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Fair value measurement | 6 Months Ended
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Jun. 30, 2021
Disclosure Of Fair Value Measurement [Line Items] |
Disclosure Of Fair Value Measurement Explanatory | Note 8 Fair value measurement This Note provides fair value measurement information for both financial and non-financial instruments and should be read in conjunction with “Note 21 Fair value measurement” in the “Consolidated financial statements” section of the Annual Report 2020, which provides more information about valuation principles, valuation governance, fair value hierarchy classification, valuation adjustments, valuation techniques and inputs, sensitivity of fair value measurements, and methods applied to calculate fair values for financial instruments not measured at fair value. › Refer to the “Balance sheet and off-balance sheet” section of this report for more information about quarter-on-quarter balance sheet movements All financial and non-financial assets and liabilities measured or disclosed at fair value are categorized into one of three fair value hierarchy levels. In certain cases, the inputs used to measure fair value may fall within different levels of the fair value hierarchy. For disclosure purposes, the level in the hierarchy within which the instrument is classified in its entirety is based on the lowest-level input that is significant to the position’s fair value measurement: – Level 1 – quoted prices (unadjusted) in active markets for identical assets and liabilities; – Level 2 – valuation techniques for which all significant inputs are, or are based on, observable market data; or – Level 3 – valuation techniques for which significant inputs are not based on observable market data. a) Fair value hierarchy The fair value hierarchy classification of financial and non-financial assets and liabilities measured at fair value is summarized in the table below. Determination of fair values from quoted market prices or valuation techniques 1 30.6.21 31.3.21 31.12.20 USD million Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value on a recurring basis Financial assets at fair value held for trading 103,684 16,675 2,123 122,482 101,898 16,499 2,179 120,576 107,507 15,553 2,337 125,397 of which: Equity instruments 86,722 1,336 128 88,186 85,242 736 137 86,115 90,307 1,101 171 91,579 Government bills / bonds 8,123 1,776 10 9,910 8,384 1,890 10 10,284 9,028 2,207 10 11,245 Investment fund units 8,048 1,707 18 9,773 7,400 1,602 31 9,033 7,374 1,794 23 9,192 Corporate and municipal bonds 784 8,417 821 10,022 865 9,795 783 11,443 789 8,356 817 9,961 Loans 0 3,115 1,000 4,114 0 2,234 1,052 3,285 0 1,860 1,134 2,995 Asset-backed securities 7 323 147 478 6 242 166 415 8 236 181 425 Derivative financial instruments 795 119,348 1,479 121,622 1,141 145,508 1,633 148,282 795 157,068 1,754 159,617 of which: Foreign exchange contracts 296 49,154 6 49,456 459 70,221 12 70,692 319 68,424 5 68,749 Interest rate contracts 0 38,104 342 38,446 0 39,529 391 39,920 0 50,353 537 50,890 Equity / index contracts 1 28,383 801 29,185 0 31,369 820 32,189 0 33,990 853 34,842 Credit derivative contracts 0 1,739 303 2,043 0 1,914 395 2,309 0 2,008 350 2,358 Commodity contracts 0 1,832 24 1,856 0 2,187 14 2,201 0 2,211 6 2,217 Brokerage receivables 0 23,010 0 23,010 0 24,201 0 24,201 0 24,659 0 24,659 Financial assets at fair value not held for trading 29,125 31,809 4,459 65,393 31,596 33,385 4,206 69,187 40,986 35,435 3,942 80,364 of which: Financial assets for unit-linked investment contracts 21,974 9 8 21,991 21,162 0 3 21,166 20,628 101 2 20,731 Corporate and municipal bonds 88 16,009 333 16,430 98 15,114 334 15,547 290 16,957 372 17,619 Government bills / bonds 6,640 3,331 0 9,971 9,985 3,970 0 13,956 19,704 3,593 0 23,297 Loans 0 5,626 1,087 6,712 0 6,900 1,093 7,993 0 7,699 862 8,561 Securities financing transactions 0 6,203 201 6,404 0 6,811 119 6,930 0 6,629 122 6,751 Auction rate securities 0 0 1,563 1,563 0 0 1,587 1,587 0 0 1,527 1,527 Investment fund units 317 613 120 1,051 263 589 99 951 278 447 105 831 Equity instruments 105 18 594 717 86 0 530 616 