2007 REGISTRATION DOCUMENT

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5 NotesCONSOLIDATED FINANCIAL STATEMENTSto the financial s tatements p repared in accordance with I nternational Financial Reporting S tandards as adopted by the European Union< Contents >4.f.3 Direct e ffects of the s econd h alf 2007 c risis on p rofit for the yearIn millions of euros 2007EFFECTS ON CORPORATE AND INVESTMENT BANKING NET BANKING INCOMEAsset impairmentsLoan syndications in progress (238)Securitisations (88)Credit adjustments to reflect counterparty risks on over-the-counter derivative financial instrumentsMonoline insurers (468)Other counterparties (57)TOTAL EFFECTS ON NET BANKING INCOME (851)EFFECTS ON COST OF RISKBancwest securities portfolio (131)Bancwest customer loans (87)Corporate and Investment Banking (206)TOTAL EFFECTS ON COST OF RISK (424)1234Note 5. NOTES TO THE B ALANCE S HEET AT 31 DECEMBER 200755.a FINANCIAL ASSETS, FINANCIALLIABILITIES AND DERIVATIVES AT FAIRVALUE THROUGH PROFIT OR LOSSFinancial assets and financial liabilities at fair value through profit orloss consist of trading account transactions (including derivatives) andcertain assets and liabilities designated by the Group as at fair valuethrough profit or loss at the time of acquisition or issue.Financial a ssetsTrading book assets include proprietary securities transactions, repurchaseagreements, and derivative instruments contracted for positionmanagement purposes. Assets designated by the Group as at fair valuethrough profit or loss include admissible investments related to unitlinkedinsurance business, and to a lesser extent assets with embeddedderivatives that have not been separated from the host contract.Financial l iabilitiesTrading book liabilities comprise securities borrowing and short sellingtransactions, repurchase agreements, and derivative instrumentscontracted for position management purposes. Financial liabilities atfair value through profit or loss mainly comprise issues originated andstructured on behalf of customers, where the risk exposure is managedin combination with the hedging strategy. These types of issue containsignificant embedded derivatives, whose changes in value are cancelledout by changes in the value of the hedging instrument.The nominal value of financial liabilities at fair value through profit orloss at 31 December 2007 was EUR 79,680 million (EUR 61,521 millionat 31 December 2006). Their fair value takes into account any changeattributable to issuer risk relating to the BNP Paribas Group itself insofaras this change is considered material in respect of the Group’s conditionsof issuance. The Group has recognised a EUR 141 million reduction inthe fair value of its debt, taking into consideration the increase in thevalue of it s own credit spread observed during the crisis affecting thefinancial markets in the second half of 2007.678910111522007 Registration document - BNP PARIBAS
CONSOLIDATED FINANCIAL STATEMENTS5Notes to the financial s tatements p repared in accordance with I nternational Financial Reporting S tandards as adopted by the European Union< Contents >In millions of eurosTrading book31 December 2007 31 December 2006Assets designatedAssets designatedat fair valueat fair valuethrough profitthrough profitor loss TOTAL Trading bookor loss TOTALFINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSSNegotiable certificates of deposit 82,476 554 83,030 48,633 174 48,807Treasury bills and other bills eligible forcentral bank refi nancing 65,077 12 65,089 34,680 9 34,689Other negotiable certifi cates of deposit 17,399 542 17,941 13,953 165 14,118Bonds 121,314 6,488 127,802 131,938 6,577 138,515Government bonds 56,294 491 56,785 66,962 206 67,168Other bonds 65,020 5,997 71,017 64,976 6,371 71,347Equities and other variable-incomesecurities 100,709 43,975 144,684 94,989 42,328 137,317Repurchase agreements 334,033 95 334,128 254,967 103 255,070Loans 2,791 2,351 5,142 231 3,451 3,682to credit institutions - 2,240 2,240 7 3,407 3,414to corporate customers 2,781 111 2,892 214 44 258to private individual customers 10 - 10 10 10Trading book derivatives 236,920 - 236,920 161,467 - 161,467Currency derivatives 23,627 - 23,627 17,799 - 17,799Interest rate derivatives 99,308 - 99,308 78,707 - 78,707Equity derivatives 75,243 - 75,243 51,661 - 51,661Credit derivatives 30,342 - 30,342 9,487 - 9,487Other derivatives 8,400 - 8,400 3,813 - 3,813TOTAL FINANCIAL ASSETS AT FAIRVALUE THROUGH PROFIT OR LOSS 878,243 53,463 931,706 