BPCE - 2019 Universal Registration Document

FINANCIAL REPORT

IFRS CONSOLIDATED FINANCIAL STATEMENTS OF GROUPE BPCE AS AT DECEMBER 31, 2019

5.19.1.2

Comments on financial assets pledged as

The fair value of the financial assets received as collateral that Groupe BPCE may sell or repledge amounted to €233 billion at December 31, 2019, compared to €232 billion at December 31, 2018. The fair value of the financial assets received as collateral that were actually sold or repledged amounted to €167 billion at December 31, 2019, compared with €146 billion at December 31, 2018.

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. Financial assets received as collateral that can 5.19.1.3 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.

5.19.2

FULLY DERECOGNIZED FINANCIAL ASSETS FOR WHICH THE 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 Groupe BPCE 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, 2019.

Commitments Note 6

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

It must not be possible for commitments included in this item to be deemed financial instruments falling within the scope of IFRS 9 for classification and measurement purposes. However, loan 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: loan commitments (confirmed credit facilities or refinancing agreements); • guarantee commitments (off-balance sheet commitments or assets received as collateral) •

5

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

6.1

LOAN COMMITMENTS

12/31/2019

12/31/2018

in millions of euros

Loan commitments given to: banks •

1,328

1,365

customers •

135,184 125,649

118,343 115,470

Credit facilities granted Other commitments

9,535

2,873

TOTAL LOAN COMMITMENTS GIVEN Loan commitments received from: banks •

136,512

119,708

56,020

44,681

customers •

1,989

1,896

TOTAL LOAN COMMITMENTS RECEIVED

58,009

46,577

279

UNIVERSAL REGISTRATION DOCUMENT 2019 | GROUPE BPCE