Bond AXIA 0.288% ( FR0013141090 ) in EUR

Issuer AXIA
Market price refresh price now   100 %  ⇌ 
Country  France
ISIN code  FR0013141090 ( in EUR )
Interest rate 0.288% per year ( payment 1 time a year)
Maturity 23/03/2026



Prospectus brochure of the bond AXA FR0013141090 en EUR 0.288%, maturity 23/03/2026


Minimal amount 100 000 EUR
Total amount 250 000 000 EUR
Next Coupon 25/07/2025 ( In 39 days )
Detailed description AXA is a French multinational insurance firm offering a wide range of financial and insurance products and services globally, including property and casualty insurance, health insurance, and life insurance.

The Bond issued by AXIA ( France ) , in EUR, with the ISIN code FR0013141090, pays a coupon of 0.288% per year.
The coupons are paid 1 time per year and the Bond maturity is 23/03/2026







AXA Bank Europe SCF
(duly licensed French specialised credit institution)
5,000,000,000
Euro Medium Term Note Programme
for the issue of obligations foncières
Under the Euro Medium Term Note Programme (the "Programme") described in this Base Prospectus (the "Base Prospectus"), AXA Bank Europe SCF
(the "Issuer"), subject to compliance with all relevant laws, regulations and directives, may from time to time issue obligations foncières (the "Notes"),
benefiting from the statutory privilège (priority right of payment) created by Article L.513-11 of the French Monetary and Financial Code (Code
monétaire et financier), as more fully described herein (the "Privilège").
The aggregate nominal amount of Notes outstanding will not at any time exceed 5,000,000,000 (or its equivalent in other currencies) at the date of
issue.
Application has been made to the Commission de surveillance du secteur financier for approval of this Base Prospectus in its capacity as competent
authority in Luxembourg under the loi relative aux prospectus pour valeurs mobilières dated 10 July 2005 (as amended, by the Luxembourg law of 3 July
2012) which implements the Directive 2003/71/EC of 4 November 2003, as amended (the "Prospectus Directive") in Luxembourg.
Application may be made to (i) the Luxembourg Stock Exchange during a period of twelve (12) months after the date of this Base Prospectus for Notes
issued under the Programme to be listed on the Official List of the Luxembourg Stock Exchange and admitted to trading on the regulated market of the
Luxembourg Stock Exchange and/or (ii) to the competent authority of any other member state of the European Economic Area ("EEA") for Notes issued
under the Programme to be admitted to trading on a Regulated Market (as defined below) in such member state. The regulated market of the Luxembourg
Stock Exchange is a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC dated 21 April 2004, as amended,
appearing on the list of regulated markets issued by the European Securities Markets Authority (each a "Regulated Market"). Notes issued under the
Programme may also be unlisted or listed and admitted to trading on any other market, including any other Regulated Market. The relevant final terms (a
form of which is contained herein)in respect of the issue of any Notes (the "Final Terms") will specify whether or not such Notes will be listed and
admitted to trading on any market. Notes which are to be admitted to trading on a Regulated Market within the EEA in circumstances which require the
publication of a prospectus under the Prospectus Directive shall have a minimum denomination of 1,000 (or its equivalent in any other currency as at the
date of issue of the Notes) or such higher amount as may be allowed or required by the relevant monetary authority or any applicable laws or regulations.
Notes may be issued either in dematerialised form ("Dematerialised Notes") or in materialised form ("Materialised Notes") as more fully described
herein.
Dematerialised Notes will at all times be in book-entry form in compliance with Articles L.211-3 et seq. of the French Monetary and Financial Code
(Code monétaire et financier). No physical documents of title will be issued in respect of Dematerialised Notes.
Dematerialised Notes may, at the option of the Issuer, be (i) in bearer form (au porteur) inscribed as from the issue date in the books of Euroclear France
(acting as central depositary) which shall credit the accounts of the Account Holders (as defined in "Terms and Conditions of the Notes - Form,
Denomination, Title and Redenomination") including Euroclear Bank S.A./N.V. ("Euroclear") and the depositary bank for Clearstream Banking, société
anonyme ("Clearstream, Luxembourg"), or (ii) in registered form (au nominatif) and, in such latter case, at the option of the relevant Noteholder (as
defined in "Terms and Conditions of the Notes - Form, Denomination, Title and Redenomination"), in either fully registered form (au nominatif pur), in
which case they will be inscribed in an account maintained by the Issuer or by a registration agent (appointed in the relevant Final Terms) for the Issuer,
or in administered registered form (au nominatif administré) in which case they will be inscribed in the accounts of the Account Holders designated by
the relevant Noteholder.
Materialised Notes will be in bearer materialised form only and may only be issued outside France. A temporary global certificate in bearer form without
interest coupons attached (a "Temporary Global Certificate") will initially be issued in relation to Materialised Notes. Such Temporary Global
Certificate will subsequently be exchanged for definitive Materialised Notes with, where applicable, coupons for interest or talons attached (the
"Definitive Materialised Notes"), on or after a date expected to be on or about the fortieth (40th) day after the issue date of the Notes (subject to
postponement as described in "Temporary Global Certificate in respect of Materialised Notes") upon certification as to non-US beneficial ownership as
more fully described herein. Temporary Global Certificates will (a) in the case of a Tranche (as defined in "Terms and Conditions of the Notes") intended
to be cleared through Euroclear and/or Clearstream, Luxembourg, be deposited on the issue date with a common depositary for Euroclear and
Clearstream, Luxembourg, and (b) in the case of a Tranche intended to be cleared through a clearing system other than or in addition to Euroclear and/or
Clearstream, Luxembourg or delivered outside a clearing system, be deposited as agreed between the Issuer and the relevant Dealer(s) (as defined below).
Notes to be issued under the Programme are expected on issue to be rated Aaa by Moody's Investors Service Ltd ("Moody's") and AAA by Fitch Ratings
Limited ("Fitch", and together with Moody's, the "Rating Agencies"). Obligations rated "Aaa" by Moody's are judged to be of the highest quality,
subject to the lowest level of credit risk. Long-term ratings by Moody's are assigned to issuers or obligations with an original maturity of one year or more
and reflect both on the likelihood of a default on contractually promised payments and the expected financial loss suffered in the event of default."AAA"
ratings assigned by Fitch denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of
financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. A security rating is not a recommendation to buy,
sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating agency without notice. The rating of the
Notes will be specified in the relevant Final Terms. As at the date of this Base Prospectus, each of the Rating Agencies is established in the European
Union and is registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council dated 16 September 2009, as amended (the
"CRA Regulation") and is included in the list of credit rating agencies registered in accordance with the CRA Regulation published on the European
Securities and Markets Authority's website (www.esma.europa.eu/page/List-registered-and-certified-CRAs).
See section entitled "Risk Factors" below for certain information relevant to an investment in the Notes to be issued under the Programme.
ARRANGER
BNP PARIBAS
PERMANENT DEALERS
BNP PARIBAS
BofA MERRILL LYNCH
CRÉDIT AGRICOLE CIB
HSBC
NATIXIS
SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING
The date of this Base Prospectus is 7 March 2016


