Notes to the consolidated income statement and consolidated balance sheet

1 Interest income
in CHF 1,000	01.01.–30.06.2015 audited	01.01.–30.06.2014 unaudited	Variance absolute	Variance in %
Interest and discount income	90	32	58	181.3
Interest income from banks	6,077	6,383	–306	–4.8
Interest income from customers	37,343	33,725	3,618	10.7
Interest income from financial instruments measured at amortised cost	8,037	7,385	652	8.8
Interest-rate instruments	–4,394	–8,355	3,961	47.4
Hedge accounting	–65	0	–65	n.a.
Loan commissions with the character of interest	583	382	201	52.6
Total interest income	47,671	39,552	8,119	20.5
Interest expenses on amounts due to banks	124	75	49	65.3
Interest expenses on amounts due to customers	1,974	3,893	–1,919	–49.3
Interest expenses on medium-term notes	986	1,340	–354	–26.4
Interest expenses on debentures issued	2,975	2,734	241	8.8
Total interest expenses	6,059	8,042	–1,983	–24.7
Net interest income	41,612	31,510	10,102	32.1

Fair-value hedges
Movements arising from hedges	–1,936	0	–1,936	n.a.
Micro fair-value hedges	–1,936	0	–1,936	n.a.
Portfolio fair-value hedges	0	0	0	n.a.
Movements in underlying transactions	1,871	0	1,871	n.a.
Micro fair-value hedges	1,871	0	1,871	n.a.
Portfolio fair-value hedges	0	0	0	n.a.

Cash-flow hedges1
Result of effectively hedged cash-flow hedges (only ineffective portion)	0	0	0	n.a.

Total hedge accounting	–65	0	–65	n.a.
1 Cash-flow hedge accounting as well as portfolio fair-value hedges were employed in neither the current nor the prior-year period.

2 Income from commission business and services
in CHF 1,000	01.01.–30.06.2015 audited	01.01.–30.06.2014 unaudited	Variance absolute	Variance in %
Commission income from credit business	350	492	–142	–28.9
Asset management and investment business1	24,472	19,368	5,104	26.4
Brokerage fees	19,832	20,542	–710	–3.5
Securities account fees	9,032	7,435	1,597	21.5
Fund management fees	27,591	32,066	–4,475	–14.0
Fiduciary commissions	446	277	169	61.0
Commission income from other services	8,712	8,091	621	7.7
Total income from commission business and services	90,435	88,271	2,164	2.5
Brokerage expenses	2,655	2,953	–298	–10.1
Other commission- and service-related expenses	21,842	25,265	–3,423	–13.5
Total expenses from commission business and services	24,497	28,218	–3,721	–13.2
Net income from commission business and services	65,938	60,053	5,885	9.8
1 Income securities processing, asset management commissions, investment advisory, all-in fees, securities lending and borrowing.

3 Income from trading activities
in CHF 1,000	01.01.–30.06.2015 audited	01.01.–30.06.2014 unaudited	Variance absolute	Variance in %
Securities trading1	–930	–2,573	1,643	n.a.
Interest income from trading portfolios	8	0	8	n.a.
Dividend income from trading portfolios	0	0	0	n.a.
Foreign currency	21,658	13,528	8,130	60.1
Banknotes, precious metals and other	–967	682	–1,649	–241.8
Net income from trading activities	19,769	11,637	8,132	69.9

The results from derivatives for risk minimisation are included in this item.

4 Income from financial instruments
in CHF 1,000	01.01.–30.06.2015 audited	01.01.–30.06.2014 unaudited	Variance absolute	Variance in %
Income from financial instruments at fair value	–516	6,778	–7,294	–107.6
Income from financial instruments measured at amortised cost	–5,189	94	–5,283	n.a.
Total income from financial instruments	–5,705	6,872	–12,577	–183.0

Income from financial instruments at fair value
Results from FVTPL assets	–4,712	3,302	–8,014	–242.7
Interest income from FVTPL financial instruments	3,051	2,197	854	38.9
Dividend income from FVTPL financial instruments	379	365	14	3.8
Dividend income from FVTOCI financial instruments	766	914	–148	–16.2
thereof from FVTOCI financial instruments sold	0	0	0	n.a.
Income from liabilities designated at fair value	0	0	0	n.a.
Total	–516	6,778	–7,294	–107.6

Income from financial instruments measured at amortised cost
Income from financial instruments	–4,107	231	–4,338	n.a.
Realised gains on financial instruments	–1,082	–137	–945	n.a.
Total	–5,189	94	–5,283	n.a.

