, Group Executive Management and selected executives and employees, during which it is forbidden to trade in the shares of VP Bank.

44 Management profit-sharing plan
A long-term and value-oriented compensation model exists for the Executive Board and second-level management. Details thereof are to be found in the “Corporate governance and compensation report” section of the annual report under point 5.1.2.

Management equity-sharing plan (LTI)
Number	2014	2013	Variance in %
Balance of entitlements at the beginning of the year	78,328	36,416	115.1
New entitlements	40,896	61,606	–33.6
Changes in entitlements as a result of allocation	–29,427	–21,764	35.2
Changes in entitlements as a result of expiry	–5,314	–26,039	–79.6
Changes in entitlements as a result of changes in factors	–11,785	28,109	–141.9
Balance of calculated entitlements at the end of the year	72,698	78,328	–7.2

in CHF 1,000	2014	2013	Variance in %
Personnel expense recorded over vesting period for allocated management sharing plan	3,120	3,611	–13.6
Fair value of management sharing plan at date of allocation	3,173	1,634	94.1

Personnel expense for management sharing plan (LTI) expense for reporting period	2,085	5,573	–62.6
Accrual for management sharing plan (LTI) in equity at the end of the year	5,941	6,976	–14.8

45 Discontinued operations

In the summer of 2012, the Board of Directors of VP Bank Group resolved to focus strategically on the middle private-banking segment as well as the business with intermediaries. Market-development activities, the whole distribution and all supporting units were redirected on target clients in defined markets in Europe and Asia. The primary goal is to grow as a group in a profitable manner. Markets, client segments as well as products and services were all subjected to in-depth analysis.

During the process of strategic redirection, the Board of Directors decided to dispose of the Group‘s own trust and fiduciary companies. The subsidiary company IGT Intergestions Trust reg. in Vaduz was disposed of by VP Bank Group as part of a management buyout; all employees were transferred to the existing company.

VP Bank Group also simplified the structures of its umbrella holding company VP Bank and Trust Company (BVI) Limited in Tortola on the British Virgin Islands, which was a joint venture with the Liechtenstein-based Allgemeines Treuunternehmen (ATU), Vaduz. VP Bank Group acquired the entire capital of VP Bank (BVI) Ltd (note 46), and the remaining participations were transferred to ATU.

in CHF 1,000	2014	2013 1	Variance absolute	Variance in %
Interest income		1	–1	–100.0
Interest expense		55	–55	–100.0
Total interest income	0	–54	54	–100.0
Commission income		6,014	–6,014	–100.0
Commission expense		591	–591	–100.0
Total income from commission business and services	0	5,423	–5,423	–100.0
Trading income		–1	1	–100.0
Income from financial investments		–1	1	–100.0
Other income		180	–180	–100.0
Total operating income	0	5,547	–5,547	–100.0
Personnel expense		2,084	–2,084	–100.0
General and administrative expenses		943	–943	–100.0
Operating expenses	0	3,027	–3,027	–100.0
Gross profit	0	2,520	–2,520	–100.0
Depreciation and amortisation		1	–1	–100.0
Valuation allowances, provisions and losses		2	–2	–100.0
Pre-tax profit from discontinued operations	0	2,517	–2,517	–100.0
Taxes on income		150	–150	–100.0
Group net income from discontinued operations	0	2,367	–2,367	–100.0


in CHF 1,000	2014	2013 1	Variance absolute	Variance in %
Attributable to:
Shareholders of VP Bank Ltd, Vaduz	0	1,799	–1,799	–100.0
Non-controlling interests		568	–568	–100.0

Gain on disposal of discontinued operations		595	–595	–100.0
Total Group net income from discontinued operations	0	2,962	–2,962	–100.0
The current income from discontinued operations in 2013 represents the results for the period from 1 January to 22 August 2013.Conversely, the non-controlling interests in VP Bank (BVI) Ltd, Tortola, were acquired (note 46).


in CHF 1,000			2014	2013
Earnings per share in CHF
Undiluted Group net income per bearer share from discontinued operations			0.00	0.41
Undiluted Group net income per registered share from discontinued operations			0.00	0.04
Diluted Group net income per bearer share from discontinued operations			0.00	0.41
Diluted Group net income per registered share from discontinued operations			0.00	0.04

