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Fair value measurement (Tables)
 12 Months Ended
Dec. 31, 2021
Entity [Table]  
Disclosure Of Fair Value Measurement Of Assets Explanatory
Determination of fair values from quoted market
 
prices or valuation techniques
1
31.12.21
31.12.20
USD million
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
113,697
14,825
2,299
130,821
107,507
15,553
2,337
125,397
of which:
Equity instruments
97,958
1,090
149
99,197
90,307
1,101
171
91,579
Government bills / bonds
7,135
1,351
10
8,496
9,028
2,207
10
11,245
Investment fund units
7,843
1,364
21
9,229
7,374
1,794
23
9,192
Corporate and municipal bonds
708
7,604
556
8,868
789
8,356
817
9,961
Loans
0
3,099
1,443
4,542
0
1,860
1,134
2,995
Asset-backed securities
53
317
120
489
8
236
181
425
Derivative financial instruments
522
116,479
1,140
118,142
795
157,068
1,754
159,617
of which:
Foreign exchange contracts
255
53,043
7
53,305
319
68,424
5
68,749
Interest rate contracts
0
32,747
494
33,241
0
50,353
537
50,890
Equity / index contracts
0
27,861
384
28,245
0
33,990
853
34,842
Credit derivative contracts
0
1,179
236
1,414
0
2,008
350
2,358
Commodity contracts
0
1,590
16
1,606
0
2,211
6
2,217
Brokerage receivables
0
21,839
0
21,839
0
24,659
0
24,659
Financial assets at fair value not held for trading
2
27,278
28,622
4,180
60,080
40,986
35,435
3,942
80,364
of which:
Financial assets for unit-linked investment contracts
21,110
187
6
21,303
20,628
101
2
20,731
Corporate and municipal bonds
123
13,937
306
14,366
290
16,957
372
17,619
Government bills / bonds
5,624
3,236
0
8,860
19,704
3,593
0
23,297
Loans
0
4,982
892
5,874
0
7,699
862
8,561
Securities financing transactions
0
5,704
100
5,804
0
6,629
122
6,751
Auction rate securities
0
0
1,585
1,585
0
0
1,527
1,527
Investment fund units
338
574
117
1,028
278
447
105
831
Equity instruments
83
2
681
765
86
0
544
631
Other
0
0
495
495
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
2,704
6,140
0
8,844
1,144
7,114
0
8,258
of which:
Asset-backed securities
0
4,849
0
4,849
0
6,624
0
6,624
Government bills / bonds
2,658
27
0
2,686
1,103
47
0
1,150
Corporate and municipal bonds
45
1,265
0
1,310
40
444
0
485
Non-financial assets measured at fair value on a recurring basis
Precious metals and other physical commodities
5,258
0
0
5,258
6,264
0
0
6,264
Non-financial assets measured at fair value on a non-recurring basis
Other non-financial assets
3
0
0
26
26
0
1
245
246
Total assets measured at fair value
149,459
187,905
7,645
345,010
156,696
239,831
8,278
404,805
Disclosure Of Fair Value Measurement Of Liabilities Explanatory
Determination of fair values from quoted market
 
prices or valuation techniques (continued)
1
31.12.21
31.12.20
USD million
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
25,413
6,170
105
31,688
26,888
6,652
55
33,595
of which:
Equity instruments
18,328
513
83
18,924
22,519
425
40
22,985
Corporate and municipal bonds
30
4,219
17
4,266
31
4,048
9
4,089
Government bills / bonds
5,883
826
0
6,709
3,642
1,036
0
4,678
Investment fund units
1,172
555
6
1,733
696
1,127
5
1,828
Derivative financial instruments
509
118,558
2,242
121,309
746
156,884
3,471
161,102
of which:
Foreign exchange contracts
258
53,800
21
54,078
316
70,149
61
70,527
Interest rate contracts
0
28,398
278
28,675
0
43,389
527
43,916
Equity / index contracts
0
33,438
1,511
34,949
0
38,870
2,306
41,176
Credit derivative contracts
0
1,412
341
1,753
0
2,403
528
2,931
Commodity contracts
0
1,503
63
1,566
0
2,003
24
2,027
Financial liabilities designated at fair value on a recurring basis
Brokerage payables designated at fair value
0
44,045
0
44,045
0
38,742
0
38,742
Debt issued designated at fair value
2
0
59,606
14,194
73,799
0
50,273
10,970
61,243
Other financial liabilities designated at fair value
2
0
29,258
816
30,074
0
29,671
716
30,387
of which:
Financial liabilities related to unit-linked investment contracts
0
21,466
0
21,466
0
20,975
0
20,975
Securities financing transactions
0
6,375
2
6,377
0
7,317
0
7,317
Over-the-counter debt instruments
0
1,334
794
2,128
0
1,363
697
2,060
Total liabilities measured at fair value
25,922
257,637
17,357
300,916
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 As of 31 December 2021, USD
17
 
billion (31 December 2020: USD
21
 
billion) of Financial assets at fair value not
 
held for trading, USD
8
 
billion (31 December 2020: USD
8
 
billion) of Financial assets measured at
fair value through other
 
comprehensive income, USD
36
 
billion (31 December 2020:
 
USD
16
 
billion) of Debt issued
 
designated at fair value
 
and USD
1
 
billion (31 December 2020:
 
USD
1
 
billion) of Other financial
liabilities designated at fair value are expected to be recovered or settled after 12 months.
 
