Annual Report 2012 Reference Document

Transcription

Annual Report 2012
Reference Document
This document is an English translation of Crédit Coopératif’s reference document. This translation has no legal value. The only
official version of this document is the French version, which has been submitted to the French financial market authority on
25 March 2013 in compliance with Article 212‑13 of the Authority's General Regulations, as deposition by number D.13-0308.
It may be used to support a financial operation provided that it is complemented by a short form prospectus that has been
approved by the Financial Markets Authority. This document has been prepared by the issuer and is the responsibility of its
signatories.
Copies of this document may be obtained free of charge from Crédit Coopératif at:
12 Boulevard Pesaro – Corporate Life Department - CS 10002 - 92024 Nanterre cedex, or online at the Crédit Coopératif website:
(www.credit-cooperatif.coop/informations-financieres/activite-et-resultats/), or on the website of the Financial Markets Authority
(AMF) at www.amf-france.org.
2
1
Contents
B / Crédit Coopératif Group
management report
1. 2012 Crédit Coopératif Group activity . . . . . . . . . . . 38
Editor's foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
2. Corporate social responsibility . . . . . . . . . . . . . . . . . . 50
Crédit Coopératif Group . . . . . . . . . . . . . . . . . . . . . . . . . 4
3. Group architecture . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
Crédit Coopératif within Groupe BPCE . . . . . . . . . . . . . . 6
Organisation of the Crédit Coopératif Group . . . . . . . . 7
Crédit Coopératif Group Board of Directors . . . . . . . . . 8
Executive Management . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Press release: results and key figures . . . . . . . . . . . . . . 11
A / Chairman’s report on the proceedings of the Board of Directors
and internal control procedures
1. Organisation and preparation
of the proceedings of the Board of Directors . . . . . 16
2. Internal control procedures . . . . . . . . . . . . . . . . . . . . . . . . 28
4. Board of Directors and Executive Management . . . 79
5. Company and consolidated financial
statements 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
6. Risk exposure and risk management . . . . . . . . . . . . . 93
7. Distribution and appropriation of earnings . . . . . . 107
8. Outlook for 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108
C/ Crédit Coopératif Group
financial statements
1. Crédit Coopératif Group consolidated
financial statements (IFRS) . . . . . . . . . . . . . . . . . . . . . . 110
2. Crédit Coopératif company financial statements . . . 172
Statutory auditors' reports . . . . . . . . . . . . . . . . . . . . . . . . . 210
Draft resolutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219
Cross-reference table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222
Statement by the individual responsible
for the reference document . . . . . . . . . . . . . . . . . . . . . . . . 223
Branch contact details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224
3
Editor's foreword
The UN's decision to declare 2012 the International Year of
Cooperatives clearly demonstrated the relevance of the cooperative model in the modern world. This model, with its democratic
governance, has also proven economically effective, with recognition at both international level and in France, where the government has created a Ministry for the Social and Socially Responsible
Economy. We are delighted with this development. In order to
continue building on this cooperative culture over the next decade,
we need to stress the ways in which this model offers a different
solution, both for the economy and for people. Crédit Coopératif's
economic activity is based on a core principle: a bank working to
build a fairer world. It is this approach that sets us apart from the
rest.
In 2012, Crédit Coopératif Group sustained a high level of activity
despite difficult economic circumstances. Balance sheet collection
activities, boosted by higher levels of savings, were satisfactory given
the highly competitive environment. Lending activities, meanwhile,
were exceptional, demonstrating the Group's ability to finance the
real economy – and the social and socially responsible economy in
particular – and to build relationships with its members founded on
trust and that create genuine value.
The Group also gained more customers (up 4%), demonstrating its
ability to meet the needs of companies, general interest bodies and
individuals looking for a reliable banking partner in a context of
growing mistrust of the banking sector as a whole.
These results can be partially explained by the shared interests that
unite Crédit Coopératif and its members. As a cooperative organisation, the bank listens to its customers in both its formal governance structures and its local cooperative bodies. It is this attentiveness to customers' needs that underpins its model. In applying
this principle, the bank relies on its ability to develop innovative
new products and services and adapt to its customers' needs.
In 2013, Crédit Coopératif will continue in this same vein, including
the introduction of a new information system to ensure it is better
placed to support its members and provide them with the useful
services they need.
We also believe that it is our responsibility as a cooperative bank,
and indeed in our own interests, to continue operating in a way
that respects both people and the environment. In 2013, we will
therefore continue our policy of developing innovative financial
services to support the social and environmental needs of our
customers, placing particular emphasis on helping them to
grow and invent new forms of entrepreneurship. We are also
committed to improving our own governance, as well as recognising the value of our human capital and mitigating the environmental impacts of our corporate practices. To ensure that we
are held to account as objectively and fully as possible, we have
decided to adopt the Global Reporting Initiative (GRI) sustainable development reporting standards. The GRI has certified
this annual report at the very highest possible level (level A).
This is not a new approach. In 2012, we joined the Global
Alliance for Banking on Values (GABV), an organisation with
21 member banks from across the globe, all of which share a
common goal to place people, the environment and transparency at the very core of their banking activities. This is yet
another demonstration of our commitment in this area.
We also believe that the creation of a public investment bank, and
the introduction of a draft bill on the social and socially responsible
economy, both of which are expected in 2013, will give much-needed support to the social and socially responsible economy of
which Crédit Coopératif is a part.
In 2013, we will also celebrate our 120th anniversary. We intend to
mark the occasion by demonstrating that Crédit Coopératif continues to focus on a long-term commitment to its customers,
through both good and bad times. We also want to show how,
now more than ever, the innovative, cooperative and sustainable
model that we have adopted is able to support economic growth
in a sector that is crucial to our society.
Jean-Louis Bancel
Chairman
François Dorémus
Chief Executive
4
Crédit Coopératif Group I Annual Report 2012
Crédit Coopératif Group
Crédit Coopératif is a variable-capital popular bank cooperative
limited company. Its origins go back to the late 19th century
when a group of co-operators decided to set up their own
bank. Over the last 120 years, the bank's chosen mission, as
outlined in its Statement of Principles, has been to be a
cooperative bank at the service of those who operate in the
social and socially responsible economy, striving to respect
individuals and their environment.
A cooperative bank
The core of Crédit Coopératif's capital (80 %) is provided by its
customers. Individual members hold all of the voting rights at
the General Meeting, based on the "one person, one vote"
principle. The Board of Directors is made up of individual
member representatives. Individual shareholders are also
invited to take part in the bank's cooperative life. Capital is
ring-fenced, and a significant portion of this capital is used to
create non-distributable reserves. These reserves are
collectively owned property that form part of the bank's equity
and help to secure its long-term future.
Customers with a high level of social
utility
Credit Coopératif's carefully selected customer base comprises
companies in the social and socially responsible economy, and
companies whose economic model is involves "joint and
different powers of action". These include associations,
cooperatives, groupings of entrepreneurs and their members,
mutual associations, social entrepreneurs and small and
medium-sized businesses. These customers operate in a wide
range of different sectors, from social, social/medical,
healthcare, welfare to work, personal services, environment,
culture and knowledge, education and research and social
housing, to industry, services, distribution, retail, agriculture,
waterborne transport and eco-activities.
Crédit Coopératif also continues to attract rising numbers of
personal customers.
Responsible management
Crédit Coopératif believes strongly in its cooperative principles,
and has broadened the scope of this commitment to include
corporate social responsibility.
The bank's commitment in this respect may be measured
through the composition of its Board of Directors and the
allocation of loans by sector. In its asset management
activities, the bank has a tax haven exclusion policy which, in
2012, it extended to cover its loan activity. Its asset
management company, Ecofi Investissements, also operates in
line with a very strict responsible management policy.
Through the Crédit Coopératif Foundation and its various other
support operations, the Crédit Coopératif Group aims to play a
leading role in building a society that is fair for all. In 2011, it set
up an innovative, pioneering voluntary contribution on currency
transactions (CVTC-Change Solidaire) to help fund development
projects. In order to measure its corporate social responsibility,
Crédit Coopératif Group uses the GRI (Global Reporting Initiative)
international standards, along with a range of additional
standards that reflect the principles of the cooperative
movement.
The Group's actions have received international recognition,
as demonstrated by its membership of the Global Alliance
for Banking on Values (GABV), a network of 21 banks all of
which share a common goal to place people, the environment
and transparency at the very core of their activities.
Serving every aspect of the real economy
Crédit Coopératif Group is an overarching organisation that
covers the banking and financial institutions that depend on it
for financial solidity. Together, they form the Crédit Coopératif
Group, a complete banking group with a national network.
Some of these take the form of subsidiaries: BTP Banque
(banking network dedicated to the construction industry), Bati
Lease (property leasing), and Ecofi Investissements (asset
management). Others (mainly cooperatives) are associated
with member movements or groups. The Group offers its
customers all of the services that they need on a daily basis or
when faced with the challenge of a large-scale project:
• socially responsible finance: Crédit Coopératif is a pioneer
• day-to-day banking services: accounts, methods of payment, cash flow management, processing of international
transactions, insurance, savings and investments. Wherever
possible, the proposed products include a socially responsible version.
• loans and finance: loans of all lengths, classic loans and
leasing, including credit access facilitation methods (mutual guarantees, sureties, etc.) and with a strong commitment to delivering financial inclusion solutions in partnership with players in the personal and business
micro-credit sector. Crédit Coopératif is a partner of various public schemes, both in France and in Europe. The
bank also has recognised expertise in supporting individual
and business environmental schemes.
also an expert in engineering and services for socially res-
in socially responsible finance. It offers a unique range of
socially responsible savings and investment products. It is
ponsible funders (Adie, Caisse Solidaire, France Active,
France Initiative, Nef, local associations, etc.): refinancing,
guarantee, provision of equity capital, security issuance, etc.
• growth support services: assistance with business or association restructuring or transfer arrangements (capital financing, shareholding and growth capital operations).
• social engineering: save-as-you-earn schemes, service employment vouchers, luncheon vouchers, etc. in conjunction
with partners from within the social economy or Groupe
BPCE.
5
6
Presentation
Crédit Coopératif within Groupe BPCE
Financial organisation
3.8 million
members
20% (CCIs)
19 Banques
Populaires
within the
Fédération
Nationale
des Banques
Populaires
4.3 million
members
65,000
members
80% 20% (CCIs)
17 regional Banques
Populaires and Casden
80% 80% *
Credit
Coopératif
49% 20% (CCIs)
17 regional
Caisses d’Épargne
1% 50% Part of the
Fédération
Nationale
des Caisses
d’Épargne
Central body
Groupe BPCE
Natixis
(72.4 %, the remainder
being floating capital)
BPCE parent companies
BPCE subsidiaries
Crédit Coopératif has a specific position and status within
Groupe BPCE, which is established by an agreement that links
it to the group. As well as recognising its national mission as a
player in the social and socially responsible economy, it states
that Crédit Coopératif, its subsidiaries and partner entities shall
keep their own identities, specific characteristics and customers, as well as their management autonomy, their freedom to
enter into commitments and their internal operating and financial rules.
Crédit Coopératif holds 1% of the capital of BPCE, the common
tool of the Banques Populaires and Caisses d’Épargne. It is one
of the parent companies within Groupe BPCE, which is a decentralised cooperative group. BPCE, acting as the central body
Other subsidiaries
Banque Palatine – Crédit Foncier de France – BPCE
Assurances (46.3%), BPCE International – BPCE Outre-Mer
Equity relationship
*V
ia local savings societies.
described in the Monetary and Financial Code, is answerable to
the banking authorities for Crédit Coopératif compliance and
ensures its liquidity and solvency.
Natixis, a subsidiary of Groupe BPCE, has a 20% holding in the
capital of Crédit Coopératif in the form of cooperative certificates of investment (CCI), which are non-voting securities. The
remaining 80 % of the capital is provided by Crédit Coopératif's
customers.
Crédit Coopératif thus combines the benefits of a cooperative
bank that belongs to its customers with the resources available
to a large banking group.
7
Members
Crédit Coopératif
Subsidiaries
Partner institutions
BTP Banque
Examples of
partnership shareholdings
Bank
Development capital
BTP Capital Investissement
Banque Edel
Banque Populaire Développement
Ecofi Investissements
Financial credit companies
Groupe Esfin Ides
Caisse Solidaire
Rhône Dauphiné Développement
BTP Capital Conseil
Croissance Nord-Pas-de-Calais
Financière de Champlain
Esfin Gestion
Société financière de la Nef
Socoden
Gedex Distribution
Transméa
Socorec
Bati Lease
Intercoop
Social housing
Financial guarantee companies
CMGM
Société Française d’Habitations
Economiques
Nord Financement
Copronord
Sofigard
Habitation Familiale Intercop Location
Tise
Sofindi
Socially responsible finance
Sofirif
Sofiscop
France Active Garantie
Sofiscop Sud-Est
Sifa
Somudimec
Somupaca
International
CoopEst
SG Bank
BNDA
Merkur Bank
The establishments shown in this simplified
organisation chart are listed opposite and in the
Group Architecture section on page 70.
Organisation of the Crédit Coopératif Group
8
Presentation
Crédit Coopératif Group Board of Directors at 31 December 2012
Directors
Jean-Louis Bancel
Chairman of the Board of Directors
Jean-Claude Detilleux
Deputy Vice-Chairman
Caisse Mutuelle de Garantie des Industries Mécaniques et
Transformatrices des Métaux (CMGM – mechanical and
metal-processing industries’ mutual-guarantee fund)
Vice-Chairwoman of the Board of Directors
Martine Clément
ESFIN
Vice-Chairman of the Board of Directors
Hugues Sibille
Fédération Nationale de la Mutualité Interprofessionnelle
(FNMI – national federation of interprofessional mutual
societies)
Maurice Ronat
Union Nationale des Associations de Parents, de Personnes
Handicapées Mentales et de leurs Amis (UNAPEI – national
union of associations for the mentally disabled, their parents
and friends)
Jean Gabain
Association Nationale des Coopératives Financières (ANCF national association of financial cooperatives)
Gilbert Hennique
Chantal Chomel
Representative of category “C” shareholders
Confédération Générale des Scop
(CG Scop - general confederation of SCOPs)
Patrick Lenancker
Conseil National du Crédit Coopératif (CNCC – national council
of Crédit Coopératif)
Philippe Antoine
Fédération des enseignes du commerce associé (FCA - retail
trade association)
Guy Leclerc
Fédération Nationale de la Mutualité Française (FNMF – French
mutual societies’ national federation)
Gérard Vuidepot
Fédération Nationale des Coopératives de Consommateurs
(FNCC – national federation of consumers’ cooperatives)
Nadia Dehors
Fédération Nationale des Sociétés Coopératives d’HLM
(FNSC D’HLM – national federation of cooperative
low-income housing boards)
Daniel Chabod
Garantie Mutuelle des Fonctionnaires (GMF – public employees’
mutual guarantee institution)
Patrice Forget
Mutuelle générale de l’éducation nationale (MGEN – teachers’
mutual society)
Jacques Hornez
Union Nationale des Associations de Tourisme et de Plein Air
(UNAT – national union of associations for tourism and
open-air activities)
Christine Bouyer
Union sociale pour l’habitat (social union for housing)
Michel Amzallag
Executive Committee
of the Board of
Directors
at 31 December 2012
Jean-Louis Bancel
Chairman
Hugues Sibille
Vice-Chairman
ESFIN
Employee-elected directors
The following people also attend meetings of the Board of Directors :
Claire Besson
Françoise Girma-Romeyer
Jean-Denis Nguyen Trong
Fabienne Roy
Works Council representative
Isabelle Renon
Statutory auditors
Non-voting directors
Conseil National du Crédit Coopératif (CNCC – national council
of Crédit Coopératif)
Jean-Marie Miramon
Fédération Française des Coopératives et Groupements
d’Artisans (FFCGA – French trade association of self-employed
and small-business cooperatives and groups)
Bernard Martineau
Société Coopérative d’Entraide-Fonds d’Expansion Confédéral
(Socoden-FEC – cooperative mutual-aid society – confederal
economic-development fund)
Jacques Landriot
Incumbents :
KPMG AUDIT:
Fabrice Odent
SOFIDEEC "BAKER TILLY":
Cyrille Baud
Substitutes :
Pascal Brouard
Christian Lairy
Société coopérative pour la rénovation et l’équipement du
commerce (SOCOREC – cooperative society for retailers’
renovation and capital investment)
Hervé Affret
Société financière de la Nef
Jean-Luc Seignez
Union Nationale Interfédérale des Oeuvres et Organismes Privés
Sanitaires et Sociaux (UNIOPSS)
Hubert Allier
Michel Vallade
Martine Clément
Vice-Chairwoman
Maurice Ronat
Vice-Chairman
Jean Gabain
Vice-Chairman
Philippe Antoine
Secretary
Caisse Mutuelle de Garantie
des Industries Mécaniques et
Transformatrices des Métaux
(CMGM – mechanical and
metal-processing industries’
mutual-guarantee fund)
Fédération Nationale
de la Mutualité
Interprofessionnelle (FNMI
– national federation of
interprofessional mutual
societies)
Union Nationale des
Associations de Parents,
de Personnes Handicapées
Mentales et de leurs Amis
(UNAPEI – national union
of associations for the
mentally disabled, their
parents and friends)
Conseil National du
Crédit Coopératif (CNCC
– Crédit Coopératif
National Council)
9
10
Presentation
Executive Management
The Executive Management consists of a Chief Executive, François Dorémus, and two Deputy Chief Executives, Pierre Valentin and
Jean-Paul Courtois . The Executive Management is supported by a Management Committee, which deals with operational aspects
of Crédit Coopératif's business.
François Dorémus
Chief Executive
Stéphane Coste
PA to the
Chief Executive
Christian Mamet
Group Risk and
Compliance Division
Frédéric Toussaint
Communication
Division
Bruno Maillard
Bernard Pagès
Pierre Valentin
Jean-Paul Courtois
Development
Division
Commercial
Division
Finance
Division
Human
Resources
and Production
and Banking
Services
Division
Jean-Florent
Girault
Information
Systems
and General Services
Division
Pascal Zakowski
General
Secretariat
Division
11
2012: strong performance supporting our dynamic,
socially useful customers
Despite the tense economic environment,
2012 saw commercial activity in good
shape at Crédit Coopératif Group, allowing
net banking income to grow by 4.2%. The Group share of net profit was
€27.2 million.
At its meeting of 6 March 2013, the Board of Directors of
Crédit Coopératif approved the 2012 financial statements of
Crédit Coopératif Group, composed of Crédit Coopératif, its
subsidiaries (BTP Banque, Bati Lease and Ecofi Investissements)
and associated institutions. Crédit Coopératif and its subsidiaries represent the core of the business.
These financial statements will be submitted to members
between 12 April and 17 May at the 23 regional general meetings of Crédit Coopératif, and then on 30 May to individual
bearers of members' shares at the plenary meeting.
More customers for Crédit Coopératif and
its subsidiaries across all segments
The number of customers of Crédit Coopératif and its subsidiaries grew by 3.9 % in 2012 and is now in excess of 300,000.
Of these, 70,000 are corporate entities, mainly based in the
social economy (principally cooperatives, mutual companies,
associations and general interest bodies). The number of private customers (4.7 % of the total), excluding legally protected
adults, rose by 7.1 %.
Sustained deposit collection activity
The activities of Crédit Coopératif and its subsidiaries in
collecting deposits (€14.15 billion on average in the year)
were characterised by strong growth in balance-sheet resources (sight deposits up 6%, savings up 39.8%). UCITS exposures, which have been falling since 2009 across the sector,
are now stabilising (down 2 %). Total deposit collections rose
by 3.8 %, boosted in particular by general interest body customers.
Strong growth on the lending side across
all segments
The loan exposure of Crédit Coopératif and its subsidiaries
(€9.5 billion on average in the year) rose by 14 %, broadly in
line with average growth since 2006. Medium and long-term
loan exposure remains highly dynamic, with new investment
credits reaching €2.2 billion, confirming the trend seen in the
last three years. This is a continuation of the high level of dis-
1. Under IFRS. The audit procedures for the consolidated financial statements for the financial year ending 31 December 2012 have been finalised for the
most part. The statutory auditor’s report on approval of the consolidated financial statements will be sent after verification of the information in the management report and implementation of the procedures required to finalise the reference document.
Within the framework of partnership agreements, Crédit Coopératif guarantees the liquidity and solvency of various credit institutions, primarily cooperatives, to their customers: Banque Edel, Caisse solidaire, Société financière de la Nef, Gedex Distribution, Socorec, CMGM, Nord Financement, Sofigard,
Sofindi, Sofirif, Sofiscop, Sofiscop Sud Est, Somudimec and Somupaca. France Active Garantie (FAG) and Caisse de Développement de la Corse (Cadec) are
now consolidated according to the equity method.
Press release:
2012 results
7 March 2013
12
Press release: 2012 results
bursements recorded in 2011, in response to strong demand
from businesses, associations and general interest bodies.
The increase in short-term applications of funds (€975.8 million, up 18.8%) reflects changes in the bank's activities, particularly in terms of advance funding in the social housing sector and funding for the agricultural cooperatives sector, which
has recently recorded strong growth. Signature commitments (€2.5 billion) rose by 6%. The Group's net banking income, including associated institutions, stood at €423.3 million at 31 December 2012, up
4.2%. This change is primarily a reflection of the Group's strong performance against a background of low rates.
The Group's general expenses, including associated institutions, stood at €319.9 million (up 7.4%). Payroll expenses (€184.4 million) rose by 5.3%. As announced in the H1 results, other management costs (€135.5
million, up 10.3%) were affected by non-recurring expenditure,
such as the completion of Head Office refurbishment work and
removal costs associated with transferring staff back to the premises, which have been fully renovated to High Environmental
Quality (HEQ) standards and offer staff a brand new, modern working environment. Additional cost items included new investment
in IT infrastructure and an increase in the Group's tax burden following the French government's decision, in August 2012, to impose a banking levy. The operating ratio is 75.6%. Improving this figure as part of
carefully managed growth remains an important objective.
Gross operating profit (€103.5 million) fell by 4.4%. The cost of risk (€49.1 million) rose in comparison with 2011,
when the level was low due to reversals of provisions. The 2012
figure is broadly in line with previous years.
After tax and deduction of non-controlling interests, the
Group share of net profit was €27.2 million (€51.2 million in
2011), down 46.9%. This fall is largely due to the rise of the
cost of risk to a more normal level and an adjustment in the
assessed value (€6.9 million) of BPCE securities held by Crédit
Coopératif. Net income in Crédit Coopératif's financial statements stood
at €22.6 million. Including carried-forward income, distributable profit was €25.8 million. The following allocation of
profits will be proposed to members at the General Meetings:
legal reserve: €3.3 million; return to members and associated customers: €14 million (proposed payment for members' shares at 2.5% gross); cooperative rebate: €500K; dividends to CCIs: €4million; profit carried forward: €3.8 million.
Crédit Coopératif 's capital increase by members and associated customers stood at €72.4 million, ensuring that the Group
retained a highly satisfactory level of solvency against tighter
statutory requirements: Tier One stands at 11.06% and the
Group's solvency ratio is 11.35%. Crédit Coopératif welcomes the announcement, by Groupe
BPCE, of a simplified structure under which parent companies
are able to buy back CCIs held by Natixis, although this change
has had no impact on the 2012 results. Once the operation has
been finalised and the Articles of Association duly updated in
2013, all of Crédit Coopératif's capital will once again be held
by its members and customers.
13
This confirms Crédit Coopératif Group's capacity to provide
finance for the real economy and its ability to meet the needs
of its diverse customer base, and in particular to offer new
products and services to its selected customer markets, general interest bodies, cooperatives, SMEs and like-minded individuals.
With its new "Agir" account, launched in April 2012, the Group
now offers individuals a way of funding a sector of their
choice through their deposits. In 2012, shared product holders
paid in a total of €4.9 million.
Generally speaking, the level of deposits collected from customers is such that the Group is able to maintain sufficient liquidity to fund its lending activity. The Group also conducted a
bond issue in July (fully subscribed by customers), with a share
of revenue from this issue paid to an association – Agronomes
et Vétérinaires sans Frontières – under an innovative social
scheme.
As a key funding provider for the social and socially responsible economy, as well as for SME/SMIs, Crédit Coopératif
Group has closely monitored government plans to steer more
funding towards the productive economy (through a public
investment bank in particular).
For the second year running,. Crédit Coopératif paid its voluntary contribution on currency transactions (CVTC-Change solidaire). Over two years, this contribution raised a donation of
€150,000 to support a Geres project in the Indian Himalayas,
a project which has now been completed. The contribution will
go to a similar project in Morocco in 2013.
Demonstrating the importance that it places on the impact of
its activities, Crédit Coopératif was accepted as a member of
the Global Alliance for Banking on Values (GABV). It is the only
French member of this international network of 21 banks,
which aims to develop an effective, sustainable banking
model.
Crédit Coopératif Group has obtained Global Reporting
Initiative (GRI) certification for its 2012 reference document.
This initiative is an internationally recognised benchmark for
sustainable development information reporting. The A rating
awarded to Crédit Coopératif signifies that the bank has
achieved the highest possible score for the content of its extra-financial reporting.
Crédit Coopératif also continued its efforts to be closer to its
customers, opening a new office in Brest and new branches in
Paris (Convention) and Lyon (Part Dieu).
The aim of these changes is to strengthen the Group's ability
to serve the real economy, and the social and socially responsible economy in particular – an area that has come under
close scrutiny from the government.
The United Nations' decision to designate 2012 as the
International Year of Cooperatives demonstrated the important role that cooperatives have to play in building a better
world, and confirmed the effectiveness of Crédit Coopératif's
cooperative model.
In 2013, the Group celebrates its 120th anniversary. This is an
opportunity to demonstrate its desire to support those who
are working for change and looking to build a better world.
http://www.credit-cooperatif.coop/
Communication Division
Press contacts: Claude Sevaistre
+33 (0)1 47 24 89 71 – +33 (0)6 16 36 16 47
Tiara de Cerval – + 33 (0)1 47 24 83 47
In 2012, Crédit Coopératif Group saw a substantial rise in its
loan activity across all corporate customer segments. Signs of
a deteriorating economic situation in H2, however, led to a
relative increase in customer risk.
14
Press release: 2012 results
Key figures at 31 December 2012
Results (in millions of euros)
2012
2011
Change
Net banking income
423.3
406.3
General expenses
-319.9
-298.0
4.2% 7.4% Gross operating income
103.5
108.3
-4.5% Cost of risk
-49.1
-29.4
+67.2% Not significant
Other items (1)
-9.6
-0.1
Corporation tax
-17.5
-27.6
-36.6% Net income (group share)
27.2
51.2
-46.8% (1) Results according to the equity method, gains or losses on other assets, deduction made for non-controlling
interests.
Abbreviated balance sheet (in billions of euros)
Assets
Interbank operations
and securities portfolio
Customer loans
2012
2011
2.68
3.38
Liabilities
and bond issues
2012
2011
3.07
3.05
11.46
10.02
Customer deposits
9.98
9.08
Miscellaneous
0.52
0.30
Miscellaneous
0.38
0.45
Fixed assets
0.27
0.25
Equity capital
1.49
1.39
14.92
13.96
14.92
13.96
TOTAL
Financial indicators
TOTAL
Others
Solvency ratio
Tier One ratio
Operating ratio
Return on equity
2012
2011
11.35% 11.80% 11.06% 11.14% 75.56% 73.34% 2.26% 4.49% at 31/12/2012
Employees of the Crédit
Coopératif UES
(Crédit Coopératif, BTP Banque,
Ecofi Investissements - enrolled staff)
Current customers
number of corporate entities
Business indicators
(in billions of euros)
Exposures from
loans to customers
Exposures from
customers’ bank
finance
UCITS exposures
2012
2011
Change
11.46
10.02
14.4% 9.98
9.08
9.9% 5.96
5.99
-0.5% 2,060
302,000
71,300
Members
(mainly corporate entities)
approx. 40,000
Associated customers
(share-holding individuals)
approx. 25,000
Crédit Coopératif Network
73 branches,
1 online branch
2 affiliated
branches,
BTP Banque Network
40 branches
15
Chairman's report
on the proceedings of the Board of Directors
and internal control procedures
16
28
Procedures for preparing and organising the proceedings of the Board of Directors
Internal control procedures
16
Chairman’s report
1 / The proceedings of the Board of Directorsand internal control procedures
In accordance with Article L.225-37 of the Commercial Code,
the Chairman of the Crédit Coopératif Board of Directors
hereby submits this report concerning:
• the procedures for preparing and organising the proceedings of the Board of Directors
• the internal control procedures implemented within Crédit
Coopératif
• any limitations placed by the Board of Directors on the remit of the Chief Executive.
Most of the share capital in Crédit Coopératif is held by various
groups that make up the social economy, such as mutual
societies, cooperatives and associations, in addition to a broad
customer base comprising small and medium-sized businesses
and personal customers. The composition of the Board of
Directors takes account of these different sectors.
Crédit Coopératif’s Corporate Governance Charter, adopted by
the Board of Directors on 15 September 2005, details the
operating principles and methods of Crédit Coopératif’s decisionmaking bodies. It is available on the Crédit Coopératif website:
www.credit-cooperatif.coop (in the "Qui sommes-nous?" section
– in French only) (GRI 4.8).
➔➔1.1 Composition of the Board of Directors
1.1.1 Directors
The Board of Directors is composed of 18 directors, who are
appointed by the General Members’ Meeting for a term of six
years (15 corporate entities and 3 individuals), and four employee-elected directors. The corporate entity directors mainly
represent the movements and trade federations that represent
the members of Crédit Coopératif.
The first section of this report, which deals with the procedures for organising and preparing for the proceedings of the
Board of Directors, has been prepared with the assistance of
the Board of Directors's secretariat. The second section, which
covers internal control procedures, has been prepared with the
help of the Compliance and Continuous Control managers.
The GRI indicators outlined in the Chairman's Report have
been gathered by Crédit Coopératif's CSR unit.
The chief qualities expected of a director are business experience, a personal commitment to the proceedings of the Board,
an understanding of the business and financial world and major social and societal issues, the ability to work together while
respecting each other’s opinions, the courage to speak up even
when in a minority, a sense of responsibility to member shareholders and other interested parties, and integrity.
The 2012 Annual Report was presented to the Audit Committee
on 27 February 2013 and to the Board of Directors of Crédit
Coopératif on 6 March 2013.
In order to be a member of the Board of Directors, individuals
require undisputed merit and must own at least one share in
Crédit Coopératif.
1. Procedures for preparing
and organising the proceedings
of the Board of Directors
Anyone who is aged 68 or over may not be appointed as a director or as a permanent representative director of a corporate entity for the first time. The number of directors and permanent representatives above the age of 68 may not be more
than one third of the total number of directors in office.
According to the rules of Board of Directors, directors or their
permanent representatives may not remain in post beyond the
age of 73.
The Crédit Coopératif Board of Directors operates in
compliance with the principles of corporate governance set
out in the rules of procedure for the Board of Directors and
the Crédit Coopératif articles of association adopted on 30
May 2012.
Given these principles and its political foundations, Crédit
Coopératif strives to implement not only proper corporate
governance, but also and more specifically, cooperative
governance for the benefit of its customer-members, in
accordance with an active policy of promoting membership
(GRI 4.1).
The terms of office of directors come to an end at the close of the
Ordinary General Meeting of members convened to vote upon the
financial statements for the past financial year and held in the year
during the course of which the mandates of the aforementioned
directors expire. Directors may always be re-elected and the mandate of permanent representatives may always be renewed.
Crédit Coopératif is a cooperative whose members are corporate
entities. The latter are grouped into federations or associations.
Corporate entities standing for directors at the General Meeting
17
The directors therefore have an automatic duty to represent
the needs of the movement that appointed them, although
they should consider themselves as the representatives of all
members and should act as such in the performance of their
duties.
Call for applications to represent individual category "P"
shareholders on the Board of Directors
In order to continue boosting its share capital through
individual customer subscriptions, Crédit Coopératif created a
new type of preferential members' shares, known as "P shares"
in 2012. Holders of P shares have a specific political advantage,
as they are able to select candidates for a dedicated
directorship post to represent their interests.
Crédit Coopératif launched a call for applications among P
share holders on 31 August 2012, based on a participatory and
democratic process, under which Regional Committees
identify suitable candidates as part of a so-called "P share
holder support" procedure.
Following this consultation process among P share holders,
those applicants who received more than 10% of the total
vote were presented to the Remuneration and Recruitment
Committee. Based on the opinion of the Committee, the Board
of Directors of Crédit Coopératif will submit one or more of
the eligible applicants to the General Meeting.
Supervisory Boards and gender equality in the workplace.
Under this law, from the General Meeting in 2014, the Board
must contain a minimum quota of 20% of each gender. The law sets out a gradual gender equality calendar, with the
quota rising to 40% from 2017 onwards. 1.1.2 Employee-elected directors
The Board of Directors includes four employee-elected
directors. At least one of these is a senior executive
representative. The employee-elected directors are elected for
a term of 3 years, which can be renewed.
The last elections were held in March 2011.
At 31 December 2012, the employee-elected directors were
Claire Besson, Jean-Denis Nguyen Trong, Fabienne Roy and
Françoise Girma-Romeyer.
At its meeting of 13 March 2012, the Board of Directors
decided to allocate 4 hours in credit to each employee-elected
director per Board meeting, and 3.5 hours per specialist
committee meeting, to give them sufficient time to prepare
properly for the meetings (GRI 4.4).
1.1.3 Non-voting directors
Pursuant to Article 25 of the Crédit Coopératif Articles of
Association, an unlimited number of non-voting directors may
be appointed by the General Meeting or by the Board of Directors,
subject to ratification by the subsequent General Meeting.
Gender equality on the Board of Directors The non-voting directors may be chosen from the membership
or beyond. They are appointed for a maximum term of 6 years,
coming to an end at the close of the Ordinary General Meeting
of members convened to vote upon the financial statements
for the past financial year and held in the year during the
course of which their mandates expire. The non-voting directors may always be re-elected. There is no age limit for nonvoting directors.
At 31 December 2012, 4 of the 18 directors appointed by the
General Members' Meeting were women and 14 were men,
meaning that 22% of the directors were women. The non-voting directors attend meetings of the Board of
Directors in a consultative capacity.
The composition of the Board of Directors complies with the
provisions of the French law of 27 January 2011 concerning
balanced gender representation on Boards of Directors and
The Board of Directors may remunerate the non-voting directors by making a payment from the directors’ fees allocated by
the General Meeting to its members.
A total of 17 applications were received, with two of the
applicants receiving more than 10% of the total vote. Turnout
stood at 25%. Chairman's report
are chosen from the largest federations or associations, which
represent major business with the bank, with the aim of obtaining balanced representation of member movements. The purpose of the chosen business lines, and the associated governance procedures, give the Board of Directors the expertise it
requires to understand changes in the economic and social environment in which Crédit Coopératif operates (GRI 4.7).
18
Chairman’s report
At 31 December 2012, the number of non-voting directors was
7, comprising 6 legal entities and 1 individual representing
bearers of “C” shares.
1.1.4. Director independence
The concept of "independent directors" is now one of the cornerstones of public listed company governance rules.
According to the Afep/Medef code, a director may be said to
be "independent" if he/she has no relationship whatsoever
with the company, its group or its management, that may affect his/her judgement.
• are legitimate and representative of the diversity of the
bank’s membership
• are the representatives and guarantors of the membership’s
common interest.
As a consequence, the meeting of Crédit Coopératif’s Board of
Directors on 23 June 2009 considered that its members are
independent if they can fulfil the four criteria outlined above
(democratic election by the membership, responsibility to the
membership, representativeness, defence of the membership’s
common interest).
The corporate governance principles that apply to cooperative
companies, however, are radically different. At the core of
these cooperative companies lies a central body – its membership. Crédit Coopératif's membership – which mainly consists
of corporate entity customers represented by the head of their
network – helps to set the bank's strategy and plays a major
role in the Group's cooperative life (GRI 4.3).
1.1.4 Ethical standards
Furthermore, the Afep/Medef and AMF recommendations
concerning the "independence" of directors, and limits on the
number of such directors, do not strictly apply to Crédit
Coopératif.
The ethical standards recommended to members of the Board
of Directors are also detailed in the Crédit Coopératif Corporate
Governance Charter.
The Board of Directors of Crédit Coopératif defends this
position on the following bases:
• the dual position of the member as both shareholder and
customer of the bank is one of the founding principles of
cooperative banking
• its composition must reflect, with as harmonious a distribution as possible, the composition of Crédit Coopératif's
membership
• provisions to protect against conflicts of interests are in
place, insofar as the bank's internal regulations state that
all members of the Board of Directors have the duty to declare any (even potential) conflict of interest that might affect them and to abstain from voting in such a situation
• a director who has no business – either direct or indirect –
with Crédit Coopératif Group has no interest in sitting on
the Board of Directors.
In the light of the above, the Board of Directors of Crédit
Coopératif considers that its members (with the exception of the
employee-elected directors):
• are democratically elected by the membership on the principle of "one person, one vote"
• are solely responsible to the members who elected them
The bank's rules state that no member of the Board of Directors
of Crédit Coopératif should expose himself or herself to
conflicts of interest in terms of business relations between
Crédit Coopératif and its Group and the members or customers
that he or she represents (GRI 4.6).
A Charter outlining the rights and obligations of directors is
also under development.
In compliance with the law, any agreements concluded between
Crédit Coopératif and one of its directors, whether a corporate entity or actual person, or with any company that shares a senior
manager or director with Crédit Coopératif, must be submitted to
the Board of Directors of Crédit Coopératif and the General
Meeting, as part of the Special Auditor’s Report on Regulated
Agreements, insofar as these agreements do not relate to current
operations.
During the course of meetings of the Board of Directors of Crédit
Coopératif, privileged information concerning Crédit Coopératif
and Natixis, the listed arm of Groupe BPCE, may be disclosed. The
members of the Board of Directors are individually notified of
their entry in the list of “permanent insiders” of Crédit Coopératif
and in the list of “permanent insiders” of Natixis, created within
Crédit Coopératif. They also receive notification reminding them
of the key legislation and regulatory provisions that apply to the
holding, communication and use of privileged information, and
of the sanctions that may be imposed if these rules are breached.
19
1.2.1 The powers of the Board of Directors
In addition to the powers expressly stipulated in law and by
the Articles of Association of Crédit Coopératif, Crédit
Coopératif’s Corporate Governance Charter confers on the
Board of Directors the following powers:
• To set policies and strategies in order to serve the needs of
members and customers
• To create a list of the executive officers and their powers,
especially for information that must be published by law
(companies’ register, etc.) and for the supervisory authorities (BPCE, the Autorité de contrôle prudentiel (ACP), etc.)
• To deal with all questions relating to the smooth operation
of the company and to consider and settle matters relating
to this operation
• To supervise the Executive Management’s implementation
of its policies and management of the company
• To verify that its policies and strategies help to meet the
needs of members and customers
• To supervise the risk control policy, to finalise the financial
statements and to monitor the quality of financial information issued to members and third parties in the event of a
public issue.
The Board of Directors examines any proposals from the
Conseil National du Crédit Coopératif, including issues raised
in the Regional Committees.
The Board of Directors must examine its policy on the return
on capital and the distribution of surpluses, and submit its
proposals to the General Meeting. It ensures that its decisions
are properly notified and understood.
The Board of Directors is gradually incorporating social and
environmental responsibility matters into its work. It provides
members and other stakeholders with extra-financial information, in particular via its management report (GRI 4.9).
1.2.2 Meetings of the Board of Directors
In 2012, the Board of Directors met 11 times:
• 11 January at 09:00 for 4 hours 13 minutes, attended by
16 directors
• 8 February at 09:09 for 3 hours 53 minutes, attended by
16 directors
• 13 March at 09:00 for 5 hours 54 minutes, attended by
17 directors
• 4 April at 09:05 for 4 hours 9 minutes, attended by
17 directors
• 30 May at 09:06 for 1 hour 23 minutes, attended by
14 directors, and at 15:57 for 1 hour 36 minutes, attended
by 12 directors
• 4 July at 09:06 for 4 hours 24 minutes, attended by
14 directors
• 30 August at 09:08 for 3 hours 40 minutes, attended by
18 directors
• 26 September at 09:12 for 3 hours 50 minutes, attended by
17 directors
• 30 October at 09:30 for 2 hours, attended by 12 directors
• 12 December at 09:00 for 6 hours 5 minutes, attended by
18 directors
The global attendance rate for meetings of the Board of
Directors is 71%. Each meeting of the Board of Directors was
quorate.
The main items discussed at these Board meetings were as
follows:
• Corporate life, internal procedures and membership:
-- renewal of the terms of the Chairman and Deputy ViceChairman
-- changes in the operation of the Board of Directors
-- changes in the composition of the Board of Directors
-- the procedure for appointing a director to represent P
share holders
-- the composition of the specialist committees
-- activities of the Audit Committee, the Risk Committee
and the Remuneration and Recruitment Committee
-- the analysis report on the distinction between the functions of the Chairman and the Chief Executive
-- variable remuneration of executive officers and financial
market staff
-- the allocation of hours in credit for employee-elected directors
-- members joining and leaving the company
-- remuneration of shares for 2011 and objectives for 2012
-- moratorium on the sale of C shares and the launch of the
sale of P shares
-- the procedure for appointing a director to represent P
share holders
-- the cooperative life action plan
-- the 2012 Cooperative Report
-- the 2011 Annual Report
Chairman's report
➔➔1.2 Role and operation of the Board of
Directors
20
Chairman’s report
-- current agreements and regulated agreements concluded
by Crédit Coopératif
-- renewal of the Crédit Coopératif Foundation
-- the Crédit Coopératif internal control report
• Crédit Coopératif’s strategy and the economic environment:
-- milestones for the implementation of the medium-term
plan
-- planned changes to the Crédit Coopératif information
system and the tender procedure
-- cooperative outreach
-- communication guidelines for 2012
-- the commercial action plan for 2012
-- Accounts and forecasts:
-- adoption of the company financial statements and consolidated financial statements
-- activity and profit forecasts
-- monthly performance indicators
-- Group quarterly and half-yearly accounts
-- the Interim Financial Report
-- the 2013 budget
• Transfers, acquisition of shares and restructuring operations:
-- the creation of CoopMed and the associated capital increase
-- the capital increase for Banque Edel
-- the capital increase for Banque Edel BTP Capital
Investissement
• Banking activities:
-- financial operations
-- bond issues
• Groupe BPCE:
-- the issue of super-subordinated securities by BPCE
-- Groupe BPCE activity and financial results
-- the end of the BPCE integration period and the Groupe
BPCE solvency contribution mechanism
On 26 September 2012, the Board of Directors had an
opportunity to discuss economic, social and environmental
performance, following a presentation by the Crédit Coopératif
CSR unit. A decision was taken to discuss this agenda item at
least one per year henceforth (GRI 4.9).
1.2.3 Information for the Board of Directors
The dates of Board meetings are scheduled sufficiently in
advance to ensure directors have proper and complete
information. For this purpose, a provisional annual schedule
was presented and adopted at the meeting of 26 September
2012 for the year 2013.
