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27First-Half Financial Report 2008Condensed Financial StatementsCondensed Notes to the Consolidated Financial Statements (unaudited)9 Financial Assets Available for SaleIn CHF million 30.06.08 31.12.07 30.06.08 31.12.07 30.06.08 31.12.07Cost/ Cost/ Net Net Fair value Fair valueamortised amortised unrealised unrealised (carrying (carryingcost cost gains/losses gains/losses amount) amount)Debt securities 59 114 57 326 –4 370 –2 576 54 744 54 750Money market instruments and loans 61 21 – – 61 21Equity securities 3 709 6 123 –174 93 3 535 6 216Investment fund units – debt 136 157 –1 3 135 160Investment fund units – equity 1 581 1 418 –261 21 1 320 1 439Investment fund units – mixed 283 234 20 16 303 250Private equity 144 93 6 20 150 113Hedge funds 4 831 5 310 191 328 5 022 5 638Other 2 1 – 0 2 1Total financial assets available for sale 69 861 70 683 –4 589 –2 095 65 272 68 588Based on detailed assessments with regard to indications of impairment, impairment losses totalling CHF 847 millionwere recognised in the period under review (HY 2007: CHF 3 million). The impairment losses in the first halfof 2008 primarily related to equity securities and hedge funds (HY 2007: primarily equity securities).No held-to-maturity securities were transferred to the available-for-sale category and no available-for-sale securitieswere transferred to the held-to-maturity category in the period under review.