NATIXIS // 2021 Universal Registration Document
5 CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2021 Consolidated financial statements and notes
Financial liabilities at fair value through profit or loss 7.1.2 The table below shows the breakdown of financial liabilities at fair value through profit and loss by instrument type.
31/12/2021
31/12/2020
Financial liabilities designated under the fair value option
Financial liabilities designated under the fair value option
Financial liabilities issued for trading
Financial liabilities issued for trading
Total
(in millions of euros)
Total (b)
Note
7.1.2.1 22,367 22,267
7.1.2.1 22,776 22,677
Securities
24,639
47,006 22,274
20,877
43,654 22,972
Debt securities
7 0
295
Subordinated debt
100
100
0
99
99
Short sales
24,632 87,665
0 0
24,632 87,665
20,582 95,263
0 0
20,582 95,263
Repurchased securities (a)
Liabilities
5 0 5 0
300 151
305 151
13
3,795
3,808
Due to banks
0
151 120
150 133
Customer deposits
36
41
13
Other liabilities
113
113
0
3,525
3,525
Non-hedging derivatives (a) * Security deposits received
51,875 13,776 177,961
0 0
51,875 13,776 200,628
55,652 15,844 187,650
0 0
55,652 15,844 214,221
TOTAL
22,667
26,571
The information presented takes into account the impact of offsetting carried out in accordance with IAS 32 (see Note 7.3). (a) Including €3,461 million for the Insurance business line, classified as “Non-current liabilities held for sale” at December 31, 2021 (see Notes 1.2 and 7.10). (b) Amounts restated in relation to the financial statements as at December 31, 2020 (see Note 5.4). *
Conditions for classification of financial liabilities under the fair value option Financial liabilities are designated at fair value through profit or loss when this choice provides more pertinent information or when the instruments incorporate one or more significant and separable embedded derivatives (see Note 5.1.5) . The use of the fair value option is considered to provide more pertinent information in two situations:
where a portfolio of financial assets and liabilities is managed and V recognized at fair value as part of a documented policy of asset and liability management. Liabilities measured at fair value through profit and loss mainly comprise issues originated and structured on behalf of customers for which risks and hedging are collectively managed. These issues include significant embedded derivatives for which changes in value are neutralized, except for those allocated to own credit risk, by those of the derivative instruments hedging them.
where there is an accounting mismatch between economically V linked assets and liabilities. In particular, the fair value option is used when hedge accounting conditions are not met: in such cases, changes in the fair value of the hedged item automatically offset changes in the fair value of the hedging derivative;
31/12/2021
31/12/2020
Managed on a fair value basis
Managed on a fair value basis
Carrying amount
Accounting mismatch
Embedded derivatives
Carrying amount
Accounting mismatch
Embedded derivatives
(in millions of euros)
Due to banks
151
3 0
148
151 120
4 0
147 120
Customer deposits
36
36
Debt securities
22,267
18,661
3,606
22,677
19,030
3,647
Subordinated debt Other liabilities (a)
100 113
0
100
99
0
99
113
0
3,525
3,525
0
TOTAL 4,013 Including €3,459 million relating to the Insurance business line classified as “Non-current liabilities held for sale” at December 31, 2021 (see Notes 1.2 and 7.10). (a) Some liabilities issued and recognized under the fair value option through profit or loss are covered by a guarantee. The effect of this guarantee is incorporated into the fair value of the liabilities. 22,667 18,777 3,890 26,571 22,558
322
NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021
Made with FlippingBook Annual report maker