Cash and cash equivalents are denominated in the following currencies:

The effective average annual interest rate on short-term bank deposits in Swiss francs was 0.00% (2015: 0.04%); these deposits have an average maturity of 4 days (2015: 66 days).

The effective average annual interest rate on short-term bank deposits in euros was 0.05% (2015: 0.05%); these deposits have an average maturity of 53 days (2015: 90 days).

The effective average annual interest rate on short-term bank deposits in US-dollars was 0.73% (2015: 0.28%); these deposits have an average maturity of 30 days (2015: 38 days).

The effective average annual interest rate on short-term bank deposits in British pounds was 0.52% (2015: 0.48%); these deposits have an average maturity of 48 days (2015: 50 days).

There were no short-term bank deposits denominated in currencies other than the Swiss franc, the euro, the US-dollar and the British pound at the end of the reporting period.

The maximum exposure to credit risk on cash and cash equivalents is equal to their book value.