Obligation Banque Federative du Credit Mutuel 5% ( FR0010015982 ) en EUR

Banque Federative du Credit Mutuel

100 % ▲

France

FR0010015982 ( en EUR )

5% par an ( paiement annuel )

30/09/2015 - Obligation échue

Prospectus brochure de l'obligation Banque Federative du Credit Mutuel FR0010015982 en EUR 5%, échue

1 000 EUR

800 000 000 EUR

L'Obligation émise par Banque Federative du Credit Mutuel ( France ) , en EUR, avec le code ISIN FR0010015982, paye un coupon de 5% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 30/09/2015

Dated 27 January 2004

BANQUE FEDERATIVE DU CREDIT MUTUEL
Euro 10,000,000,000
Euro Medium Term Notes
Due from 7 days from the original date of issue

Series No: 46
Tranche No: 2
Euro 300,000,000 5.00 per cent. Subordinated Notes due 2015 (the "Notes")
to be consolidated and form a single series with the existing
Euro 500,000,000 5.00 per cent. Subordinated Notes due 2015
issued on 30 September 2003

Issue Price: 101.87 per cent. of the principal amount of the Notes
plus 126 days' accrued interest

PRICING SUPPLEMENT

THE ROYAL BANK OF SCOTLAND

This Pricing Supplement, under which the Notes described herein are issued, is supplemental to,
and should be read in conjunction with, the offering circular (the "Offering Circular") dated
18 July 2003 issued in relation to the Euro 10,000,000,000 Euro Medium Term Note Programme of
Banque Fédérative du Crédit Mutuel. Terms defined in the Offering Circular have the same
meaning in this Pricing Supplement. The Notes will be issued on the terms of this Pricing
Supplement read together with the Offering Circular. The Issuer accepts responsibility for the
information contained in this Pricing Supplement which, when read together with the Offering
Circular, contains all information that is material in the context of the issue of the Notes.
This Pricing Supplement does not constitute, and may not be used for the purposes of, an offer of
or invitation by or on behalf of anyone to subscribe or purchase any of the Notes.
There has been no significant change in the financial or trading position of the Issuer or of the
Group since 30 June 2003 and no material adverse change in the financial position or prospects of
the Issuer or of the Group since 31 December 2002.

Signed:

Duly Authorised Signatory

In connection with this issue, The Royal Bank of Scotland plc (the "Stabilising Agent") or
any person acting for him may over-allot or effect transactions with a view to supporting
the market price of the Notes at a level higher than that which might otherwise prevail for a
limited period after the issue date. However, there may be no obligation on The Royal Bank
of Scotland plc or any agent of it to do this. Such stabilising, if commenced, may be
discontinued at any time and must be brought to an end after a limited period. Any such
transaction will be carried out in accordance with applicable laws and regulations.

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The terms of the Notes and additional provisions relating to their issue are as follows:
Provisions appearing on the face of the Notes
1
Series No:
46
2
Tranche No:
2
3
ISIN: Temporary
ISIN:
FR0010039206
Permanent ISIN: FR0010015982
4
Currency: Euro
5
Principal Amount of Tranche:
Euro 300,000,000
The Notes will be consolidated and form a
single Series with the Issuer's EUR
500,000,000 5.00 per cent. Subordinated