All documents and information required to allow members of
the Board of Directors to prepare usefully for meetings are
distributed ahead of the Board meeting, in principle seven
days in advance.
In addition to the information received, individual directors
may request any documents that they believe to be necessary
to perform their duties.
In 2012, Board members were given access to an extranet,
providing online access to all Board documentation and
meeting minutes.
1.2.4. Assessment of the Board of Directors
Every two years, the Board of Directors includes, in the agenda
of its meeting, a self-assessment questionnaire covering its
own operations. This review also covers all committees created
by the Board.
The results of the 2010 questionnaire showed that sentiment
towards the operation of the Board of Directors and its
directors was largely positive. Some areas for improvement
were identified, however, and the Board of Directors
subsequently drew up an action plan covering eight key
aspects.
Improvements implemented in 2012 include the creation of a
directors' extranet, better cooperation between directors and
company executives on clearly defined issues, greater involvement from directors through the introduction of hours in credit
for employee-elected directors, and limits on the number of employees attending Board and committee meetings. A Directors'
Charter is currently under development. An in-house training
session for Board members will take place in H1 2013, following
the appointment of the new Board.
A new questionnaire was issued in December 2012, receiving
responses from 17 directors. The results and accompanying recommendations were presented to, and debated by the Board of
Directors at its meeting on 13 February 2013. The overall results
revealed a very positive opinion. The main areas for improvement identified were the excessive length of the agendas and
meetings, and a need to focus presentations and discussions on
key issues for the company and the Group (GRI 4.10).
21
The Chairman finalises the agenda and organises and directs
the proceedings of the Board. He ensures that the directors
are able to fulfil their duties, taking particular care to ensure
that they have access to the necessary information and documents in good time. Lastly, he ensures that representatives of
the employees’ representative bodies are duly invited.
1.3.1. Executive Committee of the Board of Directors
The task of the Executive Committee of the Board of Directors
is to convene a group to discuss Crédit Coopératif's strategy
and its implementation. The Executive Committee may
therefore submit proposals to the Board. In addition, it ensures
the smooth running of the various specialist committees
created by the Board.
The Executive Committee of the Board of Directors currently
consists of the Chairman, the Deputy Vice-Chairman, the ViceChairmen representing the major customer sectors, and a
Secretary.
Nadia Dehors, chair of the Audit Committee, has been a
permanent invited member of the Executive Committee since
26 September 2012.
The Chief Executive, François Dorémus, and the Deputy Chief
Executives, Pierre Valentin and Jean-Paul Courtois, also attend
meetings of the Executive Committee.
The Executive Committee met 15 times in 2012: 5 January, 25
January, 23 February, 13 March, 28 March, 2 May, 13 June, 29
August, 12 September, 26 September, 17 October, 13
November, 26 November, 4 December and 19 December, for an
average of 2 hours.
The following issues were discussed during these meetings:
• the composition of the Board of Directors
• the composition of the specialist committees
• the comitology of Crédit Coopératif
• the company's social context
• the audit on the identity and values of Crédit Coopératif
• communication guidelines for 2012
• the 2012 Cooperative Report and the General Meetings
• the application procedure to appoint corporate directors in
2013
• an analysis of revised costing management measures
• the revised costing for 2012
• the budget guidelines for 2013
• the strategy of Crédit Coopératif, and the medium-term
plan in particular
• planned changes to the Crédit Coopératif information
system
• the issue of super-subordinated securities by BPCE
• the end of the BPCE integration period and the Groupe
BPCE solvency contribution mechanism
1.3.2. The specialist committees of the Board of
Directors
The proceedings of the Board of Directors are supported by
specialist committees which were set up to promote better
corporate governance.
The Audit Committee
Under article 823-19 of the French Commercial Code and
article 4 of Regulation 97-02 of the French Banking Regulation
Committee of 21/02/1997, amended, concerning the internal
control of credit institutions and investment companies, all
credit institutions are required to have an Audit Committee.
Nadia Dehors has chaired the Audit Committee since 30 May
2012.
At 31 December 2012, the Audit Committee was comprised as
follows:
• Fédération Nationale des Coopératives de Consommateurs
Nadia Dehors, Chair of the Committee
• Association Nationale des Coopératives Financières (ANCF
- national association of financial cooperatives)
Gilbert Hennique
• Jean-Claude Detilleux, Deputy Vice-Chairman
• Fédération Nationale des Sociétés Coopératives d’HLM
(FNSC D’HLM – national federation of cooperative
low-income housing boards)
Daniel Chabod
• Garantie Mutuelle des Fonctionnaires (GMF – public
employees’ mutual guarantee institution)
Patrice Forget
• Société Coopérative pour la Rénovation et l’Equipement du
Commerce (SOCOREC – cooperative society for retailers’
renovation and capital investment)
Hervé Affret
Chairman's report
➔➔1.3. Preparation and organisation of the
proceedings of the Board of Directors
22
Chairman’s report
• Union Nationale des Associations de Tourisme et de Plein
Air (UNAT – national union of associations for tourism and
open-air activities)
Christine Bouyer
• Jean-Denis Nguyen Trong
Employee-elected director
The Audit Committee met four times in 2012:
• 7 March for 3 hours 32 minutes
• 13 June for 3 hours 6 minutes
• 29 August for 3 hours 47 minutes
• 19 December for 3 hours 41 minutes
The Committee specifically investigated:
• internal audit reports
• implementation of audit recommendations
• the annual internal control report
• items in the Groupe BPCE 2012 accounts
• Crédit Coopératif Group adopted financial statements
• the interim financial statements of the Crédit Coopératif Group
• the report of the accounts controller
• updates on outstanding accounting items
• updates on the work of the ACP
• the draft 2011 Annual Report
• the Intercoop organisation mission
The Risk Committee
Under article 823-19 of the French Commercial Code and article 4 of Regulation 97-02 of the French Banking Regulation
Committee of 21/02/1997, amended, concerning the internal
control of credit institutions and investment companies, all
credit institutions are required to have a Risk Committee.
The Risk Committee of Crédit Coopératif is chaired by Philippe
Antoine, permanent representative of the Conseil National du
Crédit Coopératif (CNCC) on the Board of Directors.
At 31 December 2012, the Risk Committee was comprised as
follows:
• Conseil National du Crédit Coopératif (CNCC – national
council of Crédit Coopératif)
Philippe Antoine, Chairman of the Committee
• Caisse Mutuelle de Garantie des Industries Mécaniques
et Transformatrices des Métaux (CMGM – mechanical and
Martine Clément
• Chantal Chomel
• Jean-Claude Detilleux
• ESFIN
Hugues Sibille
• Fédération des enseignes du commerce associé (FCA - retail trade association)
Guy Leclerc
• Fédération Nationale de la Mutualité Interprofessionnelle
societies)
Maurice Ronat
Nadia Dehors
• Claire Besson
Employee-elected director
The Risk Committee met five times in 2012:
• 25 January for 4 hours 8 minutes
• 28 March for 4 hours 5 minutes
• 6 June for 3 hours 56 minutes
• 12 September for 3 hours 58 minutes
• 14 November for 3 hours 52 minutes
The Risk Committee specifically investigated:
• Credit risks:
-- the credit risk situation
-- lending decisions taken on the basis of home consultation and monitoring of dossiers
-- changes in the cost of risk
-- LBO analysis
-- changes in the solvency ratio
• Financial risks
-- changes in the Crédit Coopératif financial assets portfolio
-- changes to the rules concerning counterparty limits
-- overall interest rate risk and overall liquidity risk
-- risk monitoring in subsidiaries and partner institutions
-- the transfer of securities held by Ecofi Investissements
UCITS – Spanish securitisation instruments
-- analysis of shareholdings
• Operating risks and activity compliance
-- mapping of operating risks
-- key outsourced activities
-- tax inspection
-- the ACP mission on the anti-money-laundering system
-- monitoring exercises conducted as part of the Crédit
Coopératif Business Continuity Plan (BCP)
23
The Remuneration and Recruitment Committee
Under article 511-41-1 of the French Monetary and Financial
Code, which came into force on 22 April 2011, all credit institutions with a balance sheet total exceeding €10 billion are
required to have a Remuneration and Recruitment Committee.
The Remuneration and Recruitment Committee makes proposals to the Board of Directors on any issue relating to the
personal status of the executive officers, especially their remuneration and pensions arrangements, within the framework of
Crédit Coopératif Group policy in this area.
Martine Clément has chaired the Remuneration and
Recruitment Committee since 30 May 2012.
At 31 December 2012, the Committee was comprised as follows:
• Caisse Mutuelle de Garantie des Industries Mécaniques et
Transformatrices des Métaux (CMGM – mechanical and
Martine Clément, Chair of the Committee
• Fédération Nationale de la Mutualité Interprofessionnelle
societies)
Maurice Ronat
Nadia Dehors
• Michel Vallade
During 2012, the Remuneration and Recruitment Committee
met on three occasions: 7 March, 13 June and 12 September
2012.
The Committee specifically investigated the following issues:
• The volume of Directors’ fees to be paid to members of the
Board of Directors
• The number of hours due in credit to employee-elected directors
• The fixed and variable remuneration of executive officers
• The variable remuneration of financial market staff and
risk-takers and controllers
➔➔1.4. Powers of the executive officers
Pursuant to the Articles of Association of Crédit Coopératif, the
Board of Directors votes on the organisation of the Chairman and
Executive Management roles every three years. In 2007, the Board
of Directors decided to separate these two roles and assign responsibility for Executive Management of Crédit Coopératif to a Chief
Executive. This decision was renewed in January 2010. A new threeyear term commenced in January 2013.
In September 2012, the Board of Directors appointed Martine
Clément, Vice-Chair of the Board of Directors, to conduct an
analysis and produce recommendations in order to enable the
Board to address the issue of how the Chairman and Executive
Management roles are organised in full possession of the
facts. Martine Clément submitted her report to the meeting of
the Board of Directors on 12 December 2012, and the report
was examined at the meeting of 10 January 2013. Following
discussions, the Board of Directors decided to renew the separate Chairman and Executive Management roles for a further
three-year term.
1.4.1. Powers delegated to the Chairman
On 28 May 2009, the Board of Directors conferred on JeanLouis Bancel all of the powers necessary to meet the relevant
statutory criteria, namely:
• the ability to effectively determine the orientation of Crédit
Coopératif's business
• the right to accounting and financial information and internal control
• the right to determine how equity is used.
At its meeting of 10 November 2010, the Board of Directors
confirmed the specific powers conferred to its Chairman on
28 May 2009, comprising in particular the following powers:
• to guarantee the consistency, solidity and development of
the Crédit Coopératif Group
• to ensure the proper implementation of Crédit Coopératif
Group strategy
• to guarantee proper operations and to supervise audit activities
• to decide on and supervise the implementation of agreements concluded with BPCE
• to supervise and monitor procedures for the delegation of
powers and decision-making, especially by fixing limits for
line-management levels according to the type of
commitments
Chairman's report
• Disputed loans
-- business of the Disputed Loans department
-- monitoring of the largest disputed cases
24
Chairman’s report
• to supervise the powers delegated to Crédit Coopératif from
partner institutions
• to represent Crédit Coopératif in organisations relating to
the cooperative and social economy
At its meeting of 4 April 2012, the Board of Directors
reappointed Jean-Louis Bancel as Chairman of Crédit
Coopératif and decided to renew the powers listed above.
1.4.2. Powers delegated to the Chief Executive
On 28 September 2010, the Board of Directors unanimously
appointed François Dorémus as Chief Executive, with effect
from 15 November 2010.
The meeting of the Board of Directors of Crédit Coopératif
held on 10 November 2010 fixed the mandate of François
Dorémus at five years, i.e. up to and including 15 November
2015. It conferred on the Chief Executive more extensive
powers to act in all situations in the name of the company,
and to represent the company in its relationships with third
parties. These powers included, with the agreement of the
Chairman, the ability to delegate further.
On 10 January 2013, the Board of Directors accepted the Chief
Executive's proposal to renew the mandate of Pierre Valentin,
Deputy Chief Executive with responsibility for finance, for a
term of three years. At its meeting of 4 July 2012, the Board of Directors
appointed Jean-Paul Courtois as Deputy Chief Executive with
responsibility for human resources and banking service
production.
The Deputy Chief Executives hold more extensive powers in order to be able to act on behalf of the company in all situations
within their area of responsibility. With the agreement of the
Chief Executive and of the Chairman, these powers include the
ability to delegate further. As required, the powers of the Deputy
Chief Executive were confirmed by the Chief Executive and the
Board of Directors at the meeting of 13 December 2011.
However, at the meeting of 17 June 2005, during which the
Board of Directors reviewed the powers conferred upon the
Chief Executive, the Board decided to put the following conditions in place:
• in relation to loans and guarantees, the Chief Executive
shall have sole decision-making powers for any requests
that do not exceed:
-- €5,000,000 for counterparties with a rating of up to 11
-- €8,000,000 for counterparties with a rating of between
6 and 10
-- €10,000,000 for counterparties with a rating of between
1 and 5, subject to a global exposure limit of 5% of the
equity of Crédit Coopératif (Banques Populaires rating
system).
In the case of amounts exceeding these limits, decisions are
taken by the Chief Executive following consultation with a
Vice-Chairman and two directors selected according to the
sector. When applying these limits, any discount authorisations, authorisations backed by assignment of receivables
(Dailly) and guarantees are included at half of their value.
• In terms of shareholdings, the Chief Executive has sole decision-making power for requests that do not exceed
€500,000. These powers include the option of delegating. Beyond this,
the decision is taken by the Board of Directors.
➔➔1.5. Principles and rules for determining
remuneration of executive officers and people
whose professional activities have a significant
impact on the risk profile of the business.
Crédit Coopératif is bound by the requirements of Regulation
97-02 of the French Banking Regulation Committee relating to
the internal control of credit institutions, modified by the order
of 13 December 2010 relating to the controls on remuneration
of personnel who undertake activities that are likely to have a
significant impact on the risk profile of the business.
The following people are affected by these provisions:
• Jean-Louis Bancel, as Chairman
• François Dorémus, as Chief Executive
• Pierre Valentin, as Deputy Chief Executive
• Jean-Paul Courtois, as Deputy Chief Executive
• Hugues Sibille, as Executive Officer
• Christian Mamet, as Risk Manager
• Loïc Fontant, as Compliance Manager
• Luc Boscaro, as Audit Manager
• The Chief Executives of the main subsidiaries of Crédit
Coopératif (Claude Lavisse, Christophe Couturier, Richard
Kurfurst, Hugues Sibille, Dominique de Margerie)
• The financial market professionals at Crédit Coopératif
(11 employees in the trading room and similar).
25
The remuneration policy is agreed annually by the Board of
Directors, on the basis of the proposals presented by the
Board’s Remuneration and Recruitment Committee.
1.5.2. Main features of the remuneration policy At its meeting of 28 September 2010, the Board of Directors of
Crédit Coopératif fixed the ceiling on the variable part of the
remuneration of the Chairman and the Chief Executive at
30%. The Board of Directors’ meeting of 10 March 2011 fixed the
same limit for all other personnel affected by the order of 13
December 2010, with the exception of the trading staff, whose
variable remuneration ceiling is set at 33%. The Board of Directors’ meeting of 13 March 2012 decided to
raise, from €20K to €30K, the variable remuneration ceiling
above which the variable remuneration spread rules do not
apply, and above which these same rules apply from the 1st
euro paid. For financial market staff
Within its Financial Operations Department, Crédit Coopératif
has 11 financial market staff. For the 2012 financial year, these
staff had variable remuneration calculated against set targets.
At its meeting of 13 March 2012, the Board of Directors
accepted the following proposals submitted by the
Remuneration and Recruitment Committee:
• to divide the 2012 targets for financial market staff between the "pair net banking income share" (50%) and the
"qualitative value" (50%), based on target criteria. These
criteria relate to branch training and support, group work,
individual conduct and quality of work. For treasurers, the
main assessment criteria are quality of work, quality of personal skills, personal commitment, capacity to reflect and
proactivity. These quality criteria are assessed by the individual's direct line manager.
• for the Finance Manager, to maintain the division mechanism
between the net banking income share and the qualitative share
at 40% and 60% of variable remuneration respectively. The guaranteed variable remuneration for new recruits lasts
for only one year; it may be extended on a pro rata basis where
recruitment occurs during the year.
Crédit Coopératif is a cooperative company which does not issue
financial instruments indexed against the creation of long-term
value. Consequently, the entire variable remuneration of financial market staff is paid in cash.
The payment of half of the variable remuneration element
earned by financial market staff is spread over three years, on
a pro rata basis, with three equal payments planned for 2014,
2015 and 2016.
This deferred variable remuneration element may be cancelled if
the earnings from the corresponding activity are negative, on
the understanding that this relates solely to that part of the
variable remuneration due to be paid at the close of the year
under consideration.
For executive officers
The variable remuneration for executive officers is only
guaranteed for one year. It is set annually by the Board of
Directors, on the basis of a proposal from the Remuneration
and Recruitment Committee.
At its meeting of 4 July 2012, the Board of Directors set the
collective variable remuneration targets for executive officers
for the 2012 financial year at 30% of the fixed remuneration,
divided as follows: • 90 % based on three performance criteria calculated against
consolidated financial statements of Crédit Coopératif
Group, namely net banking income, operating ratio and net
income
• 10 % based on qualitative criteria, to be assessed by the
Executive Committee of the Board of Directors.
The three collective performance criteria adopted by the Board
of Directors at its meeting of 4 July 2012 are as follows:
• a net banking income target of €428 million • an operating ratio target of 73.1% • a net income target of €42.8 million. Two of these three targets must be achieved in order for the
variable remuneration element to be paid out, one of which
must be the target relating to net banking income.
At 31 December 2012, net banking income stood at €423.3
million, the operating ratio at 75.56% and net profit at €27.1
million. As none of the quantitative targets had been
achieved, the Board of Directors, at its meeting of 6 March
2012, ruled that the executive officers would not be entitled to
Chairman's report
1.5.1. The decision-making process used to define the
remuneration policy
26
Chairman’s report
the quantitative share of their variable remuneration for the
2012 financial year. The Board did, however, decide to allocate
the 10% qualitative share to the executive officers, based on
the recommendation of the Remuneration and Recruitment
Committee. Crédit Coopératif is a cooperative company which does not
issue financial instruments indexed against the creation of
long-term value. Consequently, the entire variable remuneration is paid in cash.
For those managers with control functions
The variable remuneration elements paid to the Risk Manager,
Compliance Manager and Audit Manager are set by the
Remuneration and Recruitment Committee.
For subsidiary managers.
For the managers of Crédit Coopératif’s subsidiaries, decisions
regarding their variable remuneration element are taken by
the relevant decision-making bodies for each subsidiary.
1.5.3. Information relating to the total consolidated
remuneration of the executive officers and financial
market staff For the 2012 financial year, the remuneration paid to the
executive officers, namely Jean-Louis Bancel, François
Dorémus, Pierre Valentin, Jean-Paul Courtois and Hugues
Sibille, is as follows:
• gross fixed remuneration: €995,010.05 • gross variable remuneration: €27,600.03 As none of the executive officers received gross variable remuneration in excess of €30K for 2012, the spread rules do not
apply, and all sums due will be paid in 2013. For the 2012 financial year, the remuneration paid to the
financial market staff is as follows:
• gross fixed remuneration: €744,942 • gross variable remuneration: €223,746 -- of which remuneration below the lower gross variable
remuneration threshold of €30K that was set by the
Board • of Directors as being payable immediately: €142,905 -- of which gross variable remuneration paid in 2013: €183,327 -- of which variable remuneration in 2014: €13,473 -- of which variable remuneration in 2015: €13,473 -- of which variable remuneration in 2016: €13,473 ➔➔1.6. The Conseil National du Crédit Coopératif
(CNCC)
The CNCC is an association that was created voluntarily by
Crédit Coopératif to bring together corporate entity members,
customers and partners of Crédit Coopératif Group. Since
March 2011, it has been chaired by the Conférence Permanente
des Coordinations Associatives (CPCA – Permanent Conference
of Associative Coordinations), represented by Jacques Henrard.
The CNCC has a number of constituent bodies. Some of these
group together participants by geographical location (the
Branch Boards and Regional Committees), while others represent national movements.
The CNCC assists in coordinating the cooperative movement.
As a consultative body and a provider of information on the
Group’s outlook and on the challenges that it faces, the CNCC
is represented on the Board of Directors of Crédit Coopératif
by a director and non-voting director, in order to give voice to
the expectations expressed at Branch Board and Regional
Committee level.
Entities within the CNCC
The branch board is the forum for expressing customers’ needs,
a stepping-stone in the development of the branch and, where
applicable, a forum for challenging Crédit Coopératif through
the branch.
The Regional Committee is a forum in which the representatives of
the various customer movements can meet with their counterparts
throughout the region. Its task is to express customers’ expectations,
monitor the state of the economy, represent the Group’s values and,
where applicable, provide support to the branch general managers
and their deputies.
The Conference of Territorial Committee Chairmen is the body
at national level to which expectations expressed by Branch
Boards and Regional Committees can be fed back.
The Conseil National du Crédit Coopératif (CNCC) brings together
representatives of the various groupings of members and customers of the Crédit Coopératif Group. Divided into colleges,
these groupings include the Chairmen of the Regional
Committees sitting as the Territorial Committees (first college)
and the representatives of the national movements of Crédit
Coopératif members and customers (second college) as well as
representatives of establishments that are associated with Crédit
Coopératif and members of the Board of Directors.
The Executive Board of the CNCC is elected by the General
Meeting for a term of two years. It currently has 10 members.
In 2012, it has continued to monitor cooperative movement
coordination and quality-related activities.
27
The Conseil National du Crédit Coopératif
Branch board
Branch board
Branch board
Regional committee
National customer
federations
Branch board
Regional committee
Conference
of Chairmen
Partner
institutions
General meeting
of CNCC
Chairman's report
CNCC Executive Committee
Cooperative principles
The cooperative principles adopted by the
International Cooperative Alliance (ICA)
constitute guidelines by which cooperatives
put their values into practice. There are
seven key values: voluntary and open
membership; democratic member control;
member economic participation; autonomy
and independence; education, training and
information; cooperation among
cooperatives; and concern for community. In France these international principles take the
form of specific provisions governing the
operation of cooperatives, as set out in the law
of 10 September 1947 regarding the status of
cooperative organisations: • dual status: Crédit Coopératif's customers
may also be capital providers for the bank.
As such, they hold the dual position of both
partner and co-operator, i.e. both
customers and owners of their bank.
• voluntary and open membership:
customers have the option to own part of
the capital of their bank, provided that
they meet the criteria set out in the
articles of association and are approved
by the Board of Directors. At Crédit
Coopératif, membership status is limited
to customers who are corporate entities.
The members of Crédit Coopératif form
the body of the Crédit Coopératif General
Meeting.
• the "one person, one vote" rule: all
members hold equal voting rights at
General Meetings, in accordance with the
cooperative principle of "one member, one
vote", regardless of the number of shares
they hold. In 2012, almost 10% of the
members attended the General Meeting
or voted by correspondence.
• non-distributable reserves: each year, at
least of 15% Crédit Coopératif's profit is
set aside as reserves. These reserves
cannot be distributed; they represent the
collective property of current and future
members and the joint heritage of
previous generations. They can only be
distributed to members under certain
exceptional circumstances. The purpose of
these reserves is to secure the long-term
future of the cooperative project.
• limited remuneration of capital: part of
annual earnings can be paid out to
members in the form of remuneration
reflecting the shares that they hold
(€14 million in 2012 for B, C and P shares,
i.e. remuneration amounting to 2.5% of
the nominal share value). • cooperative rebate: Crédit Coopératif can
also redistribute part of its annual
earnings in the form of a rebate paid out
to its members in proportion to the value
of the transactions made with each
member. The amount paid out by Crédit
Coopératif as a cooperative rebate from
the earnings for 2012 was €500,000. 28
Chairman’s report
2 / Internal control procedures
2.1.1. Persons involved in internal control
2. Internal control procedures
Crédit Coopératif’s internal control system is defined in a
charter approved by the Audit Committee. This system ensures
that risks are covered, fully assessed and managed in accordance with the guidelines laid down by the Board of Directors.
It forms part of the global internal control system implemented by BPCE and is based on the principles and benchmark
documents approved by the BPCE Supervisory Board.
The system is the subject of regular reports to BPCE, which is
also able to conduct its own controls.
It is organised strictly independently of both the periodic control and permanent control processes; the first of these being
attached to the Chairman of Crédit Coopératif and the second
to the Chief Executive. The Risk and Compliance Manager is
responsible for continuous control, covering all risk assessment, non-compliance risk prevention and financial irregularity prevention mechanisms. He/she is also the Compliance
Manager for the Investment Departments.
Crédit Coopératif's internal control encompasses all of the
business lines and institutions that make up the Crédit
Coopératif Group.
➔➔2.1. General organisation
The internal control system is based on:
• Amended regulation 97.02 of the Banking Regulation
Committee on the internal control of credit institutions and
investment companies
• The General Regulation of the Autorité des Marchés
Financiers applicable to investment services
• The Groupe BPCE charters, set out in five separate documents: "risks" (loans, markets, operational), "compliance",
"audit", "business continuity plan", "IT systems security" • Crédit Coopératif's corporate governance charter
• In-house memos signed by the Chief Executive defining the
duties and objectives of the various control departments
• Agreements with partner institutions, stipulating the breakdown of risk control responsibilities between Crédit Coopératif
resources and resources in each of the institutions.
The internal control system is organised on three levels, the
first two representing permanent control and the third periodic control.
First level: the control of processes is primarily the responsibility of each activity. This takes the form of self-inspection carried out prior to or at the same time as performance. It is the
responsibility of each employee, within the framework of actions undertaken in the performance of his/her duties and
forms the subject of ongoing supervision by line managers.
Self-inspection is based on a framework of procedures available to staff on the Crédit Coopératif Group intranet. Each
activity is responsible for writing its own procedures and for
the proper application of first-level controls.
Second level: independently of operational activities, checks
are carried out to ensure compliance with rules as well as the
existence, permanence and relevance of first-level controls.
Second-level control evaluates the level of risk and helps to
define risk policy. This is carried out by a risk and compliance
management department, which reports to the Chief Executive
and covers the following risk types: credit, financial, operational, non-compliance and combating financial irregularities.
This management unit is responsible for all of the institutions
within the Crédit Coopératif Group. It has a dedicated branch
control team and works with the Business Continuity Plan
Manager (RPCA), the IS Security Manager (RSSI), and the
Personal and Assets Protection Manager (RSPB), and can also
draw on a network of control correspondents based in the
business lines and the main partner institutions. An accounting control inspector, separate from the accounting teams,
reports to the Accounts and Management Control Manager
and is thus also part of the internal control procedure.
Third level: periodic control is undertaken by the Internal Audit
Department, which is one of the internal control operators.
Internal Audit also contributes to the supervision of the global
internal control system. As an independent body, it has jurisdiction over all the activities of Crédit Coopératif (Head Office
and branches) as well as over all the structures related to
Crédit Coopératif (subsidiaries, partner credit institutions – finance companies providing credit and guarantees, and the
main shareholdings in partners) and outsourced activities.
The Internal Audit Department acts by means of investigations
and assignments. Its remit is to intervene in all of the areas
necessary to fulfil its mission. The Chairman and Chief
29
The Internal Audit Department works according to rules laid
down in its charter, and applies the professional standards of
the French Institute of Internal Audit and Control (IFACI).
Investigations are carried out on the basis of a provisional audit programme based on a model of the activities and a risk
map. The audit programme may, however, be modified over
the course of the year in light of the operational constraints of
the missions or any urgent new requests, with the approval of
the Chairman. This schedule is assessed by the Executive
Management and the central body, BPCE, then submitted to
the Chairman.
Each mission results in a joint report, which is issued to those
units that have been audited. Once the latter have responded
to the Internal Audit recommendations, this report becomes
definitive and is sent to the Chairman, Executive Management
and the heads of the units in question. On completion of these
missions, an action plan covering the areas for improvement is
produced and subsequently monitored by Internal Audit. 2.1.2. The role of the Board of Directors
The Board of Directors monitors and ensures control of the
main risks incurred by Crédit Coopératif Group institutions
and verifies the quality and reliability of the internal control
system, in accordance with the regulations. It also examines
the internal control report submitted to the Banking
Commission.
The Board has set up two Committees – the Audit Committee
and Risk Committee – which deal, respectively, with issues relating to the quality of the system for controlling risks and the
risk situation. The Audit Committee examines the annual company and consolidated accounts, the main findings from risk
monitoring, the results of internal control, the main conclusions of audits and action taken in line with its recommendations. At the level of the various risks identified by the internal
control procedure – credit, market, operational and compliance risks – the Risk Committee deals with cases in dispute as
well as those cases that exhibit particular risks. Risk Committee
meetings are attended by Executive Management, members of
the Board of Directors, managers of the risk control departments and, for the Audit Committee, the statutory auditors.
2.1.3. Persons involved in external control
Crédit Coopératif’s statutory auditors must carry out the following tasks permanently and independently: verifying the
Company’s accounting figures and documents, checking the
compliance of accounts with current rules, and checking the
consistency of the annual financial statements and the reliability of the information provided in the management report
of the Board of Directors.
At the General Meeting convened to vote upon the financial
statements for the financial year 2006, the auditors’ appointment was renewed for a term of six years. New statutory auditors will be appointed at the General Meeting convened to
vote upon the financial statements for the financial year 2012.
Leaving aside the auditors' role, Crédit Coopératif is also subject to control by BPCE, in its role as the central body, and by
the regulators.
In 2011, the ACP conducted an assessment of Crédit Coopératif's
anti-money-laundering arrangements, both as a banking institution and as the head of Crédit Coopératif Group. Its conclusions were submitted in H2 2012. An action plan is currently
being developed to deliver the required changes.
➔➔2.2. Risk monitoring and control
The Crédit Coopératif Group's activities expose it to five major
categories of risk:
• Credit risks
• Financial risks
• Overall balance sheet management risks
• Operating risks
• Non-compliance risks.
These risks are managed by three departments, which are attached to the Group Risk and Compliance Division.
2.2.1. Credit risk
The reform of the solvency ratio – Basel II ratio – has led Crédit
Coopératif to organise its monitoring in order to respond to
regulatory requirements, in particular as regards credit risks.
A number of different tools have been developed in this respect, in conjunction with Groupe BPCE, to assess commitments using the Basel II rating system and to monitor the
quality of the loan portfolio using an alert management
system.
Chairman's report
Executive are also informed of all hindrances to the performance of its duties.
30
Chairman’s report
Analysis
Monitoring exposures
Loan files are analysed by the Commitments Department on
the basis of formally enacted and defined procedures and
channels of referral. The investigations use analytical charts
into which is entered the accounting, financial and appraisal
information gathered by the commercial teams in interviews
with their customers. This method is supplemented by external
information (from Banque de France and court records) and
internal information (summaries of the customer relationship
produced by the management system, ratings).
Risk is analysed using a consolidated approach to the commitments for a given group. Summaries of the situation by
sector of activity and by major customer type are submitted
to Executive Management and the Risk Committee by the
Group Credit Risk Department, with an appraisal of any
changes in the quality of risks. This method is also used to
handle the cost of the risk, which is reported quarterly, broken
down by customer sector and branch, and grouped by general office.
The specific nature of Crédit Coopératif’s business sectors, in
particular the associations sector, is reflected in the
Commitments Department, which has specialists to deal with
each type of customer.
Managing doubtful debts/disputed loans
The rules for downgrading loans to doubtful and doubtful
and compromised are set out in a specific set of procedures.
Decisions and delegations of powers
For highly doubtful risks, the Group Credit Risk Department
Every loan application is formally recorded using a standard
file adapted to each market segment. This makes for uniform,
efficient loan processing. Loan decisions are based on a system
of delegated powers that depend on the nature and amount of
the facilities applied for, and the ratings provided by the tools
developed by BPCE to calculate the solvency ratio.
conducts a quarterly assessment of provisions and suggests
Ratings
Customers are given the rating derived from the tools developed from the application of pillars 1 and 2 of the Basel II
rules.
Monitoring commitments
The Group Credit Risk Department monitors risks individually and
using global approaches by means of a number of alert systems,
and by analysing the quality of exposures.
any changes to existing practices, in the presence of the Chief
Executive and the Disputed Loans Department. Each candidate file for moving into the disputed loan category is examined beforehand by the Group Credit Risk Department. This
department performs an initial evaluation of the risk, after
which the required provisions are determined by the Disputed
Loans Department. These provisions are reviewed quarterly at
a committee meeting attended by Executive Management
and the technical departments involved in managing the
loans.
2.2.2. Financial risks
The Chief Financial Officer is responsible for managing liquidity, placing financial products with customers, own-account
management, Group asset/liability management and the
A weekly committee is attended by managers from the
Commitments Department and the Group Credit Risk
Department, and by Disputed Loans Department managers
where necessary. The committee makes decisions on the loan
files that pose the greatest risk, laying down a plan of action.
A report is written for each decision.
monitoring and management of the bank’s portfolio of share-
A regular round-up is carried out on the control of the commitments of each branch, on the basis of alert indicators and
the quality of its risk assessment. The proceedings are summarised in the form of a rating awarded to each branch.
manager, who reports to the Risk Manager, is independent of
holdings.
The Financial Risk Department is responsible for ensuring continuous financial risk control in the strict sense, and also carries out various other controls on financial transactions. Its
Financial Management, and his responsibilities have been defined in accordance with the Charter on controlling financial
risks defined at Groupe BPCE level.
31
The Financial Risk Department therefore:
Market risks in liquidity and own-account management
• calculates own-account management results for presentation at each meeting of the Financial Committee
• calculates the value-at-risk indicators in own-account
management at regular intervals (maximum loss at 10 days
with a 99% probability level)
• controls the valuations used in accounting or in the IFRS
appendices, in addition to the market parameters and the
methods used in the analytical models
• is responsible for inputting data into the BPCE risk monitoring systems and conducting the controls set under Group
BPCE benchmarks
• conducts various spot or regular studies or controls on
more specific subjects; the risks per major asset class are
analysed regularly and the results of this analysis are presented to the Risk Committee and the Audit Committee on
a quarterly basis
• monitors the risk exposure of the associates’ financial operations, the details of which are sent to it on a regular basis
• reports to the Financial Committee, the Risk Committee, the
Audit Committee and the Central Risk Committee on the
outcome of these checks and the analysis
• suggests any necessary changes to the financial risk exposure limits to the Central Risk Committee
• monitors compliance with the limits set:
-- the internal limits set by Crédit Coopératif for its exposure to financial risks
-- as well as adherence to the limits in the Groupe BPCE's
"market risks" benchmark standard.
A financial committee, composed of Executive Management,
the Chief Financial Officer, those responsible for the management of third-party assets, financial risk control, liquidity and
overall balance sheet management meets every fortnight. It
defines the major guidelines for own-account management
and sets risk limits; in particular, all extraordinary financial
operations require the Committee's prior approval.
The Financial Risk Department works closely in this regard
with the internal control correspondents in the front and back
office, who perform a certain number of first-level controls on
financial operations, and with the internal control correspondents in the partner institutions.
Market transaction and trading portfolio risks The trading portfolio is deliberately limited and its position,
calculated each day, remains significantly below the capital
adequacy declaration threshold (Capital Adequacy Directive
concerning market risks). Crédit Coopératif is thus not subject to the constraints set out in regulation 95-02.
Furthermore, the most sensitive limits are monitored on a
daily basis and, over and above the trading portfolio, the
own-account management positions and also the performance recorded are calculated and monitored every day.
• a counterparty risk stemming from purchases of private
bonds held in the investment portfolio with a relatively
short remaining life (€120 million over 3 years when the
medium-term portfolio is created and with less than 1 year
remaining) and, to a lesser extent, with short-term liquidity
management of less than 12 months • risk associated with shares primarily resulting from the
share risk associated with units in UCITS held in the investment portfolio
• market risk inherent in some alternative UCITS (the three
lines of securitisation instruments in a contractual UCITS to
a total value of €33 million were sold on the market prior to
the end of 2012) • other positions that might be taken up on the financial
markets that are more marginal (there were no such transactions during 2012).
These different transactions are carried out within the framework of authorised limits for counterparties, duration, amount
or risk taken (sensitivity or stop loss), with an overall limit for
a given risk and lower limits for particular responsibilities or
types of transaction.
Thus:
• the value of the bond portfolio is limited
• maximum exposure limits per counterparty have been set for
both bond portfolio management and liquidity management
• interest rate risk assumed by the treasurer as part of liquidity management and management of the bond portfolio
referred to above is subject to specific daily limits, calculations and monitoring, with a first-level control being carried
out by the treasurer and a second-level control by the
Financial Risk Department; the interest rate risk of this activity is furthermore integrated into the overall exposure to
changes in rates as part of own-account management,
which is also monitored and subject to a more general limit
Chairman's report
The market risks entered into by Crédit Coopératif are essentially:
32
Chairman’s report
• the proportion of equity risk and interest-rate risk inherent
in the UCITS in the portfolio is evaluated by means of transparent analysis of UCITS and is reconciled with the limits
after also taking any possible stock index contracts concluded for hedge purposes into account
• for the currency risk, there are two limits which are checked
daily:
-- a first limit is fixed for the currency trader for the transactions that he/she carries out and for which he/she is
responsible
-- the overall currency position is also monitored day-byday on the basis of the balances of the accounts in
question, which enables possible delays or anomalies to
be identified when transactions are posted to the accounts
• structured operations, which are complex by nature, are
limited to transactions conducted with customers and that
are always hedged on markets, using “mirror” or “back to
back” transactions.
The Financial Risk Department performs second-level control of compliance with fixed limits, on which it reports to
the Financial Committee and, in emergencies, to Executive
Management; it relies primarily for its controls on frontoffice and back-office data, the consistency of which is
checked on a daily basis through automated reconciliation
of transactions as recorded in the two different software
packages.
Transactions are processed within the framework of internal
procedures that control the activity and relate to:
• market risks:
-- currency transaction management
-- primary and secondary bond markets
-- monitoring and control of market risks.
• operating risks inherent to trading room activities:
-- checking the entry of transactions by branches on debt
instruments issued by Crédit Coopératif
-- management of trading tickets from the front office to
the back office
-- issue of confirmation notes for transactions performed
directly by traders with customers with direct access to
the trading room
-- first-level controls by traders and by the activity manager
for the day’s transactions entered in the front-office
software.
Counterparty risk is monitored using a specific procedure:
• the Financial Committee decides on the applications that
must be submitted to it for each potential counterparty; the
Financial Risk Department ensures that the limits are adhered to: positions generated by back-office management
software are fed into a dedicated application in which the
agreed limits are compared with the commitments recorded; any possible anomalies must be explained, corrected or
justified. The scope of this monitoring also includes the balance of the foreign correspondents in the International
Affairs Department.
• rules have been set to limit amounts and terms depending
on the nature of the counterparty, the counterparty's rating
and the portfolio concerned (these rules are validated by
the Crédit Coopératif Board of Directors).
2.2.3. Overall balance sheet management risks
A dedicated committee (the ALM committee) is devoted to
global asset/liability management at Group level.
Positions are calculated and reported by an assets/liabilities
management unit, which reports to Financial Management.
This calculation is made using the QRM software package,
which all Banques Populaires network institutions use. The
software parameters are provided and set centrally by BPCE
Asset/Liability Management, and activity forecasts are entered
in line with budgetary forecasts.
For its part, the Financial Risk Department is responsible for
second-level control, in accordance with the ALM Risk benchmark, which standardises the controls to be carried out within
Groupe BPCE.
Overall interest rate risk
Crédit Coopératif is exposed to interest rate and liquidity risks
in connection with its source of funds collection activity and
the distribution of loans to customers.
The overall interest rate risk is measured quarterly under
Groupe BPCE’s benchmark document, which determines the
limits to be imposed on each of the Group's institutions.
Measuring the effect of changes in rates on the forecast interest margin
The interest margin for the next four years is calculated on the
basis of a certain number of different scenarios (including a
reduction or increase in all rates of 100 basis points, as well as
a reduction in long-term rates and a rise in short-term rates);
Group limits are set to restrict the impact on the interest margin over the next two years on a worst case basis.
Calculating fixed-rate shortfalls
These shortfalls are calculated on the basis of the difference
between the forecast average exposure in the form of fixedrate sources of funds and exposure in the form of fixed-rate
applications of funds. Variable-rate products are considered as
being fixed until the next date on which rates are to be set. All
the sources and applications in the balance sheet and offbalance-sheet statement are scheduled either according to
their contractual provisions, as is the case for loans, or according to a conventional schedule (for sight deposits, each level
of stock development is depreciated using the straight-line
method, over a period that varies according to the category of
customer). Any shortfalls noted for various maturities must be
below a decreasing percentage of the amount of equity.
Sensitivity of the net asset value of the balance sheet
This sensitivity, calculated each quarter on the basis of the
fixed-rate shortfalls in the static balance sheet, and shortfalls
in relation to inflation, is an indicator that was introduced as
a means of meeting the Basel Committee's recommendations
on measuring the overall interest rate risk.
If this limit (which stands at 20% of equity capital) is exceeded,
this is considered a "significant" incident and must be declared
immediately to the ACP in accordance with regulation 97.02. Liquidity risk
Crédit Coopératif is, in structural terms, a lender on the
interbank market, but it is also in receipt of long-term sources
of funds as part of its activity and according to its requirements.
A dual limit is fixed for the borrowing position that it may hold
from day to day: there is an internally-defined limit for market
positions, and also a second limit defined under the BPCE
Asset/Liability Management benchmark, which takes account
of positions adopted with Groupe BPCE institutions (in 2012,
the majority of the day-to-day transactions concerned
involved BPCE).
The liquidity risk is also measured within the framework of the
Groupe Banque Populaire risk benchmark document in the
following manner:
• first, using a classic calculation of shortfalls over the full life
of the balance sheet (sources of funds minus applications
of funds), the shortfall must never exceed 15% of the
amount of the assets • second, using a calculation based on three-month liquidity
shortfalls in the dynamic balance sheet (but without financial forecasts) and carried out for three crisis scenarios:
-- a first scenario known as the "signature stress" scenario:
a cyclical liquidity crisis triggered by a loss of confidence
in Groupe BPCE's financial solidity preventing any access
to the capital markets (conservative hypothesis); this
translates into a fall in customer deposits (overall levels
and inflows/outflows) and the creation of new credit in
some segments (most of the investment securities portfolio can be transferred in one month).
-- a second scenario known as the "systemic stress" scenario: a liquidity crisis affecting the financial system as a
whole, resulting in the general closure of the capital markets and major restrictions on the ability to transfer assets; with all institutions finding themselves in the same
situation, the fall in DAT production is weaker (resulting
in extra cost), whilst the creation of new credits could, in
contrast, be higher than during a signature crisis.
-- finally a third mixed scenario, combining a liquidity crisis
that affects the financial system as a whole and a more obvious confidence crisis affecting the Group; the effect on
sources of funds is the worse of the two scenarios above but
the fall in the creation of new credit could also be even
greater with a negative impact on image. The available assets and realisable receivables should be sufficient to limit
the lack of sources in each of these three scenarios.
