Obligation Société Foncière de Financement 1.27% ( FR0013416450 ) en EUR

Société émettrice Société Foncière de Financement
Prix sur le marché 100 %  ⇌ 
Pays  France
Code ISIN  FR0013416450 ( en EUR )
Coupon 1.27% par an ( paiement annuel )
Echéance 26/04/2039 - Obligation échue



Prospectus brochure de l'obligation Cie de Financement Foncier FR0013416450 en EUR 1.27%, échue


Montant Minimal 100 000 EUR
Montant de l'émission 50 000 000 EUR
Description détaillée La Compagnie de Financement Foncier (CFF) est une société de financement spécialisée dans les prêts immobiliers, offrant des solutions de crédit pour l'acquisition, la construction ou la rénovation de biens immobiliers.

L'obligation FR0013416450 émise par la Cie de Financement Foncier en France, d'un montant total de 50 000 000 EUR avec un minimum d'achat de 100 000 EUR, portant un taux d'intérêt de 1,27% et échéant le 26/04/2039, a été remboursée à sa maturité à 100% de sa valeur nominale en EUR.







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 16 June 2017 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 2014/65/EU of the European Parliament and of the Council
of 15 May 2014, 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 SA/NV ("Euroclear") and the depositary bank for Clearstream Banking S.A. ("Clearstream"), 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"), AAA by Standard & Poor's Ratings Services ("S&P") and AAA by Scope Ratings AG ("Scope").
It is expected that the Notes issued under the Programme will be rated AAA by S&P, Aaa by Moody's and AAA by Scope. Each of S&P, Moody's and Scope 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/supervision/credit-rating-agencies/risk). 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
NATWEST MARKETS
NOMURA
SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING
UBS INVESTMENT BANK
The date of this Base Prospectus is 15 June 2018.


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".
IMPORTANT ­ EEA RETAIL INVESTORS - If the Final Terms in respect of any Notes include a legend
entitled "Prohibition of Sales to EEA Retail Investors", the Notes 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 (as amended,
"MiFID II"); or (ii) a customer within the meaning of Directive 2002/92/EC (as amended, the "Insurance
Mediation Directive" or "IMD"), where that customer would not qualify as a professional client as defined
in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive.
Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs
Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the
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EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to
any retail investor in the EEA may be unlawful under the PRIIPS Regulation.
MIFID II product governance / target market ­ The Final Terms in respect of any Notes will include a legend
entitled "MiFID II Product Governance" which will outline the target market assessment in respect of the
Notes and which channels for distribution of the Notes are appropriate. Any person subsequently offering,
selling or recommending the Notes (a "distributor") should take into consideration such determination;
however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment
in respect of the Notes (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 Notes is a manufacturer in respect of such
Notes, but otherwise neither the Arranger nor the Dealers nor any of their respective affiliates will be a
manufacturer for the purpose of the MIFID Product Governance Rules.
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 or representations 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 sincerity, accuracy or completeness of any of the information
or representations 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 investigation as it deems necessary. None of the Dealers or the Arranger has reviewed or
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 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.
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TABLE OF CONTENTS
Page
SUMMARY .............................................................................................................................................................. 4
RÉSUMÉ EN FRANÇAIS (FRENCH SUMMARY) ............................................................................................... 27
RISK FACTORS ..................................................................................................................................................... 50
CONDITIONS ATTACHED TO THE CONSENT OF THE ISSUER TO USE THE BASE PROSPECTUS ....... 72
SUPPLEMENT TO THE BASE PROSPECTUS ................................................................................................... 74
DOCUMENTS INCORPORATED BY REFERENCE .......................................................................................... 75
TERMS AND CONDITIONS OF THE NOTES .................................................................................................... 78
TEMPORARY GLOBAL CERTIFICATES ISSUED IN RESPECT OF MATERIALISED NOTES.................. 133
USE OF PROCEEDS ........................................................................................................................................... 134
SUMMARY OF THE LEGISLATION AND REGULATIONS RELATING TO SOCIÉTÉS DE CRÉDIT
FONCIER ............................................................................................................................................................. 135
DESCRIPTION OF COMPAGNIE DE FINANCEMENT FONCIER ................................................................ 137
RELATIONSHIP BETWEEN COMPAGNIE DE FINANCEMENT FONCIER AND CRÉDIT FONCIER DE
FRANCE .............................................................................................................................................................. 149
RECENT DEVELOPMENTS .............................................................................................................................. 154
TAXATION .......................................................................................................................................................... 156
SUBSCRIPTION AND SALE .............................................................................................................................. 159
FORM OF FINAL TERMS 1 ............................................................................................................................... 163
FORM OF FINAL TERMS 2 ............................................................................................................................... 185
GENERAL INFORMATION ............................................................................................................................... 237
PERSON RESPONSIBLE FOR THE INFORMATION GIVEN IN THE BASE PROSPECTUS ...................... 241
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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 relevant
by the Issuer to the
Final Terms (the "Public Offer Jurisdictions") that is not within an exemption
use of the
from the requirement to publish a prospectus under the Prospectus Directive, as
Prospectus
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 (i) any
financial intermediary duly authorised designated in such Final Terms or (ii) if
so specified in the relevant Final Terms, any financial intermediary complying
with the target market assessment conducted by the manufacturer and
distribution channels identified under the "MiFID II Product Governance"
legend set out in the relevant 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.
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.
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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" or
commercial name of
the "Issuer" or the "Company").
the Issuer
B.2
Domicile and legal
Compagnie de Financement Foncier is a credit institution authorised as a financial
form of the Issuer,
company and a société de crédit foncier by a decision of the French Credit
the legislation under
Institutions and Investment Companies Committee (CECEI - Comité des
which the Issuer
Etablissements de Crédit et des Entreprises d'Investissements, now known as
operates and its
Autorité de contrôle prudentiel et de résolution) on 23 July 1999. It is therefore
country of
governed by the legislation applicable to credit institutions and, as a société de
incorporation
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.
B.4b
Description of any
French and European regulators and legislators may, at any time, implement new
known trends
or different measures that could have a significant impact on the Issuer and/or on
affecting the Issuer
the financial system in general. In this respect, the European Commission proposal
and the industries in
dated 12 March 2018 for a directive on covered bonds lays down the conditions
which it operates
that these bonds have to respect in order to be recognised under the European law.
It also strengthens investor protection by imposing specific supervisory duties.
The proposal for a directive is complemented by a proposal for a regulation
amending Regulation (EU) no. 575/2013 of 26 June 2013 on prudential
requirements for credit institutions and investment firms.
B.5
A description of the
Compagnie de Financement Foncier is a wholly-owned subsidiary of Crédit
Issuer's Group and
Foncier de France (A-/A2/A/AA-) and an affiliate of BPCE (A/A2/A), the "central
the Issuer's position
body" of Groupe BPCE, which, with 14 Banques Populaires and 16 Caisses
within the Group
d'Epargne, contstitutes one of France's largest banking groups.
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
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Groupe BPCE, the second banking group in France (market shares: 21.6% of
market share for customer savings and 21.1% for customer credits (source:
Banque de France Q3-2017 ­ all non-financial customers).
B.9
Profit forecast or
Not Applicable.
estimate
Compagnie de Financement Foncier does not disclose any profit forecast or
estimate.
B.10
Qualifications in the
Not Applicable.
auditors' report
The statutory auditors' reports on the financial statements of Compagnie de
Financement Foncier for the years ended 31 December 2017 and 31 December
2016 do not contain any qualifications.
B.12
Selected historical
There has been no material adverse change in the financial position or prospects
key financial
of the Compagnie de Financement Foncier since the date of its last published
information
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 2016 and
31 December 2017:
Simplified economic balance sheet at 31 December 2016 (total balance sheet:
euro 84.3 billion)
%