This Base Prospectus (together with all supplements thereto from time to time), constitutes a
base prospectus for the purposes of Article 5.4 of the Prospectus Directive and contains all
relevant information concerning the Issuer which is necessary to enable investors to make an
informed assessment of the assets and liabilities, financial position, profit and losses and
prospects of the Issuer, as well as the base terms and conditions of the Notes to be issued under
the Programme. The terms and conditions applicable to each Tranche not contained herein
(including, without limitation, the aggregate nominal amount, issue price, redemption price
thereof, and interest, if any, payable thereunder) will be determined by the Issuer and the
relevant Dealer(s) at the time of the issue on the basis of the then prevailing market conditions
and will be set out in the relevant Final Terms.
This Base Prospectus should be read and construed in conjunction with (i) any document and/or
information which is incorporated herein by reference (see "Documents incorporated by
reference" below), (ii) any supplement thereto that may be published from time to time and (iii)
in relation to any Tranche of Notes, the relevant Final Terms.
This Base Prospectus (together with all supplements thereto from time to time) may only be used
for the purposes for which it has been published.
No person is or has been authorised to give any information or to make any representation other
than those contained or incorporated by reference in this Base Prospectus in connection with the
issue or sale of the Notes and, if given or made, such information or representation must not be
relied upon as having been authorised by the Issuer, the Arranger or any of the Dealer(s).
Neither the delivery of this Base Prospectus nor any sale made in connection herewith shall,
under any circumstances, create any implication that there has been no change in the affairs of
the Issuer since the date hereof or the date upon which this Base Prospectus has been most
recently supplemented or that there has been no adverse change in the financial position of the
Issuer since the date hereof or the date upon which this Base Prospectus has been most recently
supplemented or that any other information supplied in connection with the Programme is
correct as of any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same.
The distribution of this Base Prospectus and the offering or sale of Notes in certain jurisdictions
may be restricted by law. The Issuer, the Arranger and the Dealer(s) do not represent that this
Base Prospectus may be lawfully distributed, or that any Notes may be lawfully offered, in
compliance with any applicable registration or other requirements in any such jurisdiction, or
pursuant to an exemption available thereunder, or assume any responsibility for facilitating any
such distribution or offering. In particular, no action has been taken by the Issuer, the Arranger
or the Dealer(s) which is intended to permit a public offering of any Notes or distribution of this
Base Prospectus in any jurisdiction where action for that purpose is required. Accordingly, no
Notes may be offered or sold, directly or indirectly, and neither this Base Prospectus nor any
offering material may be distributed or published in any jurisdiction, except under
circumstances that will result in compliance with any applicable laws and regulations. Persons
into whose possession this Base Prospectus or any Notes may come must inform themselves
about, and observe, any such restrictions on the distribution of this Base Prospectus and the
offering and sale of Notes. In particular, there are restrictions on the distribution of this Base
Prospectus and the offer or sale of Notes in the United States of America, the EEA (including
Belgium, France and the United Kingdom), Switzerland and Japan.
The Notes have not been and will not be registered under the United States Securities Act of
1933, as amended (the "Securities Act") or with any securities regulatory authority of any state
or other jurisdiction of the United States and may not be offered or sold within the United States
or to, or for the account or benefit of, U.S. persons as defined in Regulation S under the
Securities Act ("Regulation S"). The Notes may include Materialised Notes in bearer form that
are subject to U.S. tax law requirements. Subject to certain exceptions, the Notes may not be
offered or sold or, in the case of Materialised Notes in bearer form, delivered within the United
States or, in the case of certain Materialised Notes in bearer form, to, or for the account or
2