The liquidity ratio is also monitored for each institution, with
implementation of a ratio forecast for the end of each month
to ensure that the statutory ratio of 100% is maintained, while
making the most effective use of liquidity within Crédit
Coopératif Group and within Groupe BPCE. Overall currency risk
The overall currency position, as measured via the accounts, is
determined and monitored every day to ensure that it remains
below the internally-defined limit.
This limit is below the threshold at which a specific capital
adequacy declaration must be made for currency risk, under
Regulation CRB 95-02 (directive on capital adequacy with
regard to market risks, now incorporated into the so-called
McDonough or Basel II regulation of February 2007).
Note: because the limits set for the trading room and the
International Affairs Department are extremely low, the majority
of currency risk involves shareholdings acquired in foreign
currencies: mainly Tise, a subsidiary bought in zlotys in 2008
and BNDA, a shareholding purchased in CFA francs in 2011.
Chairman's report
33
34
Chairman’s report
2.2.4. Operating risks
Control of operating risks is based on an internal control
system, which combines prevention and control and is applied
to all activities. This system is primarily the responsibility of
the line managers in operational departments. It is based on
detailed procedures and on continuous monitoring of activity.
With regard to the prudential rules emanating from Basel II,
Crédit Coopératif has implemented a system specifically
designed to manage operating risks. This is based on a
methodology that is common to all of the institutions in
Groupe BPCE and draws partly on the benchmark standards
and methods and partly on a management tool, PARO. The
benchmark document sets out, in particular, the standards
applicable to collecting and monitoring incidents as well as to
risk assessment. In addition to providing a typology of
standardised risks, the benchmark document was updated in
2012 to include a new rating scale from the risk control system
– DMR – and an indicator section, ensuring that the system is
consistent across the board. In 2012, BPCE delivered a second
version of the tool to include these changes and its amended
standardised risk benchmark. This set of rules was applied
during the first. annual rating campaign launched by BPCE in
2012.
A database of the accounting losses relating to operating risks
has been regularly updated since 2005. Deployment of the
"incidents" feature of PARO in the business lines, since its
delivery in 2009, is used to detect significant risks and ensure
that corrective measures are in place; the analysis of the risk
rating revision process also includes provisions for event
histories.
The process used to maintain the Crédit Coopératif Group
Business Continuity Plan in an operational condition continued in 2012, in compliance with Groupe BPCE methodology.
The existing disaster recovery procedures have already proved
effective and have enabled Crédit Coopératif to continue
critical activities during a wide-ranging user fallback exercise.
This exercise was conducted successfully in a real-life situation
when Crédit Coopératif's Head Office was closed prior to the
move to the new premises.
2.2.5. Non-compliance risks
Non-compliance risk is defined as "the risk of legal, government
or disciplinary penalties, considerable financial loss or damage
to reputation, resulting from failure to comply with measures
pertaining to banking and financial activities, whether
legislative or regulatory in nature, or pertaining to professional
or ethical standards, or instructions from the management
body issued, in particular, according to the guidelines set out
by the decision-making body".
In accordance with amended regulation CRBF 97-02 - and under the responsibility of the Deputy Risks and Compliance
Manager, who is also the Investment Departments Control
Manager - two teams dedicated to monitoring risks of noncompliance are involved in preventive measures, monitoring,
alerts and protecting the reputation of the institution among
its customers, employees and partners. One team covers legal
and regulatory compliance for the investment departments,
while the other deals with issues relating to the prevention of
money laundering and the financing of terrorism.
In 2012, efforts were made to step up the internal control
system so as to improve detection of non-compliance risks
and to continue making adjustments to the system in line with
regulatory changes, particularly with regard to anti-money
laundering rules.
Monitoring of the risk of legal non-compliance and the
investment departments is based on:
• a regulation watch system
• a staff training plan
• a procedure that verifies the compliance of new products
and processes
• a set of regularly monitored ethics rules (GRI SO2)
• a malfunction monitoring system, with an alert procedure
available to the staff
• a check for compliance with professional obligations.
A first-level unit monitors money laundering and financing of
terrorism in branches using a computerised system to detect
unusual operations. At a second level, the specialist team
ensures that the alerts it receives are correctly handled by the
branches. It analyses suspicious situations and, where
necessary, reports them to TRACFIN (the French Finance
Ministry's anti-money-laundering unit). This unit monitors the
consistency and compliance of the detection system.
An additional control has also been introduced to assess the
compliance of banking and financial transactions and
commitments, with the new guidelines concerning tax havens
and legal safe-havens put in place in 2012.
35
Description
Number of people responsible for
compliance
Number of people responsible for
anti-money-laundering
Number of employees having
received anti-money-laundering
training (in two years)
Percentage of employees having
received anti-money-laundering
training (in two years)
Number of fines and financial
penalties
Total value of significant fines
(financial sanctions from administrative authorities, excluding the tax
authority)
Percentage and total number of
business units analysed for risks
related to corruption*
Number of risk assessments (related
to corruption) conducted for business units*
Number of incidents of corruption
attributable to Crédit Coopératif
Total number of substantiated
complaints regarding breaches
of customer privacy and losses of
customer data
Monetary value of significant fines
and total number of non-monetary
sanctions for non-compliance with
environmental laws and regulations
Number of non-monetary sanctions
for non-compliance with environmental laws and regulations
Total number of legal actions for
anti-competitive behaviour
Total number of incidents of noncompliance with regulations and
voluntary codes concerning product
and service information and labelling
Total number of incidents of noncompliance with regulations concerning marketing communications
Number of grievances related to
human rights filed, addressed, and
resolved through formal grievance
mechanisms
Number of non-monetary sanctions
and cases brought through dispute
resolution mechanisms
Unit
2012
2011
2010
GRI
FTE
2.6
2
2
PR6
FTE
4.4
4.4
4.8
SO3
709
467
216
SO3
%
35.59
23.33
10.77
SO3
/
0
2
1
SO8
€K
0
0
2,123
SO8
&
PR9
%
N/A
N/A
N/A
SO2
/
N/A
N/A
N/A
SO2
/
0
0
0
SO2
/
0
0
0
PR8
€K
0
0
0
EN28
/
0
0
0
EN28
/
0
0
N/A
SO7
/
0
0
N/A
PR4
/
1
0
N/A
PR7
/
0
0
N/A
HR11
/
0
0
0
SO8
*The notion of corruption, in the sense of the GRI benchmark document, does not
match the monitoring activities conducted elsewhere
➔➔2.3. Organisation of the internal control procedures
for accounting and financial information
The duties and organisation of accounting departments are presented in a standardised document. Each task is identified, classified by the nature of the role and assigned to a named manager. Periodic operations and pinpoint actions are detailed in a
schedule; the procedures describing the conditions applied to
checks of the principal transaction processing systems are recorded.
All banking operations carried out by the various authorised units are
recorded using dedicated IT applications, and, to a lesser extent, using
direct accounting entries.
Within the framework of a general, centralised processing system, the computerised accounting system produces standardised, referenced elementary account posting entries, based on
an organised framework known as the “rules of the game”.
These incorporate predefined accounting schedules and use a
general system of accounts, the operation of which complies
with rules set and administered by the Accounts Department
(chart of accounts, accounting schedules, authorisations etc.).
Accounting and financial information is based on the chronological recording of transactions, the keeping of documentary
evidence, and the drafting of accounting procedures, which
are currently under development.
End-to-end responsibility for the accounting process lies with
the Accounts Department, which defines the accounting
checks to be performed by each of the management units.
In addition, there is an accounts controller who reports directly to the
Accounts Department and Management Control. This officer performs these roles in accordance with the accounting and regulatory
revision charter defined by the central body.
The accounts controller produces a quarterly report on all of
the accounting controls carried out, reports on any significant
anomalies and issues recommendations.
The internal control of accounting information is broken down
into three levels:
• decentralised self-inspection, by staff in the operations departments, of the conditions under which banking operations are performed
• continuous accounting control, performed by the operating
departments and by the Accounts Department. The departments and branches send monthly reports justifying general
account balances for centralised control by the Accounts
Department; the latter also reconciles the inventories and accounting balances.
• pending transactions that display anomalies are reported
immediately to the relevant line manager and the
Continuous Control Department.
• an additional accounting control, independent of the operating departments and the accounts production managers,
is also carried out
Chairman's report
GRI benchmark – compliance indicators
36
Chairman’s report
• finally, periodic control, which is managed:
-- by Crédit Coopératif’s Audit Department, performing targeted missions within branches and central departments
-- by the statutory auditors, as part of their scheduled annual audits of financial statements at 30 June and 31
December for all companies within the Crédit Coopératif
Group and, since the 2007 financial year, a quarterly audit of Crédit Coopératif’s accounts
• externally, by the central body's Audit Department and the
ACP.
Managers responsible for spending commitments or disbursements never handle the payment process.
Main accounting control procedures
Progress in accounting controls is recorded as it happens using a
monitoring table, analysed at regular intervals by the Accounts
Department line management and summarised by the accounts
controller every quarter in the form of a report to the Accounts
and Management Control Department and to the central body. In
addition, the accounts controller produces a half-yearly security
chart for the information of the Continuous Control Department,
the Accounts Manager and Operations. Within this framework,
various alerts are issued for pending transactions (amount, direction, duration, type, etc.), the balances of anomalous accounts
and the difficulties experienced by the counterparty units.
The statutory reports are compiled at regular intervals using a
dedicated tool that combines certain attributes generated by the
various management systems with the accounting information.
Documents are cross-checked to ensure the consistency of the
information produced. These reports are produced on the
company accounts and at Crédit Coopératif Group level and
submitted to the central body.
The Accounts Department performs a monthly calculation of
net banking income and a quarterly calculation of earnings
after corporation tax; these elements are checked against the
budget data. This regular frequency helps to make the process
more reliable. The schedule for finalising the financial statements is distributed to the units concerned, specifying the
information required and the deadlines.
The Group’s financial statements are drawn up every quarter
in accordance with IFRS standards and the statutory auditors
validate the consolidation files for Crédit Coopératif every
quarter. They conduct an audit of the consolidated financial
statements when they are closed on 30 June and at each annual closing.
In addition to the work of the statutory auditors, the quality of the
accounting process is inspected by the Crédit Coopératif Audit
Department, the BPCE Audit Department and the departments of
the ACP.
37
Management Report
38
50
70
79
86
93
107
108
2012 Crédit Coopératif Group activity
Corporate social responsibility
Group architecture
Board of Directors and Executive Management
Company and consolidated financial statements 2012
Risk exposure and risk management
Distribution and appropriation of earnings
Outlook for 2013
38
Management report
1 / 2012 Crédit Coopératif Group activity
1 - 2012 Crédit Coopératif Group activity
Economic conditions in 2012: a European threat to global
business
In 2012, the eurozone was a greater cause for global economic
concern than it had been in 2011. Having said this, the year can
be divided into two distinct periods: before and after 26 July, the
date on which the European Central Bank (ECB) made clear its
intentions to protect the euro. Once again, the euro came under
threat from a domino effect, driven by developments in the sovereign debt crisis. Europe became the single largest element of
downward pressure on the global economy, which slowed down
more in 2012 than it had in 2011. The eurozone fell into recession
due to uncertainties over the long-term future of the single currency, wide-ranging austerity measures that were scheduled to
last longer than anticipated, and a sharp fall in activity in the
zone's southern states due to a structural lack of competitiveness.
From summer onwards, the ECB made a decisive intervention
that helped to protect the eurozone. It fulfilled its role as the
"lender of last resort" for Member States in difficulty and requiring a loan, provided that the countries concerned submit an official request for assistance to the European Financial Stability
Facility. It also provided large-scale refinancing support for eurozone banks. In July, the ECB lowered its headline interest rate
by 25 basis points to 0.75%. These key actions would not have
been possible without the relaunch of the European project, with
measures including the ratification of the European Fiscal
Compact, approval of the European Stability Mechanism by
Germany's Federal Constitutional Court, development of the
proposed European Banking Union and effective use of Europe's
existing solidarity mechanisms, including the historic restructuring of Greece's public debt by private investors.
France remained in the middle ground in Europe, between
Germany at one extreme, where economic growth slowed drastically to just 0.9% in 2012, and other peripheral countries in
deep recession, such as Spain (-1.4%), Italy (-2%), Portugal (-3%)
and Greece (-6.6%). France's resistance to downward economic pressure can be attributed to the fact that it relies less on
global trade than other Member States. However, its economy
has not yet returned to pre-crisis levels in terms of GDP and
employment. Its economy suffers from a structural competitive
deficit, following a movement which began in its manufacturing
sector back in 2000 (Gallois report). Economic conditions in
France have deteriorated since summer 2011, with a combina-
tion of both external and internal forces to blame. The country's
GDP growth stagnated at 0.1% in 2012, compared with 1.7% in
2011. Mandatory contributions rose to historic levels in 2012,
reducing the public deficit to 4.5% of GDP. The business investment cycle ground to a halt, with investors preferring to play the
waiting game, businesses showing little profitability, and the introduction of a more demanding tax regime. The unemployment
figures rose sharply, passing the three million mark in August.
The personal tax burden rose by around one percentage point of
household income. Inflation remained at an average of 2%, despite a significant fall in December (1.3%). For the first time
since 1984, the purchasing power of French households fell. This
meant that consumer purchases – the traditional engine of the
economy – fell significantly. France will now need to revise its
growth model in light of this downward trend.
France lost its triple-A credit rating in 2012. Despite this, France's
long-term interest rates – which have been affected by economic stagnation, a growing aversion to excessive deflationary risk
and prudent monetary policy – reached abnormally low levels.
These low rates have created a safe-haven environment and
boosted potential for diversification, as seen with both German
and American interest rates. The 10-year OAT rate even fell
slightly below 2% in December, compared with an annual average of 2.52%. The stock markets all showed similar trends, with
two clearly identifiable periods: a strong downward trend in the
spring, followed by a recovery from summer onwards following
the ECB's new strategy announcement and the perceived end of
systemic European risk. Despite falling to a low of 2,950 points
on 1. June, the CAC 40 (which became less volatile towards the
end of the year), rose by 15.2% overall in 2012, reaching 3,641
points on 31 December. ➔➔1.1. Activity by customer segment
The number of customers with an active Crédit Coopératif or BTP
Banque account stood at 302,736 at the end of 2012, which
represents an increase of 4% compared with 2011. 1.1.1. Cooperatives and company groups
The economic environment was particularly challenging for
French companies in 2012, with growth remaining stagnant and
investment levels falling. Despite this, Crédit Coopératif increased its lending to businesses by 10%, in terms of both liquidity loans and investment credits. As the long-standing bank of choice for production cooperatives
(SCOPs), Crédit Coopératif maintained its support for these co-
39
Buoyed by its partnership with Coop de France, Crédit Coopératif
has also made substantial progress in the agricultural cooperatives (and subsidiaries) sector. Following a difficult year in 2011,
activity in this sector grew by 40% in 2012, in terms of both
transaction volumes and new deposits and loans. Crédit
Coopératif's partnership with Union Finances Grains, for example, involved around €50 million of guarantee exposures to fund
cooperative cereal stocks. While the regulatory situation remained somewhat unclear,
Crédit Coopératif continued to build on its recognised expertise
in supporting renewable energy deployment in France. In 2012,
it reached its target of delivering €130 m of eco-finance loans
to SMEs as part of its three-year partnership with the European
Investment Fund (EIF). Furthermore, Crédit Coopératif extended
its support provision to eco-companies, widened the scope of its
provision to companies in environmental sectors such as recycling and waterborne transport, and to a network of eco-companies through its partnership with PEXE.
Crédit Coopératif also joined forces with Socorec, a financial institution operating in the retail trade sector. The bank has incorporated Socorec's financial products and services into its own
offering, and this combined expertise has enabled Crédit
Coopératif to provide better growth support to city-centre retail
trade brands.
Overall, Crédit Coopératif maintained its growth in this area,
with a 14% rise in loans to groups associated with the FCA (retail
trade association) and a 7% rise in transaction volumes. Following the launch of the Croissance PMI Ile de France guarantee fund, in partnership with the Fédération des Industries
Mécaniques (Federation of Mechanical Industries) and Caisse
Mutuelle de Garantie de la Mécanique (CMGM), Crédit Coopératif
now covers 18 of mainland France's 21 regions, offering participatory loans to help SMEs fund their growth and boost their
resources. Crédit Coopératif has also continued to show its support for French manufacturing companies, both through traditional loans (up 3% in 2012) and by helping to strengthen their
financial structures. Total customer numbers in the cooperative and company group
sector rose by 3% in 2012. 1.1.2. Associations, foundations and general interest
bodies
Crédit Coopératif is the bank of choice for general interest bodies
and services. These include associations, foundations, mutual
benefit organisations, social housing organisations, local public
companies, collective interest cooperative companies, denominational organisations, trade unions and works councils. These
organisations all have a common goal: to help to build balanced,
fair society through their work in fields such as health, social
action, housing, education, integration, international solidarity,
culture, welfare, sport, social cohesion and associated tourism. In
order to support these organisations and help them grow, Crédit
Coopératif develops products and services that cater for their
specific economic, legal and fiscal characteristics. It gives these
organisations access to its recognised expertise in this field, and
develops strong links with their members and representative
movements.
In 2012, the deepening public finance crisis had a direct or indirect impact on all general interest bodies. Yet this is precisely the
time at which the public needs general interest bodies to help
maintain social cohesion and find ways to soften the effects of
the crisis.
Crédit Coopératif continued to act as a partner to its members
throughout this difficult period. It maintained and extended its
housing and social housing funding activities by delivering assisted loans from Caisse des Dépôts, and giving associations access to resources from the European Investment Bank (EIB) and
the Council of Europe Development Bank (CEB).
Crédit Coopératif has in-depth knowledge and experience of its
customer sectors. It maintains this expertise by attending major
events organised by its partners, where it has an opportunity to
discuss changes to its products and services to ensure that they
meet the needs of its customers. Examples of such events include H’expo and the annual conferences of the HLM movement,
FNMF, UNAPEI and FEHAP.
General interest bodies are constantly changing to adapt to their
environment. Crédit Coopératif helps organisations in the sector
with governance, organisation, resource diversification and
fund-raising matters. Crédit Coopératif gave its full support to
the local public sector, through both direct funding provision to
Management report
operative and participatory companies by playing an active role
in the movement's 10th annual conference. Crédit Coopératif
works with around 75% of all SCOPs and SCICs (general interest
body cooperatives), helping them with their day-to-day operations and providing support at key moments in their development (start-ups, takeovers, growth, investment, etc.). 40
Management report
departmental and regional councils, and a range of services for
general interest bodies covering entire areas and regions.
growing numbers of eco-housing construction projects on its
books.
Crédit Coopératif revised its range of investments to meet the
security and performance needs of general interest bodies – and
regulatory needs for "Livre II" licensed mutual health organisations – and to reflect the regulatory restrictions governing financial institutions.
Each and every Crédit Coopératif employee, working with the
bank's pool of around 230,000 individual customers, is guided by
the same core principles: to be a bank that offers accurate and
high-quality advice through its range of products and services,
and to be useful bank that funds a more human and real economy.
In 2012, the number of "general interest bodies and services"
among the bank's customer base (across all sectors) rose by
1.5%. Total transaction volumes handled on behalf of these customers rose by 4%. 1.1.3. A bank serving private individuals
Following a strong increase in the number of like-minded customers in 2011, Crédit Coopératif gained around 13,000 new
individual customers in 2012, all of whom share the bank's cooperative and socially responsible values. These customers joined
through Crédit Coopératif's 70 physical branches and its new
and improved online bank (MonCreditCoopératif.coop). The bank also gained 13,000 new legally protected adult customers, through specialist associations in this field becoming
customers of Crédit Coopératif (see 1.1.4.).
Crédit Coopératif is France's leading provider of ethical and socially responsible savings solutions, with a wide range of day-today financing products and services for the real economy. As
such, it is able to offer simple, clear solutions to individual customers looking for financial transparency, innovation and social
responsibility.
The success of the bank's "Agir pour une économie plus humaine"
range, its various UCITS products and other socially responsible
investment products resulted in record donations of around
€5 million to its 52 partner associations and foundations, an
increase of 30% on the 2011 figure. In 2012, Crédit Coopératif also reaffirmed its commitment to innovation in socially responsible finance, launching its Agir account, the first chequebook account that allows individual customers to choose how the money in their account is used.
Account holders are able to choose one of the four areas available.
Crédit Coopératif also boosted its loan provision for eco-housing
projects in 2012, through changes to its Prévair products and
1.1.4. Legal guardians of protected adults In 2012 Crédit Coopératif continued to improve its Astel and
Tuteur PRO (AT Services) product offering, comprising specifically designed software and banking services that have been
geared towards the needs of protected adults (Astel card) and
their legal guardians.
This professional software package, intended for legal guardians
of protected adults, is designed to help manage all the bank accounts of a protected adult, regardless of whether these are held
at Crédit Coopératif or with other banks. It also simplifies the
budget management process, allows legal guardians to send
digital documents to the courts via the new legal portal, automates the recurring transaction handling process and provides a
facility for service billing. The software is designed to be userfriendly and has been co-developed with customers via their
regional Astel clubs.
Such has been the success of this offering, that 13,000 new protected adult accounts were opened with Crédit Coopératif in
2012 and the bank continues to secure a growing portion of
their day-to-day savings through a specific range of products
tailored to the needs of this customer segment. Crédit Coopératif
has adapted its offering by selecting a range of savings products
in line with the wishes of judges and protected adult management representatives (savings accounts, life insurance, fixedterm investments), and a range of loan products to allow protected adults to purchase a property as their primary residence,
carry out home improvements such as energy efficiency developments, or purchase a specially adapted vehicle.
In-depth legal work was also conducted in the banking sector in
2012 with all players in this customer segment, helping to secure
various aspects of day-to-day activity (overdrafts, legality of
"LEP" low-income passbook accounts, etc.).
41
In 2012, Crédit Coopératif maintained its position as the supporting bank of choice for the associations sector, with a customer base comprising around 20,000 small and medium-sized
associations. It helped associations to deliver a wide range of
general interest activities, including cultural, social inclusion and
environmental projects.
Subscriptions to the Esprit Associations service package increased by 12%. This easy-to-manage package is extremely
popular with association managers. Crédit Coopératif also offers
socially responsible products for small and medium-sized associations. These are outlined in its Guide de l’Épargne Éthique et
Solidaire (ethical and socially responsible savings guide).
In direct response to the needs of small and medium-sized associations, which have been adversely affected by public funding
cuts, Crédit Coopératif has joined forces with other players in the
social economy to create a new range of support tools. As the
bank of choice for the social and socially responsible economy,
Crédit Coopératif supports the work of job-creating associations,
helping them to grow and secure their future.
Working with organisations such as the Réseau National des
Maisons des Associations, it helps to address the challenges of
association sector employment and encourages cooperation between various supporting bodies.
1.1.6. Building and civil engineering companies and
institutional investors Crédit Coopératif Group is able to support companies and institutional investors in the building and civil engineering sector via
its subsidiary, BTP Banque, which has been dedicated to this sector for more than 90 years.
The close links between BTP Banque and professional organisations in the building and civil engineering industry mean that the
bank is perfectly placed to offer tailored solutions to companies
in this sector.
BTP Banque has a strong presence across France, with a network
of 40 branches.
In 2012, the bank saw a substantial increase in its customer base,
with an 8.8% rise in current accounts and a 20% rise in shortterm credit facilities. Crédit Coopératif boosts its SME financing activity through
its European partnerships
In 2012, Crédit Coopératif signed a new 10-year,
€100 million refinancing agreement with the European
Investment Bank (EIB). This is the 14th loan agreement
between Crédit Coopératif and the EIB, demonstrating
Crédit Coopératif's commitment to grant loans to very
small businesses. A new loan envelope is expected to be
introduced in the near future. Until December 2012, Crédit Coopératif continued to
benefit from guarantees from the European Investment
Fund (EIF) for its SME portfolio in the environmental sector.
This guarantee was obtained through the European Union's
Competitiveness and Innovation Framework Programme,
covering a portfolio of loans of more than €100 million. The Council of Europe Development Bank (CEB) allocated
long-term resources to Crédit Coopératif to finance a
number of sectors, including the social/medical, education
and professional training sectors. The results of an audit,
conducted in 2012, on a previous loan were highly
satisfactory, demonstrating the potential for even closer
collaboration in the coming years.
In 2012, Crédit Coopératif introduced its first
ever refinancing agreement through a German public
institution, the KFW. This refinancing agreement, which
targets the renewable energies sector, means that Crédit
Coopératif has access to long-term resources that enable it
to offer competitive loans to its business customers. To
date, Crédit Coopératif has benefited from €40 million of
exposures, 29% of which has already been consumed. Management report
1.1.5. A bank for small and medium-sized associations
42
Management report
Based on these results, BTP Banque was able to achieve its medium-term ambitions for the 2009 to 2012 period. These were
based around improving the quality of its customer relationships
and diversifying its commercial products and services in line
with the specific needs of the sector.
➔➔1.2. Business lines at the service of the real
economy
As part of its philosophy of providing a complete banking service, Crédit Coopératif Group, via its two national banking networks, Crédit Coopératif and BTP Banque, and specialist business
line subsidiaries, provides the full range of banking, financial and
technical products and services that companies, general interest
bodies and individual customers expect of a bank, for their operations in France and abroad.
It is also developing specialist expertise and tailor-made solutions with its customers' movements and professional organisations. To cater for their specific characteristics, it has installed
powerful IT systems that can be placed at the disposal of partners, such as the bank's associates, to handle their management
requirements. To guarantee enhanced reliability, the Group has
installed secure equipment and created a business continuity
plan.
1.2.1. Financing
Credit and facilitating access to credit are the core activity of the
Crédit Coopératif Group. The Group's aim is to meet all the requirements of both corporate entities and individual customers
alike. To facilitate access to credit, mutual guarantee mechanisms (specialised guarantee funds, SME-SMI financial cooperatives) are used on a regular basis. Crédit Coopératif Group is also
a partner of French public systems such as PLS (social loans for
rented housing), PSLA (social loans for accessible housing) and
the Fonds de Cohésion Sociale (social cohesion fund) to guarantee micro-loans.
Assignment of receivables is a very common practice, especially
for not-for-profit organisations and the building and civil engineering sector. The completion guarantee offer is highly dynamic, mainly thanks to a highly efficient online management tool.
Equipment leasing
Under the Coopamat brand name, Crédit Coopératif Group offers financing for equipment and vehicle leasing for SME/SMIs
from all sectors, tradespeople and associations. This financing
solution is extremely popular because of the simplicity and
speed with which the arrangements can be put in place, as well
as the flexible rates available. In 2012, equipment leasing production activities stood at €127 million, an increase of 11%
compared with 2011. Property leasing
Crédit Coopératif carries out commercial property leasing activities via its subsidiary, Bati Lease. As the property financing arm
of the Crédit Coopératif Group, now operating under the Crédit
Coopératif Lease brand, Bati Lease offers property financing
services to Crédit Coopératif Group’s market segments in all of
its regions, while Bati Lease Invest offers them rental finance.
Over the course of 2012 Bati Lease continued to work on behalf
of Crédit Coopératif in its core market segment. Despite a difficult economic climate and a fall in business investment levels,
activity remained satisfactory with €172.5 million of financing
agreements granted to 83 companies. In 2013, a close partnership will be developed with the Crédit
Coopératif network as part of a distribution agreement to encourage balanced and shared growth with Crédit Coopératif
branches.
Intercoop is a property leasing company that focuses on commercial property, that is being wound up by Bati Lease. Its activities focus on legacy management and extensions of existing
operations.
1.2.2. Savings and investments
Savings
Crédit Coopératif provides its customers with a full range of
classic savings products (bank savings accounts, registered
home ownership savings plans, term accounts, short-term loans)
together with socially responsible savings products, for which it
is the recognised specialist at national level.
The bank's socially responsible savings products enable savers
who so wish to share some of the interest they receive with
Crédit Coopératif’s partner associations operating in all the social fields (environment, international solidarity, help for people with disabilities, support for renewable energy sources, integration etc.).
Many customers, driven by a desire to secure their finances in a
time of crisis, have decided to save substantial amounts in both
43
With this upward trend and high-quality cooperation between
the bank's professionals and partner association staff, shared
savings products reached a level not seen since the launch of
"Faim et Développement" in 1983, France's first. shared savings
product. Total donations exceeded €5 million in 2012. Crédit Coopératif also has a full range of life insurance investment schemes, with contracts in euros or multi-support contracts, in partnership with the Mutavie (Groupe MACIF) and
Groupe MMA Vie insurance companies.
Asset management
Crédit Coopératif Group's asset management activity continued
to grow in 2012 despite an economic environment that was
once again challenging, with volatile markets, a raft of new finance laws and falling yields on insurance companies' euro assets.
Despite this, the Group maintained strong levels of asset management activity for legally protected adults, like-minded customers and individuals. Furthermore, the progress made in the
business leader segment in 2011 continued in 2012, with the
support of the market divisions and the Crédit Coopératif and
BTP Banque branch networks. The approach taken with the majority of these customers is to help resolve the sheer range of
problems and issues encountered, whether through investments
or investment loans. These products help to develop customer
loyalty, and enable the Group to improve the level of support
that it provides. They generate investment opportunities by releasing liquidity in the form of long-term securities.
In 2012, the Group also overhauled its asset management product offering to include a portfolio management product and investment advice services, as well as SCPI (property investment
trust) shares. These new products and services have been added
to the existing range, including the responsible and socially responsible investment products that are now included in life insurance policies with certain insurance companies through brokerage agreements.
Furthermore, the bank's asset management activities were
closely linked with the project to reorganise the Crédit Coopératif
network, with the aim of bringing asset management teams
closer to their customers and making them better able to meet
their needs.
Financial intermediation
Crédit Coopératif’s financial solidity and its position as a net
lender on the money markets make it a much-sought-after
counterparty on the Paris stock exchange, where it maintains
many active relationships. Its ability to make economic analyses
and evaluate market risks, and the rigorous separation between
its own-asset operations and operations carried out for its customers enable it to operate in the most efficient and secure
manner. This activity is boosted by fact that it shares Groupe
BPCE’s rating.
Its work is built around three main types of services:
• an offer covering investments in certificates of deposit or
negotiable medium-term notes across all maturities. With
the ability to meets its customers’ needs in terms of volume
and maturities, Crédit Coopératif issued negotiable debt securities worth a total of €1.5 billion as at the end of 2012.
• a bond investment offer for the primary and secondary
bond markets. Thanks to the partnership entered into with
medium-sized banks in the UGP (Union de garantie et de
placement), Crédit Coopératif Group participates in most
Paris bond issues, thus providing its customers with special
access to the market.
• an offer covering swaps and rate risk hedge instruments
adapted to suit customer requirements, especially those of
borrowers. This has grown well over the year against a
background of low rates and uncertainty about the future
of rates. The nominal value of interest rate swaps or other
hedging instruments based on interest rates entered into
with customers totalled €275 million in 2012. Third-party asset management
Within Crédit Coopératif Group, third-party asset management
is carried out by a specialist subsidiary, Ecofi Investissements,
which celebrated its 40th anniversary in 2012.
Ecofi Investissements manages investment products and solutions across all asset classes. These are offered to institutional
investors and private individuals via the company's partner distributors and using the Crédit Coopératif and BTP Banque networks. Ecofi Investissements is a pioneer in ethical and socially
responsible finance with 30 years' expertise in this area. It offers
Management report
traditional products managed by a bank with cooperative values,
and in socially responsible products, where they are able to support good causes while still having access to their cash. As such,
2012 was close to a record year for bank savings collections, with
levels rising over 20% among like-minded individual customers. This trend accelerated towards the end of 2012 with an increase
in the ceilings for "Livret A" and LDD accounts.
44
Management report
a full range of UCITS products, including socially responsible
funds, shared funds, socially responsible investment (SRI) funds,
and thematic sustainable development funds, with a strong focus on socially responsible save-as-you-earn schemes. In 2012,
18 of Ecofi Investissements' UCITS funds were awarded the
"Finansol" label, while 10 UCITS funds received the "Novethic
ISR" label – both testament to the quality and transparency of
these funds.
Despite the ongoing economic crisis, the total amount under
management by Ecofi Investissements stood at €6.45 billion at
31 December 2012, a slight increase on the 2011 figure. The value
of monetary UCITS funds fell slightly. This stability was underpinned by a growth in bond UCITS funds – particularly short-
term variants – and in socially responsible and shared UCITS
funds, including those arranged through socially responsible
FCPEs (employee investment funds).
In 2012, two new products were released to respond to changing
economic conditions and meet new customer demands: As a
leader in fixed-income and fixed-term UCITS funds, Ecofi
Investissements expanded its range with the introduction of
Ecofi Sélection Crédit 2015. The second product, Ecofi Patrimoine
Diversifié, builds on Ecofi Investissements' broad range of asset
management expertise working with institutional customers. It
is designed to meet the needs of this customer segment in terms
of diverse investment choices.
Ecofi Investissements: an innovative asset management company
with a rigorous approach to SRI
The overhaul of Ecofi Investissements' socially
responsible investment process (GRI FS1)
In 2012, Ecofi Investissements overhauled its business
analysis and selection process, based on two key
principles:
• consistency with the values of Crédit Coopératif,
such as anti-tax-haven policies and responsible
customer relations
• consideration of potential risk factors, including an
in-depth analysis of controversies in which
businesses have been involved, and greater
weighting assigned to practical, quantitative
indicators that look beyond what companies say. This process is based on extra-financial rating agencies
Vigeo, Sustainalytics and Ethifinance, as well as on
internal SRI research. The new process takes two
forms: a "Committed SRI" filter for the ethical and
socially responsible range and a "Responsible SRI"
filter for the majority of our traditional range. Shareholder dialogue policy (GRI FS5)
Shareholder engagement covers all actions taken by a
company's shareholders to improve its environmental,
social and governance (ESG) practices. This engagement may come in one of two forms:
• participation in General Meetings
• direct dialogue with companies.
An systematic voting policy and an individual and
collective company dialogue process lie at the heart of
the SRI management process. In 2012, Ecofi
Investissements voted at 200 General
Meetings, opposing an average of 38% of
management-proposed resolutions (compared with an
average of 18% among other French asset
management companies).
With respect to shareholder dialogue, Ecofi
Investissements focused on the topic of diversity and
gender equality in 2012. In September 2012, Ecofi
Investissements published a detailed Voting and
Dialogue Report to communicate about its activities in
these areas (FS12). Ecofi Investissements is one of few asset management
companies that reports on the ESG performance of all
companies within its SRI funds. It also reports on the
socially responsible stakeholders financed through its
UCITS funds.
45
GRI benchmark – indicators concerning asset management
Unit
2012
2011
2010
GRI
Percentage of assets
subject to ESG criteria
%
69.9*
75
N/A
FS10
Percentage of
committed SRI funds
in total amount under
management (at
31/12)
%
5.9*
8.5
7.5
FS11
Percentage of
responsible SRI funds
in total amount under
management (at
31/12)
%
64*
70
77
FS11
Exposures from
committed SRI funds
(31/12)
€K
378,949*
550,897
565,464
FS7
Exposures from
socially responsible
funds (31/12)
€K
181,280
153,004
161,163
FS7
Exposures from
finance provided to
approved socially responsible companies
via socially responsible
UCITS funds (at 31/12)
€K
13,360
13,343
11,915
FS7
Number of socially
responsible companies in socially
responsible UCITS
funds
/
53
47
38
FS10
Market share of exposures from socially
responsible UCITS
funds compared with
the Finansol benchmark (open funds and
employee investment
funds)
%
N/A**
6.9
7.9
FS6
Market share of
exposure from shared
UCITS funds compared with the Finansol
benchmark
%
N/A**
43.6
41.6
FS6
Number of the
Group's products approved by Finansol
/
24
24
23
2.10
Number of Ecofi
products approved by
Novethic
/
10
10
8
2.10
The new website (www.credit-cooperatif.coop/particuliers/) allows customers to view their account details online and carry
out transactions, as well as offering opportunities to act in the
interest of a more human economy. It provides practical answers
about how money circulates and Crédit Coopératif's commitments.
As well as launching a new online sign-up service, the bank's ebranch MonCréditCoopératif.coop (www.mon-credit-cooperatif.
coop/), formerly known as Coopab@nque, welcomes new customers and enables the bank to manage its relationships with
individual customers online. It features new contact channels
such as a named customer care adviser, a direct hotline, a callback facility and a secure messaging service. Soon, customers
will be able to sign up for savings products online.
Technological services
* The variations observed in 2012 were due to a more selective process
** Results available for previous year only
1.2.3. Banking services
Crédit Coopératif Group customers have access to all of the classic banking services at rates that put the Group in an attractive
position on the market.
Developing the bank's online business
In line with its policy to boost its presence in the individual banking market, Crédit Coopératif has chosen to reach out to customers through a broader range of channels. As well as its inbranch advisers, all potential new customers can now join the
bank online, irrespective of their location.
The new SEPA (Single Euro Payments Area) system means that all
debit and credit transfers are now being harmonised across 32
countries. As of 1. February 2014, all domestic credit and debit
systems will migrate to the SEPA credit (SCT) and debit (SDD)
systems.
SEPA represents a major challenge for Crédit Coopératif. It already handles SEPA credit and debit payments for all customers
via Coopatrans.
New services were introduced throughout 2012, and these will
be finalised in 2013. This will provide customers with a full range
of services by the 1. February 2014 deadline.
Online banking services are provided through Coop@net and
BTPnet (services that give customers direct, real-time access to
their accounts and the ability to make transactions online, without having to visit a branch), Coopatrans (a secure electronic
payment and statement exchange system), Coopimport (online
letter of credit and bank guarantee application services), and
NetPrélévement (for managing and monitoring draw downs and
outstanding payments).
These services are regularly supplemented with new functionalities, including SEPA transition-related services.
Management report
Description
An improved website dedicated to individual customers was
launched in June 2012. It is simpler, more functional and contains a greater breadth of information.
46
Management report
Services linked to current account management provide added
value: merging accounts, payment of balances, standing orders
in Coop@net and BTPnet for example. Financial cash flow
processing services and payment instruments are provided for
small and large customers alike.
These paperless services are suited to all types of payment method, including cheques, card payments, SEPA debits and transfers,
TIP, TEP, and rollout of the new online card purchase security
system.
In the area of electronic payments, Crédit Coopératif provides
secure systems for payment by bank cards via solutions (the
Cirra and Paybox products) that range from electronic payment terminal equipment to systems adapted to specific activities. Its online payment solution is well suited, amongst
other things, to collecting donations and paying subscriptions.
In 2012, Crédit Coopératif helped its customers to complete the
migration from the Etebac protocol to the new Ebics and Swifnet
protocols, or to file exchange via the secure Coopatrans website.
International operations
Crédit Coopératif is in a position to provide financial exchanges and support its customers’ activities at an international
level. With at its Head Office experts and a worldwide network
of correspondents, it is able to provide a full range of products
and services: currency management, guarantees, standby letters of credit, standard letters of credit, advances in business
currencies, confirmation of export letters of credit, assignment
of receivables against foreign customers and Assurance
Coface services.
Crédit Coopératif possesses an efficient automated management tool and qualified back-offices to process payments to or
from all countries and in more than 100 currencies. For exchanges between European countries, it participates in the Target2 and
EBA settlement systems and is part of the SEPA initiative.
Alongside these financial flow processing services, advisory
services and expertise, Crédit Coopératif develops direct international operations.
Crédit Coopératif develops direct relationships with foreign
banks operating in similar sectors, while drawing on partner networks (Febea, GABV) and other European cooperative and ethical
banks with which it has signed partnership agreements.
Its partnerships with these foreign banks help to further the
cause of the social and socially responsible economies in these
countries. Crédit Coopératif also supports its customers who
wish to set up business, expand or invest abroad.
In 2012, as part of the UN's International Year of
Cooperatives, Crédit Coopératif helped to launch the Global
Development Co-operative Fund, an investment fund for
cooperatives in developing nations. The GDC Fund was created by Co-operative Bank UK, an institution with which
Crédit Coopératif intends to develop closer ties.
GRI benchmark – micro-finance indicators
Description
Unit
2012
2011
2010
GRI
Annual production of personal
micro-credits (Fonds de Cohésion Sociale)
€K
1,405
1,200
1,180
FS14
Annual production of professional micro-credits (France Active)
€K
590
981
N/A
FS14
Annual production of professional micro-credits (ADIE)
€K
2,301
371
N/A
FS14
Number of personal micro-credit partners
/
136
132
126
FS14
Number of share acquisitions in
micro-finance institutions
€K
13
11
7
FS14
Total value of shares acquired in
micro-finance institutions
€K
7,545
6,654
4,524
FS14
Total value of micro-finance
institutions refinancing
€K
17,779
16,879
13,729
FS14
1.2.4. Financial engineering There are specialist departments and companies in the Crédit
Coopératif Group that support companies and associations or
mutual organisations in their operations involving financial restructuring, development and diversification, liabilities management, creation of subsidiaries, transfers, etc.
Equity capital provider
The Esfin-Ides Group provides equity capital for entities in the
social economy, especially cooperatives (Ides) and small and
medium-sized firms in all business sectors (Esfin Participations).
The operations of these companies, which range in value from
€1 to €1.5 million in liaison with the other entities in the Crédit
Coopératif Group and its partners, offer solutions to the problems of company transfer and financing for growth in particular;
they are designed with medium-term objectives in mind in partnership with the shareholders and the management teams of
the structures concerned. 47
Crédit Coopératif, an expert in the micro-finance sector
> International operations
Crédit Coopératif invests in its customers and partners,
all of which are involved in international solidarity or
are experts in this field. SIDI, Entrepreneurs du Monde,
Investisseurs & Partenaires (I&P), FIDES and ADIE
International, meanwhile, are "social promoters" of
projects and providers of responsible micro-finance, in
line with the values of Crédit Coopératif.
Crédit Coopératif currently has €8 million of investment
in 18 organisations in this sector (micro-finance
institutions, companies and investment funds), operating
primarily in rural areas in Eastern Europe and Africa. In 2012, this portfolio was extended:
• via investments in funds: FEFISOL, an innovative fund
that invests in local currencies in Sub-Saharan Africa
to support micro-finance and producers' organisations,
and I&P Afrique Entrepreneurs, an SME and microfinance institution fund in Sub-Saharan Africa
• and directly in FIDES Bank, a micro-finance bank in
Namibia, alongside KfW, Investisseurs et Partenaires
and FIDES, the project operator.
Crédit Coopératif supported the growth of CoopEst, an
investment company that works with financial
institutions in the social economy, including microfinance institutions, in Eastern Europe. CoopEst actively
supports around 30 institutions in eight countries
(Albania, Bulgaria, Kosovo, Lithuania, Macedonia,
Moldova, Poland and Romania).
Building on this success, Crédit Coopératif is currently
developing CoopMed, a similar investment company
that works with organisations in southern and eastern
Mediterranean countries. Finally, Crédit Coopératif works with a range of different
networks, including the European Microfinance
Network, the annual Convergences 2015 Forum and the
European Venture Philanthropy Association.
