Obbligazione Société Foncière de Financement 1.73% ( FR0013169737 ) in EUR

Emittente Société Foncière de Financement
Prezzo di mercato 100 EUR  ⇌ 
Paese  Francia
Codice isin  FR0013169737 ( in EUR )
Tasso d'interesse 1.73% per anno ( pagato 1 volta l'anno)
Scadenza 13/05/2046 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Cie de Financement Foncier FR0013169737 in EUR 1.73%, scaduta


Importo minimo /
Importo totale /
Descrizione dettagliata La Compagnie de Financement Foncier è una società specializzata nel finanziamento immobiliare, offrendo mutui ipotecari e altri servizi finanziari connessi all'acquisto, alla ristrutturazione o alla rifinanziamento di proprietà immobiliari.

L'obbligazione con codice ISIN FR0013169737 emessa da Cie de Financement Foncier, con scadenza 13/05/2046, denominata in EUR, cedola al 1.73% pagata annualmente, è giunta a scadenza ed è stata rimborsata al 100%.











COMPAGNIE DE FINANCEMENT FONCIER
Euro 125,000,000,000
Euro Medium Term Note Programme
for the issue of Obligations Foncières due from one month from the date of original issue
Under the Euro Medium Term Note Programme (the "Programme") described in this base prospectus (the "Base Prospectus"), Compagnie de Financement Foncier (the
"Issuer"), subject to compliance with all relevant laws, regulations and directives, may from time to time issue obligations foncières (the "Obligations Foncières" or the
"Notes"), benefiting from the statutory privilège created by Article L. 513-11 of the French Code monétaire et financier, as more fully described herein. No credit linked Notes
will be issued under the Programme.
The aggregate nominal amount of Notes outstanding will not at any time exceed Euro 125,000,000,000 (or the equivalent in other currencies).
This Base Prospectus replaces and supersedes the base prospectus dated 27 June 2014 and the supplements thereto and shall be in force for a period of one year as of the date of
its approval by the Autorité des marchés financiers (the "AMF").
Application has been made to the AMF in France for approval of this Base Prospectus, in its capacity as competent authority pursuant to Article 212-2 of its Règlement Général and,
at the same time for the notification of a certificate of approval released to the Commission de surveillance du secteur financier in Luxembourg for Notes issued under the
Programme to be listed and admitted to trading on the Regulated Market (as defined below) of the Luxembourg Stock Exchange, both of approval and notification being made in
its capacity as competent authority under Article 212-2 of the Règlement Général of the AMF which implements the Directive 2003/71/EC of 4 November 2003 on the prospectus to
be published when securities are offered to the public or admitted to trading, as amended (the "Prospectus Directive").
Application may be made to Euronext Paris for Notes issued under the Programme for the period of 12 months from the date of this Base Prospectus to be listed and admitted to
trading on Euronext Paris. Euronext Paris is a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EEC, as amended, appearing on the list of
regulated markets issued by the European Commission (a "Regulated Market"). Application may also be made for Notes to be listed and admitted to trading on a Regulated
Market of any other Member State of the European Economic Area (the "EEA") (subject to the notification of a certificate of approval released to the competent authority of
such other Member State). Notes which are not listed or admitted to trading on a Regulated Market, or which are not offered to the public, in a Member State of the EEA may be
issued under the Programme and may also be listed on an alternative stock exchange or may not be listed at all. The relevant final terms (the "Final Terms") (as defined in
"Summary of the Programme") in respect of the issue of any Notes will specify whether or not such Notes will be listed and admitted to trading and/or offered to the public and,
if so, the relevant Regulated Market in the EEA where the Notes will be listed and admitted to trading and/or the Member State(s) in the EEA where the Notes will be offered to the
public and will be published, if relevant, on the website of the Regulated Market where the admission to trading is sought, if the rules applicable to such regulated market so
require.
Each time the Notes will be admitted to trading on Euronext Paris, the Notes will also be admitted to trading on the Regulated Market of the Luxembourg Stock Exchange.
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 and R. 211-1 of the French Code monétaire et financier. No physical documents of
title will be issued in respect of the Dematerialised Notes.
Dematerialised Notes may, at the option of the Issuer, be in bearer dematerialised form (au porteur) inscribed as from the issue date in the books of Euroclear France
("Euroclear France") (acting as central depositary) which shall credit the accounts of 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 in registered dematerialised form (au nominatif) and, in such latter case, at the option of the relevant holder, in either fully registered
dematerialised form (nominatif pur), in which case they will be inscribed with a registration agent (appointed in the relevant Final Terms) for the Issuer, or in administered
registered dematerialised form (nominatif administré) in which case they will be inscribed in the accounts of the Account Holders (as defined in "Terms and Conditions of the
Notes - Form, Denomination, Title and Redenomination") designated by the relevant holder of Notes.
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 in bearer form (the "Definitive Materialised Notes") on or after a date expected to be on or about the 40th day after the issue date of the Notes
(subject to postponement as described in "Temporary Global Certificates issued in respect of Materialised Notes") upon certification as to non-US beneficial ownership with,
where applicable, coupons for interest attached.
The Programme has been rated Aaa by Moody's Investors Service ("Moody's") and AAA by Standard & Poor's Ratings Services ("S&P"). It is expected that the Notes issued
under the Programme will be rated AAA by S&P, AA by Fitch Ratings ("Fitch") and Aaa by Moody's. Each of S&P, Fitch and Moody's is established in the European Union,
registered under Regulation (EC) No.1060/2009 on credit ratings agencies, as amended (the "CRA Regulation") and included in the list of registered credit rating agencies
published on the website of the European Securities and Markets Authority (www.esma.europa.eu/page/List-registered-and-certified-CRAs). The relevant Final Terms will
specify whether or not such credit ratings are issued by a credit rating agency established in the European Union and registered under the CRA Regulation. A 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.
The final terms of the Notes will be determined at the time of the offering of each Tranche and will be set out in the relevant Final Terms.
Copies of the documents incorporated by reference can be obtained without charge from the registered office of the Issuer and are also published on the Issuer's website
(www.foncier.fr).
Arranger
DEUTSCHE BANK
Dealers
BARCLAYS
BNP PARIBAS
BOFA MERRILL LYNCH
COMMERZBANK
CRÉDIT AGRICOLE CIB
CRÉDIT FONCIER DE FRANCE
CREDIT SUISSE
DEUTSCHE BANK
HSBC
J.P. MORGAN
MORGAN STANLEY
NATIXIS
NOMURA
SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING
THE ROYAL BANK OF SCOTLAND
UBS INVESTMENT BANK


