BPCE_REGISTRATION_DOCUMENT_2017
5 FINANCIAL REPORT
IFRS Consolidated Financial Statements of Groupe BPCE as at December 31, 2017
Note 13
Transferred financial assets, other financial assets pledged as collateral and assets received as collateral that can be sold or repledged
TRANSFERRED FINANCIAL ASSETS NOT FULLY DERECOGNIZED AND OTHER FINANCIAL ASSETS 13.1 PLEDGED AS COLLATERAL
Carrying amount
Assets transferred or pledged as collateral
Outright securities lending
Repurchase agreements
12/31/2017
Securitizations
in millions of euros
Financial assetspledgedas collateral Financial assetsheld for trading
2,314
14,243
83 12
653
17,293
Financialassetsdesignatedat fair value throughprofit or loss
12
Available-for-salefinancial assets
3,500
1,301
7,402
12,203
Loans and receivables
23
85,797
33,454
119,274
Held-to-maturity financial assets
119
119
TOTALFINANCIALASSETSPLEDGEDAS COLLATERAL o/w transferredfinancial assetsnot fully derecognized
5,814
15,686
93,294
34,107 34,107
148,901 137,253
5,814
15,686
81,646
Carrying amount
Assets transferred or pledged as collateral
Outright securities lending
Repurchase agreements
Securitizations 12/31/2016
in millions of euros
Financial assetspledgedas collateral Financial assetsheld for trading
3,547
12,726
3,770
1,193
21,236
Financialassetsdesignatedat fair value throughprofit or loss
15
15
Available-for-salefinancial assets
1,323
6,966
9,978
18,267 97,348
Loans and receivables
304 121
85,196
11,848
Held-to-maturity financial assets
60
181
TOTALFINANCIALASSETSPLEDGEDAS COLLATERAL o/w transferredfinancial assetsnot fully derecognized
4,930
20,117
98,959
13,041 13,041
137,047 116,690
4,930
20,117
78,602
The amount of liabilities associated with financial assets pledged as collateral for repurchase agreements came to € 14,943 million at December31, 2017 ( € 19,195million at December31, 2016). The fair value of financial assets pledged as collateral for non-deconsolidating securitization transactions stood at € 34,107 million at December 31, 2017 ( € 13,041 million at December31, 2016). Moreover, in accordance with French law, the intrinsic guarantees attached to issues of covered bonds is not recognized under guaranteecommitmentsgiven. The coveredbonds issued by BPCE SFH and Compagniede FinancementFoncier benefit from a legal privilege comprised of eligible assets.
operation.The purchasermust neverthelessreturn them to the vendor at the transaction’s maturity. The cash flows generated by the securities are also transmitted to the vendor. The Group believes that it has retained almost all of the risks and benefits of the securities repurchasedor loaned. They have therefore not been derecognized.Financing has been recorded in liabilities for the repurchasing or lending of financedsecurities. Sales of receivables Groupe BPCE sells receivables as security (Articles L. 211-38 or L. 313-23 et seq. of the French Monetary and Financial Code) under guaranteed refinancing operations, notably with the central bank. This type of disposal for security involves the legal transfer of the associated contractual rights, and therefore the “transfer of assets” within the meaning of the amendment to IFRS 7. The Group nevertheless remains exposed to virtually all the risks and benefits, and as suchthe receivablesare maintained onthe balance sheet.
Comments on transferred financial assets 13.1.1
Securities repurchasing and lending Groupe BPCE repurchases and loansecurities.
Under the terms of the agreements,the securitiesmay be sold on by the purchaser throughout the duration of the repurchase or lending
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Registration document 2017
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