> Operations in France
Crédit Coopératif supports project initiators through
the provision of micro-credit.
• Personal micro-credit is a French system managed by
Caisse des Dépôts. It involves consumer loans 50%
underwritten by the Fonds de Cohésion Sociale and
aimed at people who are currently being reintegrated
into society or the workplace. The products that Crédit
Coopératif provides to these people are standard loans
(i.e. not special credit mechanisms for "excluded"
people), working with a network of more than 136
local partners including Croix Rouge Française,
Secours Catholique, Missions Locales, the Initiative
France network, Boutiques de Gestion, departmental,
city and regional councils, Restos du Cœur,
Associations Familiales and Régies de Quartiers. • Professional micro-credit, meanwhile, is designed
to support business start-up projects and is based on
a tri-partite relationship between the project initiator,
the supporting network and the bank. Crédit
Coopératif provides support to local stakeholders
working with the beneficiaries. As a partner of ADIE
from the outset, it and has helped to finance more
than 50,500 entrepreneurs. This partnership was
renewed in 2012. Crédit Coopératif is also involved
with France Active Garantie (FAG) and Société
d’Investissement de France Active (SIFA). It is also a
partner of 26 France Active regional funds.
Management report
Crédit Coopératif is a bank with a strong commitment
to the micro-finance sector, both in France and abroad.
Due to its close relationship with NGOs, Crédit
Coopératif has been involved in this sector since the
1980s. Since then, it has developed an active share
acquisition policy in sectoral support bodies and
micro-finance funds, as well as directly in international
micro-finance institutions.
48
Management report
In 2012, Ides invested €2.63 million in 11 plans as well as in
SCOPs, collective interest cooperative companies (SCICs), and
members of retail and trade cooperatives and associations. Ides is a partner of the Future Investment Programme (FIP),
managed by Caisse des Dépôts.
Esfin Participations acquired a capital share in three new companies and stepped up its presence in seven other companies,
representing a total investment of €2.6 million. BTP Capital Investissement, a subsidiary of Crédit Coopératif
Group, is a venture capital company. For almost 40 years, it has
been injecting equity and quasi-equity capital into SMEs in the
building and civil engineering and associated sectors. Its indepth knowledge of the sector has made a recognised player in
its market. It provides long-term support to companies in this
sector, irrespective of the economic conditions, environment and
issues.
Its activities are centred on operations involving LBOs (primary or secondary), development capital, acquisitions of
minority stakes and partial buyouts of majority shareholders. This makes BTP Capital Investissement a preferred partner in the transfer, development or sustainability of SMEs in
the building and civil engineering sector.
It only ever acquires minority stakes, either alone or with investment partners. These investments are long-term (7 years on average) and, in terms of value, range between €75,000 and
€1,500,000. As such, they are accessible to the majority of businesses in the sector. In 2012, shareholding portfolio transactions accounted for total
new investment of €675K and divestiture of €729K, with net
added value of €573K. A total of 47 projects were undertaken.
Five of these are at the advanced study stage or are currently
being finalised. As such, the investment prospects for 2013 are
positive.
Company transfers
with over twenty years’ experience and in-depth knowledge of
the sector.
BTP Capital Conseil consults on aspects relating to business valuation, and also carries out introduction activities, supporting
sellers who have entrusted it with managing their sale from the
introduction of potential buyers through to signature of the final contracts, all in complete confidentiality.
It was in contact with more than 100 entrepreneurs throughout
2012, primarily via the BTP Banque branch network, with the
support of the Fédérations Départementales du Bâtiment, and
also through direct contact channels.
Issue of association securities and bonds
In July 2012, Crédit Coopératif helped one of its association customers, Acted (one of the first French international solidarity
NGOs), to issue association securities. In total, €3.2 million of
association bonds and securities were issued to socially responsible and social investors.
Association securities are a type of bond that allows associations
to boost their equity. They were launched in 1985 but have only
be used on rare occasions, as their potential benefits are largely
unknown. This operation with Acted has drawn interest from
several other associations, who see this as a way to boost their
capital at a time when public grants and subsidies are on the
decline.
1.2.5. Social engineering
Crédit Coopératif provides advice and solutions for those customers who attach importance to their remuneration policy and
the dynamism of their wages policy. In this context, it helps them
to introduce save-as-you-earn schemes in partnership with
Natixis Interépargne, a specialised subsidiary of Groupe BPCE
and the leading provider of save-as-you-earn schemes in France.
Similarly, it offers retirement savings solutions. It also offers endof-career benefit management services. These contracts stem
from the partnership with Assurances Banque Populaire.
BTP Capital Conseil, a subsidiary that is 80% owned by BTP
Banque, is entirely dedicated to the transfer of SMEs in the construction and civil engineering sectors. Where appropriate, it helps customers set up “Compte Epargne
Temps” schemes (time savings accounts) based on a remodelled
product that Interépargne is soon to introduce.
In order to meet the needs of this sector, BTP Capital Conseil
provides its customers with a personal approach that allows
them to benefit from the expertise of a specialist organisation
In 2012, Crédit Coopératif reaffirmed its determination to assist its
customers in their social engineering projects and advised them on
opportunities arising from the French pension reform law.
49
1.2.6. Insurance mediation
Crédit Coopératif acts as an insurance intermediary, offering a
range of insurance products to its customers and members:
• individual customers have access to payment protection
contracts (and the MUTLOG 2021202 group contract in particular) for mortgages, personal loans and consumer loans
• individual customers, protected adults and business leaders
have access to an extended range of insurance products,
both life insurance and capitalisation
• it also offers providential cover, with key person insurance
policies that enable business leaders to ensure the longterm durability of their businesses and organisations
• there are also other means of payment guarantee policies
aimed at individuals, companies and associations.
In order to meet the needs of its members and customers, the
Group is currently looking at ways to harmonise its range of insurance products.
Delegation. Branches are now designed to provide a space that
meets customer expectations, where sales staff listen closely to
customer needs and provide the right advice. The spatial organisation of branches will be reviewed as part of projects launched
in 2013.
The Distribution unit's second task is to look at the multi-channel distribution strategy, to ensure that it reflects specific customer needs and the development model. The ultimate aim is to
achieve consistency across all channels, including online, mobile,
the e-branch and the customer relations centre.
The main goal in this respect is to review the market-specific
distribution policy, the range of existing channels and customer
contact points with Crédit Coopératif, to ensure that these reflect its customer segments and the specific needs of each segment. The objective also involves developing the business by
making it easier for new customers to join the bank and by improving communication with partners.
As well improving physical proximity to our customers, these
new channels and contact points are making it easier for customers to manage transactions remotely. This reflects a genuine
customer need and, in turn, helps to improve our relationships
with our customers as we support their projects.
➔➔1.3. Distribution and quality
1.3.2. Quality and customer relations
1.3.1. Distribution and the "local touch"
Under the French law of 1947 relating to the status of cooperatives, one of the founding principles of a cooperative company is
its duty to improve the products and services that it provides to
its members. For Crédit Coopératif, the drive to deliver an everimproving service to the bank's members and customers therefore comes as second nature.
In 2012, Crédit Coopératif extended its branch network with two
new sites: the Paris Convention and Lyon Part-Dieu branches.
These branches are dedicated to businesses and general interest
bodies. The number of local sites available to customers, members and partners now stands at 73, including the
MonCréditCopératif.coop e-branch and two offices.
In line with its development goals, Crédit Coopératif created a
new Distribution unit in 2012, within its Development Division.
The task of this unit is to conduct a new analysis of the existing
network and identify key locations for the future, in line with the
needs of Crédit Coopératif's different customer segments.
As well as this analysis of the geographical coverage of the network, work has also been carried out on the distribution model,
involving different types of branch. This work has followed on
from the new commercial organisation implemented in the Lyon
In 2012, Crédit Coopératif pursued this objective by implementing action plans targeting the needs expressed by members and customers in satisfaction surveys, at local cooperative
body meetings and through suggested improvements made by
customers and members. These included the introduction of
direct hotlines for corporate entity customers, improved pricing information, an overhaul of the complaint handling process and the launch of a continuous improvement process to
identify and resolve any potential reasons for customer dissatisfaction.
Management report
The 2012 financial year closed with an increase of 11% in the
save-as-you-earn scheme contract portfolio and almost 15% in
the amount of assets. The end-of-career benefit management
portfolio rose by 9% in terms of the number of contracts, and
11% in terms of total exposures managed. 50
Management report
2 / Corporate social responsibility
For 2013, Crédit Coopératif has drawn up a list of key priorities
to improve the service that it delivers:
• a stronger continuous improvement programme through
the Quality and Cooperative Movement Committee (handling customer problems, communication, etc.)
• gradual improvement of customer processes
• regular member and customer satisfaction surveys.
The Crédit Coopératif Group Quality process relies on active contribution from member and customer representatives. Customers
will receive feedback on the complaint handling process and the
Quality process at the General Meetings in spring 2013.
Crédit Coopératif Group therefore has three aims in this respect:
to improve customer and member satisfaction (quality indicators,
loyalty, etc.), to become more effective (compliance, process efficiency, problem resolution, etc.) and to make the work of its employees as easy as possible.
2. Corporate social responsibility ➔➔2.1. Information concerning Crédit Coopératif's
CSR and sustainable development strategy
2.1.1. Benchmark documents
Values and principles
Crédit Coopératif's activities are guided by the seven principles
of the International Cooperative Alliance, which underpin its
activities and inform its corporate social responsibility (CSR)
commitments. These principles are as follows: voluntary and
open membership; democratic member control; member economic participation; education, training and information; autonomy and independence; cooperation among cooperatives;
and concern for community. In France these international principles take the form of specific provisions governing the operation of cooperatives, as set
out in the law of 10 September 1947 regarding the status of
cooperative organisations.
CoopFr, the organisation that represents the cooperative
movement in France, has set out seven values based on the
principles. These values, to which Crédit Coopératif also adheres, are: democracy, solidarity, responsibility, sustainability,
transparency, proximity and service.
Charters, initiatives and memberships
These values and principles are reflected in Crédit Coopératif's
Statement of Principles and Corporate Governance Charter.
Crédit Coopératif's commitments are also outlined in other
specific documents, such as its decision to sign the Charte de
la Diversité (diversity charter) and Ecofi Investissements' position as a signatory to the Principles for Responsible Investment.
Groupe BPCE (Crédit Coopératif is a BPCE parent company) is
also a signatory to the United Nations Global Compact, demonstrating its commitment to adopt, support and apply human rights principles and labour, environmental and anticorruption standards.
Crédit Coopératif is a member (and in some cases a founder)
of several initiatives designed to promote the cooperative
model and the other aspects outlined above.
It has been a founding member of FEBEA (European Federation
of Ethical and Alternative Banks) since 2001. FEBEA's primary
mission is to develop ethical and socially responsible finance
in Europe. FEBEA launched Europe Active, a project that highlights the major impact of social inclusion policies on employment and business creation across the European Union, and
the need for a favourable environment in which businesses
can grow and secure funding through the alternative finance
sector.
In global terms, banks of all shapes and sizes have been united
since 2009 within the GABV (Global Alliance for Banking on
Values). These banks have adopted a set of six principles, with
the aim of unifying their activities in pursuit of a more ethical
and sustainable banking model:
1.Triple bottom line approach (humanity, the environment
and transparency) at the heart of the business model
2.Grounded in communities, serving the real economy and
enabling new business models to meet the needs of both
3.Long-term relationships with clients and a direct understanding of their economic activities and the risks involved
4.Long-term, self-sustaining, and resilient to outside disruptions
5.Transparent and inclusive governance
6.All of these principles embedded in the culture of the bank.
51
GRI benchmark – indicators concerning participation
in public policy development and lobbying
Description
Unit
2012
2011
2010
GRI
Alliance Coop Internationale and AIBC
€K
47.6
47.7
54
4.13
CoopFr
€K
52.8
50
47.9
4.13
Global Alliance for Banking on Values
€K
25
/
/
4.13
FEBEA (European
Federation of Ethical and
Alternative Banks)
€K
30
30
35
4.13
Significant public grants
and assistance received
€K
0
0
0
EC4
As the bank of choice for the social and socially responsible
economy, Crédit Coopératif makes a contribution to legal and
regulatory developments relating to this sector, and in particular to the preparation of the future French Social Economy
Law, scheduled for adoption in 2013 (GRI SO6).
CSR governance and implementation
In 2012, Crédit Coopératif's Management adopted a number
of CSR and sustainable development strategies and proposed
programmes, which were subsequently presented to the Board
of Directors. These issues will now appear on the agenda of a
Board meeting on an annual basis.
Crédit Coopératif considers the positive and negative impacts
of its activities, and its associated responsibilities, in its dayto-day banking activities and in its role as a cooperative company (GRI EC9). The bank's CSR guidelines are informed by the
recommendations of standard ISO 26000. They are based
around three principles:
• To exercise our banking activities in a manner that helps to
promote sustainable development
• To build trust and harmonise our commitments
• To adapt our corporate practices.
As an intermediary between savers and project initiators,
Crédit Coopératif has an inherent responsibility when it comes
to social issues due to the impact of its funding activities. As a
company, it also has to consider its direct impacts, particularly
in social and environmental terms.
A market-based approach
Crédit Coopératif operates in an environment marked by drastic economic, social and environmental changes. Its goal is to
help deliver the transitions needed, while seizing the opportunities that arise from these changes by closely monitoring the
types of business and project that it funds, providing a tailored
offering, and adopting responsible banking practices (GRI EC9).
The banking environment is affected by a number of important trends: • social imbalances caused by excesses in the market economy and its increasing financialisation • limited natural resources, fluctuating energy prices and global warming • the impact of these threats and opportunities on customers' activities, and the associated repercussions for their
banking risk profiles
• changes to international and French laws and regulations
governing banking activities.
A risk-based approach
As well as considering the various types of banking risk that
exist, Crédit Coopératif's vocation and the nature of its business mean that it has to pay special attention to societal risks
and adopt a sustainable approach to its operations (GRI DMA
Economy). The general interest principle and, to a certain extent, the precautionary principle (GRI 4.11) are taken into account when selecting and developing new customer segments
(GRI DMA Society), and when marketing a new product or ascertaining that the right balance between customer requirement and understanding has been achieved (GRI DMA Product
Responsibility). As the majority of Crédit Coopératif's business
is located in France, it addresses the issue of human rights
through its responsible purchasing practices, with work ongoing in this area (GRI DMA Human Rights).
A corporate practice-based approach
Crédit Coopératif intends to continue incorporating CSR considerations into its human resource management processes,
with the aim of strengthening social cohesion and developing
an internal culture of sustainable development (GRI DMA
Management report
Crédit Coopératif applied successfully for admission to the
GABV in 2012 and is involved in several of the network's
programmes. Prior to its admission, it had already contributed to a comparative study between members of the alliance and so-called Global Systemically Important Financial
Institutions (GSIFIs), entitled "Strong and straightforward:
The Business Case for Sustainable Banking"). The GABV has
set itself ambitious objectives, raising an investment fund of
€250 million to boost the equity of sustainable banks and
enable them, in return, to lend €2 billion to communities,
individuals and environmental projects. The GABV's goal is
to touch the lives of a billion people with sustainable banking by 2020.
52
Management report
Labour Practices). In terms of the environment, an outline action plan to deploy existing initiatives and manage the direct
impacts of these initiatives more effectively was adopted in
2012 (GRI DMA Environmental Performance).
2.1.2. Crédit Coopératif Group stakeholders
Identification of stakeholders and relationships with
them (GRI 4.14 and GRI 4.15)
Crédit Coopératif's key stakeholders are its member companies and employees. These stakeholders are represented at
various levels of its governance structure, in a manner that
exceeds legal obligations. These include resources dedicated to
local cooperative movements, employee representatives sitting on the Board of Directors, and four employee-elected directors. Within Crédit Coopératif, there exists a tri-partite relationship between the bank, the customer and the customer's
partner movement. This relationship is the key vehicle through
which dialogue is engaged and the bank listens to its customers' needs to create a suitable range of banking products and
services.
A broader, second circle of stakeholders also exists, including
suppliers and service providers, other banks, supervisory authorities, international organisations and civil society groups. Crédit
Coopératif engages in constructive dialogue with all of these
stakeholders. It plays an active role in sustainable finance implementation projects (the Convergences 2015 Forum, Pôle Finance
Innovation, Club Finance de l’ORSE, etc.) (GRI 4.16).
Key topics and concerns that have been raised through
stakeholder engagement (GRI 4.17)
As a cooperative bank, Crédit Coopératif's ongoing objectives
are to improve the quality of its services (see dedicated section) and listen to the needs of its customers and members, as
expressed through satisfaction surveys, at local cooperative
body meetings and through its complaints handling process.
Sustained pressure on banks from civil society and public authorities continued in 2012, in a difficult economic climate.
The Group has made every effort to respond to this pressure in
an open and effective manner.
Internally, one of the key concerns raised by stakeholders related to employees' material labour conditions and customer
service in the branch network. In 2012, a total of €16 million
was assigned to network real estate renovation work. This programme of work included a focus on occupational risks.
Commitments to stakeholder communities
Alongside its commercial activities, Crédit Coopératif provides
financial support, and human and material resources, to
projects and organisations that help to build a more harmonious society (education and research, health, integration, environment, housing, international solidarity, social economy,
socially responsible finance, micro-finance, philanthropy, etc.).
In 2012, Crédit Coopératif allocated some €3.2 million to patronage activities (direct or through the Crédit Coopératif
Foundation), non-commercial partnerships and staff time. It was also able to allocate €4.9 million of donations to similar
projects and organisations through fund collection from its
customers' sharing products. Details of these activities are
outlined in the Group's institutional brochure, which can be
viewed on the Crédit Coopératif website.
Details of the direct action taken by the Crédit Coopératif
Foundation can be found on the dedicated web page at: www.
credit-cooperatif.coop/fondation/
The positive economic impacts of the Group's commercial activities are described in the Chairman's Report.
➔➔2.2. Labour relations information
2.2.1. Information concerning labour relations within
the company
The following information concerns employees of the Crédit
Coopératif UES (Crédit Coopératif, BTP Banque and Ecofi
Investissements), all of whom are located in France.
2.2.1.1. Developing a Career and Skills Management process
The Crédit Coopératif Group places special emphasis on ensuring that is has the right number of staff in the right place. It
has developed a career management programme to help its
employees manage progress and develop in network and support roles. By systematically raising awareness among employees of vacancies and staging interviews initiated by
Human Resources Managers who travel throughout the network, we have been able to identify and encourage internal
mobility between roles and geographical locations. The
Group's continued growth in 2012 resulted in a net increase of
enrolled staff of 62. The total headcount at 31 December 2012
was 2,058 employees.
53
The number of staff on apprenticeship and intern contracts rose,
with 50 such contracts introduced in 2012. In total, 60% of these
apprentices were hired at the end of their apprenticeships, almost all of these in sales roles. A "skills transfer" training programme was launched in 2011 and repeated in 2012, with more
than 65 tutors receiving training. GRI benchmark – indicators concerning employment
Description
2012
2011
enrolled
staff
2,058
1,996
2,004
LA1
Number of employees on
temporary contracts
enrolled
staff
0
1
6
LA1
Number of employees on
fixed-term contracts
enrolled
staff
140
119
138
LA1
Total workforce employed
by the organisation at 31/12
(UES, excluding seasonal
workers)
Unit
2010
GRI
Percentage of women
%
59.67
59.32
58.33
LA1
Percentage of men
%
40.33
40.68
41.67
LA1
Percentage of bank staff
%
45.72
46.64
45.86
LA1
Percentage of executives (all
classifications)
%
54.28
54.16
54.14
LA1
Total number of new
employee hires
enrolled
staff
323
293
309
LA2
Total number of employees
who left the organisation
enrolled
staff
261
301
273
LA2
Of which retirees
enrolled
staff
39
47
47
LA2
Of which dismissals
enrolled
staff
4
9
7
LA2
Of which resignations
enrolled
staff
39
50
41
LA2
Of which total number
of men
enrolled
staff
74
107
90
LA2
Of which total number of
women
enrolled
staff
187
194
183
LA2
Of which number of employees under the age of 30
enrolled
staff
136
162
152
LA2
Of which number of employees over the age of 50
enrolled
staff
49
71
61
LA2
Average workforce service
length
years
11.81
12.05
12.01
LA2
Allocation to social benefit
schemes (Works Council
budget)
€K 3,274
4,030
3,755
LA3
2.2.1.2. Improving skills through training and real-life practice
The 2012 Training Plan comprised several key stages:
• assisting staff with IT changes and upgrades (CRM, changes
to electronic payments, FICP reminders, changes to
NetPrélèvement, simplified new customer sign-up procedure)
• providing managerial practice training to all managers
• supporting staff through the new commercial organisation
arrangements at the Lyon and Grenoble branches.
The aim of the Training Plan is to combine individual training
with a collective element designed to meet the company's
skills development needs. This is reflected in the introduction
of personalised training programmes that cover our core business requirements.
The GPEC (Future Career and Skills Management) project continued in 2012. Having prepared the network business line
skills benchmark documents in 2011, the HR Division continued its work in this area in 2012 for the bank production business lines. The skills benchmark documents set out the expected skills within each business line. They help to give staff
a clear picture of what the company expects from them and
help them to identify potential mobility opportunities. They
are also used at skills appraisal interviews and to help identify
support needs.
Skills appraisal interviews are conducted using an electronic
document. In total, 95% of staff had such an interview with
their manager. With this high feedback rate, it is possible to
identify training requirements and career and geographical
mobility wishes.
Management report
The number of staff on fixed-term contracts rose by 20%. This
substantial increase, mainly concerning recruitments at the end
of 2012, reflected the Group's desire to promote internal mobility
(vacant posts due to internal mobility, pending final appeal). The
number of fixed-term employments to cover for maternity leave
or increased workload remained stable (up 3% for the first reason
and up 4% for the second). In total, 322 new staff were recruited
in 2012 (compared with 293 in the previous year) and 48 employees were moved from fixed-term to permanent contracts (compared with 37 in 2011).
54
Management report
2.2.1.4. Salaries policy
GRI benchmark – indicators concerning training
Description
Unit
2012
2011
2010
GRI
received training
enrolled
staff
N/A*
1,782
1,520
LA10
Number of bank staff having
received training
enrolled
staff
N/A*
769
643
LA10
Number of executives having
received training
enrolled
staff
N/A*
1,013
877
LA10
Total number of hours devoted to staff training
hours
N/A*
55,949
54,252
LA10
Average hours of training per
year per employee
hours
N/A*
31.4
35.7
LA10
year per executive
hours
N/A*
30
35
LA10
year per member of bank staff
hours
N/A*
25
34
LA10
enrolled
staff
N/A*
85
36
LA11
Number of hours assigned
to the DIF (Right to Individual
Training) scheme
hours
N/A*
1,711
857
LA11
% of qualified annual appraisal interviews conducted
%
95
91
71
LA12
Number of beneficiaries of
the DIF (Right to Individual
Training) scheme
* Results available for previous year only
2.2.1.3. Occupational risk prevention
In 2011, a joint assessment of psychosocial risks was initiated.
This assessment is overseen by a joint committee, comprising
members of Management, the social/medical department and
staff representatives from the Works Council and the Health,
Safety and Working Conditions Committee (CHSCT). The assessment is being conducted by a specialist firm (GRI LA8). It
involves three distinct phases:
• an initial round of exploratory interviews with a representative sample of employees
• an IT-based questionnaire for all employees in the UES, with
a 62% response rate • in-depth interviews to gain further insight, based on the
initial results of the questionnaire.
The assessment was completed in early 2012. It provided a
better overview of risk factors within the Group. Work is now
underway on preparing and implementing a prevention plan
(GRI LA9).
GRI benchmark – indicators concerning occupational health
and safety
Description
Number of work-related
accidents and travel-related
accidents
Number of days' absence linked
to work-related accidents and
travel-related accidents
Unit
2012
2011
2010
GRI
/
23
36
72
LA7
days
538
348
636
LA7
Occupational illness rate
%
0
0
0
LA7
Absence rate for work-related
accidents
%
0.08% N/A
N/A
LA7
Absence rate for travel-related
accidents
%
0.05% N/A
N/A
LA7
Number of working days lost
through illness
days
14,782
11,499
11,370
LA7
/
0
0
0
LA7
Number of deaths due to workrelated accidents or occupational illnesses
As in previous years, provisions negotiated within the Banque
Populaire business were also applied within the Crédit
Coopératif Group.
A universal pay rise was awarded in March 2012, covering
all employees with a gross salary below €60,000 full-time
equivalent. As well as this national measure, 2012 also saw other salary
changes, such as the simultaneous triggering of both shareholding and profit-sharing, as well as matching contributions
paid on amounts invested in the two save-as-you-earn
schemes (PEE and PERCO). In the middle of the year, individual salary increases were brought in, along with an exceptional
salary agreement that saw almost all employees in every
category awarded an increase, except for the very highest
earners. GRI benchmark – indicators concerning the salary policy
Description
Unit
2012
2011
2010
GRI
Ratio of standard entry level wage
compared to national minimum
wage
%
113.35
105.12
N/A
EC5
Coverage of the organization's
defined benefit plan obligations
%
100
100
100
EC3
Basic monthly salary, full-time nonexecutives, men
€
2,290
2,226
2,163
LA14
Basic monthly salary, full-time nonexecutives, women
€
2,282
2,163
2,160
LA14
Basic monthly salary, full-time
executives, men
€
4,792
4,685
4,683
LA14
Basic monthly salary, full-time
executives, women
€
3,959
3,807
3,813
LA14
Number of women having received
a salary adjustment in line with
gender equality requirements
/
373
0
N/A
LA14
Pay scale (highest 10% / lowest 10%) /
4.84
4.22
N/A
LA14
Pay scale (highest 10% / lowest 10%)
/
16.8
18.5
N/A
LA14
received an individual pay rise (as a
% of total enrolled staff)
%
20.99
22.60
N/A
LA14
Total amount of bonuses and
variable remuneration
€K 3,405
2,331
N/A
LA14
Number of employees receiving
90% of all bonuses and variable
remuneration /
915
882
N/A
LA14
Commission: average annual
proportion of variable part in the
network (in salary months)
%
0.50
0.32
N/A
FS15
55
2.2.1.5. Equality, diversity and equal opportunity
GRI benchmark – indicators concerning non-discrimination in
the workplace
With respect to its gender equality policy, the Group's workforce
Description
Unit
2012
2011
2010
GRI
comprised around 60% women (80.6% among bank staff and
Percentage of branches managed by
a woman (Crédit Coopératif and BTP
Banque)
%
19.15
18.95
18.94
LA13
Percentage of women on the Management Committee
%
0.00
0.00
14.2
LA13
The Group is continuing to pursue its ambition to increase the per-
Percentage of total male workforce in
executive roles
%
78.07
78.45
78.20
LA13
centage of women among its executives. In 2012, this ambition
Percentage of total female workforce
in executive roles
%
38.19
37.50
36.95
LA13
Salary ratio (women to men) in nonexecutive roles
/
1.00
0.97
1.00
LA14
Salary ratio (women to men) in
executive roles
/
0.83
0.81
0.81
LA14
55.49
N/A
LA13
41.99% among executives) at the end of 2012.
was supported through direct recruitment, with women accounting for 51% of new recruits and 58% of promotions to executive
roles. Similarly, in 2012, 373 women benefited from a gender
equality salary adjustment. At present, the average monthly sala-
Average age of Management Committee members
years
55.50
Percentage of employees holding
foreign citizenship
%
2.04
2.00
1.84
LA13
Percentage of employees under the
age of 30
%
21.97
20.99
22.85
LA13
Percentage of employees aged
between 30 and 50
%
49.85
50.50
48.85
LA13
Percentage of employees over the
age of 50
%
28.18
28.51
28.29
LA13
Number of disabled employees
/
68
78
62
LA13
Total percentage of employees with
a disability (excluding reduction and
ESAT training centres)
%
3.22
3.53
3.08
LA13
ment makes the following provisions:
Total percentage of employees with
a disability (including reduction and
ESAT training centres)
%
4.25
4.61
3.90
LA13
• a recruitment plan
Total number of incidents of discrimination and corrective actions taken
/
0
2
N/A
HR4
ries (full-time equivalent) for women are equal to or higher than
those for men in 11 of our 16 classification levels.
In 2011, Crédit Coopératif signed a professional integration
and job retention agreement for disabled people within Groupe
BPCE. This agreement continued in 2012. It covers a three-year
period, from 1. January 2011 to 31 December 2013. The agree-
• a professional integration and training plan
• collaboration with the protected persons sector
• awareness-raising, communication and training campaigns
2.2.1.6. Collective bargaining
Through negotiations with social partners, Management
signed two agreements with the majority of the representa-
• a dedicated structure and ring-fenced resources.
tive union organisations in 2012. The following measures have
In 2012, the Mission Handicap campaign continued its work on
been introduced:
a range of activities to improve job retention among disabled
• An agreement to supplement the existing collective retire-
people. These included providing workstation layout advice and
ment savings scheme (Plan d’Epargne Retraite Collectif), in
conducting workplace situation studies and assessments, with
line with the Group's desire to encourage saving among its
the support of a specialist association. It also conducted disa-
staff. The savings payments arrangements are based on the
bled worker recognition campaigns, working in conjunction
employee's remuneration and are designed to favour those
with the Crédit Coopératif social services department.
with the lowest earnings.
• The universal salary increase agreement mentioned in para-
Crédit Coopératif is a signatory to the Charte de la Diversité (di-
graph 2.2.2.4.
versity charter). The company is dedicated to respecting and pro-
Furthermore, negotiations on trade union rights continued in
moting its commitments as set out in this charter, particularly
2012 and led to the submission of an agreement, in early 2013,
with respect to recruitment and career management – aspects
to representative union organisations for their approval and
which it views as key areas for progress.
signature.
Management report
• a job retention and career management plan
56
Management report
GRI benchmark – indicators concerning the relationship
between Management and employees
Description
Unit
2012
2011
2010
Percentage of employees covered by
collective bargaining agreements %
100
100
100
GRI
LA4
Minimum notice period(s) regarding
significant operational changes
days
14
14
14
LA5
Percentage of total workforce
represented in joint managementworker committees
%
100
100
100
LA6
Number of collective agreements
signed during the financial year /
2
3
10
LA7
2.2.2. Social utility of banking activities
Financial services tailored to specific customer types As well as Crédit Coopératif's major role in micro-credit in
France and micro-finance abroad (see p.47 - GRI FS14), the
Group has also developed specific services and expertise that
enable it to serve socially useful sectors. The majority of its
products and services are designed in conjunction with the
leaders of networks and movements that represent these sectors (GRI FS15).
GRI benchmark – indicators concerning financing activities in
socially useful sectors Description
Unit
2012
2011
2010
GRI
/
756
781
N/A
FS7
€K 79,588
74,630
70,857
FS7
Number of cultural companies
and associations as customers
/
9,463
9,264
N/A
FS7
Exposures from medium- and
long-term loans to the cultural
sector (at 31/12)
€K 30,213
22,000
N/A
FS7
Number of customers in the
health and social care sector
/
6,748
6,594
5,401
FS7
Number of customers in the social
housing and very simple social
housing sector
/
1,360
1,348
1,345
FS7
Number of social loans for rented
housing (PLSs)
/
23
15
16
FS7
Exposures from social loans for
rented housing (PLSs)
€K 153,574
167,000
135,000
FS7
Estimated market share in the fairtrade sector
%
52.5
50
N/A
FS7
Number of Astel cards (for legal
guardianship customers)
/
49,601
43,002
N/A
FS7
Number of customers in the
associated tourism sector
Exposures from medium- and
long-term loans to the associated
tourism sector (at 31/12)
Financial services for all regions
Although the network covers the whole of France, it is nevertheless a relatively small network, with Crédit Coopératif
branches all located in city centres. The bank acts in the regions through the finance it provides to regional players
such as local authorities, social housing and very simple
social housing organisations, semi-public companies, local
public companies and integration organisations. Generally
speaking, the social economy has proven that it is more resilient to relocation phenomena. Furthermore, the Group is
continuing its efforts to make its branches more accessible
to people with reduced mobility.
GRI benchmark – indicators concerning financing activities in
the local sector Description
Unit
2012
2011
2010
GRI
Total annual production
concerning finance for the
local public sector
€K 324,900
268,914
N/A
EC8
concerning finance for public-private partnerships
€K 14,804
9,067
28,439
EC8
social housing sector
€K 100,080
53,731
N/A
EC8
social economy sector (as
defined by INSEE)
€K 394,853
390,076
N/A
EC8
Percentage of all branches
accessible to people with
reduced mobility
%
44,5
42
N/A
FS13
Useful, innovative and socially responsible financial
services
One of the major innovations in 2012 was the Agir account, a
deposit account that allows customers to allocate the value of
their deposit to one of three activity sectors: "Agir pour la
planète" (the environment), which covers renewable energies,
eco-businesses, energy efficiency projects and environmental
protection organisations; "Agir pour une société plus juste" (a
fairer society), which covers disabilities, support for vulnerable
people, projects aimed at children and the elderly, social housing, universities and research; and "Agir pour entreprendre
autrement" (different powers of action), which covers inclusion, fair-trade and cooperatives. The Agir account is the latest
addition to a range of "Agir pour une économie plus humaine"
products, based on the principles of socially responsible finance and savings.
GRI benchmark – indicators concerning socially responsible
and tacked products Description
2012
2011
2010
GRI
Socially responsible sharing
savings collected (exposures)
Unit
€K 493,957
415,260
351,000
FS7
Total donations made since the
creation of sharing products
€K 47,863
42,815
38,967
FS7
Exposures from the Agir
account (at 31/12)
€K 13,828
/
/
FS7
The "CVTC-Change solidaire" is a voluntary contribution of
0.01% on the value of currency transactions that the bank
handles on its own behalf or on behalf of its customers. This
57
Human rights vigilance
Crédit Coopératif makes every effort to ensure that the finance it provides cannot be used to fund or underwrite blatant infringements of human rights. Although its exposure to
this type of activity is low in France, due to the nature of the
business, the bank pays close attention to this issue when
making decisions about operations abroad (GRI HR1 and GRI
FS11).
➔➔2.3. Environmental information
Crédit Coopératif approaches the issue of environmental responsibility in two ways. Firstly, it finances environmental projects and
eco-businesses through a dedicated selection policy and a range of
specific products and services. Secondly, it attempts to mitigate the
direct environmental impacts of its internal corporate practices.
2.3.1. Considering the impacts of financing activities
Crédit Coopératif's environmental policy is based on a clear
desire to support those sectors that make a positive environmental contribution, to promote and encourage best practice,
and to adopt a vigilant approach to the projects that it finances (GRI FS8).
Targeted customers and dedicated products and services
Over many years, Crédit Coopératif has developed in-depth
expertise and a range of products and services to support the
transition towards a more environmentally friendly economy:
• providing finance for stakeholders directly involved with
the environment: renewable energies, eco-businesses,
recycling, energy efficiency, environmental protection
associations
• promoting assessment programmes in partnership with
expert bodies: Carbone INDDIGO assessment, 123Environnement environmental certification, etc. • providing finance to collective and individual eco-housing
projects
• introducing investment and savings products to support
these activities
• introducing sharing products to support environmental associations.
Individuals are able to benefit from eco-housing loans, with
interest rates and terms adjusted according to the environmental quality of the property concerned (bioclimatic aspects
and quality of materials) and an "overall cost" approach (adjustment of the maximum loan amount or repayment term
according to annual energy consumption, in kWh/m2/year
(GRI FS5).
GRI benchmark – indicators concerning environmental
financing activities
Description
Total shareholdings in companies in the environmental
sector
Number of eco-loans to corporate entities
Unit
2012
2011
2010
GRI
€K 471
587
301
FS8
/
186
190
34
FS8
Exposures from eco-loans to
corporate entities
€K 93,751
66,117
2,701
FS8
Exposures from loans to
stakeholders in the renewable
energies sector
€K 403,820
395,000
85,157
FS8
Exposures from finance to
general interest bodies in the
environmental sector
€K 9,137
9,399
5,152
FS8
Percentage of total finance to
the energy sector allocated to
renewable energies
%
97.1
N/A
N/A
FS8
Number of sustainable
development savings accounts
at 31/12
/
47,784
45,784
N/A
FS8
Exposures from sustainable
development savings accounts
at 31/12
€K 191,236
155,427
146,625
FS8
Exposures from individual ecoloans at 31/12, excluding EcoPTZ (interest-free eco-loans)
€K 35,834
24,057
N/A
FS7
Exposures from Ecofi sustainable development UCITS
funds (at 31/12)
€K 27,091
23,511
23,022
FS8
Donations from customers
and Crédit Coopératif from
socially responsible products
to environmental bodies or
networks
€K 971
968
652
FS8
Multiple partnerships
Crédit Coopératif is a member of several organisations in the
renewable energy sector, including the Syndicat des Énergies
Renouvelables (renewable energy board) and Observer. It holds
a directorship in Enercoop SCIC, a 100% green energy supplier. It has recognised expertise in the sector, as a signatory to the
first European Investment Fund (EIF) agreement to provide finance to eco-innovation projects. Alongside Orée, Crédit
Coopératif is a partner of the French Ministry of the
Environment, Sustainable Development and Energy's "Prix
Management report
contribution is donated to GERES (Groupe Energies
Renouvelables, Environnement et Solidarités – renewable energy sources, environment and solidarity group). Crédit
Coopératif covers the cost of this contribution itself, with no
impact on the exchange rates offered to customers on these
transactions.
58
Management report
Entreprises et Environnement" (enterprise and environment
awards), which are awarded each year at the Pollutec trade
fair.
Gradual application of ESG (Environment, Social and
Governance) criteria––
As part of its tracking and transparency commitment, Crédit
Coopératif took part in the first initiative launched by Utopies
and Friends of the Earth. The purpose of this initiative was to
provide a mechanism whereby personal customers could calculate the CO2 emissions generated by their savings. The calculator is available at: www.epargneclimat.fr/. In 2011 and
2012, it took part in implementation projects addressing the
complex issue of how to measure emissions caused by financing activities (GRI EN26).
sectors that make a positive contribution and demonstrate
Impact on biodiversity and the natural environment
Crédit Coopératif has demonstrated a clear desire to prioritise
best practice through its products and services. The Group's
potential indirect impacts, through its financing activity, are
complex and, as such, are particularly difficult to analyse. This
is further complicated by a series of interwoven technical,
economic and social phenomena, and a lack of adequate
measurement tools. The Group nevertheless remains attentive
to this issue, as demonstrated by its decision to engage with
or avoid certain sectors (GRI EN6).
It is also careful to ensure that the recipient or beneficiary of
The majority of Crédit Coopératif sites are located in urban
areas, mainly in city centres. The Group's activities therefore
have a relatively minor impact on biodiversity as none of its
branches are located in protected areas such as Nature
Reserves. Furthermore, the location of Crédit Coopératif's
branches does not provide an accurate reflection of its commitment to regional equality – a commitment that it supports
through local partnerships.
its finance does not pose a demonstrable environmental or
social risk. This care and attention informs every stage of the
process, from initial project instruction to the final finance decision. Work is now underway to formalise this approach, to
clarify certain rules concerning sensitive sectors that are unrepresented or under-represented in the business, and more
generally to improve the way in which ESG risks are considered in the risk management process (GRI FS1, GRI FS3, GRI
FS2).
GRI benchmark – indicators concerning biodiversity
and the natural environment
Unit
2012
2011
2010
GRI
Number of branches located in
nature reserves
Description
/
0
0
0
EN11
Number of branches in rural
areas
/
0
0
0
EN11
Number of branches in sensitive urban zone (ZUSs)
/
2
2
2
EN11
Number of ecosystem protection or restoration projects
supported
/
14
16
13
EN13
2.3.2. Direct environmental impacts and
impact reduction activities
2.3.2.1. Impacts
The Group continues to report on its resource consumption,
and is working to organise its reporting in this area. This is
essential to the Group's ability to measure and reduce the di-
The Group's main impact on biodiversity is therefore indirect
in nature, through its finance activities. In short, Crédit
Coopératif is able to take action on biodiversity through its
products and services, and by analysing the profile and practices of its counterparties (GRI EN14).
rect environmental impacts of its activities. Similarly, it is of-
Furthermore, Crédit Coopératif has launched or maintained 14
partnerships with ecosystem protection and restoration bodies. At present, there is no reason to adhere strictly to the
Equator Principles, given the size and location of the projects
that the Group finances, the majority of which are governed
by French law (GRI EN12).
coming years in both its financial and extra-financial report-
ten difficult to isolate costs and investments connected specifically with environmental protection, such as those included
in property renovation operations. Nevertheless, the Group
will attempt to assess these impacts more effectively in the
ing (GRI EN30).
Between 2010 and 2012, the Group moved its Head Office to
two temporary backup sites and, as such, it was unable to
measure energy and fluid consumption levels effectively.
59
follows: 880 tCO2eq for staff transport and 800 tCO2eq for visitors and incoming goods transportation (GRI EN29).
Description
Unit
2012
2011
2010
GRI
Quantity of paper consumed
tonnes
186
187
183
EN1
/
1,953
2,043
3,015
EN1
m3
N/A
N/A
8,369
EN1
Description
Unit
2012
2011
2010
GRI
EN2
Scope 1 of the Carbon Assessment (tCO2eq)
tCO2eq
N/A
1,295
N/A
EN16
Scope 2 and 3 of the Carbon
Assessment (tCO2eq)
tCO2eq
N/A
15,585
N/A
EN17
Reductions achieved through
voluntary initiatives to reduce
greenhouse gas emissions
tCO2eq
578
N/A
N/A
EN18
Number of ink and toner cartridges
consumed
Total water consumption
GRI benchmark – indicators concerning greenhouse
gas emissions
Total amount of recycled paper
purchased, out of the total amount
of paper purchased (in tonnes)
tonnes
Volume of electrical and electronic
equipment (WEEE) collected
tonnes
Volume of waste recycled
tonnes
211
88
77
EN22
Volume of waste produced
tonnes
N/A
N/A
N/A
EN1
Total energy consumption for heating
kWh
N/A
N/A
N/A
EN4
Total energy consumption for
cooling
kWh
N/A
N/A
N/A
EN4
2.3.2.2. Impact reduction activities
Estimated energy saved due to
conservation and efficiency improvements
kWh
N/A
N/A
N/A
EN5
An analysis of the results of the greenhouse gas emissions
assessment has revealed those areas where improvement is
required, and as such the Group has set a target to reduce its
emissions by 5% by 2015. This will involve reducing the energy
consumption of its buildings, emissions produced through
employee travel, and paper consumption. 0
10
0
N/A
0
N/A
EN22
Total expenditure on water
€K N/A
N/A
N/A
EN8
Total expenditure on natural gas
€K N/A
N/A
N/A
EN3
Total expenditure on domestic
heating oil
€K N/A
N/A
N/A
EN3
Total expenditure on electricity
€K N/A
N/A
N/A
EN3
The electricity that the Group consumes is produced from undifferentiated sources (GRI EN4). Other than at Head Office, water consumption is divided into multiple small units across the country. As such, it
is difficult to achieve genuine economies of scale over water consumption. Energy resources (gas, fuel oil, water, cooling and heating)
are partially monitored, but resource consumption is gradually becoming more centralised through the introduction of common administrative management, multitechnical maintenance and reorganisation of the purchasing function.