The date of this Base Prospectus is 26 June 2015.




The prospectus as defined in Article 5.4 of the Prospectus Directive consists in (a) this base prospectus
containing the base terms and conditions of the Notes to be issued under the Programme, together with
any supplements thereto published from time to time (each a "Supplement" and together the
"Supplements") and (b) the Final Terms of the Notes.
This Base Prospectus is to be read in conjunction with all documents which are incorporated herein by
reference (see "Documents Incorporated by Reference").
No person has been authorised to give any information or to make any representation other than those
contained 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 or any
of the Dealers or the Arranger (as defined in "Summary"). 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 amended or 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 amended or 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 Issuer has undertaken with the Dealers to amend or supplement this Base Prospectus or publish a new
Base Prospectus if and when the information herein should become materially inaccurate or incomplete.
The distribution of this Base Prospectus and the offering or sale of the Notes in certain jurisdictions may
be restricted by law. Persons into whose possession this Base Prospectus comes are required by the Issuer,
the Dealers and the Arranger to inform themselves about and to observe any such restriction.
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 security regulation authority of any state or other jurisdiction
of the United States and include Materialised Notes in bearer form that are subject to U.S. tax law
requirements. Subject to certain exceptions, Notes may not be offered or sold to U.S. persons (as defined in
Regulation S under the Securities Act ("Regulation S")) or, in the case of Materialised Notes in bearer
form, delivered within the United States or to United States persons (as defined under the U.S. Internal
Revenue Code of 1986, as amended.
THE NOTES ARE BEING OFFERED OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS IN
RELIANCE ON REGULATION S.
For a description of certain restrictions on offers and sales of Notes and on distribution of this Base
Prospectus, see "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 Dealers to subscribe for, or purchase, any Notes.
The Arranger and the Dealers have not separately verified the information contained in this Base
Prospectus. None of the Dealers 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 nor any other information
incorporated by reference 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 Arranger or the Dealers that any recipient
of this Base Prospectus or any other financial statements or any information incorporated by reference
should purchase the Notes. Each potential purchaser of Notes should determine for itself the relevance of
the information contained in this Base Prospectus and its purchase of Notes should be based upon such
A19918398
1



