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Crédit Agricole S.A.Update of the 2011 registration document - A033. Deductions from capitalDeductions are described in Articles 6, 6 bis and 6 quater of regulation 90-02 on share capital. They includeequity interests representing more than 10% of the equity capital of a credit institution or investment firm, aswell as subordinated debt holdings and any other equity-based instruments. 50% of the amounts concernedis deducted from Tier 1 capital and 50% from Tier 2 capital.Since 31 December 2010, the equity-accounted interests held by Crédit Agricole S.A. in the capital of theRegional Banks are no longer included in deductions under the terms of Article 65 of the “New methods ofcalculating solvency ratios 2011” which stipulates that Article 6 III of Regulation No 90-02 applies to intragroupinvestments by cooperative and mutual banks held in the form of cooperative investment certificates(CCI) and cooperative associate certificates (CCA). Consequently, Crédit Agricole S.A. no longer deducts50% of the amount of its interests in the Regional Banks and their financial subsidiaries from Tier 1 capitaland 50% from Tier 2 capital, but adds them to the total risk-weighted assets after applying weightings.At the end of 2011, Crédit Agricole S.A. set up the “Switch” operation, reducing the regulatory requirementson Crédit Agricole S.A. for the 25% minority interests held in the Regional Banks.In return, Crédit Agricole S.A. repaid 74% of the shareholder advance agreed by the Regional Banks and74% of the hybrid capital securities “T3CJ”, i.e. a total of €4.2 billion.On the other hand, in accordance with Article 6 bis of the aforementioned Regulation No 90-02, thedeductions include securitisation exposures held by institutions subject to that Regulation when theseexposures are not included in the calculation of weighted exposure amounts.Finally, these deductions also include the deduction for expected losses on the share portfolio, and, whererelevant, the negative difference for institutions using internal ratings-based approaches between thecollective impairments and the expected losses.Tier 1 consists of Tier 1 capital after the relevant deductions. Symmetrically, Tier 2 consists of supplementarycapital after the related relevant deductions.On the other hand, as authorised by the aforementioned Article 6, Crédit Agricole S.A.’s interests ininsurance companies and its holdings of their subordinated debt and other equity items are deducted fromtotal capital (except for transactions completed after 31 December 2006). In exchange, Crédit Agricole S.A.is subject to an additional capital requirement based on the appendix to Regulation 2000-03 which describesthe supervision of financial conglomerates.4. Tier 3 capitalThis includes subordinated debt with an initial term equal to or more than two years, within the regulatorylimits imposed. However at 30 June 2012 the Group no longer holds any Tier 3 capital.Page 102 sur 237
Crédit Agricole S.A.Update of the 2011 registration document - A03Ratios at 30 June 2012The table below shows the European CRD 3 solvency ratio of Crédit Agricole S.A. Group calculated inaccordance with the applicable regulations.It details the regulatory capital requirements and the three categories of weighted risks.The total solvency ratio is calculated as the ratio between total regulatory capital and the sum of weightedexposures related to credit, market and operational risks.Page 103 sur 237
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PDF (3.77 Mo) - Le CrÃ©dit Agricole

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