5 Other income
in CHF 1,000	Note	01.01.–30.06.2015 audited	01.01.–30.06.2014 unaudited	Variance absolute	Variance in %
Income from real estate		–182	81	–263	n.a.
Gains of associated companies		–12	15	–27	–180.0
Miscellaneous other income		1,114	377	737	195.5
Bargain purchase arising upon acquisition	17	49,982	0	49,982	n.a.
Total other income		50,902	473	50,429	n.a.

6 Personnel expenses
in CHF 1,000	01.01.–30.06.2015 audited	01.01.–30.06.2014 unaudited	Variance absolute	Variance in %
Salaries and wages	52,506	49,487	3,019	6.1
Social contributions required by law	4,480	4,170	310	7.4
Contributions to pension plans / defined-benefit plans	7,739	5,558	2,181	39.2
Contributions to pension plans / defined-contribution plans	622	461	161	34.9
Other personnel expenses	1,884	1,974	–90	–4.6
Total personnel expenses	67,231	61,650	5,581	9.1

7 General and administrative expenses
in CHF 1,000	01.01.–30.06.2015 audited	01.01.–30.06.2014 unaudited	Variance absolute	Variance in %
Occupancy expenses	4,600	3,912	688	17.6
Insurance	423	451	–28	–6.2
Professional fees	6,267	4,494	1,773	39.5
Financial information procurement	3,322	2,655	667	25.1
Telecommunication and postage	677	503	174	34.6
IT systems	9,875	6,415	3,460	53.9
Marketing and public relations	1,917	1,646	271	16.5
Capital taxes	102	46	56	121.7
Other general and administrative expenses	2,365	2,710	–345	–12.7
Total general and administrative expenses	29,548	22,832	6,716	29.4

8 Depreciation and amortisation
in CHF 1,000	01.01.–30.06.2015 audited	01.01.–30.06.2014 unaudited	Variance absolute	Variance in %
Depreciation and amortisation of property and equipment	5,768	5,353	415	7.8
Amortisation of intangible assets	13,292	9,358	3,934	42.0
Total depreciation and amortisation	19,060	14,711	4,349	29.6

9 Valuation allowances, provisions and losses
in CHF 1,000	01.01.–30.06.2015 audited	01.01.–30.06.2014 unaudited	Variance absolute	Variance in %
Credit risks	4,188	961	3,227	n.a.
Legal and litigation risks	425	–1,035	1,460	141.1
Other1	12,791	419	12,372	n.a.
Total valuation allowances, provisions and losses	17,404	345	17,059	n.a.
1 Includes restructuring provisions in connection with the Centrum Bank merger, of which CHF 8.2 million for cancellation of an outsourcing contract and CHF 4.1 million for employees (e.g. social plan).

10 Taxes on income
in CHF 1,000	01.01.–30.06.2015 audited	01.01.–30.06.2014 unaudited	Variance absolute	Variance in %
Total current taxes	1,384	779	605	77.7
Total deferred taxes	–3,051	–905	–2,146	–237.1
Total taxes on income	–1,667	–126	–1,541	n.a.

11 Earnings per share
	30.06.2015 audited	30.06.2014 unaudited
Consolidated earnings per share of VP Bank Ltd, Vaduz
Net income (in CHF 1,000)	40,940	11,133
Weighted average of bearer shares	5,827,792	5,208,917
Weighted average of registered shares	5,960,344	5,974,079
Total weighted average number of bearer shares	6,423,826	5,806,325
Undiluted consolidated earnings per bearer share	6.37	1.92
Undiluted consolidated earnings per registered share	0.64	0.19

Fully diluted consolidated earnings per share of VP Bank Ltd, Vaduz
Net income (in CHF 1,000)	40,940	11,133
Adjusted consolidated net income (in CHF 1,000)	40,940	11,133
Number of shares used to compute the fully diluted consolidated net income	6,423,826	5,806,325
Fully diluted consolidated earnings per bearer share	6.37	1.92
Fully diluted consolidated earnings per registered share	0.64	0.19

12 Debentures, VP Bank Ltd, Vaduz (audited)
in CHF 1,000						30.06.2015	31.12.2014
Year of issue	ISIN	Interest rate in %	Currency	Maturity	Nominal amount	Total	Total
2010	CH0112734469	2.5	CHF	27.05.2016	187,0001	186,105	199,370
2015	CH0262888933	0.5	CHF	07.04.2021	100,000	100,400	0
2015	CH0262888941	0.875	CHF	07.10.2024	100,000	100,503	0
Total debentures capital					387,000	387,008	199,370
1 In 2015, VP Bank Ltd redeemed, on the free market, debentures of a nominal value of CHF 13 million in compliance with the debentures' terms of issue. The debentures so redeemed were cancelled.
Debt securities issued are recorded at fair value plus transaction costs upon initial recognition. Fair value corresponds to the consideration received. Subsequently, they are remeasured at amortised cost. The difference between issue price and redemption price of the security is amortised over the duration of the debt security using the effective interest method (2.73 per cent debenture 2016; 0.43 per cent debenture 2021; 0.82 per cent debenture 2024).