benefit of, United States persons as defined in the U.S. Internal Revenue Code of 1986, as
amended. The Notes are being offered and sold outside the United States in offshore transactions
to non-U.S. persons in reliance on Regulation S.
For a description of these and certain other restrictions on offers, sales and transfers of Notes
and on distribution of this Base Prospectus, see section entitled "Subscription and Sale".
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the
Issuer, the Arranger or the Dealer(s) to subscribe for, or purchase, any Notes below.
The Arranger and the Dealer(s) have not separately verified the information contained or
incorporated by reference in this Base Prospectus. Neither the Arranger nor any of the Dealers
makes any representation, express or implied, or accepts any responsibility, with respect to the
accuracy or completeness of any of the information included or incorporated by reference in this
Base Prospectus. Neither this Base Prospectus nor any other information supplied in connection
with the Programme (including any information incorporated by reference) is intended to
provide the basis of any credit or other evaluation and should not be considered as a
recommendation by any of the Issuer, the Arranger or the Dealer(s) that any recipient of this
Base Prospectus or other information supplied in connection with the Programme (including
any information incorporated by reference) should purchase the Notes. Each prospective
investor in the Notes should determine for itself the relevance of the information contained or
incorporated by reference in this Base Prospectus and its purchase of Notes should be based
upon such investigation as it deems necessary. Neither the Arranger nor any of the Dealers
undertake to review the financial condition or affairs of the Issuer during the life of the
arrangements contemplated by this Base Prospectus nor to advise any investor or potential
investor in the Notes of any information that may come to the attention of any of the Dealers or
the Arranger.
In connection with the issue of any Tranche, the Dealer(s) (if any) named as the stabilising
manager(s) (the "Stabilising Manager(s)") (or persons acting on behalf of any Stabilising
Manager(s)) in the applicable Final Terms may over-allot Notes or effect transactions with a
view to supporting the market price of the Notes at a level higher than that which might
otherwise prevail. However, there is no assurance that the Stabilising Manager(s) (or persons
acting on behalf of a Stabilising Manager(s)) will undertake stabilisation action. Any
stabilisation action may begin on or after the date on which adequate public disclosure of the
final terms of the offer of the relevant Tranche is made and, if begun, may be ended at any time,
but it must end no later than the earlier of thirty (30) calendar days after the issue date of the
relevant Tranche and sixty (60) calendar days after the date of the allotment of the relevant
Tranche. Any stabilisation action or over-allotment shall be conducted in accordance with all
applicable laws and rules.
None of the Issuer, the Arranger or the Dealers makes any representation to any prospective
investor in the Notes regarding the legality of its investment under any applicable laws. If you
are in any doubt about the contents of this Base Prospectus you should contact your advisers.
Prospective purchasers of Notes should ensure that they understand the nature of the relevant
Notes and the extent of their exposure to risks and that they consider the suitability of the
relevant Notes as an investment in the light of their own circumstances and financial condition.
Notes involve a high degree of risk and potential investors should be prepared to sustain a total
loss of the purchase price of their Notes. For more information, see section entitled "Risk
Factors".
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references
to "", "Euro", "euro" or "EUR" are to the lawful currency of the member states of the
European Union that have adopted the single currency in accordance with the Treaty
establishing the European Community, as amended, references to "£", "pounds sterling" and
"Sterling" are to the lawful currency of the United Kingdom, references to "$", "USD" and
3