86 0 544 631 Other 0 0 554 554 0 0 441 441 0 10 408 418 Financial assets measured at fair value through other comprehensive income on a recurring basis Financial assets measured at fair value through other comprehensive income 2,165 5,611 0 7,775 2,154 5,946 0 8,100 1,144 7,114 0 8,258 of which: Asset-backed securities 0 5,200 0 5,200 0 5,480 0 5,480 0 6,624 0 6,624 Government bills / bonds 2,121 44 0 2,165 2,115 43 0 2,159 1,103 47 0 1,150 Corporate and municipal bonds 44 367 0 411 38 423 0 461 40 444 0 485 Non-financial assets measured at fair value on a recurring basis Precious metals and other physical commodities 5,470 0 0 5,470 5,709 0 0 5,709 6,264 0 0 6,264 Non-financial assets measured at fair value on a non-recurring basis Other non-financial assets 2 0 1 67 68 0 1 247 248 0 1 245 246 Total assets measured at fair value 141,238 196,453 8,129 345,820 142,498 225,540 8,266 376,304 156,696 239,831 8,278 404,805 Determination of fair values from quoted market prices or valuation techniques (continued) 1 30.6.21 31.3.21 31.12.20 USD million Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial liabilities measured at fair value on a recurring basis Financial liabilities at fair value held for trading 27,038 6,216 94 33,348 30,887 6,114 61 37,062 26,888 6,652 55 33,595 of which: Equity instruments 20,826 387 75 21,288 26,190 151 50 26,392 22,519 425 40 22,985 Corporate and municipal bonds 37 4,592 13 4,642 32 4,718 7 4,757 31 4,048 9 4,089 Government bills / bonds 5,727 620 0 6,347 4,168 807 0 4,975 3,642 1,036 0 4,678 Investment fund units 442 581 6 1,028 492 397 3 891 696 1,127 5 1,828 Derivative financial instruments 754 117,983 2,950 121,686 1,404 141,518 3,114 146,036 746 156,884 3,471 161,102 of which: Foreign exchange contracts 280 47,048 59 47,387 541 67,043 54 67,638 316 70,149 61 70,527 Interest rate contracts 0 32,177 526 32,703 0 33,501 546 34,046 0 43,389 527 43,916 Equity / index contracts 9 34,431 1,902 36,342 0 36,614 2,070 38,684 0 38,870 2,306 41,176 Credit derivative contracts 0 2,000 392 2,392 0 2,139 369 2,508 0 2,403 528 2,931 Commodity contracts 0 2,034 51 2,085 0 1,907 59 1,966 0 2,003 24 2,027 Financial liabilities designated at fair value on a recurring basis Brokerage payables designated at fair value 0 39,129 0 39,129 0 45,600 0 45,600 0 38,742 0 38,742 Debt issued designated at fair value 0 60,321 14,744 75,065 0 53,900 12,635 66,535 0 50,273 10,970 61,243 Other financial liabilities designated at fair value 0 30,032 610 30,642 0 28,310 545 28,855 0 29,671 716 30,387 of which: Financial liabilities related to unit-linked investment contracts 0 22,217 0 22,217 0 21,357 0 21,357 0 20,975 0 20,975 Securities financing transactions 0 6,181 3 6,184 0 5,651 0 5,651 0 7,317 0 7,317 Over-the-counter debt instruments 0 1,550 592 2,142 0 1,261 526 1,787 0 1,363 697 2,060 Total liabilities measured at fair value 27,791 253,679 18,398 299,869 32,291 275,442 16,355 324,088 27,635 282,222 15,212 325,069 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are not included in this table. The fair value of these derivatives was not material for the periods presented. 2 Other non-financial assets primarily consist of properties and other non-current assets held for sale, which are measured at the lower of their net carrying amount or fair value less costs to sell. b) Valuation adjustments and other items The table below summarizes the valuation adjustment reserves recognized on the balance sheet. Details about each category are provided further below. Valuation adjustment reserves on the balance sheet As of Life-to-date gain / (loss), USD million 30.6.21 31.3.21 31.12.20 Deferred day-1 profit or loss reserves 405 387 269 Own credit adjustments on financial liabilities designated at fair value (278) (400) (381) CVAs, FVAs, DVAs and other valuation adjustments (956) (977) (959) Deferred day-1 profit or loss reserves The table below summarizes the changes in deferred day-1 profit or loss reserves during the relevant period. Deferred day-1 profit or loss is generally released into Other net income from financial instruments measur ed at fair value through profit or loss when pricing of equivalent