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Crédit Agricole S.A.Update of the Registration document 2011 - A03Reduction of funding needs€bnAt current exchange rateRealisedin H2-11Realised inQ1-12Realisedin Q2-12Totalrealised upto 30/06/12Targetbetween30/06/11 and31/12/12%realised• Retail banking• Specialised financial services• Adjustment plan• Securitisation and other measures• CIBat constant exchange rate- 9- 3-1-2- 11- 1- 2-1-1- 9-8-2-1-1+7*- 18- 7-3-4- 13- 23- 9- 18-16-7+3-20Total funding needs reduction - 23 - 12 -3 - 38 - 50 76%At constant exchange rate - 28 -10 -7 - 45*Including negative currency impact (4 billion euros) and reallocation of liquidity to several ongoing activities in CIB (mainly Fixed incomeand Commercial banking)Reduction of risk-weighted assets€bnAt constant exchange rateRealisedin H2-11Realised inQ1-12Realisedin Q2-12Totalrealised upto 30/06/12Targetbetween30/06/11 and31/12/12%realisedAdjustment plan• SFS• CIB Current impact (Basel 2.5) 2013 impact (Basel 3)- 1- 11- 7- 2- 16- 5-1- 3-1- 4- 30- 13~ - 5~ - 30~ - 18- 4- 11- 2- 17~ - 12Total adjustment plan - 12 - 18 - 4 - 34 ~ - 35 97%Other measures• CIB – sale of market risk ofcorrelation book (net impact)- 8 - 6 - 14Total RWA reduction(including Basel 3 impacts) - 12 - 26 - 10 - 48Page 10 sur 237
Crédit Agricole S.A.Update of the Registration document 2011 - A03FINANCIAL STRUCTURECrédit Agricole S.A. further enhanced its financial strength during the second quarter of 2012. The Core Tier 1ratio was 9.6% at 30 June 2012 compared with 9.4% at 31 March 2012 and 8.6% at 31 December 2011.The quarter-on-quarter change in the ratio was due primarily to the decline in risk-weighted assets, notably atCrédit Agricole CIB, resulting from the implementation of the adjustment plan and the transfer of the market risklinked to the correlation book. Crédit Agricole S.A.'s Tier 1 and total solvency ratios were 11.9% and 14.1%respectively at 30 June 2012, a rise of 70 basis points for each ratio in the first half of 2012.Risk-weighted assets declined by 31.5 billion euros, from 333.7 billion euros at 31 December 2011 to 302.2 billioneuros at 30 June 2012.LIQUIDITYAt 30 June 2012, Crédit Agricole Group's gross short-term debt (outstanding debt due within 370 days raised bythe Group's main treasury departments from market counterparties) amounted to 127 billion euros, comparedwith 185 billion euros at 30 June 2011. The Group had a surplus cash position of 17 billion euros at end-June,corresponding to overnight deposits with the Central Banks.The dollar situation was stable in the second quarter by comparison with 31 March 2012, with a modest increasein debt from the USA, which now accounts for 5% of gross short-term debt compared with 4% in the first quarter.The percentage of US dollar-denominated debt also increased, to 21% from 17% at 31 March 2012. By country,France still accounts for over half of short-term debt (54%).Since June 2011, short-term debt, net of deposits with central banks, has been reduced by 60 billion euros.The decline in short-term debt is due to the structural reduction in the business lines' requirements for 38 billioneuros under the adjustment plan, the replacement of 5 billion euros of short term debt by medium and long termdebt, and, lastly, to the use of liquidity reserves through repo'ing and access to Central Banks.At 30 June 2012, reserves of available assets that were liquid on the market or were eligible to Central Banksafter discounting, excluding deposits with Central Banks, amounted to 151 billion euros, including 135 billioneuros eligible to Central Banks, or 41 billion euros more than at 31 December 2011. They represented 137% ofnet short-term debt. New reserves have been constituted owing to a broad base of very high-quality assetsavailable for securitisation.Eligible reserves consist of 60 billion euros in assets eligible to Central Banks (i.e. 40% of total reserves), 67billion euros in liquid market securities eligible to Central Banks (44%), 16 billion euros in liquid market securities(11%), and 8 billion euros in securitisation and self-securitisation tranches (5%).In the area of medium/long-term funding, at 15 August 2012, Crédit Agricole S.A. has exceeded its market issueprogramme, which was fixed at 12 billion euros for 2012. The performance rate is 138% including issues carriedout at the end of the year 2011 in addition to the 2011 programme. Not including these 2011 issues, theperformance rate was 102%, representing 12.2 billion euros raised since the beginning of the year. The averageterm of the issues is 6.8 years and the average spread is 132 basis points versus mid-swap. Including the 4.4billion euros of issues completed at the end of 2011 in addition to the 20 billion euro programme for 2011, theperformance rate was 138%.Concurrently, the Group is developing access to additional funding sources, namely via its retail bank networksand its specialised subsidiaries, with 2.5 billion euros raised through the Regional Banks at 30 June 2012, 3.3billion euros via LCL and Cariparma in their networks, 2.6 billion euros via Crédit Agricole CIB, mainly instructured private placements, and 1.2 billion euros via Crédit Agricole Consumer Finance.Page 11 sur 237
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