Greenhouse gas emissions
Pursuant to article 75 of the Grenelle Law, Crédit Coopératif
conducted a new assessment of its greenhouse gas emissions
in 2012, including its three main subsidiaries in the scope of
this assessment.
The assessment was conducted using a Groupe BPCE tool designed in conjunction with Carbone 4. It covers direct emissions
and emissions connected with energy consumption, as well as
certain types of indirect emissions connected with purchasing,
assets, and employee and visitor travel.
The figure for 2011 stood at 16,880 tonnes of CO2 equivalent
(tCO2eq), but this figure cannot be compared with the result of
the previous assessment in 2008 (14,000 tonnes) due to changes
in the methodology and the temporary move from the Nanterre
Head Office during renovation work. Transport-related emissions accounted for around 10% of the total, broken down as
GRI benchmark – indicators concerning greenhouse gas
emission reduction activities
Description
Unit
2012
2011
2010
GRI
Number of sites with videoconferencing facilities
/
4
0
0
EN7
Number of sites with environmental certification
/
1
0
0
EN7
Number of sites with an employee
transport plan (PDE)
/
0
0
0
EN7
Number of branches in protected
areas or biodiversity-rich areas
/
0
0
0
EN11
Number of dedicated sustainable
development staff (FTE)
/
2
2
2
EN30
Property renovation work
The main initiative that has enabled Crédit Coopératif to reduce its carbon emissions is the renovation of its Head Office,
which was completed in 2012 (GRI EN7). The building has received high environmental quality certification ("NF Bâtiments
Tertiaires associé à démarche HQE" and "HPE Phase réalisation
pour l’opération de restructuration du siège"), having been
awarded a very high energy performance label ("Très Haute
Performance Energétique" or THPE) (RT2005).
Based on estimated energy consumption of the old building
standing at 230 kWh/m2/year, and the theoretical energy performance of the new "THPE" Head Office at less than 137 kWh/
m2/year, the energy savings associated with the new building
are in the region of 578 tonnes of carbon equivalent.
Management report
GRI benchmark – indicators concerning resource
consumption 60
Management report
A major branch renovation programme is underway. In 2012, six
new branches were opened, including three transfers and three
brand new branches. There are plans to incorporate environmental criteria into the specifications for new branch creation, transfer, renovation and extension work on a gradual basis. A property
renovation charter has been drawn up (finalised in 2007). This
charter includes sustainable development criteria (choice of materials, IT equipment, consumption levels etc.) and accessibility
criteria for those with reduced mobility.
The purchasing function
A responsible procurement policy is an important part of the
CSR strategy of any organisation that places orders and issues
invitations to tender. In 2012, a purchasing function was created.
This new structure will, over time, take over all purchasing processes and incorporate CSR considerations into its procedures
including, where applicable, Groupe BPCE tools and projects, such as the "AgiR" project to organise purchasing processes in
line with the ISO 26000 standard, and the "Phare" (disability and
responsible purchasing) policy, which has won the "Trophée des
Achats Responsables" responsible purchasing awards. CSR criteria are already included in the majority of invitations
to tender issued. Crédit Coopératif Group has a sustainable
procurement policy, which is based on two key pillars. All potential service providers are assessed against around 60 different criteria, 15 of which concern the environment and ethics:
checking certifications, and assessing the supplier's energy
consumption, employee safety and gender equality practices.
An office supply and IT consumable management system is in
place, providing greater control over consumption levels and
leading to the creation of a product catalogue in which 86% of
items are environmentally friendly. Finally, as the bank of choice for the social economy, Crédit
Coopératif Group has a broad range of suppliers and service providers from within this sector, and particularly from within the protected persons sector (GRI EC6). Almost all of the Group's service
providers and suppliers are located in France, meaning that the
majority of its human rights concerns are social in nature. Although
this is an important concern, there are no specific measurements in
this area at present (GRI HR2).
GRI benchmark – indicators concerning responsible
purchasing
Description
EA/ESAT workforce invoices concerning supplies and services Invoice payment deadline
Staff transport
With the return of staff to the Group's old Head Office premises, it is now better placed to interact with the area and its local
stakeholders. The Hauts de Seine Chamber of Commerce and
Industry launched a consultation process with businesses located in the La Défense Seine Arche area. Crédit Coopératif has
attended several workshops, with a view to launching an ambitious inter-company employee transport plan (Plan de
Déplacement Inter-Entreprise). In 2012, the aim of the workshops was to gather data and organise a survey to be sent to
all employees of the companies concerned.
➔➔2.4. Information concerning the company's
other sustainable development commitments
Tax haven and legal safe haven policy and activities per
country Crédit Coopératif Group does not invest in or finance entities
located in countries or territories with sub-standard regulatory arrangements (so-called tax havens and legal safe havens) unless such investment or financing is justified in the
internal control procedures section (GRI FS9).
Based on the Tax Justice Network's classification of financially
secretive jurisdictions, Crédit Coopératif has drawn up a set of
guidelines governing the placement of own-account financial
and banking assets. These guidelines are followed by both
Crédit Coopératif and its subsidiaries. They include a list of
countries and operations concerned, and outline situations
in which a decision may be taken to exclude a particular
jurisdiction.
Furthermore, Crédit Coopératif publishes data concerning its
activities in each country, as conducted by its subsidiaries and
consolidated entities.
Financial management principles
Unit
2012
2011
2010
GRI
€K extax
87.9
65.7
138.7
EC6
days
35
37.5
37
EC6
Percentage of calls for tenders for general resources including CSR criteria
%
100
100
N/A
HR1
Average weighting of CSR criteria
across all these calls for tender
%
14
10
N/A
EC6
Percentage of eco-certified suppliers in
the Fiducial supply catalogue
%
88
86
76
EC6
Percentage of suppliers that have
undergone human rights screening
%
N/A
N/A
N/A
HR2
Crédit Coopératif is careful to apply a reasoned, non-speculative own-account financial management policy, based on a
"patient" management principle. Its rate hedging products are
indexed exclusively against interest rates and inflation, and it
does not offer exotic financial products or products indexed
against agricultural raw material prices (except where this is
justified in the customer's business activity, such as products
indexed against the wheat price for agricultural cooperatives).
61
GRI benchmark – indicators concerning responsible financial
management
Description
Unit
2012
2011
2010
GRI
Percentage of the share portfolio rated by Vigéo
%
44
74
67
FS8
Percentage of the bond portfolio rated by Vigéo
%
100
98
92
FS8
Average weighted score of
exposures in the own-account
share portfolio (out of 20)
/
11.57
12.53
11.43
FS8
Average weighted score of
exposures in the own-account
bond portfolio (out of 20)
/
12.7
11.2
13.1
FS8
Cooperative dividend and CSR
As in 2011, Crédit Coopératif participated in an initiative by the
Fédération Nationale des Banques Populaires to promote the
unique nature of its members' cooperative model (GRI EC1).
This initiative, known as "Dividende Coopératif & RSE" (cooperative dividend & CSR), involves the creation of a new tool to
measure and qualify the actions taken by the Banques
Populaires in support of its members, consumers and society
as a whole. It measures all resources mobilised in favour
of these three stakeholders by the Banques Populaires. In
2012, the total value of the cooperative dividend stood at
€3.2 million. Transparency and education
Crédit Coopératif places strong emphasis on its role as an educator and, as such, is committed to communicating in a clear,
appropriate manner. It communicates about its activities and
principles via a range of different channels, both internally
through training sessions and its intranet, and externally
through its Regional General Meetings and public communications from its directors and employees. It has also published
a range of documents in line with this objective, including
pricing guides and its "how money circulates" diagram, and
these documents are updated on a regular basis (GRI FS6).
Specific social action taken by the Crédit Coopératif
Foundation
In 2012, the Crédit Coopératif Foundation either launched or
maintained 80 partnerships designed to improve knowledge
about, develop and promote the social and socially responsible
economy. It provided support to both university laboratories
and specialist think-tanks. It awarded more than 60 prizes
across France, with a view to encouraging new, local initiatives
with high added social, economic, cultural or technological
value from movements and bodies operating in the social and
socially responsible economy (associations, mutual associations and cooperatives). The Crédit Coopératif Foundation
received the "Grand Mécène de la Culture" award in recognition of its work.
The Crédit Coopératif Foundation also maintained its partnerships with stakeholders working to combat exclusion and provide access for disabled people to citizenship, through sport
and culture. One such example was the support that it provided to the Fédération Française de Sport Adapté (FFSA) and the
Fédération Française Handisport (FFH) at the London
Paralympic Games. In 2012, the Crédit Coopératif Foundation
had an opportunity to pursue its vocation under the auspices
of the International Year of Cooperatives, which provided an
opportunity to build new bespoke partnerships to promote the
cooperative movement both in France and abroad.
➔➔2.5. Information concerning extra-financial
reporting methodologies
Process for defining report content
As with the previous Reference Document (GRI 3.1 & 3.2), this
report is based on the Global Reporting Initiative (GRI) benchmark, an international standard designed to produce more
rigorous and transparent extra-financial reporting. The choice
of subjects, the order in which they appear and the layout of
the associated content is also based on the GRI principles
(GRI 3.5): • relevance – only significant information is included, based
on its impact and connection with the Group's activities • data accuracy – in terms of both quality and quantity • clarity – with respect to the topics covered and vocabulary
used • comparability – based on the choice of indicators, their titles, units and consistency over multiple years • regularity – the information is released in an annual publication • balance – between positive and negative information.
The majority of the extra-financial information reporting covers Crédit Coopératif and its main subsidiaries. The scope may
vary depending on the topic in question. In the majority of
cases, it covers Crédit Coopératif as a standalone entity (GRI
3.6). All Human Resources data relates to the Crédit Coopératif
UES (comprising Crédit Coopératif, BTP Banque and Ecofi
Investissements). With respect to greenhouse gas emissions,
Management report
Since 2009, its own-account financial assets portfolio has undergone annual extra-financial analysis using Vigéo data.
62
Management report
the scope includes all consolidated entities over which Crédit
Coopératif has operational control; as such, the figures include 100% of subsidiary data (GRI 3.8). ucts themselves (GRI 3.10). Overall, there have been few such
changes since the 2011 Annual Report, other than a more rigorous application of the GRI methodology (GRI 3.11).
Methodological limitations and precautions
The statutory auditors did not consider the extra-financial information, due to changes to the legal framework and the fact
that it was not possible to clarify the new role assigned to the
statutory auditors pursuant to article 225 of the "Grenelle II"
Law in time. Nevertheless, Crédit Coopératif wished to ensure
that its extra-financial information met the requirements of
GRI certification, the leading organisation for extra-financial
reporting, in terms of both organisation and exhaustiveness
(GRI 3.13).
The majority of the limitations outlined in this report relate to
environmental data. The reporting process is still under development in this area. Given the national structure of the branch
network, the different building occupancy arrangements involved and the recent move back to the renovated Head Office,
it has not been possible to produce exhaustive reporting for
2012 (GRI 3.7).
The extra-financial information contained in this report is collected on an annual basis from key business lines and stored in
a central database to ensure that it can be properly tracked
and is fully comparable. The report explains how the various
calculations are made. These calculations are intended to be as
simple as possible, to ensure that they can be universally understood (GRI 3.9). All re-statements and measurement method and scope changes are clearly indicated, wherever such
changes have taken place. Measurement methods for certain
financial products may vary in line with changes to the prod-
As such, the relevant topics addressed in this report, namely
labour relations information, environmental information and
social information, are approached from two angles – corporate practices and banking activities. This report is designed in
such a way that it may easily be used by the stakeholders identified above. It is intended first and foremost for customers,
members and employees, to supplement the ongoing dialogue
with these stakeholders through a range of statutory and voluntary bodies.
➔➔2.6. GRI cross-reference table
#
Title
Gr. II
Art. 225
Indicator reported: ● fully
◒ partially
● irrelevant
Location
in the
reference
document Chosen
scope: CC / UES /
Group
1.
Strategy and Analysis
1.1
Statement from the most senior decision-maker of
the organization.
/
●
Editor's foreword
Group
1.2
Description of key impacts, risks, and opportunities
in two concise sections.
/
●
MR - 2.1.1
Group
/
●
The Group
Group
●
The Group
MR - 1.1
Group
Organisation of
the Group
Group
2.
Organizational Profile
2.1
Name of the organization.
2.2
Primary brands, products, and/or services.
2.3
Operational structure of the organization,
including main divisions and subsidiaries.
/
/
●
2.4
Location of organization's headquarters.
/
●
Group
Group
2.5
Number of countries where the organization
operates, and names of countries with either major
operations or that are specifically relevant to the
sustainability issues covered in the report.
/
●
MR - 2.1.1
MR - 3.4.2
Appendix
- Countryspecific reporting
2.6
Nature of ownership and legal form.
/
●
MR - 3.1
CC
2.7
Markets served (including geographic breakdown,
sectors served, and types of customers/
beneficiaries).
/
●
MR - 1.1
Group
2.8
Scale of the reporting organization (no. of
employees, net turnover, quantity of services
provided, total finance)
/
●
Key figures
UES
2.9
Significant changes during the reporting period
regarding size, structure, or ownership.
/
●
Organisation of
the Group
Group
Comments
63
Title
Gr. II
Art. 225
◒ partially
● irrelevant
Location
in the
reference
document 3-b
●
MR 1.2
2.10
Awards received in the reporting period.
3.
Report Parameters
Report profile
3.1
Reporting period for information provided.
/
3.2
Date of most recent previous report.
/
3.3
Reporting cycle.
/
3.4
Contact point for questions regarding the report or
its contents.
/
Chosen
scope: CC / UES /
Group
Group
●
●
●
MR - 2.5
/
MR - 2.5
/
MR - 2.5
/
●
Branch contact
details /
MR - 2.5
Group
MR - 2.5
Group
Scope and areas covered by the report
3.5
Process for defining report content
/
3.6
Boundary of the report.
/
●
●
3.7
State any specific limitations on the scope or
boundary of the report.
/
●
MR - 2.5
Group
3.8
Basis for reporting on joint ventures and
subsidiaries that can significantly affect
comparability from period to period.
/
●
MR - 2.5
Group
3.9
Data measurement techniques and the bases of
calculations.
/
●
MR - 2.5
Group
3.10
Explanation of the effect of any re-statements of
information provided in earlier reports.
/
●
MR - 2.5
Group
3.11
Significant changes from previous reporting
periods in the scope, boundary, or measurement
methods applied in the report.
/
●
MR - 2.5
Group
GRI content index
Table identifying the location of the Standard
Disclosures in the report.
/
Third-party verification
Policy and current practice with regard to seeking
external assurance for the report.
/
3.12
3.13
Comments
●
MR - 2.6.
/
●
Group
MR - 2.5
4.
Governance, Commitments, and Engagement
4.1
Governance structure of the organization,
including committees under the highest
governance body responsible for specific tasks,
such as setting strategy or organizational oversight.
/
●
CR – 1.4
CC
4.2
Indicate whether the Chair of the highest
governance body is also an executive officer.
/
●
CR - 1.4.1
CC
4.3
State the number of members of the highest
governance body that are independent and/or
non-executive members.
3-b
●
CR -1.1
CR - 1.1.4
CC
4.4
Mechanisms for shareholders and employees to
provide recommendations or direction to the
highest governance body.
3-b
●
CR - 1.1.2
CC
4.5
Linkage between compensation for members of
the highest governance body, senior managers,
and executives (including departure
arrangements), and the organization's
performance.
/
●
CR - 1.5
CC
4.6
Processes in place for the highest governance
body to ensure conflicts of interest are avoided.
/
●
CR - 1.1.4
CC
4.7
Process for determining the qualifications and
expertise of the members of the highest
governance body for guiding the organization's
strategy on sustainable development topics.
/
●
CR - 1.1.1
CC
4.8
Statements of mission or values, codes of conduct,
and principles.
/
●
CR - 1
CC
4.9
Procedures of the highest governance body for
overseeing the organization's identification and
management of economic, environmental, and
social performance.
/
●
CR - 1.2.1
CR - 1.2.2
CC
Management report
#
64
Management report
#
Title
Gr. II
Art. 225
◒ partially
● irrelevant
Location
in the
reference
document Chosen
scope: CC / UES /
Group
4.10
Processes for evaluating the highest governance
body's own performance, particularly with respect
to CSR.
/
●
CR - 1.2.4
CC
External engagements
4.11
Explanation of whether and how the precautionary
approach or principle is addressed by the
organization.
/
●
MR - 2.1.1
CC
4.12
Externally developed charters, principles, or other
initiatives to which the organization subscribes or
endorses.
3-b
●
MR - 2.1.1
CC
4.13
Memberships in associations
3-b
●
MR - 2.1.1
CC
Dialogue with stakeholders
4.14
List of stakeholder groups engaged by the
organization.
3-b
●
MR - 2.1.1
CC
4.15
Basis for identification and selection of
stakeholders with whom to engage.
3-b
●
MR - 2.1.1
CC
4.16
Approaches to stakeholder engagement, including
frequency of engagement by type and by
stakeholder group.
3-b
●
MR - 2.1.1
CC
4.17
Key topics and concerns that have been raised
through stakeholder engagement, and how the
organization has responded to those key topics
and concerns.
3-b
●
MR - 2.1.1
CC
5.
Performance indicators
5.1
Managerial approach
5.1.1
Impact of services and products
Management
Product portfolio
/
●
MR - 2.3
UES
FS1
Policies with specific environmental and social
components applied to business lines/investment
types.
/
●
MR - 2.3
UES
FS2
Procedures for assessing and screening
environmental and social risks in the portfolio.
/
●
MR - 2.3
UES
FS3
Processes for monitoring clients' implementation
of and compliance with environmental and social
requirements included in agreements
-or transactions. /
●
MR - 2.3
UES
FS4
Process(es) for improving staff competency to
implement the environmental and social policies
and procedures as applied to business lines.
/
●
MR - 2.2.1.2
UES
FS5
Interactions with clients/investees/business
partners regarding environmental and social risks
and opportunities.
/
●
MR - 2.3.1
UES
●
●
MR - 1.2.2
UES
Audits
Active ownership
5.2
Performance indicators
Product portfolio
MR - 1.2.2
UES
FS6
Percentage of the portfolio for business lines by
specific region, size and by sector.
/
◒
MR - 6.1.2
UES
FS7
Monetary value of products and services designed
to deliver a specific social benefit for each credit line.
/
●
MR - 2.3.1
UES
FS8
Monetary value of products and services designed
to deliver a specific environmental benefit for each
credit line.
/
●
MR - 1.2
MR - 2.2.2
UES
FS9
Comments
Audit
Coverage and frequency of audits to assess
implementation of environmental and social
policies and risk assessment procedures.
/
Active ownership
●
MR - 2.4
UES
Information
available in other
publications
(balance sheet
diagram)
65
#
Title
Gr. II
Art. 225
◒ partially
● irrelevant
Location
in the
reference
document FS10
Percentage and number of companies held in the
institution's portfolio with which the reporting
organization has interacted on environmental or
social issues.
/
●
MR - 1.2
FS11
Percentage of assets subject to positive and
negative environmental or social screening.
/
●
MR - 2.2.2
FS12
Voting policy(-ies) applied to environmental or
social issues for shares over which the reporting
organization holds the right to vote shares or
advises on voting.
/
●
MR - 1.2
5.2.1
Economic
Chosen
scope: CC / UES /
Group
UES
UES
UES
Economic performance
EC1
Direct economic value generated and distributed,
including revenues, operating costs, employee
compensation, donations and other community
investments, retained earnings, and payments to
capital providers and governments.
/
●
MR - 2.4
Group
EC2
Financial implications and other risks and
opportunities for the organization's activities due
to climate change.
2-d
●
MR - 2.1.1
UES
EC3
Coverage of the organization's defined benefit plan
obligations.
1-a
●
MR - 2.2.1.4
UES
EC4
Significant financial assistance received from
government.
/
●
MR - 2.1.1
UES
Market presence
EC5
Range of ratios of standard entry level wage by
gender compared to local minimum wage at
significant locations of operation.
1-a
●
MR - 2.2.1.4
UES
EC6
Policy, practices, and proportion of spending on
locally-based suppliers at significant locations of
operation.
3-a
●
MR - 2.3.1.2
UES
EC7
Procedures for local hiring and proportion of
senior management hired from the local
community at significant locations of operation.
3-a
●
/
Indirect economic impacts
EC8
Development and impact of infrastructure
investments and services provided primarily for
public benefit through commercial, in-kind, or pro
bono engagement.
/
●
MR - 2.2.2
EC9
Understanding and describing significant indirect
economic impacts, including the extent of impacts.
/
●
MR - 2.1.1
5.2.2
Environmental
Materials
Majority of
activities located in
France
UES
Group
EN1
Materials used by weight or volume.
- direct materials
- non-renewable materials
2-c
◒
MR - 2.3.1.1
UES
Non-exhaustive
reporting, partially
connected with the
Head Office move EN2
Percentage of materials used that are recycled
input materials.
2-c
3-c
◒
MR - 2.3.1.1
UES
Non-exhaustive
connected with the
Head Office move Energy
EN3
Direct energy consumption by primary energy
source.
2-c
EN4
Indirect energy consumption by primary source.
2-c
◒
MR - 2.3.1.1
UES
Non-exhaustive
connected with the
Head Office move ◒
MR - 2.3.1.1
UES
Non-exhaustive
connected with the
Head Office move Management report
Comments
66
Management report
#
Title
Gr. II
Art. 225
◒ partially
● irrelevant
Location
in the
reference
document Chosen
scope: CC / UES /
Group
Comments
Non-exhaustive
connected with the
Energy saved due to conservation and efficiency
improvements.
2-c
◒
MR - 2.3.1.1
UES
EN6
Initiatives to provide energy-efficient or renewable
energy based products and services.
2-c
●
MR - 2.3.1
UES
EN7
Initiatives to reduce indirect energy consumption
and reductions achieved.
2-c
◒
MR - 2.3.1
UES
Unable to quantify
at present
Water
EN8
Total water withdrawal by source.
/
◒
MR - 2.3.1.1
UES
Non-exhaustive
connected with the
Water sources significantly affected by withdrawal
of water.
/
●
/
Water consumption
not significant
EN10
Percentage and total volume of water recycled and
reused.
/
●
/
Water consumption
not significant
Biodiversity
EN11
Location and size of land owned, leased, managed
in, or adjacent to, protected areas and areas of
high biodiversity value outside protected areas.
2-e
●
MR - 2.3.1
UES
EN12
Description of significant impacts of activities,
products, and services on biodiversity.
2-e
●
MR - 2.3.1
UES
EN13
Habitats protected or restored.
2-e
●
MR - 2.3.1
UES
EN14
Strategies, current actions, and future plans for
managing impacts on biodiversity.
2-e
●
MR - 2.3.1
UES
EN15
Number of IUCN Red List species and national
conservation list species with habitats in areas
affected by operations.
2-e
●
/
Emissions, effluents and waste
Activity located in
city centres in
France EN16
Total greenhouse gas emissions in tonnes
(tCO2eq): scope 1
2-d
●
MR - 2.3.1.1
UES
+
Batilease
EN17
Other relevant indirect greenhouse gas emissions
by weight (tCO2eq): scope 2 and 3
2-d
●
MR - 2.3.1.1
UES
+
Batilease
EN18
Initiatives to reduce greenhouse gas emissions and
reductions achieved.
2-d
●
MR - 2.3.1.1
UES
+
Batilease
EN19
Emissions of ozone-depleting substances by
weight.
2-d ●
MR - 2.3.1.1
UES
+
Batilease
EN20
NOx, SOx, and other significant air emissions by
type and weight. 2-b
●
/
EN21
Total water discharge by quality and destination.
2-b
●
/
Service activity
Service activity
Total weight of waste by type and disposal
method.
2-b
◒
MR - 2.3.1.1
UES
Non-exhaustive
connected with the
Total number and volume of significant spills.
2-b
●
/
Service activity
EN24
Weight of transported, imported, or exported
waste.
2-b
●
/
Service activity
EN25
Identity and biodiversity value of water bodies.
●
/
Service activity
Products and services
EN22
EN26
Initiatives to mitigate environmental impacts of
products and services, and extent of impact
mitigation.
2-b
●
MR - 2.3.1
UES
EN27
Percentage of products sold and their packaging
materials that are reclaimed by category.
2-b
●
/
Service activity
67
EN28
EN29
Compliance
2-a
Transport
2-d
Overall
5.2.3
Human Rights
Investment and procurement practices
Location
in the
reference
document Chosen
scope: CC / UES /
Group
●
CR – 2.2.5
UES
●
MR - 2.3.1.1
UES
2-a
●
MR - 2.3.1
UES
HR1
Percentage and total number of significant
investment agreements and contracts that include
human rights clauses.
3-e
●
MR - 2.2.2
UES
HR2
Percentage of significant suppliers, contractors,
and other business partners that have undergone
human rights screening.
3-c
●
MR - 2.3.1
UES
HR3
Total hours of employee training on policies and
procedures concerning aspects of human rights.
/
●
/
Non-discrimination
HR4
Total number of incidents of discrimination and
corrective actions taken.
1-f
Freedom of association and collective bargaining
HR5
Operations and significant suppliers identified in
which the right to exercise freedom of association
and collective bargaining may be at significant risk.
3-c
HR6
HR7
HR8
Child labour
Operations and suppliers identified as having
significant risk for incidents of child labour, and
measures taken to contribute to the elimination of
child labour.
Prevention of forced and compulsory labour
Operations and significant suppliers identified as
having significant risk for incidents of forced or
compulsory labour, and measures to contribute to
the elimination of all forms of forced or
compulsory labour.
●
MR - 2.2.1.5
●
Security practices
Percentage of security personnel trained in the
organization's policies or procedures concerning
aspects of human rights.
/
Indigenous rights
Majority of
operations and
suppliers based in
France
/
●
Majority of
operations and
suppliers based in
France
/
3-c
UES
3-c
●
Majority of
operations and
suppliers based in
France
/
●
Majority of
France
/
Majority of
France
/
Total number of incidents of violations involving
rights of indigenous people.
5.2.4
Labour Practices and Decent Work
Employment
3-e
Majority of
France
HR9
Comments
Significant environmental impacts of transporting
products and members of the workforce.
EN30
◒ partially
● irrelevant
Monetary value of significant fines and total
number of non-monetary sanctions for
non-compliance with environmental laws and
regulations
Total environmental protection expenditures and
investments by type (expenditure to mitigate direct
negative environmental impacts).
Gr. II
Art. 225
Title
●
LA1
Total workforce by employment type, employment
contract, and region, broken down by gender.
1-a
●
MR - 2.2.1.1
UES
LA2
Total number and rate of new employee hires and
employee turnover by age group, gender, and
region.
1-a
●
MR - 2.2.1.1
UES
LA3
Benefits provided to full-time employees that are
not provided to temporary or part-time employees,
by major operations.
1-a
●
MR - 2.2.1.1
UES
Management report
#
68
Management report
#
Title
Labour/management relations
Gr. II
Art. 225
◒ partially
● irrelevant
Location
in the
reference
document Chosen
scope: CC / UES /
Group
LA4
Percentage of employees covered by collective
bargaining agreements.
1-c
●
MR - 2.2.1.6
UES
LA5
Minimum notice period(s) regarding significant
operational changes
1-c
●
MR - 2.2.1.6
UES
Occupational health and safety
LA6
Percentage of total workforce represented in joint
management-worker committees
1-d
●
MR - 2.2.1.6
UES
LA7
Rates of injury, occupational diseases, lost days,
and absenteeism, and number of work-related
fatalities by gender.
1-d
●
MR - 2.2.1.3
UES
LA8
Education, training, counselling, prevention, and
risk-control programs in place regarding risks and
safety.
1-d
●
MR - 2.2.1.3
UES
LA9
Health and safety topics covered in formal
agreements with trade unions.
1-d
●
MR - 2.2.1.6
UES
Training and education
LA10
Average hours of training per year per employee
by gender and by employee category.
1-e
◒
MR - 2.2.1.2
UES
LA11
Programs for skills management and lifelong
learning.
1-e
●
MR - 2.2.1.2
UES
LA12
Percentage of employees receiving regular
performance and career development reviews by
gender.
1-e
●
MR - 2.2.1.2
UES
Diversity and equal opportunity
LA13
Composition of governance bodies and
breakdown of employees per employee category
according to gender, age group, and other
indicators of diversity.
1-f
●
MR - 2.2.1.5
UES
LA14
Ratio of basic salary of men to women by
employee category.
1-f
●
MR - 2.2.1.5
UES
5.2.5
Society
Local Communities
SO1
Percentage of operations with implemented local
community engagement, impact assessments, and
development programs.
3-a
●
MR - 2.2.2
UES
FS13
Access points in low-populated or economically
disadvantaged areas by type.
3-a
●
MR - 2.2.2
UES
FS14
Initiatives to improve access to financial services
for disadvantaged people.
3-e
●
MR - 2.2.2
MR - 1.2.3
UES
UES
Corruption
SO2
Percentage and total number of business units
analyzed for risks related to corruption.
3-d
●
CR - 2.2.5
SO3
Percentage of employees trained in organization's
anti-corruption policies and procedures.
3-d
●
CR - 2.2.5
UES
SO4
Actions taken in response to incidents of
corruption.
3-d
●
CR - 2.2.5
UES
Public policy
SO5
Public policy positions and participation in public
policy development and lobbying.
/
●
MR - 2.1.1
UES
SO6
Total value of financial and in-kind contributions to
political parties, politicians, and related institutions
by country.
/
●
MR - 2.1.1
UES Anti-competitive behaviour
Comments
Figures for current
year available
on 15/04, submission
date of tax declaration
no. 2483
69
#
Title
Gr. II
Art. 225
◒ partially
● irrelevant
Location
in the
reference
document Chosen
scope: CC / UES /
Group
SO7
Total number of legal actions for anti-competitive
behaviour, anti-trust, and monopoly practices and
their outcomes.
/
●
CR - 2.2.5
UES
Compliance
SO8
Monetary value of significant fines and total
number of non-monetary sanctions for
non-compliance with laws and regulations.
/
5.2.6
Product responsibility
Customer health and safety
●
CR - 2.2.5
UES
PR1
Life cycle stages in which health and safety
impacts of products and services are assessed for
improvement, and percentage of significant
products and services categories subject to such
procedures.
3-d
●
/
Regulated financial
services activity
PR2
Total number of incidents of non-compliance with
regulations and voluntary codes concerning health
and safety impacts of products and services during
their life cycle.
3-d
●
/
Regulated financial
services activity
Product and service labelling
PR3
Type of product and service information required
by procedures, and percentage of significant
products and services subject to such information
requirements.
/
●
/
PR4
regulations and voluntary codes concerning
product and service information and labelling.
/
●
CR - 2.2.5
UES
PR5
Practices related to customer satisfaction,
including results of surveys measuring customer
satisfaction.
/
●
MR - 1.3.2
UES
FS15
Policies for the fair design and sale of financial
products and services.
/
●
MR - 2.2.2
MR - 2.3.1
UES
FS16
Initiatives to enhance financial literacy.
3-e
●
MR - 2.4
UES
Regulated financial
services activity
Marketing communications
PR6
Programs for adherence to laws, standards, and
voluntary codes related to marketing
communications, including advertising, promotion,
and sponsorship.
/
●
MR - 1.3.2
UES
PR7
regulations and voluntary codes concerning
marketing communications.
/
●
CR – 2.2.5
UES
Customer privacy
PR8
PR9
Total number of substantiated complaints
regarding breaches of customer privacy and losses
of customer data.
3-e
Compliance
Monetary value of significant fines for noncompliance with laws and regulations concerning
the provision and use of products and services.
/
●
MR - 1.3.2
UES
●
MR – 1.3.2
UES
Management report
Comments
70
Management report
3 / Group architecture
Corporate purpose
3. Group architecture
➔➔3.1. Crédit Coopératif
Legal status
Crédit Coopératif is a variable-capital popular bank cooperative limited company, governed by the following legal provisions, concerning:
1."banques populaires" in the French Monetary and
Financial Code
2.cooperatives under French law no. 47-1775 of 10
September 1947 regarding the status of cooperative organisations
3.credit institutions in the French Monetary and Financial Code
4.investment service providers in the French Monetary and
Financial Code
5.commercial companies, including provisions concerning
variable capital, in the French Commercial Code
6.companies in the French Civil Code.
As well as the legal provisions and the regulatory texts drawn
up for their application, Crédit Coopératif is also governed by
the following contractual provisions:
1.decisions of a general nature issued by the central body
(BPCE) under the powers delegated to it by the French
Monetary and Financial Code, and within the framework
of the agreement signed by Crédit Coopératif and BPCE,
particularly those relating to the system of guarantees
for the Banques Populaires and Caisses d’Épargne network
2.the Articles of Association of Crédit Coopératif
3.the resolutions adopted during the General Meetings of
Crédit Coopératif
4.the resolutions adopted by the Board of Directors of Crédit
Coopératif.
Issuer legislation
Company subject to French law.
Date of incorporation
23 March 1989
The Company will cease to exist on 23 March 2088, except in
the case of early dissolution or renewal.
The purpose of the Company is as follows: • to undertake all banking operations with commercial, industrial, cooperative, agricultural or free-market businesses,
whether in the form of an individual or a company, and in a
broader sense, with any other groups or corporate entities,
members or otherwise, to assist its personal customers.
• to partake in all manner of operations underwritten by a
mutual guarantee company in accordance with paragraph
3, chapter 5, section 1, book 4 of the French Monetary and
Financial Code, to allocate to account or savings plan holders any credit or loans allocated for the purpose of financing their property projects, to receive deposits from any
person or company, and generally to perform all banking
operations referred to under section 1, book 3 of the French
Monetary and Financial Code.
• to conduct all related operations referred to under Article
L. 311-2 of the French Monetary and Financial Code, to
provide the investment services referred to under articles
L. 321-1 and L. 321-2 of the above-mentioned code, and
to exercise any other banking activity permitted by law
and regulations. In this respect, it may notably perform
insurance brokerage operations, and it may also participate in public and private loan issues. Furthermore, it may
conduct property agency activities involving properties
owned by third parties. These activities may include purchase, sale, exchange, letting and sub-letting (both seasonal and non-seasonal), of both unfurnished and furnished properties and non-building properties.
• to make the property and movable asset investments required
to carry out its activities, to take out or acquire short-term
security investments on its own behalf, to acquire shares in
any companies, groupings or associations, and more generally
to conduct any type of operation which is directly or indirectly related to the purpose of the company and which may
contribute to its development or execution.
• in the context of its specific activities, aside from the operations provided for under points 1 to 3 above, to undertake
operations of any kind within the social and socially responsible economy sector. In particular, it may develop activities and set up partnerships with any organisation, company, or public or private body as well as with any local or
regional authority.
In addition, the company and its directors are committed to a
broader representative role with cooperative organisations
and entities within the social and socially responsible economy, both in France and abroad.
71
The Board of Directors has the final say in the organisation of
member movement representation within the Regional
Committees, as well as within member movements, financial
institution movements and organisations of all types, who are
partners of the Company, within the Conseil National du
Crédit Coopératif. It also approves the Articles of Association
of the Conseil National du Crédit Coopératif.
The Company may exercise its activities in France and abroad on its
own behalf, for third parties or in collaboration and, in general,
carry out financial, commercial, property or movable asset operations or provide services that are directly or indirectly related to the
purpose of the company.
BTP Banque
BTP Banque is the banking partner of thousands of businesses
in the building and civil engineering sectors. It is entirely familiar with their specific needs, having been created in 1919 at
the initiative of building and civil engineering trade unions. It
now works closely with professional organisations in the sector, as demonstrated by the composition of its bodies. It is a
professional and specialised bank that focuses on businesses
and institutions in the sector. Crédit Coopératif holds 99.9% of
its capital, and it joined the Crédit Coopératif Group in 1996;
it is also linked to the Group via an association agreement. Supervisory Board
Trade and Companies’ Register
Jean-Louis Bancel, Chairman
Didier Ridoret, Vice-Chairman and Co-Chairman
Nanterre 349 974 931 – APE 6419 Z
The following documents may also be consulted in electronic
format on the Crédit Coopératif Group website:
• annual financial reports for the years 2008 to 2011
• half-year financial reports from June 2008 to 2011
• corporate governance and internal control reports from
2008 to 2011.
Crédit Coopératif website: www.credit-cooperatif.coop/informations-financieres/
information-reglementee/
Fédération Française du Bâtiment,represented by Jean-Yves Robin
Fédération Nationale des Travaux Publics,represented by Patrick
Bernasconi
Fédération Nationale des SCOP du BTP, represented by Jacques Petey
Société Mutuelle d’Assurance du Bâtiment et des Travaux Publics
(SMA BTP),represented by Christian Baffy
Congés Intempéries BTP Caisse de la région de Paris, represented by
Gaston Coppin
Fédération Française du Bâtiment Grand Paris, represented by Michel
Sénéchal
Congés Intempéries BTP Union des Caisses de France,represented by
Norbert Monti
Jacques Chanut
Crédit Coopératif,represented by François Dorémus
Ecofi Investissements,represented by Christophe Couturier
BTP Capital investissement,represented by Stéphane Currenti
BTP Capital Conseil, represented by Emmanuèle Gasnot
Bati Lease,represented by Richard Kurfürst
SMAvie BTP,represented by Alain Dupont
Philippe Ghazarian,employee-elected representative
Murielle Goiran,employee-elected representative
Alain Sionneau,non-voting director
Executive Board
➔➔3.2. Subsidiaries
Claude Lavisse, Chairman
Jean-Marc Wolff, Chief Executive
in thousands of euros
at 31 December 2012
BTP Banque
BTP Capital Conseil
Esfin Gestion SA
Tise
Intercoop
Intercop Location
Bati Lease
Financière Champlain
Balance
sheet total
Net banking
income
Net
income
1,166,037
52,723
8,130
52,511
20,561
-2,743
306
325
44
23,961
868
286
1,589
2,303
272
16,038
583
148
235,703
3,169
1,699
10,144
-50
-89
614,774
11,193
3,276
1 113
1 187
-992
Pierre Valentin, Chief Executive
Catherine Van Rompu
Franck Du Marais
Bati Lease
Bati Lease is a subsidiary in which Crédit Coopératif has held a
95% stake since 2006. It is the ninth . largest property finance
leasing operator in France, with an offer built around investment
finance for companies in the form of property finance leasing
and long-term leasing.
Management report
A hard copy of all documents relating to Crédit Coopératif
(memorandum and articles of association, letters and other
documents, financial information records), including those of
its subsidiaries, for each of the two financial years prior to the
publication of this document, may be viewed at Crédit
Coopératif's Head Office.
72
Management report
Board of Directors
Board of Directors
François Dorémus,Chairman
Claude Lavisse, Chairman
Chief Executive and director, Richard Kurfürst
Crédit Coopératif, represented by Alain-Camille Jan
Crédit Coopératif, represented by David Arnout
BTP Banque, represented by Marc Wolff
Intercoop, represented by Patrick Fellous
BTP Capital Investissement, represented by Stéphane Currenti
BTP Banque, represented by Claude Lavisse
Esfin Participations, represented by Dominique de Margerie
Finorpa, represented by Jean-Marie Duvivier
Chief Executive
René Dufour
Emmanuèle Gasnot
Régis Naye
Bati Lease Invest, represented by Jean-Denis Nguyen Trong
Chief Executive
Richard Kurfürst
Esfin Gestion
As a 60% subsidiary of Crédit Coopératif, Esfin Gestion has
AMF approval to manage investment vehicles in non-listed
companies. Its team of specialists manage IDES (investment
of own funds in social economy bodies) and Esfin Participations
portfolios (SME investments).
In all it makes up a portfolio containing almost 150 investment lines and managed assets of €97 million. Esfin Gestion
is also responsible for shaping the activity of Equisol, a cooperative company created at the behest of the Ile de France
region and designed to provide capital to regional companies
that operate in the socially responsible economy. Esfin Gestion
also assists with the preparation of Sofinei dossiers.
BTP Capital Investissement, a 66.85% subsidiary of Crédit
Coopératif (BTP Banque 40%, Crédit Coopératif 26.85%),
is a venture capital company that invests equity capital
and quasi-equity capital in SMEs in building and civil engineering and related sectors during business start-up
operations, organic or external growth operations or company transfers. With this specialisation, its expertise, its
governing bodies comprising representatives of the profession, and its highly skilled employees, it is an established and recognised player in its market. At 31 December
2012, its portfolio comprised 31 shareholding lines (in
shares or convertible bonds) invested in 29 companies or
groups of companies, and two venture capital mutual investment funds.
Board of Directors
Chairman, Dominique de Margerie
Chief Executive and director, Stéphane Currenti
Supervisory Board
Jean-Louis Bancel, Chairman
Crédit Coopératif, represented by Alain-Camille Jan
Alain-Camille Jan, Vice-Chairman
SMA-BTP, represented by Maxence Hecquard, non-voting director
Oséo S.A., represented by François Chollet
François Dorémus
Crédit Foncier de France, represented by Xavier Roux
Hugues Sibille
Placoplâtre, represented by Thierry Fournier, non-voting director
Pierre Valentin
Fédération Française du Bâtiment, represented by Bernard Coloos
Executive Board
BTP Capital Conseil, represented by Emmanuèle Gasnot
Dominique de Margerie, Chairman
Intercoop, represented by François Dorémus
Pascal Trideau
BTP Capital Conseil
BTP Capital Conseil specialises in consulting services concerning the transfer of building and civil engineering firms. On the
strength of its experience and knowledge of SMEs in the
building and civil engineering sector, it plays a significant role
in the company transfer market within the profession. For this
purpose, it essentially relies on the BTP Banque branch network and the relevant professional organisations. Crédit
Coopératif holds a 19.98% stake in BTP Capital Conseil. Ecofi Investissements
Ecofi Investissements is the third-party asset management
company of the Crédit Coopératif Group. Active in the field for
40 years, Ecofi Investissements is a "société anonyme" (joint
stock company) with capital of €4.4 million. It is a small-scale
organisation with 65 employees, which manages €6.45 billion
of assets covering the full range of investment products and
solutions across all asset classes.
With Crédit Coopératif, Ecofi Investissements has become a
pioneer and leader in socially responsible finance.
