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Crédit Agricole S.A.Update of the 2011 registration document - A03Note 8 Fair value of financial instrumentsThe fair value of a financial instrument is the amount for which an asset could be exchanged, or a liabilitysettled, between knowledgeable, willing parties in an arm’s length transaction.The fair values shown below are estimates made on the reporting date. They are subject to change insubsequent periods due to developments in market conditions or other factors.The calculations represent best estimates. They are based on a number of valuation models andassumptions.To the extent that these models contain uncertainties, the fair values shown may not be achieved uponactual sale or immediate settlement of the financial instruments concerned.In practice, and in line with the going-concern principle, not all these financial instruments would necessarilybe settled immediately at the values estimated below.8.1 Fair value of financial assets and liabilities measured at amortised cost(in millionsof euros)Assets30/06/2012 31/12/2011CarryingamountEstimatedmarket valueCarryingamountEstimatedmarket valueLoans and receivables to credit institutions 401,931 408,243 379,841 385,241Loans and receivables to customers 402,551 413,536 399,381 404,354Held-to-maturity financial assets 15,188 17,358 15,343 16,908LiabilitiesDue to credit institutions 197,547 199,934 172,665 172,580Due to customers 526,732 527,046 525,636 525,750Debt securities 143,904 147,998 148,320 152,740Subordinated debt 30,497 30,568 33,782 29,961For financial instruments that are traded in an active market (i.e. prices are quoted and disseminated), thebest estimate of fair value is their market price.In the absence of a market and of reliable data, fair value is determined using an appropriate method that isconsistent with the valuation methods used in financial markets: market value of a comparable instrument,discounted future cash flows, or valuation models.Where it is necessary to assess market value, the discounted cash flow method is the most commonly used.In addition, it should be noted that Crédit Agricole S.A. Group took into account the experts’ report publishedby the IASB on 31 October 2008 on the valuation of certain financial instruments at fair value listed onmarkets that are no longer active.In some cases, market values are close to carrying amounts. This applies primarily to:• assets or liabilities at variable rates for which interest rates changes do not have a significant influence onthe fair value, since the rates on these instruments frequently correct themselves to the market rates;• short-term assets or liabilities where the redemption value is considered to be close to the market value;• regulated instruments (e.g. regulated savings accounts) where prices are fixed by the government;• demand liabilities;• transactions for which there are no reliable observable data.Page 186 sur 237
Crédit Agricole S.A.Update of the 2011 registration document - A038.2 Information about financial instruments measured at fair valueFinancial instruments measured at fair value broken down into the fair value hierarchyFinancial assets measured at fair valueAmounts presented below include accrued interests and are net of impairment.(in millions ofeuros)Total30/06/2012Quoted pricesin activemarkets foridenticalinstruments:Level 1Valuationbased onobservabledata:Level 2Valuationbased onunobservabledata:Level 3Total31/12/2011Quoted pricesin activemarkets foridenticalinstruments:Level 1Valuationbased onobservabledata:Level 2Valuationbased onunobservabledata:Level 3Financial assets held for trading 498,422 75,219 415,252 7,951 447,075 66,016 370,565 10,494Loans and receivables to customers 257 - 257 - 263 - 263 -Securities bought under repurchase agreements 20,215 - 20,215 - 21,684 - 21,684 -Securities held for trading 85,879 71,570 12,152 2,157 75,681 60,573 12,104 3,004Treasury bills and similar securities (1) 39,565 39,534 31 - 31,046 31,032 14Bonds and other fixed-income securities 31,884 23,872 7,988 24 28,511 19,550 7,996 965Equities and other variable-income securities 14,430 8,164 4,133 2,133 16,124 9,991 4,094 2,039Derivative instruments 392,071 3,649 382,628 5,794 349,447 5,443 336,514 7,490Financial assets designated at fair value throughprofit or loss upon initial recognition 35,243 21,481 12,463 1,299 43 ,188 29,149 12,584 1,455Loans and receivables to customers 216 - - 2,6 78 78Asset backing unit-linked contracts 32,116 21,139 10,915 62 40,372 28,744 11,178 450Securities designated as at fair value through profit orloss upon initial recognition 2,911 342 1,548 1,021 2,738 405 1,406 927Treasury bills and similar securities 13 - 13 - 3 3 - -Bonds and other fixed-income securities 1,776 318 1,458 - 1,690 378 1,311 1Equities and other variable-income securities 1,122 24 77 1,021 1,045 24 95 926Available-for-sale financial assets 231,683 191,944 38,146 1,593 227,390 179,355 44,524 3,511Treasury bills and similar securities 50,415 49,175 1,240 - 58,519 55,609 951 1,959Bonds and other fixed-income securities 161,602 129,275 32,052 275 147,559 110,387 36,879 293Equities and other variable-income securities 19,666 13,494 4,854 1,318 21,034 13,359 6,416 1,259Available-for-sale receivables - - - - 278 - 278Hedging derivative instruments 34,693 2,710 31,983 - 33,560 2,415 31,137 8TOTAL FINANCIAL ASSETS MEASURED AT FAIRVALUE 800,041 291,354 497,844 10,843 751,213 276,935 458,810 15,468Page 187 sur 237
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UPDATE A03Financial reviewat 30 Jun
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JUNE 2012JUNE 2012JUNE 2012JUNE 201
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Total regulatory capital before ded
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