Obligation AgriCredit Italia S.p.A 4.121% ( IT0005450249 ) en EUR

AgriCredit Italia S.p.A

100 % ▲

Italie

IT0005450249 ( en EUR )

4.121% par an ( paiement annuel )

25/06/2025 - Obligation échue

Prospectus brochure de l'obligation Credit Agricole Italia S.p.A IT0005450249 en EUR 4.121%, échue

100 000 EUR

1 000 000 000 EUR

Crédit Agricole Italia S.p.A. est une banque italienne, filiale du groupe Crédit Agricole, offrant une gamme complète de services bancaires aux particuliers, aux entreprises et aux institutions.

Credit Agricole Italia S.p.A, entité bancaire majeure opérant depuis l'Italie et filiale significative du groupe international Crédit Agricole, a récemment finalisé le processus de remboursement d'une de ses obligations d'entreprise. Il s'agit spécifiquement du titre de dette de type obligation portant le code ISIN IT0005450249. Cette émission, lancée depuis l'Italie et libellée en Euros (EUR), avait une taille totale impressionnante d'un milliard d'euros (1 000 000 000 EUR). Les investisseurs qui avaient acquis ce titre devaient respecter une taille minimale à l'achat de 100 000 EUR. Conformément à ses termes et conditions, l'obligation proposait un taux d'intérêt fixe de 4.121% et prévoyait une fréquence de paiement annuelle. Arrivée à sa maturité fixée au 25 juin 2025, l'obligation a été intégralement remboursée à 100% de sa valeur nominale, confirmant ainsi la bonne gestion de la dette par Credit Agricole Italia S.p.A et son engagement envers ses créanciers.

Crédit Agricole Italia S.p.A.
(incorporated with limited liability as a "Società per Azioni" under the laws of the Republic of Italy and
registered at the Companies' Registry of Parma under registration number 02113530345)
Euro 16,000,000,000 Covered Bond (Obbligazioni Bancarie Garantite) Programme
unconditionally and irrevocably guaranteed as to payments
of interest and principal by
Crédit Agricole Italia OBG S.r.l.
(incorporated as a limited liability company in the Republic of Italy and registered at the Companies'
Registry of Milan under registration number. 07893100961)
Except where specified otherwise, capitalised words and expressions in this Base Prospectus have the meaning
given to them in the section entitled "Glossary".
Under this Euro 16,000,000,000 covered bond programme (the "Programme"), Crédit Agricole Italia S.p.A.
("Crédit Agricole Italia" or the "Issuer") may from time to time issue obbligazioni bancarie garantite (the "Covered
Bonds") denominated in any currency agreed between the Issuer and the relevant Dealer(s). The maximum
aggregate nominal amount of all Covered Bonds from time to time outstanding under the Programme will not
exceed Euro 16,000,000,000 (or its equivalent in other currencies calculated as described herein). Crédit
Agricole Italia OBG S.r.l. (the "Guarantor") has guaranteed payments of interest and principal under the Covered
Bonds pursuant to a guarantee (the "Covered Bond Guarantee") which is collateralised by a pool of assets (the
"Cover Pool") made up of a portfolio of mortgages assigned to the Guarantor by the Sellers and certain other
assets held by the Guarantor, including funds generated by the portfolio and such assets, pursuant to Article
7-bis of Italian law No. 130 of 30 April 1999, as amended from time to time (the "Securitisation and Covered
Bond Law") and regulated by the Decree of the Ministry of Economy and Finance of 14 December 2006, No.
310, as amended from time to time (the "Decree No. 310") and the supervisory guidelines of the Bank of Italy
set out in Part I I, Chapter 3 of the "Disposizioni di vigilanza per le banche" (Circolare No. 285 of 17 December
2013), as amended and supplemented from time to time (the "Bank of Italy Regulations"). Recourse against the
Guarantor under the Covered Bond Guarantee is limited to the Cover Pool.
This Base Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF"),
which is the competent authority under Regulation (EU) 2017/1129 (the "Prospectus Regulation") in the Grand
Duchy of Luxembourg, as a base prospectus for the purpose of article 8 of the Prospectus Regulation. The CSSF
only approves this Base Prospectus as meeting the standards of completeness, comprehensibility and
consistency imposed by the Prospectus Regulation. Approval by the CSSF should not be considered as an
endorsement of the Issuer or the Guarantor or the quality of the Covered Bonds that are subject to this Base
Prospectus. Investors should make their own assessment as to the suitability of investing in Covered Bonds.
Application has also been made for Covered Bonds issued under the Programme during the period of 12 (twelve)
months from the date of this Base Prospectus 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, which is a regulated
market for the purposes of Directive 2014/65/EU. As referred to in Article 6(4) of the Luxembourg law on
prospectuses for securities of 16 July 2019, by approving this Base Prospectus the CSSF does not engage in
respect of the economic or financial opportunity of the operation or the quality and solvency of the issuer.