3 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.
Disclosure Of Valuation Adjustment Reserves On The Balance Sheet Explanatory
Valuation adjustment reserves on the balance sheet
As of
Life-to-date gain / (loss), USD million
31.12.21
31.12.20
31.12.19
Deferred day-1 profit or loss reserves
418
269
146
Own credit adjustments on financial liabilities designated at fair value
(315)
(381)
(88)
CVAs, FVAs,
 
DVAs and other valuation adjustments
(1,004)
(959)
(706)
Disclosure Of Deferred Day-One Profit Or Loss Explanatory
Deferred day-1 profit or loss reserves
USD million
2021
2020
2019
Reserve balance at the beginning of the year
269
146
255
Profit / (loss) deferred on new transactions
459
362
171
(Profit) / loss recognized in the income statement
(308)
(238)
(278)
Foreign currency translation
(2)
0
(2)
Reserve balance at the end of the year
418
269
146
Own credit adjustments on financial liabilities designated at fair value
Own credit adjustments on financial liabilities
 
designated at fair value
Included in Other comprehensive income
For the year ended
USD million
31.12.21
31.12.20
31.12.19
Recognized during the period:
Realized gain / (loss)
 
(14)
2
8
Unrealized gain / (loss)
 
60
(295)
(408)
Total gain / (loss), before tax
46
(293)
(400)
As of
 
USD million
31.12.21
31.12.20
31.12.19
Recognized on the balance sheet as of the end of the period:
Unrealized life-to-date gain / (loss)
 
(315)
(381)
(88)
Valuation adjustments on financial instruments
Valuation adjustments on financial instruments
As of
Life-to-date gain / (loss), USD million
31.12.21
31.12.20
Credit valuation adjustments
1
(44)
(66)
Funding valuation adjustments
(49)
(73)
Debit valuation adjustments
2
0
Other valuation adjustments
(913)
(820)
of which: liquidity
(341)
(340)
of which: model uncertainty
(571)
(479)
1 Amounts do not include reserves against defaulted counterparties.
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Explanatory
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)
31.12.21
31.12.20
USD billion
31.12.21
31.12.20
31.12.21
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
0.9
1.2
0.0
0.0
Relative value to
market comparable
Bond price equivalent
16
143
98
1
143
100
points
Discounted expected
cash flows
Discount margin
434
434
268
268
basis
points
Traded loans, loans
measured at fair value,
loan commitments and
guarantees
2.8
2.4
0.0
0.0
Relative value to
market comparable
Loan price equivalent
0
101
99
0
101
99
points
Discounted expected
cash flows
Credit spread
175
800
436
190
800
398
basis
points
Market comparable
and securitization
model
Credit spread
28
1,544
241
40
1,858
333
basis
points
Auction rate securities
1.6
1.5
Discounted expected
cash flows
Credit spread
115
197
153
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
0.8
0.7
0.1
0.0
Relative value to
market comparable
Price
Debt issued designated at
fair value
4
14.2
11.0
Other financial liabilities
designated at fair value
0.8
0.7
Discounted expected
cash flows
Funding spread
24
175
42
175
basis
points
Derivative financial instruments
Interest rate contracts
0.5
0.5
0.3
0.5
Option model
Volatility of interest
rates
65
81
29
69
basis
points
Credit derivative contracts
0.2
0.3
0.3
0.5
Discounted expected
cash flows
Credit spreads
 
1
583
1
489
basis
points
Bond price equivalent
2
136
0
100
points
Equity / index contracts
0.4
0.9
1.5
2.3
Option model
Equity dividend yields
0
11
0
13
%
Volatility of equity
stocks, equity and
other indices
4
98
4
100
%
Equity-to-FX
correlation
(29)
76
(34)
65
%
Equity-to-equity
correlation
(25)
100
(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 most 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 Other
 
financial
liabilities designated at
 
fair value
 
and Derivative
 
financial instruments,
 
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 primarily consists 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.
Disclosure Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs Assets And Liabilities Explanatory
Sensitivity of fair value measurements to changes
 
in unobservable input assumptions
1
31.12.21
31.12.20
USD million
Favorable
 
changes
Unfavorable
 
changes
Favorable
 
changes
Unfavorable
 
changes
Traded loans, loans designated at fair value, loan commitments and guarantees
19
(13)
29
(28)
Securities financing transactions
41
(53)
40
(52)
Auction rate securities
66
2
(66)
2
105
(105)
Asset-backed securities
20
(20)
41
(41)
Equity instruments
173
(146)
129
(96)
Interest rate derivative contracts, net
29
(19)
11
(16)
Credit derivative contracts, net
5
(8)
10
(14)
Foreign exchange derivative contracts, net
19
(11)
20
(15)
Equity / index derivative contracts, net
368
(335)
318
(294)
Other
50
(73)
91
(107)
Total
790
(744)
794
(768)
1 Sensitivity of issued and
 
over-the-counter debt instruments
 
is reported with the equivalent
 
derivative or securities financing
 
instrument.
 
