29 Collateral
Assets pledged as collateral
The following table provides details of financial assets which have been sold or otherwise transferred, but which do not qualify for derecognition because substantially all risks and rewards of ownership are retained. Repurchase agreements and securities lending transactions are discussed in notes 2.6.5 and 9. Other securities pledged include debt securities pledged as collateral under reinsurance contracts issued and debt securities pledged as collateral under prime broker contracts to cover margins due in respect of derivative transactions.
| In CHF million | ||||||||
|---|---|---|---|---|---|---|---|---|
| Pledged amount | Fair value | |||||||
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | |||||
| Securities pledged under repurchase agreements1 | 4 609 | 4 696 | 4 609 | 4 696 | ||||
| Securities lent in exchange for securities received1 | 7 074 | 4 941 | 7 074 | 4 941 | ||||
| Other securities pledged | 989 | 768 | 989 | 768 | ||||
| Cash pledged for derivatives | 196 | 119 | 196 | 119 | ||||
| Total | 12 868 | 10 525 | 12 868 | 10 525 | ||||
| 1 Of which can be sold or repledged by transferee | 11 683 | 9 637 | 11 683 | 9 637 | ||||
Investment property of CHF 3965 million (2024: CHF 3684 million) was pledged as security for mortgage loans and inventory property of CHF 383 million (2024: CHF 478 milllion) was pledged as security for loans as at 31 December 2025.
Collateral held
The table below presents marketable securities received from third parties that are not recognised in the balance sheet, but are held as collateral in respect of the following transactions.
| In CHF million | ||||
|---|---|---|---|---|
| Fair value | ||||
| 31.12.2025 | 31.12.2024 | |||
| Securities received under reverse repurchase agreements1 | 1 365 | – | ||
| Securities received as collateral in exchange for securities lent | 5 853 | 3 819 | ||
| Securities received for loans and receivables | 551 | 454 | ||
| Securities received for reinsurance assets | 122 | 88 | ||
| Other securities received | 23 | 31 | ||
| Total | 7 915 | 4 391 | ||
| 1 Of which sold or repledged | 31 | – | ||