Net cash flows from discontinued operations
Net cash flow from operating activities			0	2,636
Net cash flow from investing activities			0	0
Net cash flow from financing activities			0	–64
Net outflow of cash and cash equivalents			0	2,572

46 Material changes to non-controlling interests
VP Bank (BVI) Ltd, Tortola
Date of acquisition	22/08/2013
Non-controlling interests acquired	40%
Shareholding after acquisition	100%
Additional payment for non-controlling interests (in CHF 1,000) 1	15,300
Carrying value of non-controlling interests (in CHF 1,000)	17,646
Excess of capital (in CHF 1,000) 2	2,346
This additional payment of VP Bank Group encompasses the complete acquisition of VP Bank (BVI) Ltd, Tortola, excluding the related sale of other participations to ATU, Vaduz (note 45). The difference between the carrying value of the non-controlling interests at the date of the transaction and the purchase price was recorded as a capital excess in shareholders‘ equity attributable to the shareholders of VP Bank Ltd.

47 Acquisitions in 2013 Asset deal – HSBC Trinkaus & Burkhardt AG, Düsseldorf On 14 July 2013, VP Bank and HSBC Trinkaus & Burkhardt AG, Düsseldorf, agreed that VP Bank was to acquire the private-banking activities of HSBC Trinkaus & Burkhardt (International) SA as well as the investment-fund business of HSBC Trinkaus Investment Managers SA in Luxembourg relating to private banking. The following assets and liabilities were acquired as part of the purchase acquisition:
in CHF 1,000	Carrying value	Step up to fair value	Fair value
Amounts due from banks	451,897		451,897
Amounts due from customers	110,082		110,082
Other intangible assets	0	10,049	10,049
Amounts due to clients	–561,978		–561,978
Deferred tax liabilities	0	–2,937	–2,937
Total net assets	0	7,112	7,112

Net assets acquired			7,112
Bargain purchase			–647
Acquisition cost			6,465

Purchase consideration already settled in cash and cash equivalents			6,465
Purchase consideration to be settled in future in cash and cash equivalents			0
Aggregate purchase price			6,465

Cash and cash equivalents on hand in the acquired businesses			0
Outflow of cash and cash equivalents for the transaction			6,465
Future cash outflow for the transaction			0

The other intangible assets listed relate to existing client relationships of this entity in an amount of some CHF 2.0 billion. These assets will be amortised over five years. The bargain purchase results primarily from the fact that no earn-out agreement was concluded. The gain was recognised in the income statement under the other income items (note 5).

48 Consolidated off-balance-sheet transactions
in CHF 1,000	31/12/2014	31/12/2013
Contingent liabilities
Credit guarantees and similar	41,768	17,827
Performance guarantees and similar	36,435	69,108
Irrevocable commitments	0	0
Other contingent liabilities	0	0
Total contingent liabilities	78,203	86,935

Credit risks
Irrevocable facilities granted	32,985	20,704
Capital subscription and margin obligations	0	0
Commitment credits	0	0
• Liabilities arising from deferred payments	0	0
• Liabilities arising from acceptances	0	0
• Other commitment credits	0	0
Commitments arising from artificial repurchase transactions	0	0
Total credit risks	32,985	20,704

Fiduciary transactions
Fiduciary deposits 1	698,323	664,652
Fiduciary loans	4,992	9,941
Other fiduciary financial transactions	0	0
Total fiduciary transactions	703,315	674,593
Placements that Group companies made with banks outside the scope of consolidation in their own name but at the risk and expense of the client.