692,225 52,633 744,858of which loaned securities 40,530 40,530 28,307 28,307excluding equities and other variableincomesecurities (note 4.a) 787,022 607,541FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSSBorrowed securities and short selling 116,073 - 116,073 118,987 - 118,987Repurchase agreements 357,386 451 357,837 289,711 - 289,711Borrowings 1,517 2,254 3,771 748 4,392 5,140Credit institutions 811 1,475 2,286 547 1,436 1,983Corporate customers 706 779 1,485 201 2,956 3,157Debt securities - 73,973 73,973 55,279 55,279Trading book derivatives 244,471 - 244,471 184,211 184,211Currency derivatives 26,017 - 26,017 19,242 - 19,242Interest rate derivatives 97,412 - 97,412 79,004 - 79,004Equity derivatives 83,455 - 83,455 71,983 - 71,983Credit derivatives 30,180 - 30,180 9,634 - 9,634Other derivatives 7,407 - 7,407 4,348 - 4,348TOTAL FINANCIAL LIABILITIES ATFAIR VALUE THROUGH PROFIT ORLOSS 719,447 76,678 796,125 593,657 59,671 653,32812345678910112007 Registration document - BNP PARIBAS 153
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2007REGISTRATION DOCUMENT
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2007 Registration documentThis docu
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1 TheTHE BNP PARIBAS GROUPBNP Parib
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THE BNP PARIBAS GROUP1The Group’s
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1 ShareholderTHE BNP PARIBAS GROUPi
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2 BoardCORPORATE GOVERNANCEof Direc
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2 ReportCORPORATE GOVERNANCEof the
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2 StatutoryCORPORATE GOVERNANCEAudi
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3RISK MANAGEMENT< Contents >3.4 Ris
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3 RiskRISK MANAGEMENTfactorsLIQUIDI
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3 RiskRISK MANAGEMENTfactorsDETERIO
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3 RiskRISK MANAGEMENTmanagement fra
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3 RiskRISK MANAGEMENTexposure in 20
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3 RiskRISK MANAGEMENTexposure in 20
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3 RiskRISK MANAGEMENTmitigation tec
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4 Consolidated2007 REVIEW OF OPERAT
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4 Core2007 REVIEW OF OPERATIONSbusi
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4 Balance2007 REVIEW OF OPERATIONSs
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4 Balance2007 REVIEW OF OPERATIONSs
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5 StatutoryCONSOLIDATED FINANCIAL S
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6INFORMATION ON THE PARENT COMPANY
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6 BNPINFORMATION ON THE PARENT COMP
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6 ChangesINFORMATION ON THE PARENT
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6 BNPINFORMATION ON THE PARENT COMP
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6 SubsidiariesINFORMATION ON THE PA
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6 SubsidiariesINFORMATION ON THE PA
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7 TheSOCIAL AND ENVIRONMENTAL INFOR
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7 ClearlySOCIAL AND ENVIRONMENTAL I
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7 NRESOCIAL AND ENVIRONMENTAL INFOR
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8 DocumentsGENERAL INFORMATIONon di
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8 FoundingGENERAL INFORMATIONdocume
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8 FoundingGENERAL INFORMATIONdocume
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8 YearGENERAL INFORMATIONended 31 D
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9 StatutorySTATUTORY AUDITORSAudito
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10 PersonPERSON RESPONSIBLE FOR THE
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11TABLE OF CONCORDANCE< Contents >H
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Contents >12345678910112842007 Regi
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HEAD OFFICE16, boulevard des Italie
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2007 REGISTRATION DOCUMENT

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