products or the underlying parameters become observable or when the transaction is closed out. Deferred day-1 profit or loss reserves For the quarter ended Year-to-date USD million 30.6.21 31.3.21 30.6.20 30.6.21 30.6.20 Reserve balance at the beginning of the period 387 269 194 269 146 Profit / (loss) deferred on new transactions 97 181 121 278 239 (Profit) / loss recognized in the income statement (79) (63) (72) (142) (141) Foreign currency translation 0 (1) 0 (1) (1) Reserve balance at the end of the period 405 387 243 405 243 Own credit The valuation of financial liabilities designated at fair value requires consideration of the own credit component of fair value. Own credit risk is reflected in the valuation of UBS’s fair value option liabilities where this component is considered relevant for valuation purposes by UBS’s counterparties and other market participants. However, own credit risk is not reflected in the valuation of UBS’s liabilities that are fully collateralized or for other obligations for which it is established market practice to not include an own credit component. A description of UBS’s methodology to estimate own credit and the related accounting principles is included in “Note 21 Fair value measurement” in the “Consolidated financial statements” section of the Annual Report 2020. In the second quarter of 2021, other comprehensive income related to own credit on financial liabilities designated at fair value was positive USD 118 million, primarily due to a widening of UBS’s credit spreads. Own credit adjustments on financial liabilities designated at fair value Included in Other comprehensive income For the quarter ended Year-to-date USD million 30.6.21 31.3.21 30.6.20 30.6.21 30.6.20 Recognized during the period: Realized gain / (loss) (5) (6) 8 (11) 9 Unrealized gain / (loss) 123 (23) (1,103) 100 53 Total gain / (loss), before tax 118 (29) (1,095) 89 62 As of USD million 30.6.21 31.3.21 30.6.20 Recognized on the balance sheet as of the end of the period: Unrealized life-to-date gain / (loss) (278) (400) (31) Credit, funding, debit and other valuation adjustments A description of UBS’s methodology for estimat ing credit valuation adjustment s (CVA s ), funding valuation adjustments (FVAs), debit valuation adjustments (DVAs) and other valuation adjustments is included in “Note 21 Fair value measurement” in the “Consolidated financial statements” section of the Annual Report 2020. In the second quarter of 2021, other valuation adjustments for liquidity decreased, primarily due to lower observed levels of risk across portfolios during the quarter. Valuation adjustments on financial instruments As of Life-to-date gain / (loss), USD million 30.6.21 31.3.21 31.12.20 Credit valuation adjustments 1 (51) (53) (66) Funding valuation adjustments (58) (58) (73) Debit valuation adjustments 1 1 0 Other valuation adjustments (848) (867) (820) of which: liquidity (327) (356) (340) of which: model uncertainty (521) (511) (479) 1 Amounts do not include reserves against defaulted counterparties. During the first six months of 2021, assets and liabilities transferred from Level 2 to Level 1, or from Level 1 to Level 2, that were held for the entire reporting period, were not material. d) Level 3 instruments: valuation techniques and inputs The table below presents material Level 3 assets and liabilities, together with the valuation techniques used to measure fair value, the inputs used in a given valuation technique that are considered significant as of 30 June 2021 and unobservable, and a range of values for those unobservable inputs. The range of values represents the highest- and lowest-level inputs used in the valuation techniques. Therefore the range does not reflect the level of uncertainty regarding a particular input or an assessment of the reasonableness of the Group´s estimates and assumptions, but rather the different underlying characteristics of the relevant assets and liabilities held by the Group. The ranges will therefore vary from period to period and parameter to parameter based on characteristics of the instruments held at each balance sheet date. Further more , the ranges of unobservable