| Exhibit 15.1 |
|--------------|

|  |
|--|

| Computation of ratio of earnings to fixed charges |
|---------------------------------------------------|

| The following table sets forth the Group's ratio of earnings to fixed charges:                                                                                                                                                                                                                                                      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Year ended December 31, in CHF m                                                                                                                                                                                                                                                                                                    |  | 2006 |  | 2005 |  | 2004 |  | 2003 |  | 2002 |  |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
| Income/(loss) from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of changes in accounting principles                                                                                                                                                                            |  | **14,300** |  | 7,401 |  | 7,369 |  | 4,658 |  | (1,348) |  |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
| Less:                                                                                                                                                                                                                                                                                                                               |  | **** |  |  |  |  |  |  |  |  |  |
| Income/(loss) from investments in associates                                                                                                                                                                                                                                                                                        |  | **124** |  | 286 |  | 169 |  | 55 |  | (152) |  |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
| **Pre-tax earnings from continuing operations**                                                                                                                                                                                                                                                                                     |  | **14,176** |  | 7,115 |  | 7,200 |  | 4,603 |  | (1,196) |  |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
| **Pre-tax earnings before fixed charges**                                                                                                                                                                                                                                                                                           |  | **58,456** |  | 36,856 |  | 26,538 |  | 21,636 |  | 20,517 |  |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
| Add:                                                                                                                                                                                                                                                                                                                                |  | **** |  |  |  |  |  |  |  |  |  |
| Interest expense                                                                                                                                                                                                                                                                                                                    |  | **43,703** |  | 29,198 |  | 18,796 |  | 16,349 |  | 20,938 |  |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
| Interest portion of rentals1)                                                                                                                                                                                                                                                                                                       |  | **577** |  | 543 |  | 542 |  | 551 |  | 642 |  |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
| Preferred dividend requirements                                                                                                                                                                                                                                                                                                     |  | **0** |  | 0 |  | 0 |  | 133 |  | 133 |  |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
| **Total fixed charges**                                                                                                                                                                                                                                                                                                             |  | **44,280** |  | 29,741 |  | 19,338 |  | 17,033 |  | 21,713 |  |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
| Less:                                                                                                                                                                                                                                                                                                                               |  | **** |  |  |  |  |  |  |  |  |  |
| Minority interests                                                                                                                                                                                                                                                                                                                  |  | **3,630** |  | 1,948 |  | 1,080 |  | 150 |  | 150 |  |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
| **Earnings before fixed charges and provisions for income taxes**                                                                                                                                                                                                                                                                   |  | **54,826** |  | 34,908 |  | 25,458 |  | 21,486 |  | 20,367 |  |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
| **Ratio of earnings to fixed charges**                                                                                                                                                                                                                                                                                              |  | **1.24** |  | 1.17 |  | 1.32 |  | 1.26 |  | 0.94 | 2) |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                     |
| 1) Amounts reflect a two-third portion of premises and real estate expenses, the portion deemed representative of the interest factor.      2) The deficiency in the coverage of fixed charges by earnings before fixed charges was CHF 1,346 million for the year ended December 31, 2002. |

|  |
|--|

|  |
|--|