"US Dollar" are to the lawful currency of the United States of America, references to "¥",
"JPY" and "Yen" are to the lawful currency of Japan and references to "CHF" and "Swiss
Francs" are to the lawful currency of Switzerland.
FORWARD-LOOKING STATEMENTS
This Base Prospectus may contain certain statements that are forward-looking including statements
with respect to the Issuer's business strategies, expansion and growth of operations, trends in its
business, competitive advantage, and technological and regulatory changes, information on exchange
rate risk and generally includes all statements preceded by, followed by or that include the words
"believe", "expect", "project", "anticipate", "seek", "estimate" or similar expressions. Such forward-
looking statements are not guarantees of future performance and involve risks and uncertainties, and
actual results may differ materially from those in the forward-looking statements as a result of various
factors. Potential investors are cautioned not to place undue reliance on forward-looking statements,
which speak only as of the date hereof.
4


TABLE OF CONTENTS
Page
Person responsible for the information given in the Base Prospectus ............................................. 6
Summary of the Programme ............................................................................................................ 7
Résumé du Programme .................................................................................................................... 22
Risk factors ...................................................................................................................................... 37
General Description of the Programme............................................................................................ 54
Supplement to the Base Prospectus................................................................................................ 62
Documents incorporated by reference ............................................................................................. 63
Terms and Conditions of the Notes................................................................................................ 66
Temporary Global Certificates in respect of Materialised Notes ..................................................... 93
Use of proceeds................................................................................................................................ 95
Overview of the legislation and regulations relating to sociétés de crédit foncier .......................... 96
Description of the Issuer ..................................................................................................................103
Relationship between AXA Bank Europe SCF and AXA Group Entities........................................113
Form of Final Terms.........................................................................................................................115
Taxation............................................................................................................................................127
Subscription and Sale.......................................................................................................................130
General Information.........................................................................................................................133
5


