AFD - 2018 Registration document

AFD’S ANNUAL FINANCIALS STATEMENTS Notes to the financial statements at 31 December 2018

NOTE 32 Other off-balance sheet commitments

December 2017

December 2018

In thousands of euros

Guarantee commitments received from the French State on loans Guarantee commitments received from credit institutions

4,128,610

3,533,063

332,990 23,480 167,478

356,683 21,424 328,321

Guarantee commitments made to credit institutions Guarantee commitments given on securities Guarantee commitments made to customers

2,327,416

2,235,988

NOTE 33 Commitments on forward financial instruments excluding IMF transactions (1)

December 2017

December 2018

notional

value (2)

notional

value (2)

In thousands of euros

Outright transactions Interest rate swaps (hedging transactions) Currency swaps (hedging transactions)

-36,060,958 31,556,417 15,847,114 15,709,303

425,429 114,153

-31,509,085 28,258,495 14,119,298 14,139,197

-305,061

14,011

Commitments received Commitments given

Other instruments (hedging transactions) Options

-337,587

1,701

-339,181

1,915

(1) This information does not appear in the publishable off-balance sheet. (2) The value of these financial instruments was established with reference to market value.

Less than 1 year From 1 to 5 years More than 5 years

Total 2018

In thousands of euros

Outright, micro-hedge and OTCmarket transactions Interest rate swaps

100,989

8,735,690 11,443,847 5,778,431 5,665,415

27,224,279 14,917,425 7,403,207 7,514,217

36,060,958 31,556,417 15,847,114 15,709,303

Currency swaps

5,195,146 2,665,475 2,529,671

Commitments received Commitments given

Options

10,000

76,800

250,787

337,587

7

NOTE 34 Valuationof forwardfinancial instruments excluding IMF transactionsby issuer rating (1)

31/12/2017 value (2)

31/12/2018 value (2)

Banking counterparty rating In thousands of euros

AAA

-

-

AA

118,669 581,647 127,319

-42,112 616,376 126,696

A

BBB

NR

-2,551

-3,444

TOTAL 697,516 (1) Counterparty risk on derivatives related to the financing of IMF transactions is covered by the overall guarantee granted to AFD by the French State for this purpose. (2) Replacement cost is represented by the net gain on market values, including accrued interest. If the balance is negative, the cost is zero. 825,084

203

REGISTRATION DOCUMENT 2018