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                                                                    EXHIBIT 23.5

                        Consent Of Independent Auditors

We consent to the reference to our firm under the captions "Management's
Discussion and Analysis of Financial Condition and Results of Operations" and
"Experts" and to the use of our report dated 8 March 2000 (except for Note 38,
as to which the date is 18 April 2000 and Note 1 (t) as to which the date is 17
August 2000) included in the Post-effective Amendment No. 3 to the Registration
Statement (Form F-1 No. 333-46216) and related Prospectus of UBS AG for the
registration of Noncumulative Trust Preferred Securities.

                                        Ernst & Young Ltd.



                             /s/ ROGER K. PERKIN          /s/ PETER HECKENDORN
                             ---------------------        ----------------------
                             Chartered Accountant         lic.oec.
                             in charge of the audit       in charge of the audit

Basel, Switzerland
November 11, 2000