Notes due 2015 representing Series 46 issued
on 30 September 2003 (the "Tranche 1
Notes") from and including the date on which
the Temporary Global Note initially
representing the Notes is exchanged for a
Permanent Global Note. After consolidation
with the Tranche 1 Notes, the principal amount
of the Series will be EUR 800,000,000.
6
Issue Date:
3 February 2004
Provisions appearing on the back of the Notes
7
Form:
Bearer (obligations au porteur)
8
Denomination(s): Euro
1,000
9
Status
Subordinated as to principal but not interest. It
is the intention of the Issuer that the Notes
shall, for supervisory purposes, be treated as
supplementary capital (fonds propres
complémentaires) within the meaning of Article
4(d) of the Comité de la Réglementation
Bancaire et Financière ("CRBF") Regulation
no.90-02 of 23 February 1990 as amended
("Lower Tier 2 Capital") but that the
obligations of the Issuer and the rights of the
Noteholders under the Notes shall not be
affected if the Notes no longer qualify as
supplementary capital.
10
Interest Commencement Date:
30 September 2003
11
Interest Rate (including after Maturity 5.00 per cent. per annum
Date):
12
Interest Payment Date(s):
30 September in each year, commencing on
30 September 2004
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13
Relevant Time:
Not Applicable
14
Interest Determination Date:
Not Applicable
15
Primary Source for Floating Rate:
Not Applicable
16
Reference Banks:
Not Applicable
17
Relevant Financial Centre:
Not Applicable
18
Benchmark: Not
Applicable
19
Representative Amount:
Not Applicable
20
Relevant Currency:
Not Applicable
21
Effective Date:
Not Applicable
22
Specified Duration:
Not Applicable
23
Margin: Not
Applicable
24
Rate Multiplier:
Not Applicable
25
Maximum/Minimum Interest Rate:
Not Applicable
26
Maximum/Minimum Instalment Amount:
Not Applicable
27
Maximum/Minimum Redemption
Not Applicable
Amount:
28
Interest Amount:
Euro 50 in respect of each Euro 1,000
denominated Note
29
Day Count Fraction:
Actual/Actual-ISMA
30
Determination Date(s) (Condition 4(h))
30 September in each year
31
Redemption Amount (including early Principal Amount
redemption):
32
Maturity Date:
30 September 2015
33
Redemption for Taxation Reasons Yes
permitted on days other than Interest
Payment Dates:
34
Amortisation Yield:
Not Applicable
35
Terms of redemption at the option of the Not Applicable
Issuer or description of any other
Issuer's option:
36
Issuer's Option Period:
Not Applicable
37
Terms of redemption at the option of the Not Applicable
Noteholders or description of any other
Noteholders' option:
38
Noteholders' Option Period:
Not Applicable
39
Instalment Date(s):
Not Applicable
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40
Instalment Amount(s):
Not Applicable
41
Unmatured Coupons to become void No
upon early redemption:
42
Talons to be attached to Notes and, if No
applicable, the number of Interest
Payment Dates between the maturity of
each Talon (if applicable):
43
Business Day Jurisdictions for Condition Not Applicable
6(g) (jurisdictions required to be open for
payment):
44
Additional steps that may only be taken Not Applicable
following approval by an Extraordinary
Resolution in accordance with Condition
10(a):
45
Details of any other additions or For the purposes of the issue of the Notes, the
variations to the Conditions:
second sentence of Condition 5(f) (Purchases)
shall be deleted and replaced by the following:
"In the case of Subordinated Notes, any such
purchase will be subject to the prior approval
of the Secrétariat Général of the Commission
Bancaire (i) if it relates (individally or when
aggregated with any previous purchase) to 10
per cent. or more of the principal amount of the
Notes or (ii) in the case of an Offre Publique
d'Achat (OPA) or an Offre Publique d'Echange
(OPE)".
46
Rating of the Notes:
A1 by Moody's Investors Services Inc. and A+
by Fitch Ratings
47
The Agents appointed in respect of the
FISCAL AGENT, PRINCIPAL PAYING AGENT
Notes are:
AND LUXEMBOURG LISTING AGENT
BNP Paribas Securities Services, Luxembourg
Branch
23, avenue de la Porte Neuve
L-2085 Luxembourg
Provisions applicable to Global Notes
48
Notes to be represented on issue by:
Temporary Global Note
On exchange of the Temporary Global Note for
the Permanent Global Note, the Notes will be
consolidated and form a single series with the
Tranche 1 Notes (as defined above).
49
Applicable TEFRA exemption:
D Rules
50
Temporary Global Note exchangeable No
for Definitive Notes:
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51
Permanent Global Note exchangeable No
for Definitive Notes at the request of the
holder:
Provisions relating only to the sale and listing of the Notes
52
Details of any additions or variations to Not Applicable
the selling restrictions:
53
Listing:
Luxembourg Stock Exchange
54
Issue Price:
101.87 per cent. of the Principal Amount of the
Notes plus accrued interest of
EUR 5,163,934.43 for the period from (and
including) the Interest Commencement Date to
(but excluding) the Issue Date.
The net proceeds of this Tranche will be
EUR 309,573,934.43
55
Dealer's Commission:
Total commissions of 0.40 per cent. of the
Principal Amount of the Notes
56
Method of issue of Notes:
Individual Dealer
57
The following Dealers are subscribing or
procuring subscribers for the Notes:
The Royal Bank of Scotland plc
58
Common Code:
Temporary Common Code: 018460688
Permanent Common Code: 017657925
59
Details of any additions or variations to Not Applicable
the Dealer Agreement:
60
In the case of Notes listed on the Paris Not Applicable
Stock Exchange:
61
The aggregate principal amount of Not Applicable
Notes issued has been translated into
euro at the rate of [·], producing a sum
of (for Notes not denominated in euro):

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