investigation as it deems necessary. None of the Dealers or the Arranger undertakes 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 coming to the attention of
any of the Dealers or the Arranger.
In connection with the issue of any Tranche (as defined in "Summary"), the Dealer or Dealers (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) 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 30 days after the issue date of
the relevant Tranche and 60 days after the date of the allotment of the relevant Tranche. Any stabilisation
action or over-allotment shall be conducted by the relevant Stabilising Manager(s) (or person(s) acting on
behalf of any Stabilising Manager(s)) in accordance with applicable laws and rules.
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references to "",
"Euro" , "EUR" are to the currency which was introduced as of 1 January 1999 with the start of the third
stage of the European Economic and Monetary Union by which date the Euro became the legal currency in
eleven Member States of the European Union, references to "£", "pounds sterling", "GBP" and "Sterling"
are to the lawful currency of the United Kingdom, references to "$", "USD" and "US Dollars" are to the
lawful currency of the United States of America, references to "HKD", "Hong Kong Dollars" are to the
lawful currency of Hong Kong, "¥", "JPY" and "Yen" are to the lawful currency of Japan, references to
"CHF" and "Swiss Francs" are to the lawful currency of the Helvetic Confederation, references to "NOK"
are to the lawful currency of Norway and references to "CAD" and "Canadian Dollars" are to the lawful
currency of Canada.

A19918398
2



TABLE OF CONTENTS
Page
SUMMARY ..................................................................................................................................................... 4
RÉSUMÉ EN FRANÇAIS (FRENCH SUMMARY) ...................................................................................... 28
CONDITIONS ATTACHED TO THE CONSENT OF THE ISSUER TO USE THE BASE PROSPECTUS
............................................................................................................................................................... 53
RISK FACTORS ............................................................................................................................................ 55
SUPPLEMENT TO THE BASE PROSPECTUS ........................................................................................... 79
DOCUMENTS INCORPORATED BY REFERENCE .................................................................................. 80
TERMS AND CONDITIONS OF THE NOTES ........................................................................................... 83
TEMPORARY GLOBAL CERTIFICATES ISSUED IN RESPECT OF MATERIALISED NOTES ......... 134
USE OF PROCEEDS ................................................................................................................................... 135
SUMMARY OF THE LEGISLATION AND REGULATIONS RELATING TO SOCIÉTÉS DE CRÉDIT
FONCIER ............................................................................................................................................ 136
DESCRIPTION OF COMPAGNIE DE FINANCEMENT FONCIER ........................................................ 138
RELATIONSHIP BETWEEN COMPAGNIE DE FINANCEMENT FONCIER AND CRÉDIT FONCIER
DE FRANCE ....................................................................................................................................... 151
RECENT DEVELOPMENTS ...................................................................................................................... 156
TAXATION .................................................................................................................................................. 160
SUBSCRIPTION AND SALE ..................................................................................................................... 165
FORM OF FINAL TERMS 1 ....................................................................................................................... 168
FORM OF FINAL TERMS 2 ....................................................................................................................... 188
GENERAL INFORMATION ....................................................................................................................... 237
PERSON RESPONSIBLE FOR THE INFORMATION GIVEN IN THE BASE PROSPECTUS .............. 240


