in CHF 1,000 | 31.12.2016 | 31.12.2015 |
|---|---|---|
Contingent liabilities |
|
|
Credit guarantees and similar | 28,842 | 34,761 |
Performance guarantees and similar | 85,788 | 25,760 |
Irrevocable commitments | 0 | 0 |
Other contingent liabilities | 0 | 0 |
Total contingent liabilities | 114,630 | 60,521 |
|
|
|
Credit risks |
|
|
Irrevocable facilities granted | 45,426 | 47,922 |
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 | 45,426 | 47,922 |
|
|
|
Fiduciary transactions |
|
|
Fiduciary deposits1 | 728,681 | 648,924 |
Fiduciary loans | 0 | 0 |
Other fiduciary financial transactions | 0 | 10,874 |
Total fiduciary transactions | 728,681 | 659,798 |
- 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 |
31.12.2016 |
|
|
|
|
|
Contingent liabilities | 23,816 | 9,658 | 16,270 | 64,886 | 114,630 |
Credit risks | 2,250 | 39,057 | 2,618 | 1,501 | 45,426 |
|
|
|
|
|
|
31.12.2015 |
|
|
|
|
|
Contingent liabilities | 31,537 | 8,559 | 18,385 | 2,040 | 60,521 |
Credit risks | 3,529 | 37,796 | 4,902 | 1,694 | 47,922 |
Securities lending and repurchase and reverse repurchase transactions | ||
in CHF 1,000 | 31.12.2016 | 31.12.2015 |
|---|---|---|
Accounts receivable arising from cash deposits in connection with securities borrowing and reverse repurchase transactions | 1,256 | 210,262 |
Accounts payable arising from cash deposits in connection with securities borrowing and reverse repurchase transactions | 50,883 | 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 | 478,910 | 399,728 |
of which securities where the unlimited right to sell on or pledge has been granted | 410,780 | 333,459 |
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 | 426,254 | 643,207 |
of which securities which have been resold or repledged | 68,130 | 66,269 |
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 | 31.12.2016 | 31.12.2015 | Variance | Variance |
|---|---|---|---|---|
Analysis of client assets under management |
|
|
|
|
Assets in self-administered investment funds | 5,813.4 | 5,905.1 | –91.7 | –1.6 |
Assets in discretionary asset management accounts | 3,439.1 | 3,365.4 | 73.7 | 2.2 |
Other client assets under management | 26,501.4 | 25,498.2 | 1,003.2 | 3.9 |
Total client assets under management1 | 35,753.9 | 34,768.7 | 985.2 | 2.8 |
of which amounts counted twice | 1,972.4 | 1,797.3 | 175.0 | 9.7 |
|
|
|
|
|
Change of assets under management |
|
|
|
|
Total client assets under management (including amounts counted twice) | 34,768.7 | 30,939.1 | 3,829.6 | 12.4 |
of which net new money | 7.4 | –658.0 | 665.4 | n.a. |
of which change in market value | 977.8 | –2,215.9 | 3,193.8 | n.a. |
of which other effects1 | 0.0 | 6,703.5 | –6,703.5 | –100.0 |
Total client assets under management | 35,753.9 | 34,768.7 | 985.2 | 2.8 |
|
|
|
|
|
Custody assets2, 3 | 5,790.4 | 6,592.3 | –801.9 | –12.2 |
|
|
|
|
|
Total client assets |
|
|
|
|
Total client assets under management (including amounts counted twice)1 | 35,753.9 | 34,768.7 | 985.2 | 2.8 |
Custody assets2, 3 | 5,790.4 | 6,592.3 | –801.9 | –12.2 |
Total client assets | 41,544.3 | 41,361.0 | 183.4 | 0.4 |
|
|
|
|
|
Net new money1 | 7.4 | 6,045.5 | –6,038.1 | n.a. |
- Acquired client relationships (note 45) of CHF 6.7 billion are included in this position in 2015.
- Acquired client relationships (note 45) of CHF 0.4 billion are included in this position in 2015.
- During the closing operations we determined that the published custody assets as per 31 December 2015 were overvalued by CHF 1.6 billion. The figures were restated accordingly.
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-BankO) 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/outfl ows
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. If the service provided changes and if assets under management are reclassified as assets held for custody purposes, or vice versa, this will generally be recognised, respectively, as an outflow or inflow of new client assets. In 2016, net new money includes reclassifications amounting to CHF 25.1 million (2015: CHF 0).
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.