1
                                                                Exhibit 23.7



                        Consent of Independent Auditors

We consent to the references to our firm under the captions "Management's
Discussion and Analysis of Financial Condition and Results of Operations",
"Experts", "Corporate Governance" and "Information to Readers" and to the use of
our reports 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) and 5 March
2001 in the Registration Statement filed pursuant to Rule 424b for Form F-1 (No.
333-46930) and related Prospectus of UBS AG for Medium Term Notes.


                                        Ernst & Young Ltd.



                             /s/ Roger K. Perkin          /s/ Peter Heckendorn
                             Roger K. Perkin              Peter Heckendorn
                             Chartered Accountant         lic.oec.
                             in charge of the audit       in charge of the audit


Basel, Switzerland
22 March 2001