73
Board of Directors
Board of Directors
Norbert Monti, Chairman
Tristan de Vasselot, Chairman and Finance Director
Pierre Domin
Management
Alain de Vaucresson
Philippe Chalvet, Chief Executive and Private Asset Management
Director
BTP Capital Conseil, represented by Pierre Valentin
Christophe Couturier, Chief Executive of Ecofi Investissements
Congés Intempéries BTP – Union des Caisses de France, represented
by Alain Bernard, non-voting director
Crédit Coopératif, represented by Jean-Claude Detilleux
Fédération Française du Bâtiment Grand Paris, represented by Nicole
Cuvillier
Fédération Française du Bâtiment, represented by Didier Ridoret,
non-voting director
Fonds de Garantie des Assurances Obligatoires de Dommages
(FGAO), represented by François Werner
Ides Investissements, represented by Hugues Sibille
Intercoop, represented by Jean-Louis Bancel
Prima SA, represented by Jean Castagne
Intercop Location, represented by François Dorémus
Société Mutuelle d’Assurances BTP, represented by Pierre-Louis Carron
Syndicat des Entrepreneurs de Construction Paris-Ile-de France,
represented by Olivier Le Lamer
Union Centrale du Crédit Coopératif, represented by
Bruno Maillard
Chief Executive
Christophe Couturier
Intercoop
Intercoop is a property finance leasing company and a Crédit
Coopératif subsidiary, dedicated to commercial property,
which now devotes its activity to managing its asset base and
to expanding its prior operations. Crédit Coopératif will now
be carrying out its property leasing transactions via BatiLease. It is a "société par actions simplifiée" (simplified joint
stock company), and Crédit Coopératif holds 82.4% of its
capital of €4,856,280. It is also linked to Crédit Coopératif via
an association agreement. Board of Directors
François Dorémus, Chairman
Chief Executive
Richard Kurfürst
Deputy Chief Executive
Isabelle Renon
Having acquired an initial 58% stake in 2010, Ecofi
Investissements took ownership of 100% of Financière de
Champlain's shares in December 2012. Created in 2000,
Intercop Location
Created out of what was formerly Sicomi Coop, which carried
out property finance leasing transactions under the Sicomi arrangements, Intercop Location is being wound up. Crédit
Coopératif holds a 90.7% share in the company. Board of Directors
François Dorémus, Chairman
Chief Executive
Sylviane Grison
Financière de Champlain is a management company that
specialises in the sustainable development sector. Its actions
focus on three areas: collective action fund management,
including environment and health sector funds (€22.5 million); delegated management for individuals who wish to
put their savings to good use (€10 million); and real asset
management, offering innovative investment products that
are separate from financial markets and instead linked to
sustainable resource management (€7 million). Following
the appointment of a new Chairman in June 2012, the business is currently undergoing a restructuring programme,
including the creation of new synergies with Ecofi
Investissements and Crédit Coopératif Group.
Tise
Tise has been a subsidiary of Crédit Coopératif since 2008. In
2009, it completed its first loan operations, most of which
were intended to pass on finance from key European funds to
the associations sector and to innovative SMEs in Poland. At
31 December 2012, Tise had financed more than 350 projects
worth a total of €18 million. In 2012, Tise joined forces with
Poland's state bank BGK to create two regional loan funds,
with the aim of supporting SME investments. This fund is cofinanced by the FEDER fund as part of the JEREMIE initiative.
Tise holds a 4.75% shareholding of €4.9 million, on behalf of
Crédit Coopératif, in SG Bank SA, a bank representing the second largest network of cooperative banks in Poland (207
member banks). Management report
François Lett
74
Management report
Supervisory Board
Wlodzimierz Grudzinski, Chairman
Karol Sachs, Vice-Chairman
Pierre Valentin
Alain-Camille Jan
Executive Board
Michal Radziwill, Chairman
Joanna Wardzinska, Vice-Chairwoman
associations). Crédit Coopératif is the leading shareholder, holding with around 61% of its shares and 39% of voting rights. Caisse Solidaire employs 4 people. It is an official "socially responsible company", and its products are Finansol-approved.
Chairman
Bruno Maillard
Chief Executive
Yaël Zlotowski
➔➔3.3. Non-subsidiary partner institutions
Crédit Coopératif's partner institutions are independent companies that are legally linked to Credit Coopératif by means of
an association agreement. The agreement stipulates that
Crédit Coopératif is the guarantor of the liquidity and solvency
of these institutions and assists them from an administrative
and technical standpoint, in particular to enable them to comply with their regulatory and prudential obligations. Crédit
Coopératif does not systematically hold capital stakes in its
partner institutions, but it draws up consolidated financial
statements that include these institutions.
Banque Edel
Banque Edel is a general partnership managed as a partnership between the E. Leclerc Movement and Crédit Coopératif.
It is primarily intended for shareholders in the E. Leclerc
Movement, its suppliers and consumers. It has a range of
products and services that are specifically designed with
companies in the distribution sector in mind: processing
bank card payments, installing ATMs, operating credits, and
investment products. It is also interested in personal customers, for whom it has developed a specific range of personal loans. Edel employs 142 people. Crédit Coopératif
holds 34% of Edel's capital. Société financière de la Nef
Société Financière de la Nef, created in 1988 by Association La
Nef, is a credit institution associated with Crédit Coopératif,
which ensures its liquidity and solvency. It aims to bring together borrowers and savers who wish to share monetary solidarity
and responsibility links.
It funds sustainable development projects, with high environmental and social utility.
An independent credit organisation, it was approved by the
state as a "socially responsible company" in 2003.
Like Crédit Coopératif, Société Financière de la Nef is a founding member of Finansol and FEBEA (European Federation of
Ethical and Alternative Banks). It offers a range of savings
products which it manages directly (capital subscription, term
deposit accounts and an original product: the Nef savings
plan). It also has a specific partnership with Crédit Coopératif,
which manages a chequebook account and a socially responsible savings account on its behalf, distributed in its branches.
Société Financière de la Nef employs 67 people.
Chairman of the Supervisory Board
Jean-Luc Seignez
Chairman of the Executive Board
Jean-Marc de Boni
Co-Managers
Galec, represented by Thierry Aumont
Crédit Coopératif, represented by Pierre Valentin
Chief Executive
Richard Pouillaude
Caisse Solidaire
This cooperative status institution created in 1997, with the support of the Nord-Pas-de-Calais region, the Caisse des Dépôts
and Crédit Coopératif, collects local socially responsible savings
deposits with a term of more than two years, earning little or no
interest, to be used to finance projects of high social use (creation of companies – most often by job seekers – and support for
Gedex Distribution
Gedex Distribution is a public limited company, created in
1975, which grants loans to members of its parent company,
Gedex, a cooperative of retail merchants in the building materials and DIY supplies sector. As such, Gedex is a member of
the Fédération des Enseignes du Commerce Associés (FCA) and
is a group associated with Socorec.
Chairman and Chief Executive
Philippe Jarrier
Yves Martin-Delahaye
75
Socorec
Socorec was created in 1963 by groups of merchants, who
came together to form an organisation which has now become the Fédération des Enseignes du Commerce Associé
(FCA). It is a financial company with cooperative status which
facilitates access to financing for its affiliate merchants. Its
activities include engineering, credit and financial guarantees.
Over its 50 years of existence, it has acquired experience and
knowledge of its customer base, which makes it a key partner
for groups and their members. Socorec employs 20 people and
was approved by the state as a "socially responsible company"
in June 2011.
Yves Martin-Delahaye
Chief Executive
Hervé Affret
Gilbert Hennique
Thierry Dujardin
Sofigard
Sofigard is a financial cooperative for SMEs and SMIs. It was
created in 1993 by Medef du Gard, with the support of the
Perrier Group. It advises SMEs and SMIs in the department on
how to prepare their financial dossiers and provides them with
its guarantee. In 2012, loan disbursements counter-guaranteed
by Sofigard totalled €4 million. Chairman of the Supervisory Board
Jean-Marc Roumeas
Bruno Mazoyer
CMGM
Martine Clément
Sofindi
Sofindi was created in 1987, at the initiative of Medef de
Charente in partnership with Crédit Coopératif. It advises
SMEs and SMIs in the Poitou-Charentes region on searching
for financing and provides them with its guarantee. It has developed expertise in the image sector. In 2012, counter-guaranteed loan disbursements totalled €11 million. This financial
cooperative employs four people. Chairman of the Supervisory Board
François Le Grelle
Philippe Sutre
Sofirif
Chief Executive
Sofirif is a cooperative public limited company that was cre-
Patrick Gerion
ated in 1984 by the Groupement Régional Interentreprises du
Val-d'Oise and the GIE-SACV de Cergy-Pontoise, a major coop-
Nord Financement
This financial cooperative guarantees financing for industrial
and service SME/SMIs in the Nord-Pas-de-Calais region. It was
founded in 1982 as a partnership between Crédit Coopératif
and Maison des Professions, which has since become
Entreprises et Cités. Nord Financement employs five people. In
2012, loan disbursements counter-guaranteed by Nord
Financement totalled €8 million. erative group of service companies. It guarantees financing
for SME/SMIs and its remit covers the entire Île-de-France region. Sofirif employs two people.
Jean-Claude Monti
Michel Mélé
Management report
Caisse Mutuelle de Garantie de la Mécanique (CMGM) is a mutual cooperative guarantee company and the financial instrument of the Fédération des Industries Mécaniques (Federation
of Mechanical Industries) and its 39 affiliated professional unions, in association with the French aerospace industries association (GIFAS) and the federations that represent the electrical and electronic sectors, foundries and plastics industry. It
advises and guarantees SMEs and SMIs that are members of
these federations and participates in financing transactions
on the French and export markets (guarantees, advances on
contracts, export pre-financing and investment finance). In
2012, loan disbursements counter-guaranteed by CMGM totalled around €29 million. CMGM has a mission to develop
partnerships with other federations in the industry and with
professional associations. CMGM employs five people.
76
Management report
Sofiscop
Société Financière des Scop is a cooperative public limited
company created in 1987 by Union Régionale des Scop de
l’Ouest. Its geographical remit now extends across the whole
of the country with the exception of the south-east. A financial instrument of the SCOP movement, it facilitates access to
financing for production cooperative companies by providing
its guarantee for loans obtained and by advising them in the
preparation of their financial dossiers.
Jean-François Moreve
Jean Pierre Ducol
public limited company created in 1985 which guarantees
financing for the SME and SMI sector in the PACA region. It
is supported by the Region and departmental guarantee
funds. In 2012, counter-guaranteed loan disbursements totalled €12 million. Somupaca employs two people. Chairman of the Supervisory Board
Jean-Louis Picoche
Jean-Pierre Marlier
➔➔3.4. Examples of partnership
shareholdings
3.4.1. Examples of shareholdings in France
Sofiscop Sud-Est
Banque Populaire Développement
Created in 1992 from the extension of the SCR PACA to all of
the SCOPs in the Provence-Alpes-Côte d’Azur and RhôneAlpes regions, Sofiscop-Sud-Est is authorised to provide these
companies in these two regions with guarantees for their investment credits.
A BPCE development capital company, Banque Populaire
Développement makes capital investments in non-listed companies across France.
Bruno Lebuhotel
Franck Rossi
Somudimec
Udimec (Union départementale des industries métallurgiques,
électriques et connexes de l'Isère) created this cooperative
public limited company in the interest of its SMI members in
1977. Somudimec then expanded its guarantee activity to
cover SMIs in the Rhône-Alpes, Burgundy, Auvergne and
Franche Comté regions, and opened a branch in L’Isle-d’Abeau,
a fast-growing business park in the north of Isère. Somudimec
is supported by the Rhône-Alpes region. It employs 19 people.
In 2012, counter-guaranteed loan disbursements totalled
around €68.5 million. Chairman of the Supervisory Board
Gilles Ramillon
Thierry Uring
Somupaca
An initiative of Medef du Var and Medef du Vaucluse, subsequently joined by Udimétal Bouches-du-Rhône and then by
all of the UIMM in the region, Somupaca is a cooperative
Crédit Coopératif became one of its shareholders in 2004 following its contribution to the balance of its Sopromec
Participations holdings. In 2011, it participated in a capital increase of €4.3 million, giving it 4.32% of the capital, i.e. a total
holding of €30.1 million. Croissance Nord – Pas-de-Calais
Croissance Nord-Pas-de-Calais makes capital investments in
non-listed SMEs in the Nord – Pas-de-Calais region. It is the
equity investment arm of the IRD Nord – Pas-de-Calais, which
holds the majority of its shares. Crédit Coopératif is a shareholder with 3.12% along with regional banking institutions. Groupe Esfin-Ides
Groupe Esfin–Ides, in which Crédit Coopératif is the main shareholder, makes equity investments in entities that operate in the
social economy and in small and medium-sized businesses.
Its Chairman is Hugues Sibille, Vice-Chairman of Crédit Coopératif.
Crédit Coopératif is the major shareholder in Groupe Esfin
with 38% of the capital, alongside its social economy partners
(mutual insurance companies, Confédération Générale des
Scop, and FNMF). Esfin’s two main subsidiaries are: Institut de
Développement de l’Economie Sociale (Ides) and Esfin
Participations, which are managed by Esfin Gestion, a 60%
subsidiary of Crédit Coopératif. Esfin also has a European dimension with significant shareholdings in entities such as
CoopEst, Soficatra (a company that invests equity capital in
77
IRD Nord-Pas-de-Calais
The Institut Régional de Développement (IRD) is the leading
independent regional investor. It is listed on the Paris stock
exchange and 17.38% of its capital is held by Crédit Coopératif. Driven by a fertile Crédit Coopératif partnership with consular
and professional organisations, IRD is a key driver of business
growth and jobs in the Nord-Pas-de-Calais region. It has four
areas of activity: capital investment, intermediation, property
and consulting, through which it is able to support and meet
the needs of businesses in the Nord-Pas-de-Calais region.
Rhône Dauphiné Développement
Rhône Dauphiné Développement is an investment capital
company, set up in 1974, that operates primarily in the RhôneAlpes region. Since the beginning, Crédit Coopératif has been
the major shareholder along with Caisse des Dépôts et
Consignations, regional banking institutions and professional
organisations.
At 31 December 2012, Crédit Coopératif held a 19.44% stake in
Rhône Dauphiné Développement, following its participation in
a capital increase of €669K. Socoden
Socoden (société coopérative de développement et d’entraide)
is a financial company that was set up in 1965 by the SCOP
movement to finance creation, growth and aid for SCOPs in
difficulty, by providing support that is different from that
available through traditional financing channels (banks, public
authorities etc.). Socoden is financed solely by and for SCOPs
and it is run by representatives of SCOPs. Over the last ten
years, Socoden has been involved in half of all SCOPs, either at
its creation or in the course of its business life.
the capital of Socoden. Its ambition, over and above financial returns, is to support
staff and involve them in a long-term takeover of their business. Transméa provides support for business takeovers involving companies that are either in good shape or in difficulty, or in a transitional phase, in all business sectors and
regardless of company size.
At 31 December 2012, Crédit Coopératif held a 10% stake in
the capital of Transméa. France Active Garantie
France Active Garantie is a financial company in which Crédit
Coopératif is the second bank shareholder after Caisse des
Dépôts. It provides access to bank loans to jobless people or
those in economic hardship who want to create their own
company, to structures set up to achieve integration through
economic activity and to socially responsible companies by
guaranteeing such loans. All project initiators can take advantage of the expert advice and assistance provided by financial
and legal specialists, as well as ongoing support. This project
developer support mechanism is the reason for its high success rate. In line with its desire to support the growth of
France Active Garantie, Crédit Coopératif participated in a
capital increase in 2011, bringing its percentage shareholding
to 20% and confirming its position as the leading bank
shareholder. Sifa
Société d'Investissement France Active (Sifa) is a socially responsible investment company whose purpose is to strengthen the equity of companies that create jobs especially for people in economic and social hardship: integration structures via
economic activity that help to develop trading activity, adapted work companies, companies in difficulty taken over by their
employees, or other socially responsible companies.
The shareholders, alongside the France Active association, include financial institutions (including Crédit Coopératif), major
companies and socially responsible companies' mutual investment funds.
the capital of Sifa. Transméa
Transméa is an innovative venture capital company, set up at
the initiative of the Union régionale des SCOP de Rhône-Alpes
and dedicated to employee takeovers of businesses throughout the area. It provides the necessary support and financing
to employees who wish to take over their business.
Copronord Habitat
In 2004, Crédit Coopératif acquired a stake in Copronord Habitat, a
social housing cooperative created in 2003. It is a social housing
developer that sells new-build homes as high-quality primary residences at an affordable price. Copronord gives its customers the
Management report
cooperatives in different European countries) and Sicoop
(which was set up in 2009 in Catalonia based on the Ides
model).
78
Management report
opportunity to purchase "secure" property, developing personal relationships with each and every customer founded on a principle of
customer service. Copronord is a member of Habitat Réuni, a cooperation organisation comprising 25 social housing organisations and
cooperatives, all with a strong local grounding and a determination to remain independent, yet with a desire to pool their
resources to achieve their objectives. Crédit Coopératif is one
of two partner banks of Habitat Réuni.
the capital of Copronord. Habitation Familiale
Habitation Familiale is a social housing cooperative created in
1894. Crédit Coopératif decided to become a shareholder in
2005, based on its long-standing human and socially responsible
values. Its strong growth and ongoing commitment to research
and experimentation make it a key player in the social housing
sector in Ille-et-Vilaine and Brittany.
It manages a portfolio of 4,000 social housing units in 140
co-owned properties and has ambitious social access construction targets.
the capital of this cooperative. Société Française d’Habitations Economiques
Société Française d’Habitations Economiques (SFHE) is a social
housing company created in 1891. Crédit Coopératif acquired a
stake in the company in 2001 to support its social vocation. It manages a portfolio of 9,500 housing units and has been a key player
in the social housing sector in the south of France for 120 years. As
a social landlord with a commitment to combating exclusion, SFHE
plays a major role in urban inclusion policies in the areas that it
covers and is also involved in re-integration through work for jobseekers in certain neighbourhoods. It also develops housing solutions for elderly people in need of care and provides five residential
homes for highly vulnerable people and those in urgent need of
assistance.
SFHE is a subsidiary of Groupe Arcade, a major player on the
national stage (rented property portfolio of 79,000 housing
units, with 3,200 new housing units constructed in 2011). Crédit
Coopératif is also a shareholder in Groupe Arcade and has a
close partnership and an excellent relationship with this parent
company. At 31 December 2012, Crédit Coopératif held a 0.36% stake in
the capital of this company. 3.4.2. Examples of shareholdings abroad
CoopEst
CoopEst is an investment company, created in 2005 at the initiative of Crédit Coopératif. It is dedicated to financing the social
economy in the countries of Eastern Europe. It provides longterm loans (subordinated and/or convertible) to cooperative
banks and financial institutions involved in financing the social
economy or making active contributions to strengthening the
local socio-economic conditions for small businesses. At the end
of 2012, CoopEst had investment exposures of around €34 million, spread across around 30 institutions in nine countries. Crédit Coopératif remains heavily involved, holding 30% of the
capital and bonds issued by CoopEst. SG Bank
Crédit Coopératif Group already has a presence in Poland
through Tise. In June 2011, through Tise, Crédit Coopératif acquired a 4.79% stake in SG Bank, a representative bank formed
from the merger of two Polish cooperative banks, GBW and
MBR. Through this new shareholding, both Tise and Crédit
Coopératif will be able to expand their financial and commercial
activity in Poland. In 2012, SG Bank posted net income of 25
million PLN (€6 million). This represented a reduction on the
2011 figures, due to less favourable economic conditions in certain sectors such as construction caused by a slow-down in economic growth. Nevertheless, economic growth still remained at
a respectable level (2.5% in 2012). BNDA (Banque Nationale de Développement Agricole – Mali)
In July 2011, Crédit Coopératif and BPCE IOM each acquired a 9.7%
stake in BNDA. Despite recent events in Mali, BNDA weathered the
storm and posted net banking income figures in 2012 that remained unchanged from the 2011 figures (22 billion CFA francs, or
€33.5 million) and net profit of 2 billion CFA francs (€3 million),
compared with 5 billion CFA francs (€7.6 billion) in 2011, due to its
need to increase provisions in relation to events. Merkur Bank
Merkur Bank is a Danish cooperative bank created in 1982. Its
mission is to fund socially, environmentally and culturally useful
projects. The bank continued to grow in 2012, with a 10% increase in its balance sheet total and a 21% rise in net banking
income. It also joined both FEBEA and GABV. Crédit Coopératif
has been a member of Merkur Bank since 2010, through the conversion of a €1 million subordinated loan, representing 4.24% of
the bank's capital. 79
4. Board of Directors and Executive Management
➔➔4.1. Remits and functions at 31 December 2012
Directors and permanent representatives
Company
Legal status
Position
Jean-Louis Bancel
BTP Banque
plc
plc
Permanent representative of Intercoop on the Board of
Directors
Esfin gestion
plc
Compagnie Européenne de cautions et de
garanties
plc
Director
Institut régional de développement
Nord-Pas-de-Calais
plc
Member of the Board of Directors
Mutuelle centrale finances (MCF)
Code on Mutual Societies
Chairman
Fondation Infectiopole
Foundation
Permanent representative of Credit Coopératif on the Board
of Directors
Fondation internationale du handicap
Foundation
Permanent representative of Credit Coopératif on the Board
of Directors
CoopFr
Association
Office de coordination bancaire et financière
Association
Eurecos
International
Director
International Cooperative Alliance
Association
International Co-operative
Banking Association
Association
Chairman
National administrative
public institution
Qualified individual on the Board of Directors
Agence régionale de développement
Ile de France
Association
International Cooperative Alliance – NGO
Association
Director and Member of the Executive Committee
BTP Banque
plc
Member of the Supervisory Board
Conseil supérieur de la coopération
Organisation created by decree
Vice-Chairman
Conseil supérieur de l’économie sociale et solidaire
Member
Coopératives Europe
Association
Director
CoopFr
Association
Ecofi-Investissements
Esfin gestion
Equisol
Chairman
plc
Permanent representative of Crédit Coopératif on the
Board of Directors
plc
Cooperative plc
Banque Populaire Foundation
Corporate foundation
Director
Crédit Coopératif Foundation
Chairman
Institut régional de développement Nord-Pas-de
Calais
plc
Natixis Private Equity
plc
Chairman
plc
Permanent representative of Crédit Coopératif on the
Board of Directors
SICAV Epargne Ethique Action
Social Economy Europe
Association
Vice-Chairman of the Supervisory Board
Vice-Chairman
Management report
Agence national des services à la personne
80
Management report
4 / Board of Directors and Executive Management
Company
Legal status
Position
Martine Clément on behalf of CMGM
CMGM
MEDEF Europe Commission
Cooperative plc
Association
Enterprise Policy Group (Business Chamber) of the
European Commission
Rexecode
Vaneau industrielle et commerciale - VIC
Chairwoman
Vice-Chairwoman
Member
Association
LLP
Manager
Association
Director
BML
Property investment company
Manager
Comptaburo
Manager
Galerie Florane
Manager
La Chaussade
Manager
Société Christian Pouviot et associés
plc
Director
Société d’expertise comptable et d’Audit du Centre
plc
Director
Jean Gabain on behalf of Unapei
Adapei de la Nièvre
Maurice Ronat on behalf of FNMI
Conseil supérieur de la Mutualité
Representative of the Fédération Nationale de la Mutualité
Française
EOVI Mutuelles Présence
Chairman
FNMF
Vice-Chairman
FNMI
Fonds de Gestion de la Couverture Maladie
Universelle
Haut-Conseil pour l’avenir de l’assurance maladie
Chairman
Française
Française
Matmut
Director
Mutualité de la Loire
Chairman
Mutuelles Présence
Chairman
Union de mutuelles Groupe EOVI
Chairman
Association
Chairman
Adie
Association
Permanent representative of Crédit Coopératif, director
Association internationale logiciels libres (Ai2L)
Association
Chairman
Avise
Association
Chairman
Conseil National de l’Insertion par l’Activité
Economique (CNIAE)
Association
Member
Conseil National du Crédit Coopératif
Association
Member
Conseil supérieur de l’économie social et solidaire
Association
Vice-Chairman
A.I.M.V.
Hugues Sibille on behalf of ESFIN
CoopEst
plc (Belgian law)
Permanent representative of Ides, director
CoopMed
plc (Belgian law)
Chairman
plc
Esfin
plc
plc
Esfin Gestion
Esfin Participations
Filstrans
France Active
Fondation Macif
Simplified plc
plc (Belgian law)
Association
Foundation
Chairman
Representative
Member of the Executive Committee
Permanent representative of Crédit Coopératif, director
Director
81
Company
Legal status
Ides
plc
Les Rencontres du Mont-Blanc
Association
Mouvement des entrepreneurs sociaux
Association
Position
Treasurer
Vice-Chairman
Sicoop
plc (Spanish law)
Permanent representative of Esfin, director
SoFicatra
plc (Belgian law)
Permanent representative of Esfin, director, Vice Chairman
Sofinei
plc
Scopinvest
plc
Permanent representative of Esfin, director
Michel Amzallag on behalf of Union sociale pour l’habitat
Union sociale pour l’habitat
Association
Adviser to the Economic and Financial Studies Department
Association
Chairman
ATES
Association
Director
EPAF
Association
Director
L’office Association
Director
UCEL
Association
Director
Vacances ouvertes
Association
Director
Philippe Antoine on behalf of CNCC
Formasup - Paris
Christine Bouyer on behalf of Unat
Daniel Chabod on behalf of FNSC D’HLM
Simplified plc
FNSC D’HLM
Association
Chairman
Federal Adviser
Fonds commun de placement Gambetta
FCPE (employee investment fund)
Gestion patrimoine immobilière
EURL (single owner limited
company)
Manager
GIE Gambetta
EIG
Director
GIE Gambetta immobilier
EIG
Director and permanent representative of Gestion
Patrimoniale Immobiliere (Member)
Ides
plc
Non-voting director
SACICAP de l’Anjou
plc
SA d’HLM Gambetta Locatif
plc
Permanent representative of SACICAP de l’Anjou (Director)
Société de garantie de l’accession à la
propriété des organismes d’HLM
plc
SCIC Coopérative foncière et immobilière de
l’agglomération de Tours
plc
SCIC d’HLM "Coin de Terre et Foyer"
plc
SCIC d’HLM Gambetta PACA
plc
Director
SCIC d’HLM Gambetta Ile-de-France
plc
Director
PROCIVIS Immobilier
plc
Director
Union sociale pour l’habitat
Association
Member of the Executive Committee
Chantal Chomel representative of category “C” shareholders
Conseil supérieur de la coopération
Member
Conseil supérieur de l’économie sociale et solidaire
Member
CoopFr
Association under the law
of 1901
Director
Groupe ESA
Association under the law
of 1901
Director
Haut conseil de coopération agricole
Public institution with legal
status
Member of the Legal Affairs Section
Management report
Compagnie immobilière des Pays de la Loire
82
Management report
Company
Legal status
Position
Coopérateurs de Normandie Picardie
Cooperative plc
with variable capital
Director
FIRES – Supplementary pension fund
Institution governed by
the social security code
Nadia Dehors on behalf of FNCC
Permanent representative of Les Coopérateurs
de Normandie-Picardie on the Board of Directors
Ides
plc
Permanent representative of the FNCC on the Board of
Directors
Institut de développement coopératif régional
Normandie-Picardie (IDCR)
plc
Chairwoman and Chief Executive
Société de courtage, gestionnaire et conseil en
assurances (SACM)
Cooperative plc
with variable capital
Permanent representative of Les Coopérateurs de
Normandie-Picardie on the Board of Directors
Patrice Forget on behalf of GMF
AGSI
Assistance protection juridique
EIG
Director
Simplified plc
Director
Azur GMF mutuelles d’assurances associées (AGMAA)
plc
CCR
plc
Director and Chairman of the Audit Committee
COVEA finance
COVEA LUX
COVEA RE
CSE ICO, CSE insurance services
CSE Safeguard
GMF Assurances
GMF Financial services
Simplified plc
plc (Luxembourg)
Director
Mutual reinsurance
undertaking
Director
US corporation Director
plc
US corporation Director, Chief Executive
Director
GMF Vie
plc
Groupement de fournitures et moyens
informatiques
EIG
Director
La Sauvegarde
plc
Director
Téléassurances
plc
Director
Univers mutualité
Mutuelle 45 (mutual health
organisation)
Director and Vice-Chairman
Gilbert Hennique on behalf of ANCF
Alliansys - Nord création
ANCF
Hennique et Fils Consultants
Canaux
Capcil
CogeForm
Procivis Nord
Croissance Nord-Pas-de-Calais
Groupement interprofessionnel paritaire pour
l’emploi et le logement
Inovam
Simplified plc
Director
Association
Chairman
LLP
Manager
Manager
Simplified plc
Director
Association
Director
Social housing company
Director
Simplified plc
Director
Association
Simplified plc
Chairman
Director
IRD Nord-Pas-de-Calais
plc
Director
Nord Financement
plc
Résalliance Conseil
Saint-Omer expansion
Vilogia
Vilogia Primo
plc
Director
Simplified plc
Director
Social housing company
Director
Simplified plc
Director
83
Company
Legal status
Position
Cooperative public
limited company
Director
Jacques Hornez on behalf of MGEN
Casden-Banque Populaire
CNP
Fructipierre
plc
Property investment trust
Non-voting director
GAIA
MGEN
Mutuelle Livre II (licensed
mutual health organisation)
Director
plc (Monaco)
Director
Simplified plc
Commission d’examen des pratiques commerciales
Federation
Member on behalf of the FCA
Conseil du commerce de France
Federation
Director and Chairman of the Competition and Consumer
Committee
Parnasse MAIF
Guy Leclerc on behalf of FCA
AD Albertville
Conseil national de la consommation
Organisation created
by decree
Member of the Payment Deadline Observatory
Coop Fr
Association
Fédération des enseignes du commerce associé
Federation
Chairman
Fédération professionnelle du sport
Federation
Director
Intercop-Location
plc
Intersport Belgium
plc
Director
Permanent representative of FCA on the Board of Directors
Director
Le Rallye Montluçon
Simplified plc
Monnier Chalon-sur-Saône
Simplified plc
LDS Albertville
Simplified plc
Le Mans Sport
Simplified plc
Director
SDC Concarneau
Simplified plc
Director
A Cappella
Cooperative production
enterprise Chairman and Chief Executive
Arpège
Cooperative production
enterprise Chairman and Chief Executive
CCCI Grand Lille
Consular chamber Associate Member
CECOP
Association
Vice-Chairman
CGSCOP
Association
Chairman
Conseil économique et social et environnemental
(CESE)
Conseil national du Crédit Coopératif (CNCC)
Assembly
Association
Vice-Chairman, Employment and Labour section, Secretary
of the CESE Member of CNCC and Executive Committee
Management report
Patrick Lenancker on behalf of CG SCOP
84
Management report
Employee-elected directors
Company
Legal status
Position
Claire Besson
Crédit Coopératif
plc
Director of the small and medium-sized associations market
Crédit Coopératif employee-elected director
Françoise Girma-Romeyer
Crédit Coopératif
plc
Management assistant
Crédit Coopératif
plc
Key account and project finance director
Bati Lease
plc
Permanent representative of Bati Lease Invest on the Board of Directors
Chèque Domicile
plc
Permanent representative of Crédit Coopératif
Jean-Denis Nguyen Trong
Approval Committee of the Fonds de Cohésion
Sociale
State guarantee fund
Representative of the Fédération bancaire française
plc
Ides
plc
Sogama Crédit Associatif
plc
plc
Head of small and medium-sized associations and representative
organisations
Fabienne Roy
Crédit Coopératif
Executive Management
Company
Legal status
Position
François Dorémus – Chief Executive
Bati Lease
plc
BTP Banque
plc
Permanent representative of Credit Coopératif on the Supervisory Board
plc
Permanent representative of Intercoop on the Board of Directors
plc
Permanent representative of Intercop Location on the Board of Directors
Esfin Gestion
plc
Intercoop
Simplified plc
Intercop Location
plc
Natixis Assurances
plc
Director
Natixis Lease
plc
Director
ACEP Burkina
plc
Director
Babyloan
plc
Member of the Strategy Committee
Pierre Valentin, Deputy Chief Executive
Banque EDEL
General partnership
BTP Banque
plc
Member of the Executive Board and Chief Executive
Cogitam
plc
Director
CoopEst (Belgium)
plc
Director
Ecofi-Investissements
plc
Permanent representative of BTP Capital Conseil on the Board of Directors
Ecosol La Coopérative
Cooperative
Esfin Gestion
Esfin Participations
plc
Permanent representative of Crédit Coopératif and Co-Manager
Director
Simplified plc
Director
Equisol
plc
Director
Fri Rhône-Alpes – Siparex
plc
Director
Sicoop (Spain)
plc
Director
plc (Belgian law)
Director
SoFicatra
Tise (Poland)
plc
Union Centrale du Crédit Coopératif
plc
Director
85
➔➔4.2. Remuneration and benefits paid during the year
4.2.1. Remuneration and benefits in kind
Crédit Coopératif's executive officers, whose term of office and remuneration are set by the Board of Directors, are: • Jean-Louis Bancel, Chairman of Crédit Coopératif
• Hugues Sibille, Deputy Vice-Chairman
• François Dorémus, Chief Executive
• Pierre Valentin, Deputy Chief Executive
• Jean-Paul Courtois, Deputy Chief Executive
Gross
variable remuneration
for the previous
financial year, paid
during the course of
the financial year Executive
officer
Year
Jean-Louis Bancel
2012
€265,000.06 €19,873.00 François Dorémus
2012
€265,005.00 €19,875.38 Pierre Valentin
2012
€190,000.07 €28,500.01 Hugues Sibille
2012
€199,999.93 €29,998.99 Jean-Paul Courtois
2012
€98,247,38 TOTALS
Gross fixed
remuneration
Deferred
variable
remuneration
€11,168.33 Social
reintegration
Directors’
fees
Total
€3,463.45 €5,701.56 \
€305,206.40 €5,972.33 €5,697.31 \
€296,550.02 €10,550.00 €4,430.38 €3,698.69 \
€237,179.15 €11,384.00 €4,576.10 €4,138.25 \
€250,097.27 €3,137.00 €1,690.35 €33,102.33 €21,763.79 €20,926.16 \
€75,004.99 €920,005.06 Benefits in
kind \
€0.00 €79,832.34 €1,168,865.18 * On a pro rata basis since appointment
4.2.2. Allotments of free shares
Conditions for exercising the options: The company’s executive officers were allotted free shares in
Natixis, as were all the staff of Crédit Coopératif Group, under
the same conditions (60 shares per person). The shares were
allotted on 12 November 2007, with acquisition on 12
November 2009 and share availability as from 14 November
2011.
• Price: €22.15 • Exercise period: between 29 January 2011 and 28 January
In 2008, the executive officers of Crédit Coopératif asked not
to be granted any share subscription or purchase options that
may be issued by Natixis. No options were exercised by the
4.2.3. Share subscription or purchase options granted
to each of the company’s executive officers and options
exercised by them
company’s executive officers during 2012.
There are currently no plans concerning subscription and purchase of shares in Crédit Coopératif, either for the company’s
executive officers or for salaried staff not holding positions as
executive officers.
Executive officers who have Chief Executive status are covered
In 2007, the Board of Directors of Natixis announced to Crédit
Coopératif that it had decided to allot Natixis share subscription options to the Crédit Coopératif executive officers under
the following conditions:
officer.
• Jean-Louis Bancel • Hugues Sibille
• Pierre Valentin service, with an upper limit of €335,000. This scheme was
4,800 options
4,800 options
4,800 options
4.2.4. Termination of appointment commitments
by the complementary Chief Executives' pension scheme,
which is reserved for executive officers of Groupe Banque
Populaire under the rules pertaining to that category of
In this respect, the combined amount of all pensions paid to a
senior manager may not exceed 50% of the salary while in
introduced prior to 1 May 2005, i.e. before French Law 2005842 of 26 July 2005 came into force.
Management report
2014.
86
Management report
4.2.5. Directors’ fees to be paid to members of the Board of Directors for the 2012 financial year
ANCF (Association Nationale des Coopératives Financières)
5,600
C.G. S.C.O.P. (Confédération Générale des SCOP)
1,600
Chantal Chomel, representative of category “C” shareholders
10,400
C.M.G.M. (Caisse Mutuelle de Garantie des Industries Mécaniques et Transformatrices des Métaux)
16,000
C.N.C.C. (Conseil National du Crédit Coopératif) (director)
16,800
CNCC (Conseil National du Crédit Coopératif) (non-voting director)
8,000
15,200
ESFIN
15,200
F.C.A. (Fédération des Enseignes du Commerce Associé)
9,600
F.F.C.G.A. (Fédération Française des Coopératives et Groupements d’Artisans)
8,800
F.N.C.C. (Fédération Nationale des Coopératives de Consommateurs)
11,200
F.N.M.F. (Fédération Nationale de la Mutualité Française)
0
F.N.M.I. (Fédération Nationale de la Mutualité Interprofessionnelle)
12,000
F.N.S.C. D’HLM (Fédération Nationale des Sociétés Coopératives d’HLM)
6,800
G.M.F. (Garantie Mutuelle des Fonctionnaires)
6,000
M.G.E.N. (Mutuelle Générale de l’Education Nationale)
3,200
Michel Vallade, representative of category “C” shareholders
8,000
Société Financière de la Nef
6,400
SOCODEN-FEC (Société Coopérative d’Entraide-Fonds d’expansion Confédéral)
2,400
SOCOREC (Société Coopérative pour la Rénovation et l’Equipement du Commerce)
10,400
U.N.A.P.E.I. (Union Nationale des Associations de Parents, de Personnes Handicapées Mentales et de leurs Amis)
10,800
U.N.A.T. (Union Nationale des Associations du Tourisme)
7,200
U.N.I.O.P.S.S. (Union Nationale Interfédérale des Œuvres et Organismes Privés, Sanitaires et Sociaux)
4,000
Union Sociale pour l’Habitat
4,000
TOTAL
199,600
Financial statements of Crédit Coopératif 5. Company and consolidated financial
statements 2012
➔➔5.1. Applicable accounting standards
Consolidated financial statements
As of 1 January 2007, companies whose shares may be traded on
a regulated market are required, in accordance with the European
regulation of 12 March 2002, to draw up their consolidated financial statements in accordance with IFRS standards. Crédit
Coopératif complies with this obligation and, since 1 January
2007, has been preparing its consolidated financial statements in
accordance with these international accounting standards.
The annual financial statements are drawn up in accordance with
the regulations applicable to credit institutions and in compliance
with generally-accepted French accounting principles.
The rules on the publication of financial statements have been applied in accordance with regulation No. 91-01 of 16 January 1991
of the Accounting Rules Committee, including all updates up to
rule No. 2010-08 of 7 October 2010 of the Accounting Standards
Board applicable to credit institutions.–
The standards for presentation of the intermediate operating
totals comply with the recommendations of the Conseil
National de la Comptabilité (French national accounting council), and the main changes are as follows:
• reclassification of non-recurring items as net banking income or operating expenses depending on their type • reclassification of gains and losses on fixed assets as net
banking income, except for gains or losses made on operating property and equity investments.
87
5.2.1 Business activity in 2012
In the 2012 financial year, Crédit Coopératif's commercial activity progressed well overall, in terms of both collection and
application of funds. Balance sheet resources rose by 9%,
thanks to impressive savings figures (up 40%), along with a
rise in sight deposits (up 6%). The only negative result in this
area was in terms of term deposits, which fell by 10% due to
exceptionally low interest rates. Faced with these same difficulties, UCITS exposures remained relatively stable (down 2%),
with total fund collection figures rising 3.4% overall. Performance was even better in terms of applications of funds,
which rose by 14% overall thanks to double-digit growth
across all types of support: current accounts were up 24%, the
portfolio rose by 13% and medium and long-term credits increased by 14%. The creation of new credits remained at the
high level seen last year, despite a slow-down at the end of the
year, standing at €2.2 billion. This included significant growth
in the general interest bodies sector (up 8%). 5.2.2. Results
Net banking income
This positive trend in commercial activity is reflected in net
banking income, which stood at 4.2%. Nevertheless, low interest rates had a negative impact on interest margin, which
only rose by 1.8%. The rate on "Livret A" accounts – used as
the benchmark for all savings products – remained high,
whereas all other rates, against which fund application remuneration is indexed, continued to fall throughout the
year. These inconsistent trends led to an erosion of the margin rate, preventing the bank from reaping the full benefits
of volume effects.
The rise in net banking income is mainly attributable to a
growth in commission, although this is not accurately reflected in the accounting figures (up 3.6%). Fund transport
costs (€2 million) are currently accounted for under net
banking income in order to harmonise the financial statements of the Banques Populaires and the Caisses d'Épargne.
On a harmonised basis, total commission received rose significantly (up 5.3%), reflecting the growth in activity.
Furthermore, the fall in commission from third-party asset
management seen in previous years did not materialise in
2012. In fact, given that certain UCITS funds exceeded their
yield target for the year, total commission in this area re-
turned to growth (up 2.6%) despite the fact that exposures
remained stable. Alongside these key figures, net banking income in partner
institutions also rose (up 12%), in addition to increases from
certain non-operating products, including some from the
central body. The fine paid in 2010 with respect to cheque
images (€2.1 million) was also refunded. General expenses
Despite strong performance in net banking income, general
expenses rose at a faster rate (up 7.4%), mainly reflecting
exceptional costs incurred through the completion of renovation works on the Head Office in 2012, which had started
back in 2009 (€7 million). Overall, this situation was well managed by Crédit Coopératif
and its subsidiaries, with payroll expenses remaining within
budget (up 5%), while other management costs did not exceed the forecasts other than through unforeseeable expenses, such as the doubling of the banking levy (€2.1 million). In fact, considering all institutions directly managed by
Crédit Coopératif, the evidence points to tight cost control.
Excluding exceptional costs, general expenses rose by 3.3%,
which remained below the rate of growth of net banking
income and below the budget forecast. However, expenses
rose at a faster rate among partner institutions (up 11.7%),
further accentuating the gap between general expenses and
net banking income and resulting in a negative impact on
the operating ratio, which stood at 75.6%. Gross income and net income
As a result, gross operating income stood at €103.5 million,
a 4.5% fall on the 2011 figure. Following a particularly low level in 2011 as a result of substantial reversals of provisions (€29.4 million), the cost of risk returned to a more normal level (€49.1 million, compared with
€45.4 million in 2010 and €60.4 million in 2009). It is also important to stress the impact of impairment of
two of our shareholdings: BPCE securities, the value of
which fell by €6.9 million, and poor performance from
Financière de Champlain, which led to a write-down of
goodwill in this asset management company, representing a
€1.1 million loss in the Group's financial statements. Management report
➔➔5.2. Consolidated financial statements 2012
88
Management report
5 / Company and consolidated financial statements 2012
After deduction of tax and non-controlling interests, the
Group share of net income stood at €27.2 million, representing a significant fall compared with 2011. This result was
broadly expected however and, excluding the impairment of
BPCE securities, the Group share of net income was similar
to the budget forecast. ➔➔5.3. Financial statements of Crédit
Coopératif 2012
5.3.1. Business activity in 2012
In spite of the tough economic climate in 2012, Crédit
Coopératif continued to grow its business activity, improving
on its overall position in 2011 despite variations in performance in different segments. The growth in fund applications (up 15.7%) was substantially higher than the rise in
fund collection activities (up 3.7%). Sight deposits (€3.2 billion) fell short of the budget target (down
2.8%), although the shortfall at 30 June was not significant (down
0.6%). While overall growth compared with 2011 was positive (up
5.9%), the slow-down recorded at 30 June (up 7.3%) was less than
half of the trend for the previous year (up 12.2%). Savings (€2.4 billion) played a key role in the growth of fund
collection. Performance in this area easily exceeded the
budget (up 16.6%). Growth on 2011 (up 39.7%) was even
higher than the exceptional figure posted last year (up
24.6%). This change can be explained by the significant discrepancy between the "Livret A" rate (which remained stable) and short-term rates such as Eonia and Euribor 3 months
(which fell continuously throughout the year). It was further
accentuated by the introduction of new savings accounts
with higher ceilings (€3 million). As a result of this unfavourable rate situation, term deposits
(€1.8 billion) fell by 13.2% compared with 2011 and were
16.8% short of the target. This discrepancy between term deposit and savings performance meant that, for this first time, savings represented
the dominant portion of remunerated fund collection in
2012, unlike in previous years, when term deposits occupied
this position.