inputs may differ across other financial institutions, reflecting the diversity of the products in each firm’s inventory. The significant unobservable inputs disclosed in the table below are consistent with those included in “Note 21 Fair value measurement” in the “Consolidated financial statements” section of the Annual Report 2020. A description of the potential effect that a change in each unobservable input in isolation may have on a fair value measurement, including information to facilitate an understanding of factors that give rise to the input ranges shown, is also provided in “Note 21 Fair value measurement” in the “Consolidated financial statements” section of the Annual Report 2020. Valuation techniques and inputs used in the fair value measurement of Level 3 assets and liabilities Fair value Significant unobservable input(s) 1 Range of inputs Assets Liabilities Valuation technique(s) 30.6.21 31.12.20 USD billion 30.6.21 31.12.20 30.6.21 31.12.20 low high weighted average 2 low high weighted average 2 unit 1 Financial assets and liabilities at fair value held for trading and Financial assets at fair value not held for trading Corporate and municipal bonds 1.2 1.2 0.0 0.0 Relative value to market comparable Bond price equivalent 15 143 100 1 143 100 points Discounted expected cash flows Discount margin 358 358 268 268 basis points Traded loans, loans measured at fair value, loan commitments and guarantees 2.6 2.4 0.0 0.0 Relative value to market comparable Loan price equivalent 1 101 99 0 101 99 points Discounted expected cash flows Credit spread 180 800 190 800 basis points Market comparable and securitization model Credit spread 28 1,558 228 40 1,858 333 basis points Auction rate securities 1.6 1.5 Discounted expected cash flows Credit spread 115 222 162 100 188 140 basis points Investment fund units 3 0.1 0.1 0.0 0.0 Relative value to market comparable Net asset value Equity instruments 3 0.7 0.7 0.1 0.0 Relative value to market comparable Price Debt issued designated at fair value 4 14.7 11.0 Other financial liabilities designated at fair value 0.6 0.7 Discounted expected cash flows Funding spread 35 175 42 175 basis points Derivative financial instruments Interest rate contracts 0.3 0.5 0.5 0.5 Option model Volatility of interest rates 49 73 29 69 basis points Credit derivative contracts 0.3 0.3 0.4 0.5 Discounted expected cash flows Credit spreads 2 496 1 489 basis points Bond price equivalent 3 102 0 100 points Equity / index contracts 0.8 0.9 1.9 2.3 Option model Equity dividend yields 0 11 0 13 % Volatility of equity stocks, equity and other indices 4 99 4 100 % Equity-to-FX correlation (30) 70 (34) 65 % Equity-to-equity correlation (25) 99 (16) 100 % 1 The ranges of significant unobservable inputs are represented in points, percentages and basis points. Points are a percentage of par (e.g., 100 points would be 100% of par). 2 Weighted averages are provided for non-derivative financial instruments and were calculated by weighting inputs based on the fair values of the respective instruments. Weighted averages are not provided for inputs related to derivative contracts, as this would not be meaningful. 3 The range of inputs is not disclosed, as there is a dispersion of values given the diverse nature of the investments. 4 Debt issued designated at fair value is composed primarily of UBS structured notes, which include variable maturity notes with various equity and foreign exchange underlying risks, rates -linked and credit-linked notes, all of which have embedded derivative parameters that are considered to be unobservable. The equivalent derivative instrument parameters are presented in the respective derivative financial instruments lines in this table. e) Level 3 instruments: sensitivity to changes in unobservable input assumptions The table below summarizes those financial assets and liabilities classified as Level 3 for which a change in one or more of the unobservable inputs to reflect reasonably possible alternative assumptions would change fair value significantly, and the estimated effect thereof. The table presents the favorable and unfavorable effects for each class of financial