The bank’s recently published first quarter results was only SFr 44m  BIS central bankers’ speeches  1  because the bank had to recognise losses in the range of SFr 1.5 bn from an improvement in its own creditworthiness that raised the value of its own debt securities.
Presumably the opposite occurred in some previous year, meaning recognition of profits, when it may have suffered a decrease in its rating. It is doubtful that this, in my view, distorted information provides the right incentives for proper risk management and can indeed be considered to be “useful”, which is a stated objective that accounting should meet in line with the IASB’s Conceptual Framework.