This Base Prospectus is valid for 12 months from its date in relation to Covered Bonds which are to be admitted
to trading on a regulated market in the European Economic Area (the EEA). The obligation to supplement this
Base Prospectus in the event of a significant new factor, material mistake or material inaccuracy does not apply
when this Base Prospectus is no longer valid.
An investment in Covered Bonds issued under the Programme involves certain risks. See the section entitled
"Risk Factors" of this Base Prospectus for a discussion of certain risks and other factors to be considered in
connection with an investment in the Covered Bonds.
The Covered Bonds will be issued in dematerialised form and will be held on behalf of their ultimate owners by
Monte Titoli S.p.A. whose registered office is in Milan, at Piazza degli Affari, No. 6, Italy ("Monte Titoli") for the
account of the relevant Monte Titoli account holders. Monte Titoli will also act as depository for Euroclear Bank
S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme, 42 Avenue JF Kennedy, L-1855, Luxembourg
("Clearstream"). The Covered Bonds issued in dematerialised form will at all times be held in book entry form
and title to the Covered Bonds will be evidenced by book-entries in accordance with the provisions of Legislative
Decree No. 58 of 24 February 1998, as amended and supplemented (the "Financial Laws Consolidated Act") and
implementing regulations and with the joint regulation of the Commissione Nazionale per le Società e la Borsa
("CONSOB") and the Bank of Italy dated 13 August 2018 and published in the Official Gazette (La Gazzetta
Ufficiale della Repubblica Italiana) No. 201 of 30 August 2018, as subsequently amended and supplemented.
No physical document of title will be issued in respect of the Covered Bonds issued in dematerialised form.
Each Series or Tranche may, on or after the relevant issue, be assigned a rating specified in the relevant Final
Terms by any rating agency which may be appointed from time to time by the Issuer in relation to any issuance
of Covered Bonds or for the remaining duration of the Programme, to the extent that any of them at the relevant
time provides ratings in respect of any Series of Covered Bonds. Whether or not each credit rating applied for
in relation to relevant Series of Covered Bonds will be (1) issued by a credit rating agency established in the
European Union and registered under Regulation (EC) No. 1060/2009 on credit rating agencies as amended
from time to time (the "EU CRA Regulation") or by a credit rating agency which is certified under the EU CRA
Regulation and/or (2) issued by a credit rating agency established in the United Kingdom ("UK") and registered
under Regulation (EC) No. 1060/2009, as it forms part of domestic law of the United Kingdom by virtue of the
European Union (Withdrawal) Act 2018 (the "UK CRA Regulation") or by a credit rating agency which is certified
under the UK CRA Regulation will be disclosed in the Final Terms. In general, European regulated investors are
restricted from using a rating for regulatory purposes if such rating is not issued by a credit rating agency
established in the European Union and registered under the EU CRA Regulation (and such registration has not
been withdrawn or suspended) (or is endorsed and published or distributed by subscription by such a credit
rating agency in accordance with the EU CRA Regulation) unless (1) the rating is provided by a credit rating
agency not established in the European Union but endorsed by a credit rating agency established in the
European Union and registered under the EU CRA Regulation or (2) the rating is provided by a credit rating
agency not established in the European Union which is certified under the EU CRA Regulation. In general, UK
regulated investors are restricted from using a rating for regulatory purposes if such rating is not issued by a
credit rating agency established in the UK and registered under the UK CRA Regulation or (1) the rating is
provided by a credit rating agency not established in the UK but is endorsed by a credit rating agency
established in the UK and registered under the UK CRA Regulation or (2) the rating is provided by a credit rating
agency not established in the UK which is certified under the UK CRA Regulation. The European Securities and
Markets Authority (the "ESMA") is obliged to maintain on its website, https://www.esma.europa.eu/page/List-
registered-and-certified-CRAs, a list of credit rating agencies registered and certified in accordance with the
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EU CRA Regulation.
A credit rating is not a recommendation to buy, sell or hold Covered Bonds and may be revised or withdrawn
by any or all of the Rating Agencies and each rating shall be evaluated independently of any other.
The Covered Bonds of each Series or Tranche will mature on the date mentioned in the applicable Final Terms
(each a "Maturity Date"). Before the relevant Maturity Date, the Covered Bonds of each Series or Tranche will be
subject to mandatory and/or optional redemption in whole or in part in certain circumstances (as set out in the
Conditions (as defined below)).
Interest amounts payable on Floating Rate Covered Bonds may be calculated by reference to EURIBOR as
specified in the relevant Final Terms. As at the date of this Base Prospectus, the European Money Markets
Institute, as administrator of EURIBOR is included in ESMA's register of administrators under Article 36 of the
Regulation (EU) No. 2016/1011 (the "Benchmarks Regulation").
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in
this Base Prospectus.

