RISK REPORT Summary of risks

In addition to the bail-in power, resolution authorities are provided with broad powers to implement other resolution measures with respect to failing institutions or, under certain circumstances, their groups, which may include (without limitation): the total or partial sale of the institution’s business to a third party or a bridge institution, the separation of assets, the replacementor substitution of the institution as obligor in respect of debt instruments, modificationsto the terms of debt instruments(includingalteringthe maturity and/or the amount of interest payable and/or imposing a temporary suspension on payments), discontinuing the listing and admission to trading of financial instruments, the dismissal of managers or the appointment of a temporary administrator (administrateur spécial) and the issuance of new equity or ownfunds. The resolution authorities are currently the Autorité de contrôle prudentiel et de resolution (“ACPR”) and the Single ResolutionBoard established by Regulation (EU) No 806/2014 of the European

Parliament and of the Council of July 15, 2014 establishinguniform rules and a uniformprocedurefor the resolutionof credit institutions and certain investmentfirms in the frameworkof a single resolution mechanism and a single resolution fund (the “Single Resolution Mechanism”). Under the Single Resolution Mechanism, the ACPR is responsiblefor implementingresolutionplans accordingto the Single Resolution Board’sinstructions. The exercise of the powers described above by resolution authorities could result in the partial or total write-downor conversionto equity of the capital instrumentsand the debt instrumentsissued by BPCE, or may substantiallyaffect the amountof resourcesavailableto BPCE to make paymentssuch on instruments.In addition,in certainmarket conditions, the existence of these powers could cause the market value of the capital instrumentsand debt instrumentsissued by BPCE to declinemore rapidly than would be the case in the absenceof such powers.



Registration document 2017

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