A19918398
3



SUMMARY
Summaries are made up of disclosure requirements known as "Elements" the communication of which is required
by Annex XXII of Regulation (EC) No 809/2004 of 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 for Compagnie de Financement Foncier (the "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 such Element. In this case a short description of the Element is
included in the summary and marked as "Not applicable".
This summary is provided for purposes of the issue by the Issuer of the Notes of a denomination of less than Euro
100,000 which are offered to the public or admitted to trading on a Regulated Market of the European Economic
Area (the "EEA"). The issue specific summary relating to this type of Notes will be annexed to the relevant Final
Terms and will comprise (i) the information below with respect to the summary of the Base Prospectus and (ii)
the information below included in the items "issue specific summary" and which will be completed at the time of
each issue.
Section A - Introduction and warnings
A.1
General disclaimer
This summary must be read as an introduction to the Base Prospectus. Any
regarding the
decision to invest in the Notes should be based on a consideration by any
summary
investor of the Base Prospectus as a whole, including any documents
incorporated by reference and any supplement from time to time. Where a
claim relating to information contained in the Base Prospectus is brought
before a court, the plaintiff may, under the national legislation of the Member
State of the EEA where the claim is brought, be required to bear the costs of
translating the Base Prospectus before the legal proceedings are initiated. Civil
liability attaches only to those persons who have tabled the summary, including
any translation thereof, but only if the summary is misleading, inaccurate or
inconsistent when read together with the other parts of the Base Prospectus or
it does not provide, when read together with the other parts of the Base
Prospectus, key information in order to aid investors when considering whether
to invest in the Notes.
A.2
Information
In the context of any offer of Notes in France, in the Grand Duchy of
regarding consent
Luxembourg and/or any other Member State of the EEA specified in the
by the Issuer to the applicable Final Terms (the "Public Offer Jurisdictions") that is not within an
use of the
exemption from the requirement to publish a prospectus under the Prospectus
Prospectus
Directive, as amended, (a "Public Offer"), the Issuer consents to the use of the
Base Prospectus and the relevant Final Terms (together with the Base
Prospectus, the "Prospectus") in connection with a Public Offer of any Notes
during the offer period specified in the relevant Final Terms (the "Offer
Period") and in the Public Offer Jurisdiction(s) specified in the relevant Final
Terms by any financial intermediary duly authorised designated in such Final
Terms (each an "Authorised Offeror"). The consent referred to above relates
to Offer Periods (if any) ending no later than the date falling 12 months from
the date of the approval of the Base Prospectus by the Autorité des marchés
financiers.
A19918398
4






The Terms and Conditions of the Public Offer shall be provided to
investors by that Authorised Offeror at the time of the Public Offer.
Neither the Issuer nor any of the Dealers (as defined below) or other
Authorised Offerors has any responsibility or liability for such
information.
References in the Base Prospectus to "Permanent Dealers" are to the persons
listed as Dealers (as defined below) and to such additional persons that are
appointed as dealers in respect of the whole Programme (and whose
appointment has not been terminated) and to "Dealers" are to all Permanent
Dealers and all persons appointed as a dealer in respect of one or more
Tranches.


Issue specific Summary:
[In the context of the offer of the Notes in [.] (``Public Offer Jurisdiction[s]'')
which is not made within an exemption from the requirement to publish a
prospectus under the Prospectus Directive, as amended (the "Public Offer"),
the Issuer consents to the use of the Prospectus in connection with such Public
Offer of any Notes during the period from [.] until [.] (the "Offer Period") and
in the Public Offer Jurisdiction[s] by [.] / [any financial intermediary] (the
"Authorised Offeror[s]"). [The Authorised Offeror[s] must satisfy the
following conditions: [.]]]
The Terms and Conditions of the Public Offer shall be provided to
Investors by that Authorised Offeror at the time of the Public Offer.
Neither the Issuer nor any of the Dealers or other Authorised Offerors has
any responsibility or liability for such information.]/
[Not applicable]]

Section B ­ Issuer
B.1
Legal and
Compagnie de Financement Foncier ("Compagnie de Financement Foncier"
commercial name
or the "Issuer" or the "Company").
of the Issuer
B.2
Domicile and legal
Compagnie de Financement Foncier is a credit institution authorised as an
form of the Issuer,
établissement de crédit spécialisé and société de crédit foncier by a decision of
the legislation
the French Credit Institutions and Investment Companies Committee (CECEI -
under which the
Comité des Etablissements de Crédit et des Entreprises d'Investissements, now
Issuer operates and known as Autorité de contrôle prudentiel et de résolution) on 23 July 1999. It
its country of
is therefore governed by the legislation applicable to credit institutions and, as
incorporation
a société de crédit foncier, it is also governed by Articles L. 513-2 to L. 513-27
of the French Code monétaire et financier.
Its registered office is located at 19, rue des Capucines, 75001 Paris.
A19918398
5