Arranger for the

Programme

Crédit Agricole Corporate

& Investment Bank, Milan
branch
Dealer for the Programme
Crédit Agricole Corporate
& Investment Bank
The date of this Base Prospectus is 2 March 2021.
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RESPONSIBILITY STATEMENTS
The Issuer accepts responsibility for the information contained in this Base Prospectus.
To the best of the knowledge and belief of the Issuer, (which has taken all reasonable care to ensure that such
is the case) such information is in accordance with the facts and does not omit anything likely to affect the
import of such information.
The Guarantor accepts responsibility for the information included in this Base Prospectus in the sections headed
"The Guarantor" and any other information contained in this Base Prospectus relating to itself. To the best of
the knowledge and belief of the Guarantor, (which has taken all reasonable care to ensure that such is the case)
such information is in accordance with the facts and does not omit anything likely to affect the import of such
information.
NOTICE
This Base Prospectus is a Base Prospectus for the purposes of Article 8 of the Prospectus Regulation and for
the purposes of giving information which, according to the particular nature of the Covered Bonds, 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 and of the Guarantor and of the rights attaching to the Covered Bonds.
This Base Prospectus should be read and understood in conjunction with any supplement thereto and with any
document incorporated herein by reference (see section "Information incorporated by reference"). Ful
information on the Issuer and any Series of Covered Bonds is only available on the basis of the combination of
the Base Prospectus and the relevant Final Terms.
Capitalised terms used in this Base Prospectus shal have the meaning ascribed to them in the "Terms and
Conditions of the Covered Bonds" below, unless otherwise defined in the single section of this Base Prospectus
in which they are used. For the ease of reading this Base Prospectus, the "Glossary" below indicates the page
of this Base Prospectus on which each capitalised term is first defined.
The Issuer has confirmed to the Dealer (as defined herein) that this Base Prospectus contains all information
with regard to the Issuer and the Covered Bonds which is material in the context of the Programme and the
issue and offering of Covered Bonds thereunder; that the information contained herein is accurate in all material
respects and is not misleading; that any opinions and intentions expressed by it herein are honestly held and
based on reasonable assumptions; that there are no other facts with respect to the Issuer, the omission of
which would make this Base Prospectus as a whole or any statement therein or opinions or intentions expressed
therein misleading in any material respect; and that all reasonable enquiries have been made to verify the
foregoing.
Third Party Information Certain information and statistics presented in this Base Prospectus regarding markets
and market share of the Issuer or the Crédit Agricole Italia Banking Group are either derived from, or are based
on, internal data or publicly available data from external sources. In respect of information in this Base
Prospectus that has been extracted from a third party, the Issuer confirms that such information has been
accurately reproduced and that, so far as it is aware, and is able to ascertain from information published by
third parties, no facts have been omitted which would render the reproduced information inaccurate or
misleading. Although the Issuer believes that the external sources used are reliable, the Issuer has not
independently verified the information provided by such sources. No person has been authorised by the Issuer
to give any information which is not contained in or not consistent with this Base Prospectus or any other
document entered into in relation to the Programme or any information supplied by the Issuer or such other
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information as in the public domain and, if given or made, such information must not be relied upon as having
been authorised by the Issuer, the Dealer or any party to the Transaction Documents (as defined in the
Conditions).
This Base Prospectus is valid for twelve months following its approval and it and any supplement hereto as well
as any Final Terms filed within these twelve months reflects the status as of their respective dates of issue. The
offering, sale or delivery of any Covered Bonds may not be taken as an implication that the information
contained in such documents is accurate and complete subsequent to their respective dates of issue or that
there has been no adverse change in the financial condition of the Issuer since such date or that any other
information supplied in connection with the Programme is accurate at any time subsequent to the date on
which it is supplied or, if different, the date indicated in the document containing the same.
The Issuer has undertaken with the Dealer to supplement this Base Prospectus or publish a new Base Prospectus
if and when the information herein should become materially inaccurate or incomplete and has further agreed
with the Dealer to furnish a supplement to the Base Prospectus in the event of any significant new factor,
material mistake or inaccuracy relating to the information included in this Base Prospectus which is capable of
affecting the assessment of the Covered Bonds and which arises or is noted between the time when this Base
Prospectus has been approved and the final closing of any Series or Tranche of Covered Bonds offered to the
public or, as the case may be, when trading of any Series or Tranche of Covered Bonds on a regulated market
begins, in respect of Covered Bonds issued on the basis of this Base Prospectus.
Neither the Arranger nor the Dealer nor any person mentioned in this Base Prospectus, with exception of the
Issuer and the Guarantor, is responsible for the information contained in this Base Prospectus, any document
incorporated herein by reference, or any supplement thereof, or any Final Terms or any document incorporated
herein by reference, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none