PERSON RESPONSIBLE FOR THE INFORMATION GIVEN IN THE BASE PROSPECTUS
AXA Bank Europe SCF (the "Responsible Person") accepts responsibility for the information contained or
incorporated by reference in this Base Prospectus. To the best of its knowledge (having taken all reasonable care
to ensure that such is the case), the information contained or incorporated by reference in this Base Prospectus is
in accordance with the facts and contains no omission likely to affect its import.
AXA Bank Europe SCF
203/205, rue Carnot
94138 Fontenay-sous-Bois
France
Duly represented by Geert Van de Walle
in its capacity as Chief Executive Officer (Directeur Général) of the Issuer
6


SUMMARY OF THE PROGRAMME
Summaries are made up of disclosure requirements known as "Elements" the communication of which is
required by Annex XXII of (EC) Regulation 809/2004 of the Commission dated 29 April 2004, as amended.
These Elements are numbered in Sections A ­ E (A.1 ­ E.7).
This summary contains all the Elements required to be included in a summary for this type of securities and
issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence
of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of securities and
issuer, it is possible that no relevant information can be given regarding the Element. In this case, a short
description of the Element is included in the summary with the mention "Not Applicable".
[The Summary contains options, characterised by square brackets or typesetting in italics (other than the
respective translations of specific legal terms), and placeholders regarding the notes (the "Notes") to be issued
under the Programme. The issue specific summary relating to an individual issue of Notes will include the
options relevant to this issue of Notes as determined by the applicable final terms (the "Final Terms") and will
contain the information which had been left blank as completed by the applicable Final Terms.]
Section A ­ Introduction and warning
A.1
General
This summary should be read as an introduction to this base prospectus (the "Base
disclaimer
Prospectus").
regarding the
summary
Any decision to invest in the Notes should be based on a consideration of this Base
Prospectus as a whole by the investor, including any documents incorporated by
reference, any supplement thereto, as the case may be, and the relevant final terms
(the "Final Terms"). Where a claim relating to information contained in this Base
Prospectus is brought before a court in a member state (a "Member State") of the
the European Economic Area (the "EEA"), the plaintiff investor, might, under the
national legislation of the Member State where the claim is brought, have to bear the
costs of translating this Base Prospectus before the legal proceedings are initiated.
No claim on civil liability can be brought in a Member State against any person on
the sole basis of this summary, including any translation thereof, except if the
summary is misleading, inaccurate or inconsistent when read together with the other
parts of the Base Prospectus (including all documents incorporated by reference
therein) or if it does not provide, when read together with the other parts of the Base
Prospectus (including all documents incorporated by reference therein), key
information in order to aid investors when considering whether to invest in the
Notes.
A.2
Consent
by Not Applicable. There is no consent given by the Issuer to use the Base Prospectus,
the Issuer to as supplemented from time to time, and the applicable Final Terms.
the use of the
Prospectus
Section B ­ Issuer
B.1
Legal
and AXA Bank Europe SCF (the "Issuer").
commercial
name of the
Issuer
B.2
Registered
AXA Bank Europe SCF is a limited liability company with a board of directors
office/ Legal
(société anonyme à conseil d'administration) incorporated under French law, duly
form/
licensed in France as a specialised credit institution (établissement de crédit
Legislation/
spécialisé) with the status of société de crédit foncier delivered by the Autorité de
Country of
contrôle prudentiel et de résolution.
Incorporation
of the Issuer
The Issuer is governed by the laws and regulations applicable to limited liability
companies (sociétés anonymes), to specialised credit institutions (établissements de
crédit spécialisés) and, in particular, to sociétés de crédit foncier.
7