2 Includes refinements applied in estimating
 
valuation uncertainty across
various parameters and a change in assumptions regarding the underlying statistical distribution.
Disclosure Of Level 3 Of Fair Value Of Financial Instruments Explanatory
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
 
31 December
2020
Financial assets at fair value held for
trading
1.8
(0.1)
(0.1)
0.8
(1.4)
1.0
0.0
0.3
0.0
0.0
2.3
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
0.7
(0.5)
0.0
0.0
0.1
0.0
0.0
0.8
Loans
0.8
0.0
(0.1)
0.0
(0.7)
1.0
0.0
0.1
0.0
0.0
1.1
Other
0.4
0.0
0.0
0.1
(0.3)
0.0
0.0
0.2
0.0
0.0
0.4
Derivative financial instruments –
assets
1.3
0.3
0.4
0.0
0.0
0.7
(0.5)
0.1
(0.2)
0.1
1.8
of which:
Interest rate contracts
0.3
0.2
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.5
Equity / index contracts
0.6
0.1
0.1
0.0
0.0
0.6
(0.3)
0.0
(0.1)
0.0
0.9
Credit derivative contracts
0.4
0.0
0.0
0.0
0.0
0.1
(0.2)
0.1
0.0
0.0
0.3
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
0.0
0.1
0.8
(0.9)
0.0
0.0
0.1
0.0
0.0
3.9
of which:
Loans
1.2
0.0
0.0
0.3
(0.7)
0.0
0.0
0.0
0.0
0.0
0.9
Auction rate securities
1.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.5
Equity instruments
0.5
0.0
0.0
0.1
(0.1)
0.0
0.0
0.0
0.0
0.0
0.5
Other
0.7
0.0
0.0
0.4
(0.2)
0.0
0.0
0.0
0.0
0.0
1.0
Derivative financial instruments –
liabilities
2.0
1.3
1.2
0.0
0.0
1.2
(0.9)
0.4
(0.6)
0.1
3.5
of which:
Interest rate contracts
0.1
0.3
0.3
0.0
0.0
0.3
(0.2)
0.2
(0.2)
0.0
0.5
Equity / index contracts
1.3
1.0
0.8
0.0
0.0
0.8
(0.6)
0.1
(0.2)
0.0
2.3
Credit derivative contracts
0.5
0.0
0.0
0.0
0.0
0.1
(0.1)
0.1
(0.2)
0.0
0.5
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
0.0
0.0
0.0
7.6
(5.7)
0.5
(1.7)
0.2
11.0
Other financial liabilities designated
at fair value
0.8
0.1
0.1
0.0
0.0
0.3
(0.5)
0.0
0.0
0.0
0.7
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 31 December 2021 were USD
7.6
 
billion (31 December 2020: USD
8.3
 
billion). Total Level 3 liabilities as of 31 December 2021 were USD
17.4
 
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
 
31 December
2021
2
2.3
0.0
(0.1)
0.3
(1.6)
1.2
0.0
0.3
(0.3)
0.0
2.3
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
0.2
(0.4)
0.0
0.0
0.0
(0.1)
0.0
0.6
1.1
0.0
0.0
0.0
(0.8)
1.2
0.0
0.0
(0.2)
0.0
1.4
0.4
0.0
0.0
0.1
(0.4)
0.0
0.0
0.3
0.0
0.0
0.3
1.8
(0.2)
(0.1)
0.0
0.0
0.5
(0.7)
0.1
(0.3)
0.0
1.1
0.5
0.1
0.1
0.0
0.0
0.1
(0.2)
0.0
(0.1)
0.0
0.5
0.9
(0.1)
(0.1)
0.0
0.0
0.3
(0.4)
0.0
(0.2)
0.0
0.4
0.3
(0.1)
(0.1)
0.0
0.0
0.0
(0.1)
0.0
0.0
0.0
0.2
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
1.0
(0.6)
0.0
0.0
0.1
(0.3)
0.0
4.2
0.9
0.0
0.0
0.6
(0.3)
0.0
0.0
0.0
(0.3)
0.0
0.9
1.5
0.1
0.1
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
0.7
1.0
0.0
(0.1)
0.3
(0.2)
0.0
0.0
0.0
0.0
0.0
1.0
3.5
0.2
0.0
0.0
0.0
0.9
(1.8)
0.0
(0.5)
0.0
2.2
0.5
(0.1)
(0.1)
0.0
0.0
0.0
(0.1)
0.0
0.0
0.0
0.3
2.3
0.3
0.1
0.0
0.0
0.8
(1.5)
0.0
(0.4)
0.0
1.5
0.5
(0.1)
(0.1)
0.0
0.0
0.0
0.0
0.0
(0.1)
0.0
0.3
0.1
0.1
0.0
0.0
0.0
0.0
(0.1)
0.0
0.0
0.0
0.1
11.0
0.7
0.6
0.0
0.0
8.0
(4.2)
0.2
(1.2)
(0.2)
14.2
0.7
0.0
0.0
0.0
0.0
0.4
(0.2)
0.0
0.0
0.0
0.8
Disclosure Of Maximum Credit Risk Exposure Explanatory
Maximum exposure to credit risk
 
31.12.21
Maximum
exposure to
credit risk
Collateral
Credit enhancements
Exposure to
credit risk
after collateral
and credit
enhancements
USD billion
Cash
collateral
received
Collateral-
ized by
securities
Secured by
real estate
Other
 
collateral
Netting
Credit
derivative
contracts
Guarantees
 
Financial assets measured at
 
fair value on the balance sheet
1
Financial assets at fair value
 
held for trading – debt instruments
2,3
22.4
 
22.4
Derivative financial instruments
4,5
118.1
4.2
103.2
10.7
Brokerage receivables
21.8
21.6
0.2
Financial assets at fair value not
 
held for trading – debt instruments
6
37.0
11.2
25.7
Total financial assets measured at fair value
199.4
0.0
37.1
0.0
0.0
103.2
0.0
0.0
59.1
Guarantees
7
0.2
 