Maturity structure
			Maturing within
in CHF 1,000	At sight	1 year	1 to 5 years	Over 5 years	Total
31/12/2014
Contingent liabilities	25,703	24,885	16,906	10,709	78,203
Credit risks	2,672	27,037	1,480	1,796	32,985

31/12/2013
Contingent liabilities	26,849	49,480	8,242	2,364	86,935
Credit risks	1,880	13,235	1,131	4,458	20,704

Securities lending and repurchase and reverse repurchase transactions
in CHF 1,000	31/12/2014	31/12/2013
Accounts receivable arising from cash deposits in connection with securities borrowing and reverse repurchase transactions	0	335,654
Accounts payable arising from cash deposits in connection with securities borrowing and reverse repurchase transactions	0	0
Securities lent out within the scope of securities lending or delivered as collateral within the scope of securities borrowing activities, as well as securities in own portfolio transferred within the framework of repurchase transactions	362,431	360,667
of which securities where the unlimited right to sell on or pledge has been granted	299,546	244,821
Securities received as collateral within the scope of securities lending or borrowed within the scope of securities borrowing activities, as well as received under reverse repurchase transactions, where the unlimited right to resell or repledge has been granted	354,749	719,688
of which securities which have been resold or repledged	57,988	106,593
These transactions were conducted in accordance with conditions which are customary for securities lending and borrowing activities as well as trades for which VP Bank acts as intermediary.

Client assets
in CHF million	2014	2013	Variance in %
Analysis of client assets under management
Assets in self-administered investment funds	5,506.2	5,242.2	5.0
Assets in discretionary asset-management accounts	2,984.8	2,975.9	0.3
Other client assets under management 1	22,448.1	22,167.9	1.3
Total client assets under management (including amounts counted twice)1	30,939.1	30,386.0	1.8
of which: amounts counted twice	1,750.1	1,634.8	7.0

Net new money 2	–850.2	965.0	–188.1

Custody assets	7,614.5	9,003.5	–15.4

Total client assets
Total client assets under management (including amounts counted twice)	30,939.1	30,386.0	1.8
Custody assets	7,614.5	9,003.5	–15.4
Total client assets	38,553.6	39,389.5	–2.1
The prior year‘s comparatives were restated by CHF 0.2 billion. Own debentures are no longer shown as client assets under management. This position in the prior year includes the acquired client assets of HSBC Trinkaus & Burkhardt (International) SA as well as HSBC Trinkaus Investment Managers SA in Luxembourg (note 47) of CHF 2.0 billion.

Classification of client assets under management
in %	31/12/2014	31/12/2013
Analysis by asset class
Liquidity	32	31
Bonds	20	21
Equities	20	21
Investment funds	25	25
Other	3	2
Total	100	100

Analysis by currency
CHF	26	26
EUR	34	37
USD	27	24
Other	13	13
Total	100	100

Calculation method

All client assets that are managed or held for investment purposes for which investment-advisory and asset-management services are provided are considered as client assets under management. In principle, all amounts owed to clients, fiduciary deposits and all assets in security deposits with a value are included therein. The calculation is made on the basis of the provisions of the Liechtenstein Banking Ordinance (Note 3, Point 88a, FL-BankV) and the internal guidelines of VP Bank Group.

Assets in self-administered investment funds

This item contains the assets of all administered investment funds of VP Bank Group.

Assets in discretionary asset-management accounts

The assets in discretionary asset-management accounts encompass securities, uncertificated securities, precious metals, fiduciary deposits placed with third parties valued at market value and client deposits. The data include both assets deposited with Group companies and with third parties which are the object of a discretionary asset-management agreement with a Group company.

Other client assets under management

Other client assets under management encompass securities, uncertificated securities, precious metals, fiduciary deposits placed with third parties valued at market value and client deposits. The data encompass assets which are the object of an administration or advisory mandate.

Amounts counted twice

This item encompasses unit shares in self-administered investment funds which are in client portfolios subject to a discretionary asset-management agreement and other security deposits of clients.

Net new money inflows/outflows

This item comprises the acquisition of new clients, lost clients and inflows or outflows from existing clients. Performance-related changes in assets such as share price movements, interest and dividend payments, as well as interest charged to clients, are not considered as inflows and outflows. Acquisition-related changes in assets are presented separately.

Custody assets

Assets held exclusively for the purposes of trading and custody for which the involvement of VP Bank Group is limited to custodian and collection activities.

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Notes to the consolidated income statement and consolidated balance sheet

34 Litigation

41 Retirement pension plans

43 Employee stock-ownership plan

45 Discontinued operations