As a société de crédit foncier, the Issuer's assets must comply with the legal
eligibility criteria provided for sociétés de crédit foncier, and, in particular, given the
Issuer's business activity, with the legal eligibility criteria set out in Articles L.513-3,
L.513-5 and L.513-6 of the French Monetary and Financial Code (Code monétaire et
financier), according to which the Issuer may:
(i)
acquire residential mortgage loans if, in accordance with Article L.513-
3 of the French Monetary and Financial Code (Code monétaire et
financier), such loans are secured by a first ranking mortgage over an
eligible real estate or by other real estate security interests providing an
equivalent security interest or are guaranteed by a credit institution, a
financing company or an insurance company that does not belong to
the same group according to Article L. 233-16 of the French
Commercial Code (Code de commerce) as the relevant société de crédit
foncier; and/or
(ii)
subscribe for units or notes issued by French organismes de titrisation
or any other similar foreign entities governed by the laws of a Member
State of the European Union or EEA, if the following provisions of
Articles L.513-5 and R.513-3 of the French Monetary and Financial
Code (Code monétaire et financier) are complied with:
-
the assets of such securitisation vehicles comprise at least 90 per
cent. of mortgage loans complying with the criteria defined in I of
Article L.513-3 of the French Monetary and Financial Code (Code
monétaire et financier) or other receivables benefiting from
equivalent security interests;
-
such units or notes are not subordinated units or subordinated
notes;
-
such units or notes benefit from the highest level of credit
assessment (meilleur échelon de qualité de crédit) assigned by an
external rating agency recognised by the Autorité de contrôle
prudentiel et de résolution pursuant to Article L.511-44 of the
French Monetary and Financial Code (Code monétaire et
financier); and
-
such units or notes are refinanced within a limit of 10 per cent. of
the nominal amount of the obligations foncières (i.e. the Notes)
and other liabilities benefiting from the Privilège (priority right of
payment ­ see Element C.8 for more information on the Privilège),
except that, until 31 December 2017, (i) loans composing the
assets of the vehicle which are transferred by an entity belonging
to the same group or affiliated to the same central body as the
Issuer and (ii) subordinated units of the vehicle which are kept by
such entity will be deemed to comply with such criteria (the
"Exemption"); and/or
(iii)
subscribe mortgage promissory notes (billets à ordre hypothécaires)
governed by Article L.313-42 et seq. of the French Monetary and
Financial Code (Code monétaire et financier) provided that (a) such
mortgage promissory notes do not exceed 10 per cent. of the Issuer's
assets in accordance with Article L.513-6 of the French Monetary and
Financial Code (Code monétaire et financier) and (b) the loans
refinanced by such mortgage promissory notes satisfy the eligibility
criteria set out in Article L.513-3 of the French Monetary and Financial
Code (Code monétaire et financier).
The Issuer's registered office is located at 203/205, rue Carnot, 94138, Fontenay-
sous-Bois, France.
8