assets and liabilities for which the potential change in fair value is considered significant. The sensitivity of fair value measurements for debt issued designated at fair value and over-the-counter debt instruments designated at fair value is reported together with the equivalent derivative or securities financing instrument. The sensitivity data shown below presents an estimation of valuation uncertainty based on reasonably possible alternative values for Level 3 inputs at the balance sheet date and does not represent the estimated effect of stress scenarios. Typically, these financial assets and liabilities are sensitive to a combination of inputs from Levels 1–3. Although well-defined interdepend- encies may exist between Levels 1–2 and Level 3 parameters (e.g., between interest rates, which are generally Level 1 or Level 2, and prepayments, which are generally Level 3), these have not been incorporated in the table. Furthermore, direct interrelationships between the Level 3 parameters are not a significant element of the valuation uncertainty. Sensitivity of fair value measurements to changes in unobservable input assumptions 30.6.21 31.3.21 31.12.20 USD million Favorable changes Unfavorable changes Favorable changes Unfavorable changes Favorable changes Unfavorable changes Traded loans, loans designated at fair value, loan commitments and guarantees 22 (13) 26 (21) 29 (28) Securities financing transactions 69 (68) 71 (51) 40 (52) Auction rate securities 114 (114) 88 (88) 105 (105) Asset-backed securities 48 (34) 50 (40) 41 (41) Equity instruments 150 (120) 127 (99) 129 (96) Interest rate derivative contracts, net 25 (14) 38 (23) 11 (16) Credit derivative contracts, net 8 (10) 10 (10) 10 (14) Foreign exchange derivative contracts, net 15 (9) 17 (11) 20 (15) Equity / index derivative contracts, net 344 (324) 358 (344) 318 (294) Other 58 (77) 77 (92) 91 (107) Total 852 (782) 861 (779) 794 (768) f) Level 3 instruments: movements during the period Significant changes in Level 3 instruments The table on the following pages presents additional information about material Level 3 assets and liabilities measured at fair value on a recurring basis. Level 3 assets and liabilities may be hedged with instruments classified as Level 1 or Level 2 in the fair value hierarchy and, as a result, realized and unrealized gains and losses included in the table may not include the effect of related hedging activity. Furthermore, the realized and unrealized gains and losses presented in the table are not limited solely to those arising from Level 3 inputs, as valuations are generally derived from both observable and unobservable parameters. Assets and liabilities transferred into or out of Level 3 are presented as if those assets or liabilities had been transferred at the beginning of the year. Movements of Level 3 instruments Total gains / losses included in comprehensive income USD billion Balance as of 31 December 2019 Net gains / losses included in income 1 of which: related to Level 3 instruments held at the end of the reporting period Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Foreign currency translation Balance as of 30 June 2020 Financial assets at fair value held for trading 1.8 (0.1) 0.0 0.3 (1.0) 1.4 0.0 0.3 0.0 0.0 2.7 of which: Investment fund units 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Corporate and municipal bonds 0.5 0.0 0.0 0.2 (0.2) 0.0 0.0 0.2 0.0 0.0 0.8 Loans 0.8 (0.1) 0.0 0.0 (0.6) 1.4 0.0 0.0 0.0 0.0 1.6 Other 0.4 0.0 0.0 0.0 (0.2) 0.0 0.0 0.1 0.0 0.0 0.3 Derivative financial instruments – assets 1.3 0.3 0.4 0.0 0.0 0.5 (0.5) 0.0 (0.1) 0.0 1.5 of which: Interest rate contracts 0.3 0.2 0.2 0.0 0.0 0.0 (0.2) 0.0 0.0 0.0 0.3 Equity / index contracts 0.6 0.0 0.1 0.0 0.0 0.5 (0.2) 0.0 (0.1) 0.0 0.8 Credit derivative contracts 0.4 0.1 0.1 0.0 0.0 0.0 (0.2) 0.0 0.0 0.0 0.4 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Financial assets at fair value not held for trading 4.0 (0.1) (0.1) 0.5 (0.6) 0.0 0.0 0.1 0.0 0.0 3.7 of which: Loans 1.2 0.0 0.0 0.4 (0.5) 0.0 0.0 0.0 0.0 0.0 1.0 Auction rate securities 1.5 (0.1) (0.1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.4 Equity