 
 
 
0.2
0.0
31.12.20
Maximum
exposure to
credit risk
Collateral
Credit enhancements
Exposure to
credit risk
after collateral
and credit
enhancements
USD billion
Cash
collateral
received
Collateral-
ized by
securities
Secured by
real estate
Other
 
collateral
Netting
Credit
derivative
contracts
Guarantees
 
Financial assets measured at
 
fair value on the balance sheet
1
Financial assets at fair value
 
held for trading – debt instruments
2,3
24.6
24.6
Derivative financial instruments
4,5
159.6
6.0
138.4
15.2
Brokerage receivables
24.7
24.4
0.3
Financial assets at fair value not
 
held for trading – debt instruments
6
58.2
13.2
 
45.0
Total financial assets measured at fair value
267.1
0.0
43.6
0.0
0.0
138.4
0.0
0.0
85.1
Guarantees
7
0.5
0.1
0.3
0.0
1 The maximum exposure to loss is generally equal to the carrying amount and subject
 
to change over time with market movements.
 
2 These positions are generally managed under the market
 
risk framework. For
the purpose of this disclosure, collateral
 
and credit enhancements were not considered.
 
3 Does not include investment fund units.
 
4 Includes USD
0
 
million (31 December 2020: USD
0
 
million) fair values of loan
commitments and forward starting reverse repurchase agreements classified as derivatives.
 
The full contractual committed amount of forward starting reverse repurchase agreements (generally highly collateralized) of
USD
27.8
 
billion (31 December 2020:
 
USD
21.9
 
billion) and derivative
 
loan commitments (generally
 
unsecured) of USD
8.2
 
billion, of which
 
USD
0.8
 
billion has been sub-participated
 
(31 December 2020: USD
9.4
billion, of which USD
0.8
 
billion had been sub-participated), is
 
presented in Note 10 under notional
 
amounts.
 
5 The amount shown in
 
the “Netting” column represents the netting
 
potential not recognized on the
balance sheet. Refer to
 
Note 22 for more information.
 
6 Financial assets at fair
 
value not held for
 
trading collateralized by
 
securities consisted of structured
 
loans and reverse repurchase
 
and securities borrowing
agreements.
 
7 The amount shown in the “Guarantees” column largely relates to sub-participations.
Disclosure Of Fair Value Of Financial Instruments Not Measured At Fair Value Explanatory
Financial instruments not measured at fair value
31.12.21
31.12.20
Carrying
amount
Fair value
Carrying
amount
Fair value
USD billion
Total
Carrying
amount
approximates
fair value
1
Level 1
Level 2
Level 3
Total
Total
Carrying
amount
approximates
fair value
1
Level 1
Level 2
Level 3
Total
Assets
2
Cash and balances at central banks
192.8
192.7
0.1
0.0
0.0
192.8
158.2
158.1
0.1
0.0
0.0
158.2
Loans and advances to banks
15.5
14.8
0.0
0.7
0.0
15.5
15.4
14.7
0.0
0.6
0.1
15.4
Receivables from securities financing
transactions
75.0
71.6
0.0
1.3
2.1
75.0
74.2
64.9
0.0
7.6
1.7
74.2
Cash collateral receivables on derivative
instruments
30.5
30.5
0.0
0.0
0.0
30.5
32.7
32.7
0.0
0.0
0.0
32.7
Loans and advances to customers
397.8
163.1
0.0
43.8
190.1
396.9
379.5
172.0
0.0
34.2
174.6
380.8
Other financial assets measured at amortized
cost
26.2
4.1
9.3
10.7
2.4
26.5
27.2
5.3
9.4
10.9
2.3
28.0
Liabilities
2
Amounts due to banks
13.1
9.1
0.0
4.0
0.0
13.1
11.0
8.5
0.0
2.6
0.0
11.0
Payables from securities financing
transactions
5.5
4.1
0.0
1.5
0.0
5.5
6.3
6.0
0.0
0.3
0.0
6.3
Cash collateral payables on derivative
instruments
31.8
31.8
0.0
0.0
0.0
31.8
37.3
37.3
0.0
0.0
0.0
37.3
Customer deposits
542.0
535.4
0.0
6.6
0.0
542.0
524.6
519.4
0.0
5.3
0.0
524.7
Debt issued measured at amortized cost
139.2
15.8
0.0
125.3
0.0
141.1
139.2
16.4
0.0
125.5
0.0
141.9
Other financial liabilities measured at
amortized cost
3
5.4
5.4
0.0
0.0
0.0
5.4
5.8
5.7
0.0
0.0
0.1
5.8
1 Includes certain financial instruments where the carrying amount is a reasonable
 
approximation of the fair value due to the instruments’
 
short-term nature (instruments that are receivable or payable
 
on demand, or
with a remaining maturity (excluding
 
the effects of callable
 
features) of three months or
 
less).
 