B.4b
Description of AXA Bank Europe SCF, as issuer of obligations foncières, operates on the covered
any
known bond market.
trends
affecting the The measures that were recently adopted, or in some cases proposed and still under
Issuer and the discussion, that have affected or are likely to affect the Issuer, include inter alia:
industries
in
which
it -
Order n° 2013-544 dated 27 June 2013 relating to credit institutions and
operates
financing companies (sociétés de financement) which came into force on 1
January 2014 as a result of which the Issuer became a specialised credit
institution (établissement de crédit spécialisé) as from 1 January 2014. This
has not changed the content of the specific legal regime applicable to
sociétés de crédit foncier. However, as a specialised credit institution
(établissement de crédit spécialisé), the Issuer now conducts an activity of
receiving funds from the public (réception de fonds remboursables du
public). Such a new activity will be conducted by issuing Notes with a
denomination of less than 100,000, in accordance with French law;
-
change in the French société de crédit foncier legal framework: the Decree
n° 2014-1315 dated 3 November 2014 relating to various adaptation
provisions to the European law in finance and sociétés de financement; the
Decree n°2014-526 dated 23 May 2014 and the Arrêté dated 26 May 2014
relating to improvement of prudential framework of sociétés de crédit
foncier which in particular (i) reinforce the minimum cover ratio from 102%
to 105% and limit exposure on the parent company and (ii) require to
demonstrate as to how they will comply with Articles L.513-5 and R.513-3
of the French Monetary and Financial Code (Code monétaire et financier)
before the expiry of the Exemption;
-
Order n° 2015-1024 dated 20 August 2015 introducing various legal
provisions to comply with European law in the financial field (portant
diverses dispositions d'adaptation de la legislation au droit de l'Union
européenne en matière financière) which inter alia implements under
French law Directive 2014/59/EU of the European Parliament and the
Council establishing a framework for the recovery and resolution of credit
institutions and investment firms; and
-
EU Directive and Regulation on prudential requirements "CRD IV" dated
26 June 2013, many of which provisions have been applicable since 1
January 2014 and EU Regulation no. 648/2012 on OTC derivatives, central
counterparties and trade repositories dated 4 July 2012 ("EMIR") and
various proposals of technical regulatory and execution rules relating to the
Directive and Regulation CRD IV and EMIR.
B.5
Description of
The Issuer's prime purpose is the refinancing of residential mortgage loans (either
the Issuer's
directly by purchasing the receivables arising from such residential mortgage loans
group and the
or indirectly via the subscription of residential mortgage backed securities (RMBS)).
Issuer's
To date, and relying on the Exemption, the Issuer has subscribed RMBS issued by
position
Royal Street NV/SA, a Belgian securitisation vehicle (société d'investissement en
within
créances institutionnelle de droit belge) (SIC), the purpose of which is to acquire
the group
residential mortgage loan receivables originated by AXA Bank Europe.
The Issuer also has, and may continue to, acquire additional assets (other than
RMBS issued by Royal Street) which are eligible assets in accordance with the
French legal framework applicable to sociétés de crédit foncier. In particular, the
Issuer has subscribed to a mortgage promissory note (billet à ordre hypothécaire)
governed by Articles L.313-42 et seq. of the French Monetary and Financial Code
(Code monétaire et financier) issued by AXA Banque, the purpose of which is to
refinance residential loan receivables originated by AXA Banque.
AXA Bank Europe is a limited liability company (naamloze vennootschap/société
anonyme of unlimited duration incorporated under Belgian law on 27 August 1881
under the name of "Antwerpsche Hypotheekka" (ANHYP) and is registered with the
9


Register of Legal Entities (judicial district of Brussels) under number 0404.476.835.
Its registered office is located at 1170 Brussels, Boulevard du Souverain 25. AXA
Bank Europe is licensed as a credit institution by the National Bank of Belgium
(NBB) in Belgium.
AXA Bank Europe is a member of the AXA group which is an important global
player whose ambition is to attain leadership in its core "Financial Protection"
business. Financial Protection involves offering customers - individuals as well as
small and mid-size businesses - a wide range of products and services that meet their
insurance, protection, savings, retirement and financial planning needs throughout
their lives.
At the date hereof, 99.99 per cent. of the Issuer's share capital is held by AXA Bank
Europe and the remainder by AXA Belgium, AXA Holdings Belgium, AXA
Banque, Touring Assurances, AXA Private Management and L'Ardenne Prévoyante
(each of them holding one share).
B.9
Figure
of Not Applicable. The Issuer does not provide any profit forecast or estimate.
profit forecast
or estimate (if
any)
B.10
Description of Not Applicable. There are no qualifications in any audit report on the historical
the nature of financial information included in the Base Prospectus.
any
qualifications
in the audit
report on the
historical
financial
information
B.12
Selected
The tables below set out selected financial information extracted from (i) the Issuer's
historical key audited financial statements for the periods from, respectively, 1 January 2013 to 31
financial
December 2013, and 1 January 2014 to 31 December 2014, and (ii) the Issuer' semi-
information
annual accounts for the six months period ended, respectively, 30 June 2014 and 30
regarding the June 2015 which were subject to a limited review by the statutory auditors:
Issuer
Comparative annual financial data (in thousands of euros)
Income statement
2014
2013
Net banking income
7,118
9,144
Gross operating income
4,804
7,554
Net income
2,972
4,852
Balance sheet
31/12/2014
31/12/2013
Total balance sheet
4,793,032
4,308,449
Shareholders' equity
114,524
116,219
Debt securities
3,937,409
3,537,471
Comparative interim financial data (in thousands of euros)
Income statement
1 January to 30 June
1 January to 30 June
2015
2014
Net banking income
4,127
3,405
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