instruments 0.5 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.5 Other 0.7 0.0 0.0 0.1 (0.1) 0.0 0.0 0.0 0.0 0.0 0.8 Derivative financial instruments – liabilities 2.0 1.2 1.1 0.0 0.0 0.5 (0.8) 0.6 (0.3) 0.0 3.3 of which: Interest rate contracts 0.1 0.7 0.7 0.0 0.0 0.0 (0.3) 0.3 0.0 0.0 0.8 Equity / index contracts 1.3 0.2 0.2 0.0 0.0 0.5 (0.4) 0.0 (0.2) 0.0 1.4 Credit derivative contracts 0.5 0.3 0.3 0.0 0.0 0.1 (0.1) 0.3 (0.1) 0.0 0.9 Other 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 Debt issued designated at fair value 9.9 0.2 0.3 0.0 0.0 3.9 (3.5) 0.4 (1.0) 0.0 9.7 Other financial liabilities designated at fair value 0.8 0.0 0.0 0.0 0.0 0.6 (0.3) 0.0 0.0 0.0 1.1 1 Net gains / losses included in comprehensive income are composed of Net interest income, Other net income from financial instruments measured at fair value through profit or loss and Other income. 2 Total Level 3 assets as of 30 June 2021 were USD 8.1 billion (31 December 2020: USD 8.3 billion). Total Level 3 liabilities as of 30 June 2021 were USD 18.4 billion (31 December 2020: USD 15.2 billion). Total gains / losses included in comprehensive income Balance as of 31 December 2020 2 Net gains / losses included in income 1 of which: related to Level 3 instruments held at the end of the reporting period Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Foreign currency translation Balance as of 30 June 2021 2 2.3 0.0 0.0 0.3 (0.8) 0.4 0.0 0.2 (0.2) 0.0 2.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.8 0.0 0.0 0.1 (0.1) 0.0 0.0 0.0 (0.1) 0.0 0.8 1.1 0.0 0.0 0.1 (0.5) 0.4 0.0 0.0 (0.2) 0.0 1.0 0.4 (0.1) (0.1) 0.0 (0.2) 0.0 0.0 0.1 0.0 0.0 0.3 1.8 (0.2) (0.1) 0.0 0.0 0.5 (0.4) 0.0 (0.1) 0.0 1.5 0.5 (0.1) (0.1) 0.0 0.0 0.0 (0.1) 0.0 0.0 0.0 0.3 0.9 0.1 0.1 0.0 0.0 0.3 (0.4) 0.0 (0.1) 0.0 0.8 0.3 (0.1) (0.1) 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.9 0.1 0.1 0.7 (0.3) 0.0 0.0 0.1 0.0 0.0 4.5 0.9 0.0 0.0 0.4 (0.1) 0.0 0.0 0.0 0.0 0.0 1.1 1.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.6 0.5 0.1 0.1 0.1 (0.1) 0.0 0.0 0.0 0.0 0.0 0.6 1.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 1.2 3.5 0.2 0.0 0.0 0.0 0.7 (1.2) 0.0 (0.2) 0.0 2.9 0.5 (0.1) (0.1) 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.5 2.3 0.4 0.2 0.0 0.0 0.5 (1.1) 0.0 (0.2) 0.0 1.9 0.5 (0.2) (0.2) 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.4 0.1 0.1 0.0 0.0 0.0 0.0 (0.1) 0.0 0.0 0.0 0.1 11.0 0.3 0.2 0.0 0.0 7.2 (2.9) 0.2 (0.8) (0.2) 14.7 0.7 0.0 0.0 0.0 0.0 0.1 (0.2) 0.0 0.0 0.0 0.6 g) Financial instruments not measured at fair value The table below reflects the estimated fair values of financial instruments not measured at fair value Financial instruments not measured at fair value 30.6.21 31.3.21 31.12.20 USD billion Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Assets Cash and balances at central banks 160.7 160.7 158.9 158.9 158.2 158.2 Loans and advances to banks 16.5 16.5 18.4 18.4 15.4 15.4 Receivables from securities financing transactions 83.5 83.5 82.4 82.4 74.2 74.2 Cash collateral receivables on derivative instruments 29.8 29.8 35.0 35.0 32.7 32.7 Loans and advances to customers 390.1 389.8 376.8 376.8 379.5 380.8 Other financial assets measured at amortized cost 27.1 27.6 26.8 27.3 27.2 28.0 Liabilities Amounts due to banks 14.6 14.6 12.6 12.6 11.0 11.0 Payables from securities financing transactions 6.0 6.0 6.7 6.7 6.3 6.3 Cash collateral payables on derivative instruments 32.2 32.2 36.6 36.6 37.3 37.3 Customer deposits 513.3 513.3 505.4 505.5 524.6 524.7 Debt issued measured at amortized cost 139.9 142.4 144.7 147.0 139.2 141.9 Other financial liabilities measured at amortized cost 1 6.4 6.4 5.5 5.6 5.8 5.8 1 Excludes lease liabilities. The fair values included in the table above have been calculated for disclosure purposes only. The valuation techniques and assumptions relate only to UBS’s financial instruments not otherwise measured at fair value. Other institutions may use different methods and assumptions for their fair value estimation, and therefore such fair value disclosures cannot necessarily be compared from one financial institution to another

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