PDF (3.77 Mo) - Le CrÃ©dit Agricole

More documents

Recommendations

Info

Crédit Agricole S.A.Update of the 2011 registration document - A032. Liquidity and financing riskLike all credit institutions, the Group is exposed to a risk of not having sufficient funds to honour itscommitments. This risk may materialise, for example, in the event of massive withdrawals of customerdeposits, a crisis of confidence or a general liquidity crisis in the market (limited access to interbank andmoney markets).2.1 Objectives and policyThe main purpose of the Group's liquidity management policy is to be in a position, at all times, to meet asituation of intensive liquidity crisis over extended periods of time.To achieve this, the Group relies on a system for assessing and monitoring liquidity risk based onmaintaining liquidity reserves, organising its refinancing seeking to curb short-term refinancing, achieve anappropriate long-term refinancing timeframe and diversify sources of refinancing, and ensuring balanceddevelopment between loans and deposits.A set of limits, indicators and procedures has been defined to ensure proper operation of the system.This has been applied consistently across the entire Crédit Agricole Group, thereby allowing for liquidity riskto be assessed and managed on a consolidated basis.The system was audited by the Autorité de Contrôle Prudentiel (ACP) during the first half of 2012.This internal approach complies with the liquidity ratio set out in the ministerial order of 5 May 2009 onidentifying, measuring, monitoring and managing liquidity risk. This order applies to all of the Group’s creditinstitutions.2.2 Risk managementCrédit Agricole S.A. is responsible for rolling out and consolidating the risk management system across theentire Crédit Agricole Group.Within Crédit Agricole S.A., this responsibility falls to both the Financial Management department, whichmanages refinancing at an operational level, monitors reserves and coordinates treasury departments, andthe Risk Management department, which validates the risk management system and ensures that limits andother rules are respected.In the event of tension in the refinancing markets, a monitoring committee is set up between ExecutiveManagement, the Group Risk Management and Permanent Controls department and the Group FinanceDepartment in order to monitor the Group’s liquidity situation as closely as possible.This committee, created in autumn 2008, was active throughout the first half of 2012 due to the continuingsovereign debt crisis.2.3 Funding conditionsThe difficulties encountered by certain eurozone countries in refinancing their debt are continuing to causetensions in the refinancing markets. The exceptional measures implemented by the ECB in late 2011 andearly 2012 have allowed for improvement in the general market situation, which was particularly evident inthe first quarter of 2012.Under these conditions, the Crédit Agricole Group is continuing to pursue a cautious liquidity managementpolicy. This cautious approach is reflected by the continuation of its 50 billion euro debt reduction plan due tocome to an end on 31 December 2012, as well as a strategy of increasing its reserves in the form ofsecurities, congruent with the proposed new Basel regulations.These measures have enabled the Group to reduce its dependence on the refinancing markets andsimultaneously increase its resilience to the closing off of these markets.Page 120 sur 237
Crédit Agricole S.A.Update of the 2011 registration document - A03At 30 June 2012, in terms of medium to long-term refinancing, Crédit Agricole S.A. had achieved 90% of itsmarket issue programme, set at 12 billion euros for the year.Debt issues and refinancing operations guaranteed by collateralised receivables represented 7.1 billioneuros with an average maturity of 9.2 years. These include:• Crédit Agricole Home Loan SFH (e.g. Crédit Agricole Covered Bonds): 4.3 billion euros;• CRH (Caisse de refinancement de l’habitat): 2.4 billion euros;• Supranational organisations (CDC, EIB, CEDB): 0.4 billion euros.It also issued senior unsecured debt (Euro Medium Term Notes [EMTN]) in the amount of 3.7 billion euroswith an average maturity of 3.9 years.In addition, in order to strengthen its Core Tier One capital, on 26 January 2012, Crédit Agricole S.A.launched tender offers for eight series of outstanding subordinated notes. These offers resulted in thebuyback of:• a nominal amount of 610 million US dollars of undated deeply subordinated notes issued on 31 May 2007;• a nominal amount of 1,633 million euros of seven series of notes denominated in euros, sterling andCanadian dollars (six series of undated deeply subordinated notes and one series of undated subordinatednotes).This resulted in a gain net of tax of around 552 million euros.At the same time, the Group is developing access to additional funding via its retail networks and specialisedsubsidiaries.The issuing of Crédit Agricole S.A. bonds at Regional Bank networks amounted to 2.5 billion euros as at 30June 2012 with an average maturity of 9.5 years. The issues carried out by LCL and Cariparma in theirnetworks represented 3.3 billion euros as at 30 June 2012. Crédit Agricole CIB issued 2.6 billion euros,mainly in structured private placements with its international customers. Lastly, Crédit Agricole ConsumerFinance had raised 1.2 billion as at 30 June 2012.2.4 MethodologyThe Crédit Agricole Group is continuing to monitor the work of the regulatory authorities relating tosupervision of liquidity risk, participating in the consultations carried out by EU bodies on the subject viaFrench and European professional associations.This regulatory climate, subject to in-depth change with the introduction of Basel III liquidity ratios, requiresan overhaul of the system for managing and monitoring liquidity at the Crédit Agricole Group. Work began atthe end of the first quarter and is set to continue until the end of 2012.2.5 ExposureCredit institutions in France are subject to the “standard” liquidity ratio set out in the ministerial order of 5May 2009 and introduced in June 2010. This liquidity ratio is the ratio of cash and other short-term assets toshort-term liabilities. It is calculated monthly on a company basis, with the minimum figure being 100%.At 30 June 2012, Crédit Agricole S.A.’s liquidity ratio was 124%, compared with 122% at 31 December 2011.Page 121 sur 237
Page 1 and 2:
UPDATE A03Financial reviewat 30 Jun
Page 3:
Crédit Agricole S.A.Update of the
Page 8 and 9:
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
JUNE 2012JUNE 2012JUNE 2012JUNE 201
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Total regulatory capital before ded
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71: Crédit Agricole S.A.Update of the
Page 170 and 171:
Page 172 and 173:
Page 174 and 175:
Page 176 and 177:
Page 178 and 179:
Page 180 and 181:
Page 182 and 183:
Page 184 and 185:
Page 186 and 187:
Page 188 and 189:
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
Page 196 and 197:
Page 198 and 199:
Page 200 and 201:
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
Page 208 and 209:
Page 210 and 211:
Page 212 and 213:
Page 214 and 215:
Page 216 and 217:
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
Page 224 and 225:
Page 226 and 227:
Page 228 and 229:
Page 230 and 231:
Page 232 and 233:
Page 234 and 235:
Page 236 and 237:
show all

PDF (3.77 Mo) - Le CrÃ©dit Agricole

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?