13 Securities and other financial instruments

Securities and other financial instruments fall into the “held for trading” category and are measured at fair value.

Positive replacement values were comprised of forward exchange transactions and an interest rate swap at the 2013 reporting date.

In the previous year, marketable equities were written down in profit or loss in the Market Switzerland segment. The issuing company is currently being liquidated. No major payment returns are anticipated. The expenses arising from the write-down of TCHF 1,266 were charged to financial expenses.