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Interest rate benchmark reform | 6 Months Ended
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Jun. 30, 2023
Disclosure Of Interest Rate Benchmark Reform [Line Items] |
Disclosure of how entity is managing transition to alternative benchmark rates, its progress at reporting date and risks to which it is exposed arising from financial instruments because of transition [text block] | Note 14 Interest rate benchmark reform During 2023, the Group has largely completed the transition of the remaining USD London Interbank Offered Rate (LIBOR) contracts. The transition of the largest remaining non-derivative exposure, the US mortgage portfolio of approximately USD 9 bn as of 31 December 2022 (excluding an insignificant amount related to Credit Suisse US mortgages), had been substantially completed as of 30 June 2023, with these contracts automatically converting to term Secured Overnight Financing Rate (SOFR) from their next interest rate reset date following the cessation of the respective USD LIBOR rates, i.e., 30 June 2023. Corporate loans granted by the Investment Bank and the Investment Bank (Credit Suisse), as well as Wealth Management (Credit Suisse), have now either been transitioned to alternative rates or are temporarily utilizing the last available USD LIBOR fixing to complete transition, with approximately USD 2 bn (predominantly attributable to positions acquired through the acquisition of the Credit Suisse Group) relying on synthetic LIBOR rates. The Group will continue to focus on the transition of the remaining synthetic LIBOR rate exposures to alternative rates throughout the remainder of 2023. In August 2022, to facilitate the transition of derivatives linked to the USD LIBOR Swap Rate, the Group adhered to the June 2022 Benchmark Module of the ISDA 2021 Fallbacks Protocol on the USD LIBOR Swap Rate. The majority of these contracts had transitioned as of 30 June 2023, with a small number of contracts transitioned in July 2023.The transition of USD LIBOR-cleared derivatives has been effected through industry-wide central clearing counterparty conversion events that occurred primarily in April and May 2023. As of 30 June 2023, the transition of these USD LIBOR-linked derivatives has been materially accomplished. The Group has approximately USD 6 bn equivalent of yen-, pounds sterling- and US dollar-denominated publicly issued benchmark bonds (including approximately USD 3 bn of benchmark notes assumed by UBS Group AG as a result of the acquisition of the Credit Suisse Group) that, per current contractual terms, if not called on their respective call dates, would reset based directly on JPY LIBOR, GBP LIBOR, and USD LIBOR, respectively. In addition, certain benchmark bonds publicly issued by the Group reference rates indirectly derived from IBORs, if they are not called on their respective call dates. These bonds have robust fallback language and the confirmation of interest rate calculation mechanics will be communicated in advance of any rate resets.

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- Definition The disclosure of how the entity is managing the transition to alternative benchmark rates, its progress at the reporting date and the risks to which it is exposed arising from financial instruments because of the transition. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2022-03-24 -Paragraph 24J -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_24J_a&doctype=Standard -URIDate 2022-03-24 + Details
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. + References No definition available. + Details
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