BPCE_REGISTRATION_DOCUMENT_2017
FINANCIAL REPORT IFRS Consolidated Financial Statements of BPCE SA group as at December 31, 2017
PROVISIONS 5.19 Provisionsare detailedin the tablebelow:
Reversals unused
Other changes (1)
12/31/2017
01/01/2017
Increase
Use
in millionsof euros
Provisions for employee benefit commitments (2)
1,096
124
(172)
(114)
(30)
904
Provisions for restructuring costs (3)
56
17
(19) (60)
(9)
45
Legal andtax risks (4)
1,073
267
(66)
(86)
1,128
Loan and guarantee commitments
110
41
(2)
(41)
(41)
67
Provisions for regulated home savings products
4
4
Other operatingprovisions TOTALPROVISIONS
693
158 607
(90)
(99)
15
677
3,032 2,825 Otherchangesincludeprimarilythe variationin revaluationdifferenceson employeebenefits(-€7 millionbeforetax) and the impactsrelatedto changesin the scopeof consolidationand foreign (1) exchangerate adjustments(-€116 million). O/w €824 millionfor post-employmentdefined-benefitplansand other long-termemployeebenefits(see Note 9.2.1). (2) At December 31,2017,provisionsfor restructuringcostsnotably included: (3) €2 millionfor the workforceadjustmentplan at Natixiscompletedin 2015 (€6 millionat December 31,2016); ● €31 millionin provisionsfor restructuringcosts for the COFACEplan (€42 millionat December 31,2016). ● Provisionsfor legaland tax risks included€389 millionfor the net insuranceexposureon the Madofffraud.The insuranceamounttotals€123 millionfor disputesrelatingto this case.The provision (4) for Madoffnet outstandingstotaled€480 millionat December 31,2016. (343) (329) (142)
SUBORDINATED DEBT 5.20 Subordinateddebt differs from other debt and bonds in that it will be repaid only after all the senior and unsecured creditors, but before the repayment of participating loans and securities and deeply subordinated notes.
5
12/31/2017
12/31/2016
in millionsof euros
Termsubordinated debt Perpetualsubordinated debt Subordinated debtand similar
15,902
19,027
312
312
16,214
19,339
Accrued interest
322 489
367 658
Revaluation ofthe hedged component TOTALSUBORDINATEDDEBT
17,025
20,364
The fair valueof subordinateddebt is presented inNote 15.
Changes in subordinated debt and similar during the year
12/31/2017
01/01/2017
Issuance (1)
Redemption (2) Other changes (3)
in millions of euros
Termsubordinated debt Perpetualsubordinated debt
19,027
(2,214)
(911)
15,902
312
312
SUBORDINATEDDEBT AND SIMILAR
19,339
(2,214)
(911)
16,214
No new issuancewas made in the 2017 fiscal year. (1) Redemptionsof subordinatedborrowingsand securitiesspecificallyinvolved: (2)
the maturingof subordinatedsecurities issuedby BPCE in the amountof €1,713 million,in 2017; ● the maturingof subordinatedsecurities issuedby Natixis in the amountof €500 million,in 2017. ● Otherchangesmainly includedthe revaluationof debtssubjectto hedging,foreignexchangefluctuationsand variationsin intra-groupsecuritiesheld by NatixisFundingfor the purposesof (3) market-makingwith respectto Natixis’debt on the secondarymarket.
Deeply subordinatednotes qualifying as equity instruments are presented in Note
5.21.
413
Registration document 2017
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