B.4b
Description of any
Not Applicable.
known trends
No significant deterioration has affected the outlook of the Company since its
affecting the Issuer
last financial report was audited and published.
and the industries
in which it
operates
B.5
A description of
Compagnie de Financement Foncier is a wholly-owned subsidiary of Crédit
the Issuer's Group
Foncier de France (A-/A2/A) and an affiliate of BPCE (A/A2/A), the "central
and the Issuer's
body" of Groupe BPCE, which, with 19 Banques Populaires and 17 Caisses
position within the
d'Epargne, contstitutes one of France's largest banking groups.
Group
Since the merger of holding companies previously owned by Banques
Populaires (BP Participations) and Caisses d'Epargne (CE Participations) on 5
August 2010 within the Central body (BPCE), Crédit Foncier de France's is
wholly owned by Groupe BPCE, the second banking group in France (by
number of branches (source: database, 2014 bank websites). No. 2 by market
share of customer savings and customer loans (source: Banque de France Q3-
2014). No. 2 in terms of penetration rate among professional customers and
individual entrepreneurs (source: Pepites survey CSA 2013-2014)).
B.9
Profit forecast or
Not Applicable.
estimate
Compagnie de Financement Foncier does not disclose any profit forecast or
estimate.
B.10
Qualifications in
Not Applicable.
the auditors' report The statutory auditors' reports on the financial statements of Compagnie de
Financement Foncier for the years ended 31 December 2014 and 31 December
2013 do not contain any qualifications.
B.12
Selected historical
There has been no material adverse change in the financial position or

key financial
prospects of the Compagnie de Financement Foncier since the date of its last

information
published audited financial statements.


There has been no significant changes in the financial or trading position of the
Compagnie de Financement Foncier since the end of the last financial period


for which audited financial information has been published.


The following tables show the key figures related to the balance sheet


of the Compagnie de Financement Foncier as at 31 December 2014


and 31 December 2013:


Simplified economic balance sheet at 31 December 2014 (total balance


sheet: euro 87.9 billion)


%
%




Balance

Billion
Balance
Billion


sheet
sheet


Mortgage loans
40.4
45.9%
Privileged resources
70.6
80.3%


Mortgage loans or
40.4
45.9%
Obligations foncières
71.1
80.9%
equivalent


Foreign exchange


Public sector
36.4
41.4%
rate difference on
0.8
0.9%

exposures
obligations foncières
A19918398
6






French Public sector
Other privileged
25.5
29.0%
0.3
0.3%

loans1
resources
Foreign exchange
Securities and loans
rate difference
from the public sector
10.9
12.4%
associated with
1.0
1.2%
abroad
hedging balance
sheet items
Replacement values
Non-privileged
11.1
12.7%
16.3
18.6%
and other assets
resources
Replacement values
6.9
7.9%
Unsecured debt
10.8
12.3%
Subordinated debt
Other assets
4.2
4.8%
3.7
4.2%
and similar debt
Of which redeemable



subordinated notes
2.1
2.4%
(RSN)
Of which super-



1.4
1.5%
subordinated notes
Shareholder's equity,
provisions and



1.9
2.1%
reserve for general
banking risks
(Regulatory capital



(4.9)
(5.6%)
or equivalent)
TOTAL
TOTAL ASSETS
87.9
100.0%
87.9
100.0%
LIABILITIES
1 Including deposits and short term loans at Banque de France of 1.2 billion in 2014 compared to 11.4 billion in
2013.

