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                                                                    EXHIBIT 23.6




                         Consent of Independent Auditors


We consent to the reference to our firm under the caption "Experts" in the
Post-Effective Amendment No. 3 to the Registration Statement (Form F-3 File No.
333-46930) and related Prospectus of UBS AG for the registration of Medium Term
Notes and to the incorporation by reference therein of our report dated 31
January 2000, with respect to the consolidated financial statements of Paine
Webber Group Inc. included in Form 6-K filed with the Securities and Exchange
Commission.





                                                              Ernst & Young LLP



New York, New York
15 May 2001