Liquidity

To ensure liquidity, the Group held cash and cash equivalents amounting to CHF 4,393 million as of December 31, 2015. Part of this cash is invested in term deposits held with a large number of banks on a broadly diversified basis. The counterparty risk is constantly monitored on the basis of clearly defined principles as part of the risk management process. As of December 31, 2015, the Group had unused committed credit lines of CHF 6,733 million (see also note 25).

As of December 31, 2015, current financial liabilities (after a risk-related adjustment of CHF 1,258 million) of CHF 5,608 million are comfortably covered by existing cash, cash equivalents and unused committed credit lines. The Group has a USD commercial paper program as well as EUR commercial paper programs. The aim of these programs is to fund short-term liquidity needs at attractive terms. Commercial paper in the amount of USD 114 million and EUR 1,060 million were outstanding as of December 31, 2015.