Transferred financial assets that are not derecognized in their entirety

12 Months Ended

Dec. 31, 2024

Transferred Financial Assets That Are Not Derecognized In Their Entirety [Line Items]

Transferred financial assets that are not derecognized in their entirety

b) Transferred financial assets that are not derecognized in their entirety

The table below presents information for financial assets that have been transferred but are subject to continued

recognition in full, as well as recognized liabilities associated with those transferred assets.

Transferred financial assets subject to continued recognition in full 

USD m

31.12.24

31.12.23

Carrying amount

of transferred

assets

Carrying amount of 

associated liabilities 

recognized 

on balance sheet

Carrying amount

of transferred

assets

Carrying amount of 

associated liabilities 

recognized 

on balance sheet

Financial assets at fair value held for trading that may be sold or repledged by counterparties

38,532

19,690

51,263

23,765

Financial assets at fair value not held for trading that may be sold or repledged by

counterparties

2,566

2,012

2,110

1,976

Debt securities classified as Other financial assets measured at amortized cost that may be

sold or repledged by counterparties

7,891

7,442

6,299

5,928

Total financial assets transferred

48,989

29,144

59,672

31,669

Transactions in which financial assets are transferred but continue to be recognized in their entirety on UBS’s balance

sheet include securities lending and repurchase agreements, as well as other financial asset transfers. Repurchase and

securities lending arrangements are, for the most part, conducted under standard market agreements and are undertaken

with counterparties subject to UBS’s normal credit risk control processes. 

›

Refer to Note 1a item 2e for more information about repurchase and securities lending agreements

Financial assets at fair value held for trading that may be sold or repledged by counterparties include securities lending

and repurchase agreements in exchange for cash received, securities lending agreements in exchange for securities

received and other financial asset transfers.

For securities lending and repurchase agreements, a haircut of between

0

% and

15

% is generally applied to the

transferred assets, which results in associated liabilities having a carrying amount below the carrying amount of the

transferred assets. The counterparties to the associated liabilities included in the table above have full recourse to UBS.

In securities lending arrangements entered into in exchange for the receipt of other securities as collateral, neither the

securities received nor the obligation to return them are recognized on UBS’s balance sheet, as the risks and rewards of

ownership are not transferred to UBS. In cases where such financial assets received are subsequently sold or repledged

in another transaction, this is not considered to be a transfer of financial assets.

Other financial asset transfers primarily include securities transferred to collateralize derivative transactions, for which the

carrying amount of associated liabilities is not included in the table above, because those replacement values are managed

on a portfolio basis across counterparties and product types, and therefore there is no direct relationship between the

specific collateral pledged and the associated liability.

Transferred financial assets that are not subject to derecognition in full but remain on the balance sheet to the extent of

the Group’s continuing involvement were not material as of 31 December 2024 and as of 31 December 2023.