13 Share capital (audited)
	No. of shares 30.06.2015	Nominal CHF 30.06.2015	No. of shares 31.12.2014	Nominal CHF 31.12.2014
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	6,015,000	60,150,000	5,314,347	53,143,470
Total share capital		66,154,167		59,147,637
All shares are fully paid up. The shareholders of VP Bank present at the extraordinary general meeting of VP Bank held on Friday, 10 April 2015, approved all motions submitted by the Board of Directors. On the occasion of the takeover of Centrum Bank by VP Bank, it was agreed that Marxer Stiftung für Bank- und Unternehmenswerte, as the previous sole shareholder of Centrum Bank, will participate in the capital of VP Bank to the extent of the countervalue of the sales price (note 17). As neither the corresponding number of shares was freely available on the market nor were there sufficient bearer shares in the Bank's own shareholdings, the Board of Directors resolved to undertake a corresponding capital increase excluding the right of subscription thereto of the existing shareholders. The extraordinary general meeting approved an increase in share capital of CHF 7,006,530.00 as well as the issuance of 700,653 bearer shares of a par value of CHF 10.00 with entitlement to a dividend as from the date of issuance. Following the capital increase as part of the merger, there resulted a new balance of 6,015,000 bearer shares, and the total share capital of the Bank now amounts to CHF 66,154,167.00.

14 Treasury shares (audited)
	No. of shares 30.06.2015	in CHF 1,000 30.06.2015	No. of shares 31.12.2014	in CHF 1,000 31.12.2014
Registered shares at the beginning of the financial year	209	2	30,659	377
Purchases	1,433	11	10,050	76
Sales	–10	–1	–40,500	–451
Balance of registered shares as of balance-sheet date1	1,632	12	209	2

Bearer shares at the beginning of the financial year	111,634	21,015	107,795	25,526
Purchases	2,868	226	88,043	7,710
Sales2	–112,194	–21,053	–84,204	–12,221
Balance of bearer shares as of balance-sheet date	2,308	188	111,634	21,015
1 1 On 18 June 2015 , VP Bank Ltd announced a public fixed-price bid for the acquisition of a maximum of 300 ,750 bearer shares at a price of CHF 84.00 and a maximum of 300 ,208 registered shares at a price of CHF 8.40. The maximum amount to be paid under this bid amounts to CHF 27.8 million and is deducted from its own shares. In the table above , these shares are not disclosed , as they are not yet in the possession of VP Bank Ltd. 2 2 Included therein are 55 ,302 bearer shares which were used as part of the acquisition of Centrum Bank.

15 Dividend (audited)
	2015	2014
Approved and paid dividend of VP Bank Ltd, Vaduz
Dividend (in CHF 1,000) for the financial year 2014 (2013)	19,846	20,702
Dividend per bearer share	3.00	3.50
Dividend per registered share	0.30	0.35
Payout ratio (in %)	n.a.	53.2

16 Financial instruments (audited) 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. Fair value equates to the price that would be realised in an orderly transaction between market participants at the date of measurement upon sale of the asset or would be paid in transferring the liability.
in CHF million	Carrying value 30.06.2015	Fair value 30.06.2015	Variance	Carrying value 31.12.2014	Fair value 31.12.2014	Variance
Assets
Cash and cash equivalents	1,927	1,927	0	1,927	1,927	0
Receivables arising from money-market paper	20	20	0	22	22	0
Due from banks	3,599	3,600	1	3,282	3,283	1
Due from customers	4,922	5,081	159	4,264	4,390	126
Trading portfolios	0	0	0	0	0	0
Derivative financial instruments	28	28	0	56	56	0
Financial instruments at fair value	512	512	0	371	371	0
Financial instruments measured at amortised cost	1,368	1,378	10	1,074	1,099	25
Subtotal			170			152

Liabilities
Due to banks	269	269	0	304	304	0
Due to customers	10,562	10,568	–6	9,446	9,436	10
Derivative financial instruments	71	71	0	46	46	0
Medium-term notes	217	223	–6	193	198	–5
Debenture issue	387	392	–5	199	207	–8
Subtotal			–17			–3

Total variance			153			149
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 amounts 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 the structured credit notes) 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, 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 inputs consist mainly of funds for which a mandatory net asset value is not published at least on a quarterly basis. The fair value of these positions is typically measured through independent expert appraisals based on the amount of future distributions of fund shares or corresponds to the purchase cost of the securities less any possible impairment.