2 As of 31 December 2021,
 
USD
0
 
billion (31 December 2020: USD
0
 
billion) of Cash and balances
 
at central banks,
USD
0
 
billion (31 December 2020: USD
0
 
billion) of Loans and advances to banks, USD
1
 
billion (31 December 2020: USD
1
 
billion) of Receivables from securities financing transactions, USD
175
 
billion (31 December
2020: USD
163
 
billion) of Loans and advances to customers, USD
19
 
billion (31 December 2020: USD
20
 
billion) of Other financial assets measured at amortized cost, USD
1
 
billion (31 December 2020: USD
0
 
billion)
of Amounts due to
 
banks, USD
3
 
billion (31 December 2020:
 
USD
2
 
billion) of Customer
 
deposits, USD
84
 
billion (31 December 2020:
 
USD
82
 
billion) of Debt issued
 
measured at amortized
 
cost and USD
3
 
billion
(31 December 2020: USD
3
 
billion) of Other financial liabilities measured at amortized cost were expected to be recovered or settled after 12 months.
 
3 Excludes lease liabilities.
UBS AG  
Entity [Table]  
Disclosure Of Fair Value Measurement Of Assets Explanatory
Determination of fair values from quoted market
 
prices or valuation techniques
1
31.12.21
31.12.20
USD million
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
113,722
15,012
2,299
131,033
107,526
15,630
2,337
125,492
of which:
Equity instruments
97,983
1,090
149
99,222
90,327
1,101
171
91,599
Government bills / bonds
7,135
1,351
10
8,496
9,028
2,207
10
11,245
Investment fund units
7,843
1,364
21
9,229
7,374
1,794
23
9,192
Corporate and municipal bonds
708
7,791
556
9,055
789
8,432
817
10,038
Loans
0
3,099
1,443
4,542
0
1,860
1,134
2,995
Asset-backed securities
53
317
120
489
8
236
181
425
Derivative financial instruments
522
116,482
1,140
118,145
795
157,069
1,754
159,618
of which:
Foreign exchange contracts
255
53,046
7
53,307
319
68,425
5
68,750
Interest rate contracts
0
32,747
494
33,241
0
50,353
537
50,890
Equity / index contracts
0
27,861
384
28,245
0
33,990
853
34,842
Credit derivative contracts
0
1,179
236
1,414
0
2,008
350
2,358
Commodity contracts
0
1,590
16
1,606
0
2,211
6
2,217
Brokerage receivables
0
21,839
0
21,839
0
24,659
0
24,659
Financial assets at fair value not held for trading
2
27,278
28,185
4,180
59,642
40,986
35,110
3,942
80,038
of which:
Financial assets for unit-linked investment contracts
21,110
187
6
21,303
20,628
101
2
20,731
Corporate and municipal bonds
123
13,937
306
14,366
290
16,957
372
17,619
Government bills / bonds
5,624
3,236
0
8,860
19,704
3,593
0
23,297
Loans
0
4,982
892
5,874
0
7,699
862
8,561
Securities financing transactions
0
5,704
100
5,804
0
6,629
122
6,751
Auction rate securities
0
0
1,585
1,585
0
0
1,527
1,527
Investment fund units
338
137
117
591
278
121
105
505
Equity instruments
83
2
681
765
86
0
544
631
Other
0
0
495
495
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
2,704
6,140
0
8,844
1,144
7,114
0
8,258
of which:
Asset-backed securities
0
4,849
0
4,849
0
6,624
0
6,624
Government bills / bonds
2,658
27
0
2,686
1,103
47
0
1,150
Corporate and municipal bonds
45
1,265
0
1,310
40
444
0
485
Non-financial assets measured at fair value on a recurring basis
Precious metals and other physical commodities
5,258
0
0
5,258
6,264
0
0
6,264
Non-financial assets measured at fair value on a non-recurring basis
Other non-financial assets
3
0
0
26
26
0
1
245
246
Total assets measured at fair value
149,484
187,658
7,645
344,787
156,716
239,583
8,278
404,576
Disclosure Of Fair Value Measurement Of Liabilities Explanatory
Determination of fair values from quoted market
 
prices or valuation techniques (continued)
1
31.12.21
31.12.20
USD million
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
25,413
6,170
105
31,688
26,889
6,652
55
33,595
of which:
Equity instruments
18,328
513
83
18,924
22,519
425
40
22,985
Corporate and municipal bonds
30
4,219
17
4,266
31
4,048
9
4,089
Government bills / bonds
5,883
826
0
6,709
3,642
1,036
0
4,678
Investment fund units
1,172
555
6
1,733
696
1,127
5
1,828
Derivative financial instruments
509
118,558
2,242
121,309
746
156,884
3,471
161,102
of which:
Foreign exchange contracts
258
53,800
21
54,078
316
70,149
61
70,527
Interest rate contracts
0
28,398
278
28,675
0
43,389
527
43,916
Equity / index contracts
0
33,438
1,511
34,949
0
38,870
2,306
41,176
Credit derivative contracts
0
1,412
341
1,753
0
2,403
528
2,931
Commodity contracts
0
1,503
63
1,566
0
2,003
24
2,027
Financial liabilities designated at fair value on a recurring basis
Brokerage payables designated at fair value
0
44,045
0
44,045
0
38,742
0
38,742
Debt issued designated at fair value
2
0
59,606
11,854
71,460
0
50,273
9,595
59,868
Other financial liabilities designated at fair value
2
0
29,258
3,156
32,414
0
29,682
2,091
31,773
of which:
Financial liabilities related to unit-linked investment contracts
0
21,466
0
21,466
0
20,975
0
20,975
Securities financing transactions
0
6,375
2
6,377
0
7,317
0
7,317
Over-the-counter debt instruments
0
1,334
794
2,128
0
1,363
697
2,060
Total liabilities measured at fair value
25,922
257,637
17,357
300,916
27,635
282,233
15,212
325,080
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 As of 31 December 2021, USD
16
 
billion (31 December 2020: USD
20
 
billion) of Financial assets at fair value not
 
held for trading, USD
8
 
billion (31 December 2020: USD
8
 
billion) of Financial assets measured at
fair value through other
 
comprehensive income, USD
33
 
billion (31 December 2020:
 