% Balance
Balance
Billion
Billion
sheet
sheet
Mortgage loans or
39.4
46.7%
Privileged resources
66.8
79.2%
equivalent
Public sector
34.7
41.2%
Obligations foncières
67.4
80%
exposures
Foreign exchange
French Public
25.0
29.6%
rate difference on
-0.8
-1.0%
sector1
obligations foncières
Foreign public
Other privileged
9.7
11.5%
0.2
0.2%
sector
resources
Difference
Replacement
associated with
values and other
10.3
12.2%
1.6
1.9%
hedging balance
assets
sheet item
Non-privileged
Replacement values
6.8
8.1%
15.9
18.9%
resources
Other assets
3.4
4%
Unsecured debt
10.5
12.5%
Subordinated debt or
2.2
2.6%
equivalent
Shareholder's equity,
provisions and
3.2
3.8%
reserve for general
banking risks
TOTAL
TOTAL ASSETS
84.3
100.0%
84.3
100.0%
LIABILITIES
1 Including deposits and short term loans at Banque de France of 2.4 billion at the end of 2016.
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Liabilities benefiting from the privilège (obligations foncières) as at
31 December 2016
-
Issued in 2016: Euro 5.2 billion
-
Liabilities benefiting from the privilège: Euro 67 billion in obligations
foncières.
Simplified balance sheet at 31 December 2017 (total balance sheet:
euro 78.4 billion)
%