UCITS subscriptions (€3.1 billion) had been falling since
2010, but the downward trend was less marked in 2012
(down 6.6% compared with a fall of 19.0% in 2011). Applications of funds (€8.3 billion) were above the budget objective (up 2.8%), representing a 15.7% increase on 2011 and
even better performance than last year (up 12.9%). Furthermore,
the growth in short-term applications was higher than the
growth in medium- and long-term credits for the first time. Short-term applications (€841.2 million) were substantially
higher than the target (up 17.2%), representing an 18.8%
increase on 2011, a rate more than twice that achieved last
year (up 8.1%). This is the highest rate for at least 10 years,
marking a break in a long-term trend.
Current accounts (€515.1 million) exceeded the budget by
26.0%. While in previous years the current account figure
fell in the second half of the year, it increased steadily
throughout the year, thanks in particular to advance funding
for CDC loans. While average growth stood at 24.8% for the
year, it peaked at 50.5% in the month of December alone. Cash flow and the commercial portfolio (€326.2 million) also
posted impressive performance for the year, increasing by
10.5% compared with 2011 and far exceeding the budget (up
5.5%). Here too, the trend involved an acceleration over the
course of the year, with a strong increase at the end of the
year. After two quarters of moderate increases, an 18.5% rise
was posted in Q4. Confirmed credits (€124.7 million) were above the budget target (up
12.6%) and were 13.3% up on 2011, with particularly strong growth
in Q3. Average monthly exposures rose from €115.2 million in June
to €142.2 million in August, falling off slightly thereafter (€134.4
million in December). Medium and long-term applications of funds (including property
leases) stood at €7.3 billion, exceeding the budget target by
1.3%. Growth (15.4%) remained stable throughout the year, unlike the acceleration seen in short-term application of funds. This
was despite a slow-down in disbursements in the second half of
the year, which rose by only 2.0% over the year as a whole. 5.3.2. Shareholdings
The Crédit Coopératif portfolio of shareholdings stood at
€448.6 million, an increase of 4.6% compared with 2011. The main investment operations were as follows:
• Transfer of BTP Capital Investissement securities to SMA
BTP, BTP Prévoyance and BTP Banque, totalling €5 million. Crédit Coopératif's percentage shareholding fell from
79.4% to 32.4%. 89
(14% stake). • Transfer of our shareholding in SAS Polylogis (€74K). Crédit
Coopératif remains a shareholder, however, holding one share.
• Continuation of the 4.2% stake in SAS ABC Microfinance,
which manages the Babyloan.org website, i.e. an additional
shareholding of €10K, bringing the total to €110K. • Participation in the capital increase for Banque Edel, totalling €1 million. Crédit Coopératif holds a 29% stake, with a
total shareholding of €5.8 million. • Additional investment of €140K in FIDES Bank Namibia. Crédit
Coopératif holds a 10% stake in this micro-finance bank, with a
total shareholding of €324K. • A €50K investment in SCIC HLM Habitat de l’Ill, representing
a 5% stake. • A €25K investment in SEM Oryon, representing a 1.5% stake. • A €30K investment in SEM d’aménagement de la Ville de
Nanterre (SEMNA), representing a 0.8% stake. At 31 December 2012, the main shareholdings were as follows:
• BPCE: €198.7 million and a 1.01% stake • Banque Populaire Développement: €30.1 million and a 4.44%
stake • BTP Banque: €24.1 million and a 99.96% stake • USCC: €22.1 million and a 100% stake • Ecofi Investissements: €21.8 million and a 99.1% stake • Intercoop: €21.5 million and an 82.4% stake • Esfin: €18.2 million and a 38.1% stake • Bati Lease: €16.7 million and a 94.9% stake • Intercop Location: €8.5 million and a 90.7% stake • BNDA: €7.7 million and a 9.70% stake • Tise: €6.28 million and a 100% stake • Esfin Participations: €6 million and a 16.1% stake. 5.3.3. Equity capital and fixed assets
Equity capital stood at:
• €1,140 million at 31 December 2012, before allocation of income, compared with €1,075.1 million at 31 December 2011
• €1,122.4 million at 31 December 2012, after allocation of income, compared with €1,057.1 million at 31 December 2011.
Capital stood at €806.2 million at 31 December 2012, compared with €743.7 million at 31 December 2011. The distribution of capital between A, B and C shares and cooperative certificates of investment changed from the distribution at 31
December 2011, and a new share category (P shares) was introduced.
At 31 December 2012, distribution of capital was as follows:
• A shares: €47.3 million (€93.9 million at 31 December 2011) • B shares: €396.1 million (€305.1 million at 31 December 2011) • C shares: €188.7 million (€196.0 million at 31 December 2011) • P shares: €12.9 million • Cooperative certificates of investment (CCIs): €161.2 million
(€148.7 million at 31 December 2011). The shareholdings portfolio amounted to €448.6 million, compared with €428.8 million at 31 December 2011. Net fixed assets amounted to €25.8 million, compared with
€26.1 million at 31 December 2011. 5.3.4. Income statement
Net banking income stood at €281.9 million, up 2.4% on
the 2011 figure (€275.3 million) and 2.6% down on the forecast (€289.5 million). The rise in net banking income does not
fully reflect performance, due to unfavourable margin rate
changes.
The interest margin on customer operations rose by €2.5 million, falling short of the budget target (€9.6 million). This situation can be explained by falling margin rates.
There are also several other negative factors:
• The rate structure, which was already unfavourable in 2011,
continued to deteriorate throughout the year, with the
"Livret A" rate (the headline rate for all savings) remaining
at 2.25%, while the benchmark rates against which fund
applications are indexed continued to fall. • The rate on new fixed-rate medium- and long-term credits
was below the rate on sources of funds, despite an increase
in the margin rate on internal transfers, which meant that it
was not possible to compensate for the fall in this internal
transfer rate.
• Falling monetary rates had a more rapid effect on shortterm applications of funds, for which falling indices are accounted for on a month by month basis, than on term resources, the rate of which is fixed over the term chosen by
the customer; furthermore, customers tended to choose
longer terms to gain better remuneration.
Management report
• A €118K investment in SCI Cap Vacances La Grande Motte
90
Management report
• Strong competition on deposits also led to an increase in
spreads on term deposits at the end of the year.
• Finally, the strong growth in short-term credits was accompanied by a fall in the average commercial margin rate (discrepancy between the index and the customer rate).
The apparent increase in net commission was penalised – both
in terms of the target and in comparison with 2011 – by the
reclassification of fund transport costs (€2.0 million) in net
banking income under general operating costs. Under a
consistent scope, the increase in net commission would have
been €3.5 million, slightly below the target (down €0.5 million). • Net income from banking operations rose by €0.7 million,
falling short of the budget target by €2.3 million. This decline can be explained by the fact that no rate revision was
carried out on 1 July last year.
• Net receipts from method of payment management, excluding
fund transport costs (€2.0 million), rose by €2.0 million, exceeding the budget target (€1.7 million). • Commission on financial transactions was in line with the
budget (€0.1 million above), rising by €0.4 million over the
year. The increase from customer swap sale products and
the fact that BPCE paid out on SFH operations for the first
time more than compensated for the fall in commission on
OPCVM investments.
• Commission from online service subscriptions and teletransmissions operations rose by €0.3 million, in line with
the budget target. Current non-operating products exceeded the budget forecast
(up €3.5 million) and represented an improvement on 2011 (up
€0.9 million). This discrepancy between the actual figures and
the budget was primarily due to:
• repayment of the fine paid with respect to inter-bank commission on cheque images, as imposed by the competition
authority in 2010 (€2.1 million) • remuneration by BPCE of the super-subordinated security
issued in March 2012 (€1.7 million) and surplus fund collection from members' shares compared with Crédit
Coopératif's budget (€1.1 million). These aspects compensated for the fall in dividends received
from ICP (down €1.2 million) and Banque Populaire
Développement (down €0.9 million).
Total personnel expenses (€122.0 million), up 6.9% compared with compared with 31 December 2011 (€114.1 million),
represented a saving of 0.6% in relation to the budget
(€122.7 million). On average, 1,436 FTE (full-time equivalent) employees worked for
Crédit Coopératif during the year under review. This represented an
increase of 37 FTEs compared with the situation at 31 December
2011 (1,399 FTEs), returning to a similar level to that recorded in
2010 (1,429 FTEs).
Half of the additional staff came from the commercial network, with each regional delegation increasing its workforce
by 2 to 4 FTEs, in particular following the opening of the ParisConvention and Lyon-Part-Dieu branches. The majority of additional Head Office staff were in banking production backoffice roles, as well as in development and distribution
positions.
Furthermore, the annual review of personnel re-billing arrangements between Group companies, based on the activity
of different Head Office departments, meant that Crédit
Coopératif was assigned more IT department employees.
Personnel expenses grew by around €7.8 million year-on-year. Of
this, €3.8 million was related to fixed salaries and social costs. The
main components were new recruits, payment of variable remuneration elements following good results in 2011, and an increase
in the fixed social security contribution (up €0.5 million) and payroll taxes (up €0.6 million). All other personnel expense increases combined totalled €2.8 million, including an additional payment agreement (up €0.9 million)
and introduction of the necessary provisions (especially paid holidays and end-of-career benefits). Finally, following detailed updates to Head Office support function
tasks (IT in particular), and changes to their distribution among different member companies of the de facto grouping, Crédit Coopératif
now re-bills less to other members, resulting in an additional cost of
€1.2 million. Other management expenses and depreciation (€96.5 million) increased by 7.4% compared with 2011 (€89.9 million) and exceeded the budget by 1.9% (€94.7 million). More than half of this additional €6.6 million concerned property
costs, including the move back to the iconic renovated building on
Boulevard Pesaro. This resulted in substantial costs in terms of
overlapping rental expenses, as well as rental, vacation and restoration costs linked to the backup sites used for the past three years. Other substantial costs incurred in 2012 included the doubling of
the banking levy (up €1.8 million), the brand awareness campaign
(up €0.5 million), support for the launch of the e-branch (up
€0.4 million) and IT costs (up €0.4 million), following adjustments
to billing arrangements in line with use of the IT service supplied by
GIE USCC to its members. 91
In total, general expenses (€218.5 million) rose by 7.1% compared with the previous year (€204.0 million), roughly in line (0.5%
higher) with the budget of €217.5 million.
• A net reversal for depreciation on securities of €1.1 million (including a reversal of €2.3 million on Lehman Brothers and an
allocation of €1.2 million on Landsbanki).
The new income from gains and losses on financial assets includes:
Gross operating profitstood at €63.4 million, compared with
€71.2 million in 2011, representing an €8.7 million shortfall on the
budget target (€72.1 million). The cost of risk represented a net expense of €38.9 million, a 91.1%
increase in 2011, but almost identical to the same figure in 2010
(€39.4 million). In 2012, the amount allocated to the cost of risk included the following main components:
• €35.4 million in net depreciation for customer receivables (€13.8
million in 2011), or €59.1 million in total depreciation compared
with €51.2 million in 2011, and €23.6 million on reversed provisions (€37.4 million in 2011) • €3.7 million net allocation of depreciation imputed for the effect
of time (€2.5 million in 2011)
• €1.1 million net allocation of provisions for risks and recovery of
impaired receivables, minus non-covered losses (compared with
€2.0 million in 2011) • €0.2 million reversal for social depreciation (collective basis),
compared with an allocation of €1.9 million in 2011 • A capital gain of €8.6 million on the transfer of BTP Capital
Investissement securities • An allocation of €3.0 million for depreciation of BPCE securities,
and a reversal of the same amount from the Fonds Régional de
Solidarité (FRS). The Fonds pour Risques Bancaires Généraux (FRBG) was allocated
€3.3 million, compared with €1.7 million in 2011, in addition to the
allocation of €9.6 million made last year under the Groupe BPCE
guarantee mechanism. Net income stood at €22.6 million (compared with €21.3 million
in 2011), following a tax burden of €7.9 million for the period
(€18.2 million in 2011). 5.3.5 Events after the end of the financial year
No major event with a material effect on the company financial statements or consolidated financial statements occurred
between the financial year-end and the date on which this
report was prepared.
Company results for the last five financial years
2008
2009
2010
2011
2012 (1)
Registered capital
493,718,765
535,555,936
743,718,786
743,718,786
806,218,776
Number of shares issued
25,900,000
28,643,421
39,014,756 39,014,756 42,294,532
6,475,001
6,475,001
9,753,689
9,753,689
10,573,361
736,718,848
570,779,296
540,599,751
587,063,628
607,954,099
84,247,590
62,177,588
70,586,020
57,384,305
63,541,758
7,621,256
528,593
11,059,836
18,160,813
7,883,274
183,264
671,909
1,368,038
1,851,021
1,697,020
Income after tax and charges calculated (depreciation
and provisions)
18,758,920
18,806,743
20,661,287
21,269,158
22,623,114
Income distributed by shares
13,499,849
11,397,392
12,314,460
13,869,406
14,547,691
3,554,776
2,962,313
4,164,825
4,164,825
4,030,000
Number of CCIs issued
Operations and results for the financial year
Turnover excluding tax
Income before tax and charges calculated
(depreciation and provisions)
Corporation tax
Employee profit sharing for the financial year
Income distributed by CCIs
Income per share
Income after tax, but before charges calculated
(depreciation and provisions)
2.84
1.76
1.22
0.80
1.05
Income after tax and charges calculated (depreciation
and provisions)
0.58
0.54
0.42
0.44
0.43
Dividend distributed to each type B, C and P registered
share
3.6%
3.0%
2.8%
2.8%
2.5%
Dividend distributed to each CCI
3.6%
3.0%
2.8%
2.8%
2.5%
Dividend distributed to each type A registered share
Personnel
Average number of staff employed during the financial
year
1,560
1,623
1,663
1,676
1,688
Wage costs
67,673,244
72,560,066
73,029,592
74,276,387
77,401,424
Amounts paid under company benefit schemes
(company social security and benefit schemes)
34,580,157
36,587,860 37,774,865
39,041,682
40,836,059
1. Subject to approval by the Ordinary General Meeting
Management report
Capital
92
Management report
Intermediate operating totals (in thousands of euros)
Sections
+
+/-
At 31/12/2012
Net income from interest
At 31/12/2011
224,503
Income from variable-income securities
220,823
2,830
5,283
51,294
48,906
+
Net commission
+
Income from trading and investment portfolios
1,174
1,312
+
Other net operating income
2,083
(1,072)
+/-
Proportion of income from companies consolidated according to the equity method
=
Net banking income
281,883
275,252
-
General operating and depreciation charges
218,478
204,028
117,696
109,917
99,991
93,385
. Payroll
. Other administrative costs
=
+/=
+/=
. Depreciation charges
791
726
Gross operating income
63,405
71,224
(38,946)
(20,383)
24,459
50,841
Cost of risk
Operating income
Net income from fixed assets
Current pre-tax profit
+/-
Extraordinary income
+/-
+/=
Corporation tax
Appropriation to/Reversal from the FGBR and regulated provisions
Net income
5,167
(51)
29,626
50,791
(7,883)
(18,161)
880
(11,334)
22,623
21,296
Information relating to subsidiaries and shareholdings at 31 December 2012
Companies or
groups of companies
Capital
Equity
capital
other than
share
capital Proportion
of equity
held
Book value
of securities
held
Amount for
Outstanding
guarantees
loans and
and
advances
endorsements
granted by
provided by
the company the company Turnover
for the
latest
financial
year Net profit
or loss for
the latest
financial
year Dividends
received by
the company
during the
financial
year A. Detailed information relating to shareholdings with a value exceeding 1% of the capital of the company required to declare them I - Subsidiaries (at least 50% of the capital held by the company) GIE USCC
8,700,000 Intercoop
4,856,280 21,482,398 96.07 %
22,096,430 4,336,359 82.37% 21,532,525 27,500,000 Intercop Location
4,573,800 5,532,771 90.70% 8,536,883 Bati Lease
9,065,280 24,318,696 94.89% 16,708,632 Ecofi Investissement
4,445,154 8,626,906 99.08% 21,779,604 50,000,000 3,832,045 99.96% 24,059,690 BTP Banque
0,991,572 35,148,150 154,398 43,384,342 1,698,926 79,624,550 3,275,620 6,097,500 -2,743,247 58,068,731 8,130,199 -88,618 409,314,382 100,006,200 860,168 II - Shareholdings (10% to 50% of the capital held by the company) Esfin Participations
31,251,738 4,186,986 16.11% 6,000,368 810,112 -239,475 15,173 IRD Nord - Pas-de-Calais
44,274,913 1,051,000 17.38% 5,652,172 7,307,000 3,191,000 75,681 Rhone Dauphine Dev
13,770,000 1,024,096 19.44% 2,674,324 -287,437 108,469 EDEL
77,085,140 135,000 29.13% 5,812,635 8,491,000 4,728,000 4,493,240 5,694,718 38.08% 18,159,754 133,848 -235,913 16,985,892 5,113,461 32.41% 4,131,371 492,448 285,905 Esfin
80,000,000 5,000,000 580,640 B. General information relating to other subsidiaries or holdings
I – Subsidiaries not mentioned in § A
a) French subsidiaries (taken
together)
b) Foreign subsidiaries (taken
together)
II – Shareholdings not mentioned in § A
a) French companies (taken together)
b) Foreign companies (taken together)
2,837,866
201,600
5,662,092
5,627,298
6,008,930
306,000
317,754
93
Activities per country exercised by subsidiaries and consolidated entities in 2012
% shareholding
Tise
COOPEST
country of origin
Net banking
income (€) Staff (FTE)
Income (€) Tax paid (€) 100% Poland
557,000
6
141,000
18,400
28% Belgium
1,041,370
0.5
516,711
99,832
6. Risk exposure and risk management
In 2012, Crédit Coopératif refined the risk control system for
its financial operations, reviewing both its limits system and
the way in which its operational processes are organised.
In terms of credit risk, the Crédit Coopératif bank and network
updated its knowledge of Basel II standards and practices. This
training programme helped to improve risk control.
This system ensures that risks are covered, fully assessed and
managed in accordance with the guidelines laid down by the
Board of Directors.
Adaptations continued to be made to the anti money laundering system, with work undertaken to update customers'
statutory files and implement new monitoring scenarios
targeting specific risk profiles.
It is organised in order to guarantee strict independence of
risk control functions from operational lines and by distinguishing three levels of monitoring: ➔➔6.1. Credit risk
• continuous control, carried out at first level in the business
lines, within the normal framework of their responsibility,
and at second level by dedicated local and central teams
organised according to type of risk – credit, financial, operational/compliance
• periodic control is carried out at third level by an audit
team, whose missions extend over all the bank’s business
lines in accordance with a multi-year programme.
This organisation is detailed in the report of the Chairman of
the Board of Directors on Crédit Coopératif’s internal control
procedures.
The status of the system for controlling and evaluating risk is
reported at regular intervals to dedicated committees. The
main committees involved are:
• the Audit Committee and the Risk Committee, other bodies
of the Board of Directors • the Central Risk Committee (which addresses all risks) • the Operational and Compliance Risk Committee
• the Control Function Coordination Commission.
6.1.1. A high-quality portfolio Breakdown of Crédit Coopératif's
customer commitments (balance sheet and
off-balance-sheet)
excluding financial products,
by Basel II risk class as at 31/12/2012
1% Appreciable risk
4% Low risk
4% Doubtful
Douteux
24% Very good
risk
Risque sensible
Risque médiocre
Risque moyen
31% Medium
risk
Bon risque
36% Good risk
Très bon risque
Non noté
Douteux
Management report
Crédit Coopératif Group’s risk management is based on an organisation that complies with legislation and regulations, in
particular, Regulation 97-02, as last amended, of the French
Banking and Finance Regulatory Committee. This organisation
is reflected in an internal control system, which forms part of
the practices and procedures for risk assessment within the
Groupe BPCE. The control system is defined in a charter approved by the Audit Committee.
94
Management report
6 / Risk exposure and risk management
6.1.2. A diverse portfolio dominated by Corporate
commitments See also Appendix 9 to the Crédit Coopératif financial statements, which gives a breakdown of exposures by economic
agent.
Breakdown of Crédit Coopératif's
customer commitments (balance sheet
and off-balance-sheet)
6.1.3. Risk management system
There is a system in place to guarantee close monitoring of
credit risk: branches have information tools at their disposal
that allow them to check compliance with authorised limits on
Particuliers
a daily basis. This monitoring is supplemented by second-level
controls performed on each loan file individually by the Group
Retail
Credit Risk Department based on its own specific alarm criteria. At least once a month, all positions that have exceeded
Corporate
their limits are reviewed by means of exchanges of information with each of the branches. These controls are in turn supplemented by missions performed by the Group's Internal
Audit Department acting on behalf of Executive Management.
Sensitive files are monitored by a Difficult Business Committee
meeting, which convenes weekly and decides on the guidelines to be followed in agreement with the Commitments
Department, the Group Credit Risk Department and the technical units. A specialised Credit Risk Reporting Committee assesses the quality of risk management.
excluding financial products, by Basel II segment as at 31/12/2012
8% Individuals
12% Retail
12% Corporate
Loan portfolio breakdown by segment: breakdown of Crédit Coopératif's
customer balance-sheet commitments
by Basel II sub-segment
excluding financial products at 31/12/2012 (in €K) 25% Bank
6% 37% Companies
Government
and public
authorities
6.1.4. Risk management policy and objectives
In 2012, the bank continued to improve the tools and procedures dedicated to Basel II processing, working jointly with
BPCE. As a result of these developments, together with continuous monitoring of customer data, Crédit Coopératif has
considerably enhanced the levels of reliability of Basel II information,
Banquenow integrated into all its procedures covering delegations, risk management and pricing of medium and longParticuliers
term
exposures.
du secteur public
AllEntités
customers
have now received a rating using the tools that
incorporates this approach to risks.
8% Public
sector
organisations
Financements spécialisés
This
environment
strengthens the management of credit risk
Associations
et assimilés
and provides Crédit Coopératif with more extensive informaAssurances
tion
databases allowing it to analyse its activity in more precise detail.
2% Specialist
financing
OPCVM (Lignes de trésorerie)
15% 6.1.5. Risk approval procedures
Associations
État et administration publique
1% Insurance
undertakings,
licensed mutual
health organisations
and capitalisation
companies 0% UCITS
6% Individuals
Every loan decision is taken on the basis of the same princiEntreprises
ples,
regardless of the Crédit Coopératif Group institution involved: • every commitment requires prior authorisation
Particuliers
Entrepreneur individuel
95
• authorisations are granted by Head Office or by the branches with the appropriate authority, which depends on the
type and amount of credit facility applied for
When adjusted for the volume of exposures the cost of risk is,
relatively speaking, below the cost in the years 2008-2010.
• loan applications are processed on the basis of a structured
application file tailored to each type of customer
This situation, however, cannot hide the fact that the economic situation was unstable, with SME/SMIs once again getting
into difficulty in the final months of the year.
• the Commitments Department analyses the application files
for which it is responsible, acting completely independently
of the commercial subsidiaries
• authorisations lapse after a maximum of twelve months
and the situation in each case is reviewed at least annually
• joint analysis and the right of veto of the Group Credit Risk
Department apply to applications that fall within the remit
of the Commitments Committee for Crédit Coopératif and
that fulfil specific criteria tailored to each subsidiary or
partner institution.
6.1.6. Continuous control of credit risk
Continuous control is based on the Basel II rating system for
customers, which is based on objective financial and economic information.
As a result, our risk policy continues to combine the requisite
level of prudence in what is an uncertain environment, a desire to support the customers that we have historically supported and our ambition of opening up to new markets that
have been studied in advance by our specialist departments.
In order to ensure that the Group continues to boost its business activities in an environment where risks are described and
managed, a number of risk policy memos have been issued.
To manage these risks, the Credit Risk Department uses a loan
file monitoring system based on Basel II ratings, which summarises financial information from other Banques Populaires,
as well as internal queries and alarm tools designed to detect
difficulties.
The ratings of Corporate customers are reviewed by their
manager at least once a year. Meanwhile, the ratings of other
customers (Retail) are reviewed on a monthly basis.
• the overall trend in the quality of loan exposures
• the quality of the largest exposures
• the detailed situation of customers with the highest exposures.
Cost of risk at 31/12/2012
Analysis of the change in cost of risk
excluding collective provisions and the effect of time
(change in % and in volume of the cost of risk, in €K) 6.1.7. Credit risk monitoring: changes compared with
the previous period
The main change compared with the 2011 financial year was
the training programme to improve knowledge and understanding of Basel II among all employees concerned, in both
the network and the Head Office credit division.
Short term + medium- to long-term
60,000
3.0%
54,687
50,000
2.5%
40,000
6.1.8. Changes in the cost of risk
35,289
32,846
30,000
The upward trend in the cost of risk seen at the end of 2011
continued through 2012.
The cost of risk on credit operations stood at €35.3 million,
representing an absolute-value increase on 2011 (a year that
saw substantial reversals of provisions). 1.5%
20,000
10,000
2.0%
31,895
0.90%
0.62%
1.0%
16,202
0.47%
0.40%
0.21%
0
0.5%
0.0%
31/12/2008 31/12/2009 31/12/2010 31/12/2011 31/12/2012
Management report
Executive Management receives detailed information through
reports, particularly from the Group's Central Risk Committee, on:
96
Management report
➔➔6.2. Market risks
Market risks are risks that arise as a result of developments on
financial markets (level of rates, currency exchange rates, prices on stock markets, etc.) which are unfavourable for the bank
and result in:
• a future reduction in income or an increase in expenses (the
amount of interest in particular)
• a reduction in the value of assets or an increase in the value
of liabilities, in particular for investment income entered in
the balance sheet at fair value.
Crédit Coopératif Group’s market risks relate principally to
Crédit Coopératif S.A. In the main, market risks for this company relate to:
• financial instruments in the trading portfolio, where changes in valuations affect the income statement (these are
principally derivatives)
• securities and UCITS shares in which surplus cash is placed
(as the majority of these securities are classified as available
for sale, changes in their valuation change the amount of
equity)
• cash flow hedge derivatives and imperfections in fair value
hedges concluded in order to guarantee overall interest rate
risk hedging (macro coverage) and micro-hedging of this
same interest rate risk.
Note: according to IFRS 7, market risk includes interest rate
risk considered in very general terms, including the overall interest rate risk (covered in a second section devoted to structural balance-sheet risks; this first section is limited to market
risks in a narrower, more traditional sense).
Crédit Coopératif’s trading portfolio
As part of the consolidation conducted in line with IFRS
standards, the trading portfolio comprises securities classified
in the market to market portfolio in line with French standards
and derivative instruments that are not classified as hedging
instruments.
Accordingly, it contains non-speculative operations such as
derivatives sold to the bank's customers (e.g. rate swaps designed to convert variable-rate loans into fixed-rate loans)
and the corresponding market hedging operations, either because it was not deemed necessary to officially record these in
hedging files, or because IFRS standards do not permit it (such
as with hedging one derivative against another).
Crédit Coopératif’s trading portfolio is deliberately limited below
the thresholds stipulated in the French regulation of 20 February
2007 on the solvency ratio, and in particular in the section relating to prudential monitoring of market risks. These limits are €20 million for the maximum position and €15 million for the
average position (exceeding these limits would result in calculation of specific equity consumption in relation to market risks). Crédit Coopératif Group is therefore not subject to this regulation, which includes provisions for possible additional equity
capital with respect to market risks.
In 2012, the maximum trading portfolio position was €7.3 million and, at 31 December 2012, this position (calculated on a
prudent basis) was below €1 million. Month-end trading portfolio
position in 2012, in euros 2,500,000
2,000,000
1,500,000
1,000,000
500,000
0 January
March
February
May
April
July
June
September November
August
October
December
All variations in the value of financial instruments within the
portfolio have an impact on the income statement. Its sensitivity to the various risk factors can be assessed on the basis of
the following elements:
• the sensitivity of the trading portfolio valuation to a uniform rise in interest rates of 100 basis points is only approximately €475 K
97
equivalent to a negative share exposure (or "sell" position)
of €5.8 million of share risk. The valuation of stock index
contracts concluded may therefore change fairly significantly. Nevertheless, it should be noted that as the majority
of hedged UCITS were classified at fair value as an option,
changes in their valuation can offset changes in the valuation of hedging derivatives in the income statement, even if
securities are not, strictly speaking, part of the trading
portfolio. Cash and own-account management
The market risks borne by Crédit Coopératif lie mainly within
the framework of its own-account management (investment
of surplus cash considered as stable) and in its short-term liquidity management.
As own-account investment amounts fell significantly in 2012,
the associated risks also fell accordingly.
6.2.1. Counterparty risk
The counterparty risk, which is basically a counterparty default
risk (the credit risk for financial products), also constitutes a
price risk through variations in the credit spread.
For each counterparty, a request for an authorised limit has
been examined and passed by the Financial Committee in
line with the applicable rules, and the amounts thus authorised are reviewed periodically and may be reduced or withdrawn, depending on the economic or financial environment and, in some cases, changes in the ratings assigned to
the counterparties concerned.
Moreover, a minimum external rating is required depending
on the portfolio (bond portfolio or liquidity management) and
the type of counterparty (corporate or interbank), in all cases
complying with the rule set by the Group Risk Committee for
interbank counterparties; only commitments undertaken in
the framework of partnerships may be exempt from these
rules.
In the main, counterparty risk is situated in the six activity
segments presented hereafter in paragraphs a) to f).
a) Own-account short-term securities portfolio
The purpose of this portfolio is to invest surplus cash amounts
considered as stable.
In 2012, this portfolio was managed on the basis of various
limits:
• overall amount below €350 million (average annual
exposure) • limit on the commitment amounts for a single counterparty
at a maximum of €10 million, except for commitments to
Groupe BPCE entities • maturity of less than one year for 75% of the portfolio, with
the remaining 25% limited to 18-month maturity if guaranteed by an AAA-rated state. In 2012, the portfolio consisted of private counterparty bonds,
the vast majority of which were interbank bonds, classified in the
investment portfolio in French accounting. All of the bonds held
in this portfolio had a residual maturity of less than 12 months
at end-2011. As this portfolio was not renewed in 2012, and in
accordance with the Groupe BPCE liquidity management strategy introduced in summer 2011, the nominal exposure of €365
million at end-2011 stood at zero by end-2012 (with an average
of €142 million over the year). b) Own-account longer medium-term securities portfolio This is a portfolio of €120 million, created in early 2011. It comprises private bonds from major European corporations which,
at the date of purchase, had a residual maturity of more than
two years but no more than three years. In this portfolio, the amount per counterparty was limited to €5
million; where any of the securities of these counterparties were
also contained in the short-term portfolio described above, the
overall amount per counterparty remained below €8 million
across both portfolios. Furthermore, the residual maturity of investments in this portfolio now stands at around one year.
c) Securitisation
Directly held securitisation portfolio: this portfolio, with a nominal overall value of €17.4 million, comprises unrated mezzanine
tranches of two asset securitisation funds, with assets consisting
of loans to French SMEs (over a 10-year term), these securities
only having been acquired as an investment because Crédit
Coopératif had previously decided to provide a guarantee for
Management report
• risk hedging for UCITS shares, at 31 December 2012, was
98
Management report
these two securitisation tranches organised by one of its customers (GIAC). Of this €526 million of state-backed securities, €176 million
concerns OATs that matured in April 2012, with the remaining
securities due to mature between 2013 and 2020. New OATs
This securitisation portfolio constitutes a significant risk, as
Crédit Coopératif had to allocate a provision of €1.8 million (in
2009 and 2010) for the first of the two securitisations. In 2012,
an additional provision of €600K was made with respect to this
securitisation, and provisions of €400K also had to be made for
the second securitisation. were purchased in July 2012 to renew the liquidity reserve, but
Note: the risk and the associated provision primarily concern
the guarantee provided rather than the financial investment
subsequently made by purchasing all of the securities in the
guarantee tranche.
€200 million of inflation-linked Natixis negotiable medium-term
Other securitisation
In late 2011, Crédit Coopératif invested in monetary UCITS of
Ecofi Investissements, accounting for €33 million of senior
tranches of high-quality, AAA-rated Spanish securitisations,
with a triple protection mechanism: • by the lower-level tranches
• for the two largest securitisations, by the value of guarantees covering the receivables which, on average, was much
higher than the remaining exposure
• by the acquisition price of these securities, which was calculated using a model based on extreme stress scenario
criteria for the Spanish economy.
These securitisations were sold on the markets in 2012 at a price
above their purchase price.
this time amounting to only €150 million. The portfolio of French
state-backed securities therefore fell slightly to €500 million at
end-2012. In late 2010 and early 2011, Crédit Coopératif also invested in
notes, with a 10-year term, in order to hedge its exposure to the
risk of inflation rises through its banking activity (resulting in an
increase in the rate for Livret A savings accounts, along with
other savings account). f) Miscellaneous exposures
Crédit Coopératif also has €47 million of exposure in a loan and
securities portfolio, mainly comprising commitments to "partner" institutions: refinancing institutions for micro-finance institutions, foreign social economy banks, and private companies
in the social and socially responsible economy sector.
Finally, some of its residual exposure (€3 million) concerns convertible bonds. d) Liquidity management
In summary, the counterparty risk on financial operations, regis-
Interbank loans are made or short-term securities acquired
within the framework of short-term liquidity management. At
end-2012, this activity had diminished significantly, limited almost exclusively to short-term finance provision to Crédit
Coopératif Group partners and a few pension funds, representing a total value of less than €62 million. tered as assets in the balance sheet, may be broken down as
e) Balance sheet management
As part of the overall interest rate risk management policy, €526
million of French and Belgian government securities, or securities providing similar counterparty guarantees (CADES bonds),
were acquired several years ago. They are classified as being
“held until maturity” under IFRS and the counterparty risk can be
considered as very low, although the recent sovereign debt crisis
is raising fears over Belgian securities. Crédit Coopératif holds
€82 million of Belgian securities, rated AA+ by Standard &
Poor’s, which are due to mature in 2015 and 2017. follows: Tables and graphs showing the breakdown of exposures
using various criteria Breakdown of financial commitments
at year-end 2012 by type of counterparty
2011
2012
Sovereign
19.83% 30.73% Intra-group
65.70% 58.96% Banks
8.08% 2.80% Companies
5.73% 6.45% Securitisation
0.66% 1.07% 99
As at 31 December 2012, 89% of the counterparty risk was
concentrated in the states of France and Belgium (totalling
€418 million and €82 million respectively) or in counterparties
belonging to Groupe BPCE. Country
Securitisation
Companies
Banks
30.73% Titrisation
Sovereign
91.86 %
4.60 %
6.53 %
Germany
1.11 %
0.92 %
Italy
0.67 %
0.57 %
United Kingdom
0.66 %
0.61 %
Eastern Europe
0.52 %
1.59 %
Scandinavia
0.49 %
0.68 %
Miscellaneous
0.09 %
0.14 %
Spain
0.00 %
0.00 %
Breakdown of financial assets
at year-end 2012 by country of origin
Banques
Intragroupe
1.59% Eastern Europe Souverain
Intra-group
2012
88.96 %
Benelux and Switzerland
Entreprises
58.96% 2011
France
1.07% 6.45% 2.80% Breakdown of financial assets
by country of origin
ers
Div
0.68% Scandinavia
0.14% Miscellaneous
0.61% es
qu
rdi
No
E st
United Kingdom
UK
0.57% I
Italy
D
0.92% Germany
Values expressed in euros
CC Group
Non-Group
Titrisation
Total
500,000,000
Entreprises
880,459,328
Groupe
BPCE
Long-term
liquidity/
ALM
380,459,328
Subsidiary
partner
institutions
558,959,123
Mediumterm bonds
(< 3 years)
20,000,000
99,700,000
Souverain
119,700,000
68,219,718
68,219,718
400,459,328
558,959,123
667,919,718
1,627,338,168
ce
6.53%
n
Fra
Benelux and
Switzerland
88.96% France
558,959,123
Intragroupe
At 31 December 2012, 99.8% of the counterparty risk was
concentrated in issuers or counterparties belonging to the
European Union. Crédit Coopératif holds no financial assets
related to entities located in Greece, Spain, the Republic of
Ireland or Portugal.
at end-2012 by country of origin, excluding exposures
to Crédit Coopératif Group or Groupe BPCE
Breakdown of bond portfolios
excluding investments in Groupe BPCE entities
Country
Breakdown of bond portfolios by sector
Telecommunications
Energy
Food
Automotive
Water
Construction
Manufacturing
Luxury
Institutional catering
21.10 %
19.80 %
15 %
15 %
10 %
5 %
5 %
5 %
5 %
2011
2012
France
76.3 %
Benelux and Switzerland
13.4 %
75.4 %
15 %
Germany
3.2 %
2.2 %
Italy
2.0 %
1.4 %
United Kingdom
1.9 %
1.5 %
Eastern Europe
2.9 %
2.5 %
Scandinavia
0.3 %
1.6 %
Miscellaneous
0.1 %
0.3 %
Management report
Banques
Miscellaneous
TOTAL
lux
né
Bé
Management report
Breakdown by rating category
excluding exposure to Groupe BPCE
institutions 2011
2012
6.2.3. Interest rate risk
Aggregate
2011
Aggregate
2012
AAA
48.79 %
62.58 %
48.79 %
62.58 %
AA+
0.82 %
1.50 %
49.62 %
64.08 %
AA
9.01 %
12.28 %
58.63 %
76.36 %
AA-
1.87 %
0.00 %
60.50 %
76.36 %
A+
10.44 %
0.75 %
70.94 %
77.11 %
A
5.41 %
2.20 %
76.35 %
79.31 %
A-
7.53 %
5.99 %
83.87 %
85.29 %
BBB+
3.68 %
2.99 %
87.56 %
88.29 %
BBB
5.93 %
2.25 %
93.49 %
90.53 %
BBB-
0.00 %
0.75 %
93.49 %
91.28 %
BB+
1.29 %
1.45 %
93.49 %
92.74 %
BB
0.00 %
0.00 %
94.78 %
92.74 %
BB-
0.00 %
0.00 %
94.78 %
92.74 %
CCC
0.00 %
0.00 %
94.78 %
92.74 %
NR
5.22 %
7.26 %
100.00 %
100.00 %
100.00 %
100.00 %
Total
by rating at end-2012
0.75% 1.45% BB+
BBB-
7.26% NR
• the proportion of the interest rate risk contained in the
portfolio of UCITS shares, which would not be covered by an
interest rate hedge
• the interest rate risk taken or accepted within the framework of liquidity management.
A limit has been set for this exposure generated by own-account
management. In 2012, the limit was halved in comparison with
the limit in place for 2011, equivalent to the risk associated with
a 10-year loan of €37.5 million. 6.2.4. Share risk
Concerning the position at the end of December 2012, this risk
resided primarily in the share component of UCITS shares,
which represented a total of €6.3 million, and directly held
shares, which represented €1 million. BBB
2.99% BBB+
5.99% 2.2% A
0.75% A+
At end-2012, the rate risk concerning own-account management, which forms part of the overall rate risk, primarily resided in:
At 31 December 2012, exposure stood at less than a third
of this limit, equivalent to a fixed-rate, 10-year loan of
€11.1 million. 2.25% A-
The overall interest rate risk, across the whole balance sheet, is
monitored by the Assets/Liabilities Management unit, in line
with the rules of the BPCE GAP reference document (detailed
in paragraph 6.3).
12.3% AAA
AA+
]
BBB
,B
,B
B+
»B
+,
There are two limits to the overall share risk authorised in the
framework of own-account management:
[A
+,
A,
A]
[A
+,
A,
A]
BB
A
[B
B
BB
• a “net” position limit of +/- €4.25 million for 2012, i.e. after
hedging the share risk borne by some UCITS; actual exposure at end-2012 stood at just €1.8 million, slightly lower
than the equivalent figure at end-2011 (€2.1 million) • a higher "gross" position limit before hedging of +/- €12.5
million, which is designed to limit the consequences of the
ineffective nature of the hedges– "gross" exposure at end2012 stood at €7.3 million, slightly higher than the exposure of €6.8 million at end-2011. • 57% concerned finance granted as part of a partnership
relationship • 36% concerned mezzanine tranches of unrated securitisations • 7% concerned convertible bonds. AA
Commitments with respect to unrated counterparties were
distributed as follows: A
AA
Non-Group commitments fell by €210 million between 2011
and 2012. The only renewed lines were €150 million of statebacked securities and €2.3 million of commitments to unrated
partner companies. NR
B,
B
B-
]
AA
62.6% 1.5% The share component of UCITS is 90% hedged by sales of futures
contracts on share index markets, but the hedging is not fully effective due to the fact that the individual behaviour of the shares comprising the UCITS portfolio does not correlate 100% with that of the
hedging index (leaving a residual risk known as a "specific" risk). BB
100
101
Note: both of the limits in force in 2012 were half of those in
Capital or performance guarantees
place in 2011; these lower limits will remain effective in 2013.
Crédit Coopératif provided capital or performance guarantees
for some Ecofi Investissement UCITS, totalling €386 million at
end-2012 (compared with €458 million at end-2011). The
management company does not rely on that guarantee alone,
and applies a prudent management policy to provide customers with the guaranteed performance levels, wherever possible, without calling on Crédit Coopératif’s guarantee.
The currency risk from financial transactions resulting from
own-account management is limited to an overall value, in
euros, of €0.5 million. Exposure remained at a lower level than
this limit throughout 2012. At end-2012, however, it stood at
€1.1 million. This exceedance of the €0.5 million limit was authorised, on a temporary basis, to allow Financial Management
to retain a dividend of just over €1 million, received in US dollars with respect to partial payment of a doubtful debt relating
to Lehman Brothers, in the original currency. Other operations, including forward currency transactions
carried out with customers or any refinancing operations in
other currencies, are almost always hedged, eliminating practically all residual risk.
6.2.6. Other sources of risk
Structured products
Crédit Coopératif does not hold any structured products on its
own account. Structured products issued or sold to the bank’s
customers are systematically hedged on the markets.
UCITS investments
At the end of 2012, €23 million out of a total of €41.5 million
invested in UCITS (2011: €75 million) was invested in monetary UCITS managed by the Group’s management company
(Ecofi Investissements). Among the other UCITS shares held, some concern what are
known as alternative or quantitative UCITS, changes in the
The performance of some of these UCITS is exposed to the risk
of falls in stock market values or rate rises. Furthermore, the
drop in overnight rates makes it more difficult to provide,
without risk, at least the performance levels guaranteed to
customers, when the fund composition is changed to reduce
exposure to market risks.