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 not based on market data Level 3	Total
Assets 30.06.2015
Cash and cash equivalents		1,927		1,927
Receivables arising from money-market paper	20			20
Due from banks		3,600		3,600
Due from customers		5,081		5,081
Trading portfolios		0		0
Derivative financial instruments		28		28
Financial instruments at fair value	483	26	3	512
Financial instruments measured at amortised cost	1,378			1,378

Liabilities 30.06.2015
Due from banks		269		269
Due from customers		10,568		10,568
Derivative financial instruments		71		71
Medium-term notes		223		223
Debenture	392			392
In the financial year 2015, positions with a fair value of CHF 0.0 million (2014: 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 0.0 million (2014: CHF 4.3 million) were reclassified from Level 2 to Level 3 (valuation methods not based on market data). 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).

in CHF million at fair value	Quoted market prices Level 1	Valuation methods based on market data Level 2	Valuation methods not 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 measured at amortised cost	1,099			1,099

Liabilities 31.12.2014
Due from banks		304		304
Due from customers		9,436		9,436
Derivative financial instruments		46		46
Medium-term notes		198		198
Debenture	207			207

Level 3 financial instruments in CHF million	30.06.2015	31.12.2014
Balance sheet
Holdings at the beginning of the year	4.5	4.1
Investments	0.4	0.0
Disposals	0.0	0.0
Issues	0.0	0.0
Redemptions	–0.1	–2.8
Losses recognised in the income statement	–0.6	0.0
Losses recognised as other comprehensive income	–1.6	–1.5
Gains recognised in the income statement	0.0	0.0
Gains recognised as other comprehensive income	0.6	0.5
Reclassification to Level 3	0.0	4.3
Reclassification from Level 3	0.0	0.0
Translation differences	0.0	0.0
Total book value at balance-sheet date	3.2	4.5


Level 3 financial instruments in CHF million	30.06.2015	31.12.2014
Income on holdings on balance-sheet date
Unrealised losses recognised in the income statement	–0.6	0.0
Unrealised losses recognised as other comprehensive income	–1.7	–1.5
Unrealised gains recognised in the income statement	0.0	0.0
Unrealised gains recognised as other comprehensive income	0.6	0.5
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 30 June 2014 or 31 December 2014. Fair value sensitivity of Level 3 financial instruments Changes in net asset values of investment funds lead to corresponding changes in the fair value of these financial instruments. A reasonable change in the basic assumptions or estimated value has no material impact on profit and loss or other comprehensive income or on VP Bank's shareholders' equity.

17 Acquisitions (audited) VP Bank Group continues to pursue the strategy of growth through acquisition. Following receipt of the regulatory approval of the Financial Market Authority (FMA) Liechtenstein, VP Bank Ltd, Vaduz, acquired the entire share capital of Centrum Bank AG, Vaduz, as of 7 January 2015. Centrum Bank AG, Vaduz, thus became a 100-per cent owned subsidiary company of VP Bank Ltd, Vaduz. The legal merger between VP Bank Ltd and Centrum Bank AG was consummated on 30 April 2015. Marxer Stiftung für Bank- und Unternehmenswerte participated in the capital of VP Bank to the equivalent amount. VP Bank Group thereby welcomes a further anchor shareholder in this reliable and long-term-oriented Liechtenstein family. The following assets and liabilities were acquired as part of the merger (provisional):
in CHF 1,000	Fair value
Amounts due from banks and clients	1,487,633
Financial instruments	294,924
Software	5,720
Other intangible assets	34,045
Deferred tax assets	5,179
All other assets	129,570
Total assets	1,957,071
Amounts due to banks and clients	–1,790,650
Deferred tax liabilities	–9,360
Provisions	–185
All other liabilities	–37,650
Total debt capital	–1,837,845
Total net assets	119,226

Net assets acquired1	119,226

Purchase price settled in cash and cash equivalents	3,854
Purchase price settled in shares of VP Bank (755,955 bearer shares at the price (as per 07.01.2015) of CHF 86.50)	65,390
Purchase consideration	69,244