of these persons accepts any responsibility for the accuracy and completeness of the information contained in
any of these documents.
The Arranger and the Dealer have not verified the information contained in this Base Prospectus. None of the
Dealer or the Arranger makes any representation, express or implied, or accepts any responsibility, with respect
to the accuracy or completeness of any of the information in this Base Prospectus. Neither this Base Prospectus
nor any other financial statements are 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 Guarantor, the Arranger or the Dealer that
any recipient of this Base Prospectus or any other financial statements should purchase the Covered Bonds.
Each potential purchaser of Covered Bonds should determine for itself the relevance of the information
contained in this Base Prospectus and its purchase of Covered Bonds should be based upon such investigation
as it deems necessary. None of the Dealer or the Arranger undertakes to review the financial condition or affairs
of the Issuer, the Guarantor or the Crédit Agricole Italia Banking Group during the life of the arrangements
contemplated by this Base Prospectus nor to advise any investor or potential investor in Covered Bonds of any
information coming to the attention of any of the Dealer or the Arranger.
The distribution of this Base Prospectus, any document incorporated herein by reference and any Final Terms
and the offering, sale and delivery of the Covered Bonds in certain jurisdictions may be restricted by law.
Persons into whose possession this Base Prospectus or any Final Terms come are required by the Issuer and
the Dealer to inform themselves about and to observe any such restrictions.
For a description of certain restrictions on offers, sales and deliveries of Covered Bonds and on the distribution
of the Base Prospectus or any Final Terms and other offering material relating to the Covered Bonds, see section
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"Subscription and Sale" of this Base Prospectus. In particular, the Covered Bonds have not been and wil not be
registered under the United States Securities Act of 1933, as amended. Subject to certain exceptions, Covered
Bonds may not be offered, sold or delivered within the United States of America or to U.S. persons.
Neither this Base Prospectus, any supplement thereto, nor any Final Terms (or any part thereof) constitutes an
offer, nor may they be used for the purpose of an offer to sell any of the Covered Bonds, or a solicitation of an
offer to buy any of the Covered Bonds, by anyone in any jurisdiction or in any circumstances in which such offer
or solicitation is not authorised or is unlawful. Each recipient of this Base Prospectus or any Final Terms shall
be taken to have made its own investigation and appraisal of the condition (financial or otherwise) of the Issuer.
The language of the Base Prospectus is English. Where a claim relating to the information contained in this Base
Prospectus is brought before a court in a Member State, the plaintiff may, under the national legislation of the
Member State where the claim is brought, be required to bear the costs of translating the Base Prospectus
before the legal proceedings are initiated.
This Base Prospectus may only be used for the purpose for which it has been published.
This Base Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation by anyone
in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful
to make such an offer or solicitation.
In this Base Prospectus, references to "" or "euro" or "Euro" are to the single currency introduced at the start
of the Third Stage of European Economic and Monetary Union pursuant to the Treaty establishing the European
Community, as amended; references to "U.S.$" or "U.S. Dollar" are to the currency of the Unites States of
America; references to "£" or "UK Sterling" are to the currency of the United Kingdom; reference to "Japanese
Yen" is to the currency of Japan; reference to "Swiss Franc" or "CHF" are to the currency of the Swiss
Confederation; references to "Italy" are to the Republic of Italy; references to laws and regulations are, unless
otherwise specified, to the laws and regulations of Italy; and references to "billions" are to thousands of mil ions.
Certain monetary amounts and currency conversions included in this Base Prospectus have been subject to
rounding adjustments; accordingly, figures shown as totals in certain tables may not be an arithmetic
aggregation of the figures which preceded them.
Each initial and subsequent purchaser of a Covered Bond will be deemed, by its acceptance of the purchase of
such Covered Bond, to have made certain acknowledgements, representations and agreements intended to
restrict the resale or other transfer thereof as set forth therein and described in this Base Prospectus and, in
connection therewith, may be required to provide confirmation of its compliance with such resale or other
transfer restrictions in certain cases.
The Arranger is acting for the Issuer and no one else in connection with the Programme and will not be
responsible to any person other than the Issuer for providing the protection afforded to clients of the Arranger
or for providing advice in relation to the issue of the Covered Bonds.
In connection with the issue of any Series under the Programme, the Dealer or the Dealers (if any) which is
specified in the relevant Final Terms as the stabilising manager (the "Stabilising Manager") or any person acting
for the Stabilising Manager may over-allot any such Series or effect transactions with a view to supporting the
market price such Series at a level higher than that which might otherwise prevail for a limited period. However,
there may be no obligation on the Stabilising Manager (or any agent of the Stabilising Manager) to do this and
there is no assurance that the Stabilising Manager 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 Covered
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Bonds is made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days
after the issue date of the relevant Series and 60 days after the date of the allotment of any such Series. Such
stabilising shall be in compliance with all applicable laws, regulations and rules.