% Balance
Billion
Balance
Billion
sheet
sheet
Mortgage loans or
39.4
50.3%
Privileged resources
63.3
80.8%
equivalent
Public sector
29.8
38.0%
Obligations foncières
63.4
80.9%
exposures
Foreign exchange
French Public
21.2
27.1%
rate difference on
-0.3
-0.3%
sector 1
obligations foncières
Foreign public
Other privileged
8.6
11.0%
0.2
0.2%
sector
resources
Difference
Replacement
associated with
values and other
9.2
11.7%
0.9
1.2%
hedging balance
assets
sheet item
Non-privileged
Replacement values
6.8
8.6%
14.1
18.0%
resources
Other assets
2.4
3.1%
Unsecured debt
8.7
11.1%
Subordinated debt or
2.3
2.9%
equivalent
Shareholder's equity,
provisions and
3.2
4.0%
reserve for general
banking risks
TOTAL
TOTAL ASSETS
78.4
100.0%
78.4
100.0%
LIABILITIES
1 Including deposits and short term loans at Banque de France of 0.7 billion at the end of 2017.
Liabilities benefiting from the privilège (obligations foncières) as at
31 December 2017
-
Issued in 2017: Euro 6.1 billion
-
Liabilities benefiting from the privilège: Euro 63 billion in obligations
foncières.
The following table shows certain key performance indicators of the
Compagnie de Financement Foncier as at 31 December 2017 and 31
December 2016:
2017
2016
Net income
58 million
94 million
Regulatory overcollateralization ratio
117.2%
117.6%
Average LTV of mortgage loans for
73.5%
74.9%
individuals
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The following tables show key figures related to the eligible assets of the
Compagnie de Financement Foncier as at 31 December 2016 and
31 December 2017:
Eligible assets as at 31 December 2016 (total: euro 84.3 billion)
billion
%
Mortgage loans or equivalent
39.4
46.7%
Public sector exposures
34.7
46.7%
French public sector loans1
25.0
29.6%
Foreign public sector
9.7
11.5%
Replacement values and other assets
10.3
12.2%
Replacement securities
6.8
8.1%
Other assets
3.4
4.0%
Total assets
84.3
100.00%
1 Including deposits and short term loans at Banque de France of 2.4 billion at the end of 2016.
Eligible assets as at 31 December 2017 (total: euro 78.4 billion)
billion
%
Mortgage loans or equivalent
39.4
50.3%
Public sector exposures
29.8
38.0%
French public sector loans1
21.2
27.1%
Foreign public sector
8.6
11.0%
Replacement values and other assets
9.2
11.7%
Replacement securities
6.8
8.6%
Other assets
2.4
3.1%
Total assets
78.4
100.00%
1 Including deposits and short term loans at Banque de France of 0.7 billion at the end of 2017.
The following quarterly financial information is unaudited and has not been
reviewed:
Financial information as at 31 March 2018 and as at 31 March 2017
Assets
31 March 2018
31 March 2017
(EUR thousands)
Cash due from central banks and post office
1,300,000
1,520,000
accounts
Treasury notes and similar securities
3,682,223
3,467,389
Due from banks
28,115,239
29,420,046
Customers loans
38,365,265
39,372,426
Bonds and other fixed income securities
4,112,311
5,921,613
Other long term securities
0
0
Shares / fixed assets
Other assets
47,399
16,127
Prepayments deferred charges and accrued
2,256,112
2,669,692
income
Total Assets
77,878,548
82,387,293
A36408958
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Liabilities and Equity
31 March 2018
31 March 2017
(EUR thousands)
Cash due to central banks and post office
_
_
accounts
Due to banks
6,501,119
8,718,815
Customer deposits
0
8
Debt securities
64,613,912
66,018,419
Other liabilities
1,599,193
2,040,320
Accruals and deferred income
1,980,416
2,388,573
Provisions for liabilities and charges
18,776
20,663
Subordinated debt
0
0
Fund for general banking risks
20,000
20,000
Equity excluding fund for general banking
3,145,132
3,180,495
risks
Total Liabilities and Equity
77,878,548
82,387,293
Off-Balance Sheet
31 March 2018
31 March 2017
(EUR thousands)
Commitments given
1,084,973
873,405
Commitments received
9,589,438
9,705,067
B.13
Recent material
Not Applicable.
events relevant to
Compagnie de Financement Foncier did not record any recent events that
the evaluation of the
significantly impact the evaluation of its solvency.
Issuer's solvency
B.14
Extent to which the
As stipulated by law, Compagnie de Financement Foncier draws on the technical
Issuer is dependent
and human resources of its parent company under agreements binding the two
upon other entities
companies. These agreements, which are regulated (réglementés) as defined by
within the Group
Article L.225-38 of the French Code de commerce, cover all of the Compagnie
de Financement Foncier's activities.
The texts are drafted taking into account the special nature of the relationship
between Crédit Foncier de France and its subsidiary Compagnie de Financement
Foncier.
The principal business of Crédit Foncier de France is to grant mortgage loans to
individuals and real estate professionals, grant loans to local authorities, provide
structured financing and to issue bonds to finance these loans.
Crédit Foncier de France transferred to Compagnie de Financement Foncier all
its property commitments and pledged assets to the CECEI pursuant to Article
110 of law 99-532 of 25 June 1999.
After having been affiliated with the Groupe Caisse d'Epargne between 1999 and
2009, Crédit Foncier de France became affiliated in 2009 with Groupe BPCE,
which resulted from the merger of Caisses d'Epargne and Banque Populaire
networks. Since 5 August 2010, Crédit Foncier de France has been fully owned
by the Central body of BPCE.
Sixteen agreements are signed between Crédit Foncier de France and its subsidiary
Compagnie de Financement Foncier, namely:
A36408958
9