USD
15
 
billion) of Debt issued
 
designated at fair value
 
and USD
3
 
billion (31 December 2020:
 
USD
3
 
billion) of Other financial
liabilities designated at fair value are expected to be recovered or settled after 12 months.
 
3 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.
Disclosure Of Valuation Adjustment Reserves On The Balance Sheet Explanatory
Valuation adjustment reserves on the balance sheet
As of
Life-to-date gain / (loss), USD million
31.12.21
31.12.20
31.12.19
Deferred day-1 profit or loss reserves
418
269
146
Own credit adjustments on financial liabilities designated at fair value
(315)
(381)
(88)
CVAs, FVAs,
 
DVAs and other valuation adjustments
(1,004)
(959)
(706)
Disclosure Of Deferred Day-One Profit Or Loss Explanatory
Deferred day-1 profit or loss reserves
USD million
2021
2020
2019
Reserve balance at the beginning of the year
269
146
255
Profit / (loss) deferred on new transactions
459
362
171
(Profit) / loss recognized in the income statement
(308)
(238)
(278)
Foreign currency translation
(2)
0
(2)
Reserve balance at the end of the year
418
269
146
Own credit adjustments on financial liabilities designated at fair value
Own credit adjustments on financial liabilities
 
designated at fair value
Included in Other comprehensive income
For the year ended
USD million
31.12.21
31.12.20
31.12.19
Recognized during the period:
Realized gain / (loss)
 
(14)
2
8
Unrealized gain / (loss)
 
60
(295)
(408)
Total gain / (loss), before tax
46
(293)
(400)
As of
 
USD million
31.12.21
31.12.20
31.12.19
Recognized on the balance sheet as of the end of the period:
Unrealized life-to-date gain / (loss)
 
(315)
(381)
(88)
Valuation adjustments on financial instruments
Valuation adjustments on financial instruments
As of
Life-to-date gain / (loss), USD million
31.12.21
31.12.20
Credit valuation adjustments
1
(44)
(66)
Funding valuation adjustments
(49)
(73)
Debit valuation adjustments
2
0
Other valuation adjustments
(913)
(820)
of which: liquidity
(341)
(340)
of which: model uncertainty
(571)
(479)
1 Amounts do not include reserves against defaulted counterparties.
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Explanatory
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)
31.12.21
31.12.20
USD billion
31.12.21
31.12.20
31.12.21
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
0.9
1.2
0.0
0.0
Relative value to
market comparable
Bond price equivalent
16
143
98
1
143
100
points
Discounted expected
cash flows
Discount margin
434
434
268
268
basis
points
Traded loans, loans
measured at fair value,
loan commitments and
guarantees
2.8
2.4
0.0
0.0
Relative value to
market comparable
Loan price equivalent
0
101
99
0
101
99
points
Discounted expected
cash flows
Credit spread
175
800
436
190
800
398
basis
points
Market comparable
and securitization
model
Credit spread
28
1,544
241
40
1,858
333
basis
points
Auction rate securities
1.6
1.5
Discounted expected
cash flows
Credit spread
115
197
153
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
0.8
0.7
0.1
0.0
Relative value to
market comparable
Price
Debt issued designated at
fair value
4
11.9
9.6
Other financial liabilities
designated at fair value
3.2
2.1
Discounted expected
cash flows
Funding spread
24
175
42
175
basis
points
Derivative financial instruments
Interest rate contracts
0.5
0.5
0.3
0.5
Option model
Volatility of interest
rates
65
81
29
69
basis
points
Credit derivative contracts
0.2
0.3
0.3
0.5
Discounted expected
cash flows
Credit spreads
 
1
583
1
489
basis
points
Bond price equivalent
2
136
0
100
points
Equity / index contracts
0.4
0.9
1.5
2.3
Option model
Equity dividend yields
0
11
0
13
%
Volatility of equity
stocks, equity and
other indices
4
98
4
100
%
Equity-to-FX
correlation
(29)
76
(34)
65
%
Equity-to-equity
correlation
(25)
100
(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 most 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 Other
 
financial
liabilities designated at
 
fair value
 
and Derivative
 
financial instruments,
 
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 primarily consists 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.
Disclosure Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs Assets And Liabilities Explanatory
Sensitivity of fair value measurements to changes
 
in unobservable input assumptions
1
31.12.21
31.12.20
USD million
Favorable
 
changes
Unfavorable
 
changes
Favorable
 
changes
Unfavorable
 
changes
Traded loans, loans designated at fair value, loan commitments and guarantees
19
(13)
29
(28)
Securities financing transactions
41
(53)
40
(52)
Auction rate securities
66
2
(66)
2
105
(105)
Asset-backed securities
20
(20)
41
(41)
Equity instruments
173
(146)
129
(96)
Interest rate derivative contracts, net
29
(19)
11
(16)
Credit derivative contracts, net
5
(8)
10
(14)
Foreign exchange derivative contracts, net
19
(11)
20
(15)
Equity / index derivative contracts, net
368
(335)
318
(294)
Other
50
(73)
91
(107)
Total
790
(744)
794
(768)
1 Sensitivity of issued and
 
over-the-counter debt instruments
 
is reported with the equivalent
 
derivative or securities financing
 
instrument.
 