Liabilities benefiting from the privilège (obligations foncières) as at
31 December 2014
-
Issued in 2014: Euro 6.1 billion
-
Liabilities benefiting from the privilège: Euro 71 billion in obligations
foncières.
Simplified balance sheet at 31 December 2013 (total balance sheet:
euro 89.7 billion)

%
%
Billion
Balance

Billion
Balance
sheet
sheet
Mortgage loans
38.5
42.9%
Privileged resources
75.1
83.7%
Mortgage loans and
38.5
42.9%
Obligations foncières
75.1
83.7%
related items
European senior
Currency translation
residential mortgage-
-
-
difference on
-0.5
-0.6
backed securities
Obligations foncières
Public sector
Other privileged
39.6
44.2%
0.5
0.6%
exposures
resources
French Public sector
28.2
31.5%
Currency
0.5
0.6%
loans1
translation
A19918398
7




difference
associated with
hedging balance
sheet items2
Securities and loans
Non-privileged
from the Public
11.4
12.7%
14.1
15.7%
resources
sector abroad
Senior residential
securization units
0.0
0.0%
Unsecured debt
8.6
9.6%
with public
guarantees
Other assets and
Subordinated debt
11.6
12.9%
3.8
4.2%
replacement values
and related items
of which redeemable
Replacement values
7.0
7.8%
subordinated notes
2.1
2.3%
(RSN)
of which super-
Other assets
4.6
5.1%
1.4
1.6%
subordinated notes
Shareholders' equity,



provisions and
1.8
2.0%
FRBG



(Regulatory capital)
(4.4)
(4.9)%
TOTAL
TOTAL ASSETS
89.7
100.0%
89.7
100.0%
LIABILITIES


1 Including deposits and short term loans at Banque de France of 11.4 billion in 2013 compared to 3.7 billion in
2012.
2 During 2013, Compagnie de Financement Foncier reviewed the treatment of foreign exchange differences with
reference to balance sheet items to determine the hedging ratio. Assets and liabilities items are now recognised at
historical cost for this calculation, i.e. after taking into account their initial currency hedging; previously, foreign
exchange differences were subject to netting, whatever the nature of the underlying hedge.
These modifications, which only cover the capital adequacy ratios, have required adjustment when presenting the
liabilities above and explain the variations in the items "Foreign exchange difference relating to hedging of
balance sheet items" and "Other privileged liabilities". The data at end-December 2012 have not been
recalculated according to this new method.



Liabilities benefiting from the privilège (obligations foncières) as at
31 December 2013
-
Issued in 2013: Euro 3.5 billion
-
Liabilities benefiting from the privilège: Euro 75 billion in obligations
foncières.


The following table shows certain key performance indicators of the
Compagnie de Financement Foncier as at 31 December 2014 and 31
December 2013:

2014
2013
Net income
84.3 million
32.6 million
Regulatory overcollateralisation ratio
120.0%
118.1%
Average LTV of mortgage loans
73.6%
72.6%

A19918398
8






The following table shows key figures related to the eligible assets of
the Compagnie de Financement Foncier as at 31 December 2014:
Eligible assets as at 31 December 2014 (total: euro 87.9 billion)

billion
%
Mortgage loans
40.4
45.9%
Mortgage loans or equivalent
40.4
45.9%
Public sector exposures
36.4
41.4%
French Public sector loans1
25.5
29.0%
Securities and loans from the public sector
10.9
12.4%
abroad
Replacement values and other assets
11.1
12.7%
Replacement values
6.9
7.9%
Other assets
4.2
4.8%
Total assets
87.9
100.00%


1 Including deposits and short term loans at Banque de France of 1.2 billion in 2014 and 11.4 billion in 2013.





Eligible assets as at 31 December 2013 (total: euro 89.7 billion)

billion
%
Mortgage loans
38.5
42.9%
Mortgage loans and related items
38.5
42.9%
European senior residential mortgage-backed
-
-
securities
Public sector exposures
39.6
44.2%
French public sector loans1
28.2
31.5%


Securities and loans from the Public sector
11.4
12.7%
abroad


Senior residential securization units with public
0.0
0.0%
guarantees


Other assets and replacement securities
11.6
12.9%
Replacement securities
7.0
7.8%
Other assets
4.6
5.1%
Total assets
89.7
100.00
1 Including deposits and short term loans at Banque de France of 11.4 billion in 2013 compared to 3.7 billion in
2012.


The following quarterly financial information is un-audited and has
not been reviewed:
Financial information as at 31 March 2015 and as at 31 March 2014


Assets
31 March 2015
31 March 2014

(EUR thousands)
Cash due from central banks and post office
2,300,105
2,004,670
accounts
Treasury notes and similar securities
2,952,150
3,461,102
Due from banks
20,793,093
17,905,305
A19918398
9