PRIIPs / IMPORTANT EEA RETAIL INVESTORS - Unless the Final Terms in respect of any Cover Bonds specifies
"Prohibition of Sales to EEA Retail Investors" as "Not Applicable", the Covered Bonds are not intended to be
offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any
retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who
is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU of the
European Parliament and of the Council on markets in financial instruments (as amended, "MiFID II"); or (ii) a
customer within the meaning of Directive 2016/97/EU (as amended, the "Insurance Distribution Directive"),
where that customer would not qualify as a professional client as defined in point (10) of article 4(1) of MiFID
II. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended or
superseded, the "PRIIPs Regulation") for offering or selling the Covered Bonds or otherwise making them
available to retail investors in the EEA been prepared and therefore offering or selling the Covered Bonds or
otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
PRIIPs / IMPORTANT UK RETAIL INVESTORS - Unless the Final Terms in respect of any Cover Bonds specifies
"Prohibition of Sales to UK Retail Investors" as "Not Applicable", the Covered Bonds are not intended to be
offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any
retail investor in the United Kingdom ("UK"). For these purposes, a retail investor means a person who is one
(or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms
part of domestic law by virtue of the European Union (Withdrawal) Act 2018; or (ii) a customer within the
meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the "FSMA") and any
rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would
not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it
forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. Consequently no key
information document required by the PRIIPs Regulation as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018 (the "UK PRIIPs Regulation") for offering or selling the Covered Bonds or
otherwise making them available to retail investors in the UK has been prepared and therefore offering or
selling the Covered Bonds or otherwise making them available to any retail investor in the UK may be unlawful
under the UK PRIIPs Regulation.
MIFID II product governance / target market The Final Terms in respect of any Covered Bonds will include a
legend entitled "MiFID I Product Governance" which wil outline the target market assessment in respect of the
Covered Bonds and which channels for distribution of the Covered Bonds are appropriate. Any person
subsequently offering, selling or recommending the Covered Bonds (a "distributor") should take into
consideration the target market assessment; however, a distributor subject to MiFID II is responsible for
undertaking its own target market assessment in respect of the Covered Bonds (by either adopting or refining
the target market assessment) and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any Dealer
subscribing for any Covered Bonds is a manufacturer in respect of such Covered Bonds, but otherwise neither
the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the
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MIFID Product Governance Rules.
UK MIFIR product governance / target market The Final Terms in respect of any Covered Bonds will include a
legend entitled "UK MiFIR Product Governance" which wil outline the target market assessment in respect of
the Covered Bonds and which channels for distribution of the Covered Bonds are appropriate. Any person
subsequently offering, selling or recommending the Covered Bonds (a "distributor") should take into
consideration the manufacturer's target market assessment; however, a distributor subject to UK MiFIR product
governance rules set out in the FCA Handbook Product Intervention and Product Governance Sourcebook is
responsible for undertaking its own target market assessment in respect of the Covered Bonds (by either
adopting or refining the manufacturer's target market assessment) and determining appropriate distribution
channels.
A determination will be made in relation to each issue about whether, for the purpose of the UK MiFIR product
governance rules set out in the FCA Handbook Product Intervention and Product Governance Sourcebook (the
"UK MiFIR Product Governance Rules"), any Dealer subscribing for any Covered Bonds is a manufacturer in
respect of such Covered Bonds, but otherwise neither the Arranger nor the Dealers nor any of their respective
affiliates will be a manufacturer for the purpose of the the UK MiFIR Product Governance Rules.