2 Includes refinements applied in estimating
 
valuation uncertainty across
various parameters and a change in assumptions regarding the underlying statistical distribution.
Disclosure Of Level 3 Of Fair Value Of Financial Instruments Explanatory
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
 
31 December
2020
Financial assets at fair value held for
trading
1.8
(0.1)
(0.1)
0.8
(1.4)
1.0
0.0
0.3
0.0
0.0
2.3
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
0.7
(0.5)
0.0
0.0
0.1
0.0
0.0
0.8
Loans
0.8
0.0
(0.1)
0.0
(0.7)
1.0
0.0
0.1
0.0
0.0
1.1
Other
0.4
0.0
0.0
0.1
(0.3)
0.0
0.0
0.2
0.0
0.0
0.4
Derivative financial instruments –
assets
1.3
0.3
0.4
0.0
0.0
0.7
(0.5)
0.1
(0.2)
0.1
1.8
of which:
Interest rate contracts
0.3
0.2
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.5
Equity / index contracts
0.6
0.1
0.1
0.0
0.0
0.6
(0.3)
0.0
(0.1)
0.0
0.9
Credit derivative contracts
0.4
0.0
0.0
0.0
0.0
0.1
(0.2)
0.1
0.0
0.0
0.3
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
0.0
0.1
0.8
(0.9)
0.0
0.0
0.1
0.0
0.0
3.9
of which:
Loans
1.2
0.0
0.0
0.3
(0.7)
0.0
0.0
0.0
0.0
0.0
0.9
Auction rate securities
1.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.5
Equity instruments
0.5
0.0
0.0
0.1
(0.1)
0.0
0.0
0.0
0.0
0.0
0.5
Other
0.7
0.0
0.0
0.4
(0.2)
0.0
0.0
0.0
0.0
0.0
1.0
Derivative financial instruments –
liabilities
2.0
1.3
1.2
0.0
0.0
1.2
(0.9)
0.4
(0.6)
0.1
3.5
of which:
Interest rate contracts
0.1
0.3
0.3
0.0
0.0
0.3
(0.2)
0.2
(0.2)
0.0
0.5
Equity / index contracts
1.3
1.0
0.8
0.0
0.0
0.8
(0.6)
0.1
(0.2)
0.0
2.3
Credit derivative contracts
0.5
0.0
0.0
0.0
0.0
0.1
(0.1)
0.1
(0.2)
0.0
0.5
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
9.6
0.0
(0.2)
0.0
0.0
6.6
(5.6)
0.5
(1.7)
0.2
9.6
Other financial liabilities designated
at fair value
1.0
0.2
0.2
0.0
0.0
1.4
(0.6)
0.0
0.0
0.0
2.1
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 31 December 2021 were USD
7.6
 
billion (31 December 2020: USD
8.3
 
billion). Total Level 3 liabilities as of 31 December 2021 were USD
17.4
 
billion (31 December 2020: USD
15.2
 
billion).
Disclosure Of Maximum Credit Risk Exposure Explanatory
Maximum exposure to credit risk
 
31.12.21
Maximum
exposure to
credit risk
Collateral
Credit enhancements
Exposure to
credit risk
after collateral
and credit
enhancements
USD billion
Cash
collateral
received
Collateral-
ized by
securities
Secured by
real estate
Other
 
collateral
Netting
Credit
derivative
contracts
Guarantees
 
Financial assets measured at
 
fair value on the balance sheet
1
Financial assets at fair value
 
held for trading – debt instruments
2,3
22.6
 
22.6
Derivative financial instruments
4,5
118.1
4.2
103.2
 
10.7
Brokerage receivables
21.8
0.0
21.6
 
 
 
 
0.2
Financial assets at fair value not
 
held for trading – debt instruments
6
37.0
0.0
11.2
 
 
 
25.7
Total financial assets measured at fair value
199.5
0.0
37.1
0.0
0.0
103.2
0.0
0.0
59.2
Guarantees
7
0.2
 
 
 
0.0
 
0.2
0.0
31.12.20
Maximum
exposure to
credit risk
Collateral
Credit enhancements
Exposure to
credit risk
after collateral
and credit
enhancements
USD billion
Cash
collateral
received
Collateral-
ized by
securities
Secured by
real estate
Other
 
collateral
Netting
Credit
derivative
contracts
Guarantees
 
Financial assets measured at
 
fair value on the balance sheet
1
Financial assets at fair value
 
held for trading – debt instruments
2,3
24.7
 
 
24.7
Derivative financial instruments
4,5
159.6
6.0
138.4
 
 
15.2
Brokerage receivables
24.7
24.4
 
 
 
 
0.3
Financial assets at fair value not
 
held for trading – debt instruments
6
58.2
0.0
13.2
 
 
 
 
45.0
Total financial assets measured at fair value
267.2
0.0
43.6
0.0
0.0
138.4
0.0
0.0
85.2
Guarantees
7
0.5
 
 
 
0.1
 
0.3
0.0
1 The maximum exposure to loss is generally equal to the carrying amount and subject to change over time with market movements.
 
