NATIXIS - Universal registration document and financial report 2019

FINANCIAL DATA Consolidated financial statements and notes

Commitments Note 14

Guarantee commitments 14.1 A financial guarantee is a contract that requires the issuer to compensate the holder of the contract for any loss that the holder incurs because a debtor fails to make payment when due. The exercise of these rights is subject to the occurrence of an uncertain future event. The amounts shown represent the nominal value of the commitment undertaken:

31/12/2018

31/12/2019

Guarantee commitments given To banks

8,447 1,851 6,595

8,162 1,202 6,960

Confirmation of documentary credits

Other guarantees

To customers

17,779

22,481

Real estate guarantees

205 292

192 281

Administrative and tax bonds

Other bonds and endorsements given

1,728

6,752

Other guarantees

15,554 26,226 12,229

15,257 30,643 10,980

TOTAL GUARANTEE COMMITMENTS GIVEN Guarantee commitments received from banks

Based on an in-depth review of the determination of fair value conducted in H1 2019, these guarantees are now recorded as derivatives measured at fair value in accordance with IFRS 13. It should be noted that, at December 31, 2018, these guarantees were recorded as financial guarantees and an appropriate provision for counterparty risk was set aside in accordance with IFRS 9. They were presented within “Other bonds and endorsements given” for €5,383 million.

Specific case of guarantees issued to mutual funds

5

Natixis guarantees the capital and/or returns on units in certain mutual funds. These guarantees are executed solely in the event that the net asset value of each of the units in the fund at maturity is lower than the guaranteed net asset value. Although similar to derivatives, the capital and/or performance guarantees given by Natixis to certain UCITS were recognized as financial guarantees and provisioned in accordance with IFRS 9 until December 31, 2018, due to the difficulty in determining their fair value.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019