PDF (3.77 Mo) - Le CrÃ©dit Agricole

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Crédit Agricole S.A.Update of the 2011 registration document - A03(in billions of euros) 30/06/2012 31/12/2011TIER 1 CAPITAL (A) 38.6 40.4Equity capital and reserves, Group share 44.0 43.2Tier 1 capital as agreed by the French Regulatory Control Authority 1.0 1.0Minority interests excluding hybrid instruments 3.7 3.5Hybrid instruments included in Tier 1 capital as agreed by the French Regulatory ControlAuthority9.5 11.8Deductions from Tier 1 capital including intangible assets (19.6) (19.1)TIER 2 CAPITAL (B) 21.6 21.9TIER 3 CAPITAL - -DEDUCTIONS FROM TIER 1 AND 2 CAPITAL 5.5 6.3Deductions from Tier 1 capital (C) 2.6 3.1Deductions from Tier 2 capital (D) 2.9 3.2including stakes in credit and banking institutions amounting to more than 10% of theircapital or which provide significant influence over these institutions (at 100%)4.0 3.7including securitisation exposures 0.9 2.0Including, for institutions using IRB approaches, the negative difference between the sum ofvalue adjustments and collective impairment losses on the relevant exposures and theexpected losses0.1 0.1DEDUCTIONS OF INSURANCE COMPANIES’ EQUITY 12.0 11.3TOTAL NET AVAILABLE CAPITAL 42.7 44.8o/wTier 1 (A – C) 36.0 37.4Tier 2 (B – D) 18.7 18.7Tier 3 - -TOTAL RISK-WEIGHTED ASSETS 302.2 333.7Credit risk 271.2 277.8Market risk 8.1 32.8Operational risk 22.9 23.1Tier 1 solvency ratio 11.9% 11.2 %TOTAL SOLVENCY RATIO 14.1% 13.4 %At 30 June 2012, Crédit Agricole S.A. Group's overall CRD ratio was 14.1%, including a CRD 3 Tier 1 ratio of11.9%, compared with 13.4% and 11.2% respectively at 31 December 2011.Page 104 sur 237
Crédit Agricole S.A.Update of the 2011 registration document - A03Changes in the various components of this ratio are analysed below:Risk-weighted assets amounted to 302.2 billion euros at 30 June 2012, down 9.4% on 31 December2011 (333.7 billion euros).o Credit risk, which represented a total of 271.2 billion euros at end-June 2012, decreased by 6.5billion euros over the period, mainly as a result of the implementation of the adjustment plan.This was reflected by a decline at the level of Crédit Agricole CIB despite a positive currencyeffect, and the slowdown in activity in Specialised Financial Services, particularly at CAConsumer Finance.o Market risk stood at 8.1 billion euros at end-June 2012, representing a sharp fall of 24.7 billioneuros during the first half of 2012, primarily due to the transfer of market risk of the correlationbook.o Operational risk decreased slightly to 22.9 billion euros.Total capital funds decreased by 2.1 billion euros compared to 31 December 2011, principally due tothe decrease in Tier 1 capital.o Tier 1 capital amounted to 36.0 billion euros at 30 June 2012, down 1.4 billion euros relative tothe end of the year. The first half of the year saw the buyback of deeply subordinated notesrepresenting a total of 1.7 billion euros, in addition to a call on LCL preferred shares of 750million euros, as well as the sale of Crédit Agricole CIB securitisation facilities (increase in Tier 1capital of 0.5 billion euros) and the impact of market developments on changes in unrealisedcapital gains and losses in the amount of +0.7 billion euros and currency translation differences.The reduction in risk-weighted assets linked to the transfer of market risk of the correlation bookwas complemented by a deduction in equity of 0.7 billion euros, reflecting the residual risk.Lastly, minority interests increased, mainly due to the setting aside of 2011 earnings asreserves.o Since 31 March 2008, Tier 1 capital has included an advance from the Regional Banks to CréditAgricole S.A. This has amounted to 1.0 billion euros since 31 December 2011, when it waspartly repaid with the implementation of the Switch guarantee mechanism, which aims to reducethe prudential requirements on Crédit Agricole S.A. in respect of the minority interests of 25%held in the Regional Banks’ share capital.o Tier 2 capital after deductions remained stable at 18.7 billion euros. The Group proceeded withthe buyback of perpetual subordinated notes in the amount of 0.4 billion euros and extended anissue of redeemable subordinated notes of 0.3 billion euros.These buybacks were carried out with the aim of optimising the capital structure.o Tier 3 capital was zero as at 30 June 2012, as the debt was repaid at 31 March 2010.o In accordance with the “Conglomerate Directive”, the Crédit Agricole S.A. Group deducts theequity-accounted value of insurance companies from total equity. This deduction amounted to12.0 billion euros at 30 June 2012, an increase of 0.7 billion euros compared to 31 December2011.Page 105 sur 237
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