2 These positions are generally managed under the market risk framework. For
the purpose of this disclosure, collateral and credit enhancements were
 
not considered.
 
3 Does not include investment fund units.
 
4 Includes USD
0
 
million (31 December 2020: USD
0
 
million) fair values of loan
commitments and forward starting reverse repurchase
 
agreements classified as derivatives. The
 
full contractual committed amount of forward
 
starting reverse repurchase agreements (generally highly
 
collateralized)
of USD
27.8
 
billion (31 December 2020: USD
21.9
 
billion) and derivative loan commitments (generally unsecured) of USD
8.2
 
billion, of which USD
0.8
 
billion has been sub-participated (31 December 2020: USD
9.4
billion, of which USD
0.8
 
billion had been sub-participated), is presented in Note 10
 
under notional amounts.
 
5 The amount shown in the “Netting” column represents
 
the netting potential not recognized on the
balance sheet. Refer to Note 22
 
for more information.
 
6 Financial assets at fair value
 
not held for trading collateralized
 
by securities consisted of structured loans
 
and reverse repurchase and securities borrowing
agreements.
 
7 The amount shown in the “Guarantees” column largely relates to sub-participations.
Disclosure Of Fair Value Of Financial Instruments Not Measured At Fair Value Explanatory
Financial instruments not measured at fair value
31.12.21
31.12.20
Carrying
amount
Fair value
Carrying
amount
Fair value
USD billion
Total
Carrying
amount
approximates
fair value
1
Level 1
Level 2
Level 3
Total
Total
Carrying
amount
approximates
fair value
1
Level 1
Level 2
Level 3
Total
Assets
2
Cash and balances at central banks
192.8
192.7
0.1
0.0
0.0
192.8
158.2
158.1
0.1
0.0
0.0
158.2
Loans and advances to banks
15.4
14.6
0.0
0.7
0.0
15.3
15.3
14.6
0.0
0.6
0.1
15.3
Receivables from securities financing
transactions
75.0
71.6
0.0
1.3
2.1
75.0
74.2
64.9
0.0
7.6
1.7
74.2
Cash collateral receivables on derivative
instruments
30.5
30.5
0.0
0.0
0.0
30.5
32.7
32.7
0.0
0.0
0.0
32.7
Loans and advances to customers
398.7
163.7
0.0
43.8
190.4
397.9
381.0
173.1
0.0
34.2
174.9
382.3
Other financial assets measured at amortized
cost
26.2
4.1
9.3
10.7
2.4
26.5
27.2
5.4
9.4
10.9
2.3
28.0
Liabilities
2
Amounts due to banks
13.1
9.1
0.0
4.0
0.0
13.1
11.0
8.5
0.0
2.6
0.0
11.1
Payables from securities financing
transactions
5.5
4.1
0.0
1.5
0.0
5.5
6.3
6.0
0.0
0.2
0.0
6.3
Cash collateral payables on derivative
instruments
31.8
31.8
0.0
0.0
0.0
31.8
37.3
37.3
0.0
0.0
0.0
37.3
Customer deposits
544.8
537.6
0.0
7.3
0.0
544.8
527.9
521.8
0.0
6.2
0.0
528.0
Funding from UBS Group AG
57.3
2.8
0.0
56.0
0.0
58.8
54.0
0.0
0.0
55.6
0.0
55.6
Debt issued measured at amortized cost
82.4
13.0
0.0
69.8
0.0
82.8
85.4
16.4
0.0
70.0
0.0
86.3
Other financial liabilities measured at
amortized cost
3
6.3
6.3
0.0
0.0
0.0
6.3
6.6
6.6
0.0
0.0
0.1
6.7
1 Includes certain financial instruments where the carrying amount is a reasonable
 
approximation of the fair value due to the instruments’
 
short-term nature (instruments that are receivable or payable
 
on demand, or
with a remaining maturity (excluding
 
the effects of callable
 
features) of three months or
 
less).
 
2 As of 31 December 2021,
 
USD
0
 
billion (31 December 2020: USD
0
 
billion) of Cash and balances
 
at central banks,
USD
0
 
billion (31 December 2020: USD
0
 
billion) of Loans and advances to banks, USD
1
 
billion (31 December 2020: USD
1
 
billion) of Receivables from securities financing transactions, USD
175
 
billion (31 December
2020: USD
163
 
billion) of Loans and advances to customers, USD
19
 
billion (31 December 2020: USD
20
 
billion) of Other financial assets measured at amortized cost, USD
1
 
billion (31 December 2020: USD
0
 
billion)
of Amounts due to banks,
 
USD
4
 
billion (31 December 2020:
 
USD
3
 
billion) of Customer deposits,
 
USD
53
 
billion (31 December 2020: USD
49
 
billion) of Funding from
 
UBS Group AG,
 
USD
31
 
billion (31 December
2020: USD
31
 
billion) of Debt issued measured at amortized cost and USD
3
 
billion (31 December 2020: USD
3
 
billion) of Other financial liabilities measured at amortized cost were expected to be recovered or settled
after 12 months.
 
3 Excludes lease liabilities.