Bargain purchase arising from acquisition	–49,982

Cash and cash equivalents on hand in the company acquired	352,241
Purchase consideration settled in cash and cash equivalents	–3,854
Cash inflow arising from the transaction	348,387
1 The determination of the fair values of assets acquired, in particular of the intangible assets, as well as of liabilities assumed, could not yet be definitively completed as of the balance-sheet date.
Assets under management of CHF 6.7 billion and custody assets of CHF 0.4 billion were taken over as part of the acquisition. The transaction gave rise to a “bargain purchase” of TCHF 49,982 as well as intangible assets (client relationships) of TCHF 34,045. The client relationships will be amortised over 10 years. The costs of the transaction incurred in the reporting period (advisory, legal, auditing, valuation costs, etc.) amount to CHF 2.1 million and are recognised in general and administrative expenses (note 7) (financial year 2014: CHF 1.2 million). The costs for the capital increase accompanying the transaction, in compliance with IFRS, were not taken to income but charged to capital reserves and amount to CHF 0.5 million for the current period. The resulting “bargain purchase” can be ascribed in particular to two specific reasons. On the one hand, it must be taken into consideration that the whole restructuring and integration costs in connection with this transaction are borne by VP Bank. On the other hand, the fact that the seller has become an anchor shareholder in VP Bank in an equivalent amount is also to be taken into account. The market values underlying the sales price of the bearer shares are significantly lower than the intrinsic value of the bearer share.
The bearer shares of VP Bank have been traded on the stock exchange at a price under their carrying value. The undervaluation is most probably linked to the capital structure of VP Bank (bearer and registered shares with differing voting and capital shares). Both effects combined led to the disclosed “bargain purchase”. The latter was taken to income under “Other income” (note 5). Centrum Bank was merged with VP Bank Ltd on 30 April 2015 and fully integrated into VP Bank, Vaduz. Because of the merger of the various organisational units, it is not always possible to show the impact of the acquired company on the profit and loss account.

Consolidated off-balance-sheet positions (audited)
in CHF 1,000	30.06.2015	31.12.2014
Total contingent liabilities	52,784	78,203
Irrevocable facilities granted	49,879	32,985
Total fiduciary transactions	682,533	703,315
Contract volumes of derivative financial instruments	4,122,572	3,758,237

Securities lending and repurchase and reverse-repurchase transactions with securities
Amounts receivable arising from cash deposits in connection with securities borrowing and reverse-repurchase transactions	312,058	0
Amounts payable arising from cash deposits in connection with securities lending and 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	300,030	362,431
of which securities where the unlimited right to sell on or pledge has been granted	250,303	299,546
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 sell on or further pledge has been granted	592,634	354,749
of which securities which have been resold or repledged	49,674	57,988
These transactions were conducted under 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	30.06.2015 audited	31.12.2014 audited	Variance absolute	Variance in %
Analysis of client assets under management
Assets in self-administered investment funds	5,653.7	5,506.2	147.5	2.7
Assets in discretionary asset management accounts	3,707.1	2,984.8	722.3	24.2
Other client assets under management1	25,221.5	22,448.1	2,773.4	12.4
Total client assets under management (including amounts counted twice)1	34,582.3	30,939.1	3,643.2	11.8
of which amounts counted twice	1,885.7	1,750.1	135.6	7.7

Custody assets1	7,637.4	7,614.5	22.9	0.3

Total client assets
Total client assets under management (including amounts counted twice)	34,582.3	30,939.1	3,643.2	11.8
Custody assets	7,637.4	7,614.5	22.9	0.3
Total client assets	42,219.7	38,553.6	3,666.1	9.5

in CHF million	01.01.–30.06.2015 audited	01.01.–30.06.2014 unaudited	Variance absolute	Variance in %
Net new money2	6,154.8	235.5	5,919.3	n.a.
1 Included in this position are acquired client relationships (note 17) of CHF 0.4 billion. 2 Included in this position are acquired client relationships (note 17) of CHF 6.7 billion.

Capital-adequacy computation (audited)
in CHF 1,000	30.06.2015 Basel III	31.12.2014 Basel II
Core capital (unadjusted)	912,645	858,404
Eligible core capital (tier 1)	908,787	860,618
Eligible core capital (adjusted)	908,776	860,523
Total required equity	539,199	336,320

Tier 1 ratio	21.9%	20.5%

Valuation methods for financial instruments (continued)

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Notes to the consolidated income statement and consolidated balance sheet

Notes to the consolidated income statement and consolidated balance sheet