BPCE - 2018 Registration document

5 FINANCIAL REPORT

IFRS Consolidated Financial Statements of BPCE SA group as at December 31, 2018

5.19.1.2 Comments on financial assets pledged as collateral but not transferred Financial assets provided as collateral but not transferred are generally pledged. The main mechanisms involved are the CRH (Caisse de Refinancement de l’Habitat), the ESNI industry-wide funding mechanism and securities pledged as collateral for ECB refinancing operations. Moreover, in accordance with French law, the intrinsic guarantees attached to issues of covered bonds are not recognized under guarantee commitments given. The covered bonds issued by BPCE SFH and Compagnie de Financement Foncier benefit from a legal privilege comprised of eligible assets. 5.19.1.3 Financial assets received as collateral that can be sold or repledged This heading covers financial assets received as security under financial guarantee agreements with the right to reuse the assets in the absence of any default on the part of the owner of the guarantee.

The fair value of the financial assets received as collateral that BPCE SA group may sell or repledge amounted to € 218 billion at December 31, 2018, compared to € 207 billion at December 31, 2017. The fair value of the financial assets received as collateral that were actually sold or repledged amounted to € 145 billion at December 31, 2018, compared with € 136 billion at December 31, 2017. Fully derecognized financial assets for which the 5.19.2 Group retains an ongoing commitment Fully derecognized transferred financial assets for which the Group retains an ongoing commitment consist of asset transfers to a deconsolidated securitization vehicle in which BPCE SA group has an interest or an obligation, although this does not call into question the transfer of almost all of the benefits and risks relating to the assets transferred. Ongoing commitments retained by the Group in relation to securitization vehicles were not significant on December 31, 2018.

Note 6

Commitments

Accounting principles Commitments are materialized by the existence of a contractual obligation and are binding.

It must not be possible to deem commitments included in this item to be financial instruments falling within the scope of IFRS 9 for classification and measurement purposes. However, financing commitments and guarantees given are covered by IFRS 9 provisioning rules, as set out in Note 7. The effects of the rights and obligations covered by such commitments must be subject to the occurrence of conditions or subsequent transactions. Commitments are broken down into: financing commitments (confirmed credit facilities or refinancing agreements); ● guarantee commitments (off-balance sheet commitments or assets received as collateral) ●

The amounts shown correspond to the nominal value of commitments given.

6.1

FINANCING COMMITMENTS

12/31/2018

01/01/2018

in millions of euros

Loan commitments given to: credit institutions -

1,168

544

customers -

66,651 64,283

63,806 58,555

credit facilities granted - other commitments -

2,368

5,251

TOTAL FINANCING COMMITMENTS GIVEN

67,819

64,350

Financing commitments received from: credit institutions -

41,076

41,477

customers -

91

6

TOTAL FINANCING COMMITMENTS RECEIVED

41,167

41,483

472

Registration document 2018