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CONTENTS

Page
Contents ...................................................................................................................................................... 9
General Description Of The Programme ...................................................................................................... 10
Risk Factors ................................................................................................................................................ 26
Information Incorporated By Reference ....................................................................................................... 59
Terms And Conditions Of The Covered Bonds ............................................................................................. 67
Rules Of The Organisation Of The Covered Bondholders ........................................................................... 118
Form Of Final Terms ................................................................................................................................. 144
The Issuer ................................................................................................................................................ 158
The Guarantor .......................................................................................................................................... 192
The Seller ................................................................................................................................................. 195
The Asset Monitor .................................................................................................................................... 197
Overview Of The Transaction Documents .................................................................................................. 198
Credit Structure ........................................................................................................................................ 214
Cash Flows ............................................................................................................................................... 220
Description Of The Cover Pool .................................................................................................................. 225
Description Of Certain Relevant Legislation In Italy .................................................................................... 228
Subscription And Sale ............................................................................................................................... 243
General Information.................................................................................................................................. 249
Glossary ................................................................................................................................................... 253

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GENERAL DESCRIPTION OF THE PROGRAMME
This section constitutes a general description of the structure relating to the Programme. The following section
does not purport to be complete and is taken from, and is qualified in its entirety by, the remainder of this Base
Prospectus and, in relation to the terms and conditions of any particular Tranche of Covered Bonds, the
applicable Final Terms. Words and expressions defined elsewhere in this Base Prospectus shall have the same
meaning in this section.
Structure Diagram

ORIGINATORS

Transfers of Assets
Purchase price

CRÉDIT AGRICOLE
Supervision

ITALIA OBG SRL
GUARANTOR

Repayment of

Subordinated
Subordinated
Loan
loan

Covered
Covered

bond
bond
Guarantee
Guarantee

SELLERS

ISSUER
ASSET MONITOR

RATING AGENCY
OBG
Proceeds
OBG
Proceeds

M
A
R
K
E T

INVESTORS
INVESTOR

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