On the basis of stress scenarios and prudent management
rules, the risk to which Crédit Coopératif could be exposed in
the coming years for these amounts in live guaranteed UCITS
is estimated monthly, leading us to consider that the risk is
negligible as at the end of 2012.
Note: the choice of counterparty for directly held products constituting the funds guaranteed must be approved by the
Financial Committee, in the same way as for own-account investments.
Venture capital mutual investment funds
Crédit Coopératif has invested, or made a commitment to invest
in, several venture capital mutual investment funds, generally in
conjunction with its partners (BTP Capital Investissement, Nef,
Natixis, etc.), representing a total of €10.9 million. 6.2.7. Summary of the sensitivity of results and equity
to various market risk factors
This summary is limited to Crédit Coopératif and excludes possible changes in the valuations of shareholdings. The amounts
are given in thousands of euros.
value of which are theoretically not correlated with those of
the markets. The corresponding exposures are subject to a
Sensitivity to an increase in interest rates
specific limit and represented €10 million (compared with €15
Interest rate risk
million at end-2011). With volatility of between 10% and 12%,
this total of €10 million is equivalent to €25 million of UCITS
at a volatility of 4% (the limit having been set at €45 million
and the position at end-2011 standing at €40 million). Impact in thousands of euros of a uniform increase of 1% in the rate
curve 2011
2012
Income
Equity capital
Income
Equity capital
533
-4,843
833
-4,205
Management report
6.2.5. Currency risk due to financial transactions
102
Management report
The increased sensitivity to interest rate increases with respect to
income is primarily due to a short-term operation (a macro-
Other price variation risk
Value at Risk in thousands of euros at 99% over a 10-day period
hedging operation) that occurred in late 2012, but for which a
hedging file was not created.
2011
2012
Income
Equity capital
Income
Equity capital
261
572
228
516
The decreased sensitivity to interest rate rises with respect to
equity capital is due to the sensitivity of securities in bond and
liquidity portfolios that are not hedged against interest rate
The scope of this VaR consists of UCITS shares, related futures
hedging, and other directly held shares within the framework
risks.
of own-account management. The risks associated with this
VaR from changes in price and currency risk 2012.
portfolio remained largely unchanged between 2011 and
The calculation of VaR consists of a statistical evaluation of the
potential maximum loss that could be incurred over a period of 10
working days at a confidence level of 99% (in other words, the risk
Currency risk
Value at Risk in thousands of euros at 99% over a 10-day period
of incurring a loss of an amount that is greater than this “Value at
Risk” in this 10-day period is less than 1%). Although this method is best suited to the scope of a trading portfolio with daily monitoring of exposure to risks arising from speculative positions that can usually be cut off quickly, it remains worthy
of use as a standard.
However, it is only valid in cases were a number of assumptions
about statistical market behaviour turn out to be true, which is not
always the case, especially during times of crisis. This is why this
type of analysis should be supplemented by analysing the consequences of a certain number of crisis scenarios, as is done later in
2011
2012
Income
Equity capital
Income
Equity capital
250
0
233
0
Although the currency position included an additional $1 million, the VaR fell due to the fact that the exchange rates concerned were less volatile in 2012 than they had been in 2011.
The position in CFA francs with respect to the shareholding in
BNDA is excluded from the statistical calculation due to the
fact that the value of the CFA franc is linked to the euro; the
risk of potential unlinking cannot be ignored, however, and a
stress scenario has been assessed in this respect, as detailed
below.
this report.
Aggregation of risks
Risk of variation in prices
due to changes in the credit spread
To provide an aggregate view of the effect of the various mar-
Value at Risk in thousands of euros at 99% ket risks, a Value at Risk is shown for overall exposure to the
over a 10-day period
2011
various market risks for positions as at 31/12/2011 and
2012
Income
Equity capital
Income
Equity capital
0
2,702
0
4,246
The effect on net profit is zero since the securities concerned
are only classified as being available for sale. The rise in Value
at Risk (with impact on equity capital) can largely be explained
by the classification of €150 million of OATs purchased in
2012 as securities available for sale (the VaR of these OATs
alone is €3.8 million). 31/12/2012.
In
thousands
of euros
Type
of risk
Currency
Price: Shares
and UCITS Rates
Credit
Set-off
Overall
2011
Income
2011
Equity
capital
250
261
-202
309
Total
Income
250
233
619
228
2,702 2,702
-554 -828
2,720 2,743
-142
320
572
Equity
capital
Total
233
516
537
4 246 4 246
-585 -613
4,177 4,171
103
Crisis scenarios For each of the risks identified (currency, share, interest rate
and credit), Crédit Coopératif has drawn up crisis scenarios
enabling it to supplement the Value at Risk approach, doing its
utmost to base its forecasts on scenarios that have actually
occurred. Thus, in the light of studies of past financial crises,
seven historical-type scenarios were adopted at year-end
2012. They are set out in the table below with indications of
the corresponding loss (only the alternative UCITS crisis scenario has been created artificially).
These are crisis scenarios that develop over a period of 10
business days.
Scenario
Description
2012
• €172 million (over 50%) invested in Crédit Coopératif products: negotiable debt securities, term accounts and members' shares • a little over €50 million in other Groupe BPCE institutions • €16 million in monetary or guaranteed capital products • €14 million in negotiable debt securities or term accounts
of French banks (€8 million) or foreign banks • €12 million in securities in companies, most of which have
a link with the business sector • €8 million in alternative UCITS • €8 million in shares or share UCITS.
➔➔6.3. Structural balance-sheet risks
6.3.1. Overall interest rate risk
Currency
First two weeks
of
December 2008
Fall in exchange rates of up
to 11% for the euro against
the dollar -795
Currency
July 2001
Fall of 12% in the zloty rate against the euro
-628
Aggregate of strongest
adverse movements for
UCITS held
-393
25% fall in stock markets
-751
Alternative
Shares
Investments of subsidiaries and partner institutions total a little over €300 million (€316 million at end-2012), including: Black Monday
1987
Rates
Interest rate rise ranging from
Interest rate rise in
0.55% over 3 months to 0.11%
October 2009 over 10 years -1,845
Currency
12 January 1994 :
50% fall in the
value of the CFA franc
-3,847
Bank and
Corporate Credit
Spread
Collapse of
Lehman
Brothers
Sovereign
Debt Credit
Spread Eurozone crisis
November 2011
Instant 50% fall in the value
of the CFA franc The overall interest rate risk is measured each quarter in the
scope of the Groupe BPCE benchmark and using the balancesheet management software used by the whole Banques
Populaires network.
Measuring the effect of changes in rates on the forecast
interest margin
The interest margin is calculated for a specific number of interest rate development scenarios over the coming four years.
Rise in credit spreads: - AAA: + 6 basis points
- AA: + 18 basis points
- A: + 129 basis points
- BBB or unrated: +158
basis points
-4,361
Rise in credit spreads for OATs + 77 basis points
-7,978
Note : the distribution of these losses between income and
equity capital would be similar to those that appear in the
calculations of VaRs in the previous table
Crédit Coopératif faces an interest rate and liquidity risk in
connection with its normal activity of collecting sources of
funds and lending to customers.
For four of these scenarios (a uniform decrease or increase of
100 basis points in all rates, flattening or expanding the rate
curve by a contrary change of 50 basis points in short rates
and long rates), Group limits are set in order to limit the impact on the interest margin for the next two years. The limits
are set at 6% for the first year and 9.5% for the following year
(the difference being calculated in relation to the results obtained in accordance with the scenario considered the most
probable, according to economic experts). At the end of September 2012, Crédit Coopératif did not seem
to be too sensitive to a uniform change in rates (almost half as
sensitive as in the previous year). On this occasion, however,
its was sensitive to rising rather than falling interest rates, at
Management report
Type of risk
in
thousands
of euros
6.2.8. Investments of subsidiaries and partner
institutions
104
Management report
least in one scenario in which the "Livret A" rate rose by 0.75%
while short-term and long-term rates rose by a uniform 1%. Under this scenario, the interest margin would drop by 0.6%
in the first year and 1.3% in the second year (a combined fall
of 1%, compared with 1.8% a year earlier). Calculating fixed-rate shortfalls
These shortfalls are calculated on the basis of the difference
between the forecast exposure in the form of fixed-rate
sources of funds and the exposure in the form of fixed-rate
applications of funds.
Variable-rate products are considered as being fixed until the
next date on which rates are to be set.
All the sources and applications of funds in the balance sheet
and off-balance-sheet statement are scheduled either according to their contractual provisions, as is the case for loans, or
according to a conventional schedule (for sight deposits, each
level of stock development is depreciated using the straightline method, over a period that can vary between 5 and 20
years according to the customer).
The new Groupe BPCE ALM benchmark has set limits on the
amount of shortfalls that are expressed as a percentage of the
amount of equity that decreases in line with the maturity of
the analysis. The initial percentage is 95%. As at the most recent observation based on the financial
statements of 30 September 2012, Crédit Coopératif easily
complies with the limits imposed by the Group, with the value
of shortfalls over all maturities being less than 50% of these
limits. In particular, the amount of the initial fixed-rate shortfalls was €400 million, as in the previous year. Note: in addition to the fixed-rate shortfalls, shortfalls on the
"inflation" index are also calculated. Two different correlation
hypotheses between the "Livret A" rate and inflation are used
(50% and 100%, in line with the provisions of the Livret A
formula). The hedging activities undertaken in 2011 continued in early 2012, with €300 million of inflation swaps.
However, due to strong rises in savings account exposures in
2012, Crédit Coopératif remained exposed to increased in inflation and the "Livret A" rate at end-2012 (it has, however,
benefited from the fall in these rates applied in mid-January
2013). Basel II indicator
In accordance with the recommendations of the Basel II directive, this indicator measures balance sheet value sensitivity to
a sudden interest rate rise of 2%. According to the latest calculation (September 2012), Crédit Coopératif's balance sheet
value would fall by 3.7% of equity in the event of such an interest rate rise, compared with the Group benchmark limit of
20% (this limit is now also used as the "significant incident"
declaration threshold to the ACP for exposure to interest rate
change risk). This sensitivity is lower than the 5.4% figure observed in the previous year. 6.3.2. Liquidity risk
Crédit Coopératif is, in structural terms, a lender on the interbank market, but it is also in receipt of long-term sources of
funds as part of its activity and according to its requirements
(which are, in particular, the subject of a one-year evaluation
in the budgetary procedure).
Exposure to liquidity risk is measured in the context of the
Groupe BPCE benchmark:
• each month, using the calculation of static liquidity shortfalls (forecast exposures from applications of funds minus
forecast exposures from sources of funds based on schedules stipulated by contract or agreement, as for the calculation of shortfalls at fixed rate). At the end of September
2012, the ratio of funds to applications was over 95%
across all maturities, with the limit set at 85% in the Group
benchmark. It stood at 93% at the end of September 2011.
• quarterly, using the calculation of dynamic shortfalls (including new activity forecasts) that result from the simulation of three different liquidity crisis scenarios relating to a
duration of three months (signature crisis, systemic crisis
and mixed crisis); this three-month duration is sufficient to
allow the sale, when needed, of available liquid assets and
to realise all possible receivables at ECB level.
At the end of September 2012, the inclusion of new budget
forecasts led to a slight lack of funds under the mixed scenario, from the second month.
In addition, Crédit Coopératif:
• conducts a weekly calculation of the forecast cash flows for
the next 7 days (this report forming part of a statutory declaration at the end of each quarter) 105
• also forecasts the ratio of the end-of-month statutory liquidity coefficient at one month (statutory ratio that measures liquidity requirement coverage at one month, based on
available resources) • expanded the scope, in 2012, of the receivables that may be
mobilised if required, to include:
-- receivables from some local authorities
-- receivables from certain Crédit Coopératif Group institutions that did not previously participate in reporting in
Banque de France's TRICP collateral management system
(Bati Lease and Banque Edel).
6.3.3. Overall currency risk
As at the end of 2012, the overall currency position of Crédit
Coopératif converted into euros was €15.6 million, remaining
below the limit set on the institution’s overall currency risk
exposure, which is 1.5% of equity (equating to approximately
€20 million). This limit is below the prudential 2% equity
threshold stipulated by the regulation of February 2007, above
which a requirement for specific equity must be calculated
and taken into account in the McDonough solvency ratio calculation. ➔➔6.4. Operating risks
According to official texts, operating risks comprise risks arising as a result of unsuitability or failure of internal procedures,
systems or personnel, or external events, including low-probability events that entail a high risk of loss. These include the
risk of internal and external fraud. When calculating its equity
requirements, Groupe BPCE currently applies the Basel II
standard method.
Within the framework of Basel II prudential regulations, Crédit
Coopératif has been progressively setting up an operating risk
management system since 2005.
Operating risks are inherent in all the bank’s activities.
Measurement and control of these risks come under the direct
responsibility of each business line, which deals with declarations of any losses and incidents, identification and evaluation
of risks and risk hedging. This risk management is monitored
by the managerial structure in each business line and is, of
course, integrated into their continuous control programmes.
It is managed by a dedicated team within the Operating Risks,
Compliance and Controls Department, and relies on the operating departments and their Continuous Control correspondents, as close as possible to the business line and knowledge of
processes. The system is then supervised by Executive
Management, via dedicated committees.
rency risk, as a result of its commercial activities with its customers and its potential refinancing expressed in foreign currencies.
However, it also maintains limited buffer supplies of other currencies held by its correspondents in other countries to allow
it to support its customers’ activities (their equivalent value in
euros is limited to €1.5 million overall). Importantly, it has shareholdings acquired in foreign currencies, which are not covered by a currency risk hedge: the most
significant of these is in Tise (zlotys), and it also has a holding
in BNDA (CFA francs). The slight increase in exposure at end2012, standing at just over €1 million, is primarily due to several new, low-value shareholdings in the micro-credit sector
in Africa. These shareholdings were acquired as part of a dedicated envelope of €5 million that was ring-fenced several
years ago and has been used gradually over time. The system used to measure and monitor risk is based on a
methodology shared across all Groupe BPCE institutions,
which is geared around the standards and methods defined in
the benchmark document and the PARO management tool. In
2012, BPCE formalised its Operating Risks policy and enhanced
the benchmark document. As well as setting out the organisational principles for operating risks and incident collection, the
benchmark document defines the standards that apply to assessing and monitoring risks. In 2012, it included both the risk
control system (Dispositif de Maîtrise des Risques – DMR),
which has led to improvements in control assessment, and a
database of potentially recurrent or critical risks for Groupe
BPCE, to be listed for each institution. These changes have
helped to make the system more unified and consistent. Indicators represent the third "pillar" of the system, alongside
incidents and risk mapping. These indicators are designed to
act as advanced detectors of areas of vulnerability. The first set
of indicators covers activities such as anti money laundering,
the Business Continuity Plan, savings and accounting, and is
scheduled for deployment in 2013. In 2012, BPCE also delivered the second version of its PARO tool, including two new
Management report
Crédit Coopératif has a quasi-systematic hedge policy for cur-
106
Management report
"indicators" and "alerts" modules, the DMR and the updated
version of the standardised risk benchmark document. The
first. annual risk mapping campaign, launched by BPCE in
2012, applied these new methodologies. The evaluation of
risks using single risk benchmarks and rankings guarantee
comparability and make it easier to rank them. Risks that require controlling, whose impact is deemed to be high in financial terms or in terms of image, are tracked as a priority on the
basis of action plans.
Loss databases for all institutions within the Crédit Coopératif
Group, dating back to 2005, have been expanded through the
deployment of the "incidents" module in the PARO tool. This
deployment was launched back in 2009, in line with the
change and deployment management strategy as determined
by BPCE. All incidents, irrespective of their type and impacts
(loss, loss of revenue, risk to image, etc.), can be declared as
soon as they are known, and evaluated on an ad hoc basis. The
risk rating back-testing system also includes an event history
element.
In terms of the Business Continuity Plan, the focus in 2012
was on improving the organisation of Crédit Coopératif Group
BCP management and control system, in line with the Groupe
BPCE Business Continuity Good Practice guide. This is the new
benchmark framework, shared across the entire Group, setting
out both governance rules and operating rules for continuity
at Group level.
Furthermore, work to maintain the BCP in good working order
continued in line with the applicable procedures and multiyear exercise programme.
A wide-ranging user fallback exercise, involving secure Head
Office movement operations, was successful with Crédit
Coopératif able to continue critical activities during the twoday closure of its nominal sites in connection with the move.
This operation provided yet another opportunity to demonstrate the effectiveness of the disaster recovery resources
(staff fallback site) and the procedures set out in the BCP for
the units concerned.
This exercise also involved mobilisation of the Crisis DecisionMaking Unit to monitor the move and the BCP operations,
thereby demonstrating the strong commitment to business
continuity from Crédit Coopératif's Executive Management.
An additional week-long telephone architecture emergency
exercise was also conducted, as well as various BCP exercises
relating to key outsourced services throughout 2012. All of
these exercises were successful, demonstrating the effectiveness of the existing solutions.
In 2013, the focus will be on incorporating further disaster
scenarios and improving the existing alert and crisis management system, including so-called "progressive" disasters.
➔➔6.5. Non-compliance risks
Dedicated teams in the Continuous Control Department monitor non-compliance risks. The teams are composed of members of the Operating Risk, Compliance and Controls
Department. They carry out both prevention and control activities, operating completely independently from the commercial, financial and production business lines. The two regulatory functions are exercised under the responsibility of the
Deputy Director of Risks and Compliance, who is:
• the Head of Compliance, responsible for compliance with
obligations in respect of the Autorité de Contrôle Prudentiel • the Head of Compliance for Investment Services, responsible for compliance with obligations towards the Autorité
des Marchés Financiers.
These actions relate to control of the non-compliance risk, defined as “the risk of legal, government or disciplinary penalties,
considerable financial loss or damage to reputation, resulting
from failure to comply with measures pertaining to banking
and financial activities, whether legislative or regulatory in
nature, or pertaining to professional or ethical standards, or
instructions from the management body issued, in particular,
according to the guidelines set out by the decision-making
body.” The Compliance team helps to ensure operational compliance with all internal standards (rules of procedure, code of
ethics).
The scope of the Compliance team’s power to intervene extends to all legislative and regulatory provisions governing
banking and financial activities, the Data Protection Law, actions to combat money laundering, the financing of terrorism,
as well as policies determined by Executive Management.
107
The team’s supervision activities entail regular controls. These
controls are delegated to Continuous Control correspondents,
who work closely with the business lines, and a team of network controllers. In this case, the Compliance team monitors
implementation and execution of these controls. The team also
carries out controls directly, particularly in relation to ethics. During 2012, as well as working on statutory projects, the
Compliance team updated the ethics procedures and integrated the Groupe RCSI control tool.
The Compliance team includes a dedicated unit as part of efforts
to prevent money laundering and financing of terrorism. It continued to adapt the supervision system in line with the regulatory situation and typologies of customer risk. Accordingly, improvements were made to the system in four areas over the year: • application of the BPCE standard on the risk-based approach • delivery of a major staff training exercise, comprising both
e-learning and classroom training, to raise awareness of issues surrounding the fight against money laundering and
the financing of terrorism • an overhaul of the anti money laundering and financing of
terrorism procedure for all staff • adoption of the Group's continuous control tool: PILCOP.
The monitoring system operates at two levels: the branches,
which check the warnings sent daily, relying on their knowledge of their customers and information from the Head Office
team that ensures the quality of the checks undertaken at
branch level. This team analyses dubious cases and where necessary declares them to TRACFIN. Pursuant to the mechanism provided by articles L.441-6-1 and
D.441-4 of the French Commercial Code, Crédit Coopératif
complies with the legal lead time of 30 days, which applies to
the payment of sums due to creditors from the date of receipt
of goods or the provision of services, unless other terms are
agreed between the parties.
7. Distribution and appropriation of earnings
The earnings for the financial year show a net profit of
€22,623,114.02 and the balance sheet shows carried-forward
profit of €3,167,610.84; therefore in accordance with article 42
of the Articles of Association, the General Meeting resolves to
distribute said profit, totalling €25,790,724.86, as follows: • legal reserve, 15% of net profit: €3,393,467.00 • profit carried forward: €3,819,566.46 • remuneration of P shares at the rate of 2.50% on a pro rata
basis: €76,420.40 • remuneration of C shares at the rate of 2.50% on a pro rata
basis: €4,968,456.03 • remuneration of B shares at the rate of 2.50% on a pro rata
basis: €9,002,814.97 • remuneration of cooperative certificates of investment (CCIs)
at 2.50% of their nominal value: €4,030,000.00 • payment of a cooperative rebate to members, to be distributed in proportion to the value of transactions made by
each member with the Crédit Coopératif: €500,000. Pursuant to article 243 of the General Tax Code, the amount
of interest and rebates distributed in the last three financial
years are as follows:
Financial
year
A
shares
B shares
C shares
CCIs
Rebate
2009
-
€6,575,445 €4,321,947 €2,962,313 €500,000 2010
-
€6,979,898 €4,834,562 €4,164,825 €500,000 2011
-
€7,879,452 €5,239,954 €4,164,825 €750,000 Cooperative rebate
The rebate is a feature of the cooperative status, set out in Article
15 of the French Law of 10 September 1947 on the status of
cooperatives. Its purpose is to distribute part of the annual income
to those members who made the largest contribution towards
earning that income. Crédit Coopératif is one of the few
cooperative banks in Europe that has maintained this specific
cooperative principle. The rebate is distributed among the members of the Crédit
Coopératif on a pro rata basis, according to their loan transactions
with their bank: it takes the form of a discount on the interest paid
to Crédit Coopératif during the 2012 financial year. Management report
Preventative actions are reflected particularly in monitoring
regulatory watch, implementing a validation procedure for
new products, formulating and monitoring a policy for managing conflicts of interest and rolling out an employee training
and awareness enhancement plan. In addition, an ethics warning system was maintained in good working order. This system
centralises information on errors detected in the application of
legislation, regulations, professional standards and codes of
conduct.
108
Management report
8 / Outlook for 2013
8. Outlook for 2013
Following historically high results in 2011, caused in particular by the low cost of risk resulting from the reversal of provisions, 2012 was less impressive but nevertheless remained
on budget, excluding exceptional elements. This drop in performance can largely be attributed to exceptional costs incurred by Crédit Coopératif in connection with its decision
to maintain its chosen pace of investment.
As well as these factors specific to Crédit Coopératif, 2012
also saw an unusual interest rate situation, with discrepancies between high regulated savings rates and lower market
rates. Consequently, margin on operations with customers
fell, while strong commercial activity led to increased fund
collection and loan activity, which compensated for this erosion of margin. The economic and financial climate in 2013 remains uncertain, and the pace of the Group's growth may therefore be
affected by a largely stagnant economy and restrictive interest rates. Through its commercial policy, however, Crédit
Coopératif will continue to offer the right partnerships and
the right products and services to customers, in line with
their specific needs. Work will continue on improving the
branch network, and Crédit Coopératif will boost its presence across all distribution channels. Commercial coordination mechanisms will also be improved. Upgrades are also
underway on the Crédit Coopératif Group information system. These projects should improve the quality of the services that the Group provides to its customers. They are based
on a clear desire to build closer ties with all partners, members and customers of the Group's companies. The ambitious budget targets for 2013 are a strong signal of
the Crédit Coopératif Group's growing capacity and its ability to support the projects of the customers it works with.
Furthermore, as Crédit Coopératif celebrates its 120th anniversary against a backdrop of economic and social uncertainty, these ambitious targets also demonstrate how the
cooperative, partnership model is able to meet the needs
that arise from this context.
109
110
172
Crédit Coopératif Group consolidated financial statements (IFRS)
Crédit Coopératif company financial statements
109
110
Consolidated financial statements (IFRS)
at 31 December 2012
1. Consolidated balance sheet
Assets
Notes
Funds, central banks
31/12/2012
31/12/2011
351,809
168,044
Financial assets recognised at a fair value through profit or loss
5.1.1
84,217
45,436
Derivative hedging instruments
5.2
34,012
24,456
1,202,055
Available-for-sale financial assets
5.3
943,487
Loans and receivables relating to credit institutions
5.5.1
678,543
1,186,949
Loans and receivables relating to customers
5.5.2
11,460,330
10,023,207
Revaluation differential for portfolios hedged using interest rates
16,677
Held-to-maturity financial assets
5.6
567,755
752,705
Current tax assets
5.7
21,621
13,278
Deferred tax assets
5.7
10,276
17,093
Accruals and miscellaneous assets
5.8
490,537
274,564
Shareholdings in companies consolidated according to the equity method
5.9
43,844
42,480
Investment properties
5.10
10,922
16,542
Tangible assets
5.11
180,955
166,794
Intangible assets
5.11
24,779
20,985
Goodwill
5.12
4,519
5,551
14,924,283
13,960,139
Non-current assets intended for transfer
Deferred profit-sharing
Total assets
Liabilities
Notes
31/12/2012
31/12/2011
Central banks
Financial liabilities at fair value through profit or loss
5.1.2
84,723
47,022
5.2
54,448
22,467
1,246,885
Debts to credit institutions
5.16.1
1,911,991
Debts to customers
5.16.2
8,669,736
7,139,762
5.17
2,164,362
3,464,081
Debts in the form of securities
Revaluation differential for portfolios hedged using interest rates
13,263
23,795
Deferred tax liabilities
Current tax liabilities
5.8
3,189
10,509
Accruals and miscellaneous liabilities
5.18
332,538
380,596
Liabilities linked to non-current assets intended for transfer
Technical reserves of insurance companies
Provisions
5.20
34,805
31,915
Subordinated debt
5.21
161,845
206,708
Equity capital
1,493,383
1,386,398
Equity capital – Group share
1,311,414
1,222,878
Capital and associated bonuses
902,024
817,510
Consolidated reserves
374,846
340,105
7,333
14,088
Gains and losses entered directly as equity capital
Income for the period
Minority interests
Total liabilities
27,210
51,175
181,969
163,520
14,924,283
13,960,138
111
2. Consolidated income statement
Notes
Financial year 2012
Financial year 2011
Interest and similar income
6.1
482,519
482,668
Interest and similar expenses
6.1
(185,010)
(193,914)
Commission (income)
6.2
168,176
170,260
Commission (expenses)
6.2
(59,158)
(66,869)
Net gains or losses on financial instruments at fair value through profit or loss
6.3
3,236
2,667
Net gains or losses on available-for-sale financial assets
6.4
7,005
3,760
Income from other activities
6.5
15,457
19,412
Expenses on other activities
6.5
(8,889)
(11,724)
423,336
406,259
6.6
(302,456)
(282,162)
(17,431)
(15,799)
103,449
108,298
(49,138)
(29,386)
Net banking income
General operating costs
"Net amortisation and impairment charges on tangible and
intangible assets
Cost of risk
6.7
Operating income
54,311
78,912
Proportion of net income from companies consolidated according to the equity method
6.8
2,721
1,924
Gains or losses on other assets
6.9
(6,858)
632
Variations in the value of goodwill
6.10
(1,096)
1,499
49,078
82,967
6.11
(17,483)
(27,582)
55,385
Profit before tax
Corporation tax
Income net of tax for activities halted or in the process of transfer
Net income
31,595
Minority interests
(4,385)
(4,210)
Net income – Group share
27,210
51,175
Notes
Net income
Conversion rate adjustment
Financial year 2012
Financial year 2011
31,595
55,385
481
(518)
Variations in the value of available-for-sale financial assets
(6,080)
(28,128)
Variations in value for the period affecting the equity capital
(4,706)
(25,632)
Variations in value for the period linked to income
(1,374)
(2,496)
(679)
(264)
Variations in the value of derivative hedging instruments
Variations in value for the period affecting the equity capital
Variations in value for the period linked to income
373
1,157
(1,052)
(1,421)
(17)
122
Actuarial gains and losses on defined benefit plans
Proportion of unrealised gains and losses entered directly as
equity capital for companies using the equity method
784
719
Gains and losses entered directly as equity capital (net of tax)
Tax
(5,511)
(28,069)
Net income and gains and losses entered directly as equity capital
26,084
27,316
Group share
20,454
24,283
5,630
3,033
Minority interests
5.7
Group financial statements
3. Net income and gains and losses entered directly as equity capital
Groupe BPCE
112
4 - Table of variations in equity capital
Capital
and associated
reserves
in thousands of
euros
Equity capital
at 31 December
2010
Gains and losses entered
directly as equity capital
Consolidated
reserves
Capital
Reserves
635,222
121,991
321,156
Allocation of
income for the
financial year
2010
Equity capital
at 1 January 2011
Variation in fair value for
instruments
Conversion
reserves
(465)
Availablefor-sale
financial
assets
38,156
Derivative
hedging
instruments
3,291
36,309
635,222
121,991
357,465
Net
income
Group
share
36,309
Total
equity
capital
Group
share
Equity
capital
– minority
share
Total
consolidated
equity capital
1,155,660
148,302
1,303,962
1,155,660
148,302
1,303,962
12,344
12,344
(166)
(16,679)
(36,309)
(465)
38,156
3,291
Movements linked to relations with shareholders
Capital increase
and effect of
acquisitions/
disposals on
interest
Reclassification
Equity capital
component
within payment
plans based on
shares
Distribution
(16,513)
(16,513)
Effect of mergers
Effect of
subsidiary and
partner institution
cross-holdings on
the parent
company
60,296
871
61,167
Sub-total
60,296
(15,642)
44,654
12,179
56,833
(27,019)
(1,171)
(28,190)
51,175
51,175
4,210
55,385
Gains and losses
entered directly
as equity capital
(518)
(26,328)
(173)
61,167
Other variations
Income
Other variations
(1,719)
Sub-total
(1,719)
(518)
(26,201)
(173)
51,175
49,583
4,210
53,793
340,104
(983)
11,955
3,117
51,175
1,222,878
163,520
1,386,398
Equity capital
at 31 December
2011
Allocation of
income for the
financial year 2011
695,520
121,991
51,175
127
(1,592)
(51,175)
(1,592)
113
4 - Table of variations in equity capital (continued)
Capital
and associated
reserves
in thousands of
euros
Equity capital
at 1 January 2012
Gains and losses entered
directly as equity capital
Capital
Reserves
695,520
121,991
Total
equity
capital
Group
share
Equity
capital
– minority
share
Total
consolidated
equity capital
1,222,878
163,520
1,386,398
1,703
64,204
13,110
77,314
(18,035)
(18,035)
(280)
(18,315)
Consolidated
reserves
391,279
Variation in fair value for
instruments
Conversion
reserves
(983)
Availablefor-sale
financial
assets
11,955
Derivative
hedging
instruments
Net
income
Group
share
3,117
Movements linked to relations with shareholders
Capital increase
and effect of
acquisitions/
disposals on
interest
62,501
Reclassification
Equity capital
component
within payment
plans based on
shares,
Distribution
Effect of mergers
Effect of
subsidiary and
partner institution
cross-holdings on
the parent
company
22,013
(100)
21,913
Sub-total
84,514
(16,432)
68,082
12,830
80,912
(6,756)
1,234
(5,522)
27,210
27,210
4,385
31,595
Gains and losses
entered directly
as equity capital
481
(6,805)
(432)
21,913
Other variations
Income
Sub-total
Equity capital
at 31 December
2012
780,034
121,991
0
481
(6,805)
(432)
27,210
27,210
4,385
31,595
374,847
(502)
5,150
2,685
27,210
1,311,414
181,969
1,493,383
Other variations
114
5. Table of cash flows
Financial year
2012
Financial year
2011
Profit before tax
49,078
82,967
Net amortisation charges on tangible and intangible assets
18,664
15,799
Impairment of goodwill
Net charges for provisions and impairment
Net losses/net gains on investment activities
Income/charges from financing activities
1,096
(394)
41,333
9,769
(1,387)
(1,924)
(29,963)
(2,778)
4,886
Other movements
(101,562)
Total non-monetary elements included within net income before tax
(66,933)
5,853
Flows linked to operations with credit institutions
482,930
538,886
340,737
(388,099)
(1,109,851)
486,088
Flows linked to operations with customers
Flows linked to other operations affecting financial assets and liabilities
Flows linked to other operations affecting non-financial assets and liabilities
(14,619)
(344,230)
(12,041)
(36,211)
(20,241)
Net increase/(reduction) in assets and liabilities from operational activities
(666,625)
603,993
Net cash flows generated by operating activities (A)
(684,480)
692,813
208,318
(421,057)
Tax paid
Flows linked to financial assets and holdings
Flows linked to investment properties
5,149
(1,838)
Flows linked to tangible and intangible assets
(34,970)
(37,559)
Net cash flows linked to investment operations (B)
178,497
(460,454)
Cash flows from or to shareholders
55,692
44,097
Cash flows from financing activities
(43,429)
150,054
12,263
194,151
Net cash flows linked to financing operations (C)
Effect of a variation in exchange rates (D)
Net flows of cash and cash equivalents (A + B + C + D)
Funds and central banks (net balance of assets and liabilities accounts)
Funds and central banks (assets)
211
196
(493,509)
426,706
168,035
220,623
168,035
220,623
Central banks (liabilities)
Demand operations with credit institutions (net balance of assets and liabilities accounts)
659,367
180,073
Overdrafts on current accounts
253,265
206,302
Demand accounts and loans
500,000
165,000
Demand accounts in credit
(93,898)
(191,229)
Opening cash flow
827,402
400,696
Funds and central banks (net balance of assets and liabilities accounts)
351,809
168,035
351,809
168,035
Demand repurchase operations
Funds and central banks (assets)
Central banks (liabilities)
Demand operations with credit institutions (net balance of assets and liabilities accounts)
(17,916)
659,367
60,221
253,265
Demand accounts and loans
Demand accounts in credit
500,000
(78,137)
(93,898)
333,894
827,402
(493,509)
426,706
Demand repurchase operations
Closing cash flow
Variation in net cash position
115
6. Notes to the Group’s financial statements
Note 1. General framework
➔➔1.1. Groupe BPCE
Groupe BPCE comprises the network of Banques Populaires, Caisses d’Épargne, the BPCE central institution and its subsidiaries.
Groupe BPCE
8.6 million members
80%
19 Banques Populaires
80%1
50%
17 Caisses d’Epargne
50%
20% (CCIs2)
Retail Banking
and Insurance: subsidiaries
• Crédit Foncier de France
(100%)
20% (CCIs2)
BPCE Central body
72.3%4
• Banque Palatine (100%)
• BPCE Assurances (46.37%)3
Corporate Banking, Savings and Specialist
Financial Services
• Nexity (41.42%)5
• Coface (100%)
Natixis
• BPCE International
et Outre-mer (100%)
Retail banking and insurance
Financial
shareholdings
27.7%
Floating
1. Via local savings societies (SLEs)
2. C
CIs: cooperative certificates of investment (financial right but no voting right).
A structural simplification project is currently ongoing, with the plans being submitted
first to the employee representative bodies and then to the various governance bodies,
for approval. Once this operation is completed, customer-members will own 100% of
their bank (via their SLEs for the Caisses d’Epargne).
3. With Caisses d’Epargne's stake in BPCE Assurances,
the Group owns 60% of the company.
4. Percentage of voting rights held by BPCE.
5. Via CE Holding Promotion.
Two networks: Banques Populaires and Caisses d’Épargne
The network of Banques Populaires encompasses the Banques
Populaires, mutual guarantee companies whose sole corporate
purpose is guaranteeing loans issued by these banks.
The network of Caisses d’Épargne encompasses the Caisses
d’Épargne et de Prévoyance, local savings societies and the
Fédération Nationale des Caisses d’Épargne.
The Banques Populaires are 80% owned by their members and
20% by Natixis through its cooperative certificates of investment (CCI).
Similarly, 80% of the capital of the Caisses d’Épargne is owned
by local savings societies (sociétés locales d’épargne - SLE) and
20% is held by Natixis through CCIs. At local level, SLEs are
cooperative societies whose variable capital is held by the
members. Their purpose is to develop membership, in line with
the general guidelines of the Caisse d’Épargne to which they
are affiliated. They are not permitted to carry out banking
operations.
Groupe BPCE is a cooperative group whose members own the two
local banking networks: the 19 Banques Populaires and 17 Caisses
d’Épargne. The central institution, Groupe BPCE, is owned equally
by these two networks.
116
BPCE
BPCE is a central institution according to French banking law and a
credit institution with banking authorisation, created under French
law no. 2009-715 of 18 June 2009. It is a French joint stock company governed by a Board of Directors and a Supervisory Board. Its
capital is equally owned by the 17 Caisses d’Épargne and 19
Banques Populaires.
The work of BPCE is guided by the cooperative principles of the
Banques Populaires and Caisses d’Épargne.
In particular, BPCE is tasked with representing affiliates in dealings with the supervisory authorities, defining the range of
products and services brought to market, organising depositors’
guarantees, approving directors and overseeing the operation of
the institutions in the Group.
As a holding company, BPCE is responsible for the activities at the
head of the group. It holds the subsidiaries jointly owned by both
networks in the retail banking, finance banking and financial services sectors, as well as their production systems. It also determines the Group’s strategy and development policy.
BPCE's main subsidiaries are organised into three main groups:
• Natixis, a listed organisation of which BPCE owns 72%,
which covers the finance and investment banking, savings
banking and financial services sectors
• the retail banking and insurance sector (including Crédit
Foncier, Banque Palatine and BPCE International et Outre
Mer (formerly Financière Océor))
• subsidiaries and financial shareholdings.
In tandem, in the financial arena, BPCE’s work includes centralising surplus resources and conducting all financial transactions
for Group growth and refinancing purposes, with responsibility
for selecting the most effective operator for these missions acting in the Group’s interest. In addition, it offers banking services
to the entities in the Group.
➔➔1.2. Guarantee mechanism
Pursuant to article L.512-107 6 of the French Monetary and
Financial Code, the purpose of the guarantee and solidarity system
is to guarantee the liquidity and solvency of Groupe BPCE and its
affiliate institutions, as well as to organise the financial solidarity
mechanism within the networks of Banques Populaires and Caisses
d’Épargne.
BPCE is responsible for taking all necessary measures to organise
the solvency guarantee for both the Group and each of the networks, in particular by implementing the appropriate Group internal solidarity mechanisms and by creating a common guarantee fund to both networks, for which it also determines the
operating rules and the trigger methods, in addition to existing
funds of the two networks, as well as the contributions of the
affiliated institutions for the appropriation and reconstitution of
the guarantee.
BPCE manages the Banques Populaires Network Fund, the
Caisses d’Épargne et de Prévoyance Network Fund and sets up
the Mutual Guarantee Fund.
A deposit was entered by the Banks in the accounts of BPCE
with respect to the Banques Populaires Network Fund (€450
million) in the form of a 10-year fixed deposit account, renewable indefinitely.
A deposit was entered by the Caisses in the accounts of BPCE
with respect to the Caisses d’Épargne et de Prévoyance
Network (€450 million) in the form of a 10-year fixed deposit
account, renewable indefinitely.
The Mutual Guarantee Fund consists of deposits by the
Banques Populaires and the Caisses d’Épargne in the accounts
of BPCE in the form of 10-year fixed deposit accounts, renewable indefinitely. As at 31 December 2012, a total of €337 million has been deposited. The fund will be increased each year
at a rate of 5% of the contribution of the Banques Populaires,
Caisses d’Epargne and their subsidiaries to the Group’s consolidated income.
The total deposits made with BPCE for the Banques Populaires
Network Fund, the Caisses d’Épargne et de Prévoyance
Network Fund and the Mutual Guarantee Fund may not be
less than 0.15% and may not exceed 0.3% of the Group’s
weighted assets.
In the individual accounts of each institution, deposits made
under the guarantee and solidarity system result in an equivalent amount identified under a dedicated section of the institution's equity capital.
The Executive Board of BPCE has full authority to mobilise the
resources of the various contributors without delay and in the
order agreed, on the basis of prior authorisations granted to
BPCE by the contributors.
117
➔➔1.3. Significant events
Sovereign risk exposure
Crédit Coopératif has no direct exposure to sovereign risks,
other than the states of France and Belgium.
Capital increase
During the first half of the year, Crédit Coopératif conducted a
capital increase by issuing a total of €49,999K of members'
shares and €12,499K of cooperative certificates of investment,
fully subscribed by Natixis.
Investment in super-subordinated securities issued by
BPCE
On 26 March 2012, Crédit Coopératif invested in undated super-subordinated securities issued by BPCE SA.
These undated super-subordinated securities were designed
to be eligible for use as additional Tier 1 capital as part of the
new Basel III rules (currently being transposed in the European
Union by the Fourth Capital Requirements Directive).
These instruments meet the 16 criteria concerning an additional Tier 1 instrument, as set out in article 49 of the draft
directive. They may be automatically converted into ordinary
shares in BPCE SA in the event of a fall in the Tier 1 base capital ratio (Common Equity Tier 1 - CET 1) or the base capital
ratio (Tier 1 ratio) of BPCE SA Group. This conversion clause is
an embedded, separable derivative, which was separated from
the host contract (classified as AFS). The fair value of this embedded derivative, at 31 December 2012, was not significant.
As such, the derivative was not included in the financial statements for the year ended 31 December 2012.
Move to new premises
Following the General Meeting of 30 May 2012, Crédit
Coopératif's new Head Office address came into effect. The
move to the new premises began in September 2012.
➔➔1.4. Events after the end of the financial year
BPCE SA and Natixis presented a draft proposal to dramatically
simplify the structure of Groupe BPCE to their respective
Supervisory Boards and Boards of Directors on 17 February 2013.
The planned operation involves the purchase, by the Banques
Populaires and Caisses d’Epargne, of all cooperative certificates of investment (CCI) that they have issued, and which are
currently held by Natixis. Following the dissolution of the CCIs,
once purchased, by each of the Banques Populaires and
Caisses d’Epargne, the capital of each institution would then
be owned in its entirety by their members.
The reduction in Natixis' weighted exposures, connected with
the holding of these CCIs, would enable Natixis to pay part of
its surplus capital to its shareholders through an exceptional
dividend issue. Finally, in order to ensure that resources are
allocated appropriately within the Group, BPCE SA would reimburse its super-subordinated securities held by the Banques
Populaires and Caisses d’Epargne and reduce the capital of
BPCE SA in favour of the Banques Populaires and Caisses
d’Epargne.
The operation will be submitted to the Boards of the Banques
Populaires and Caisses d’Epargne (equal shareholders of BPCE
SA), BPCE SA and Natixis for their decision, following consultation of the employee representative bodies. This operation is
planned to take place in Q3 2013.
➔➔2.1. Regulatory framework
➔➔2.2. Reference documentation
In accordance with European Regulation 1606/2002 dated
19 July 2002 on the application of international accounting
standards, the Group has drawn up its consolidated financial statements for the financial year ended 31 December
2012 in accordance with IFRS (International Financial
Reporting Standards) as adopted by the European Union
and applicable on this date, excluding a number of measures in IAS 39 concerning hedge accounting requirements1.
The standards and interpretations used and described in the annual financial statements at 31 December 2011 have been supplemented by the standards, amendments and interpretations
which must be applied from the financial year starting on
1 January 2012. In particular, these concern the amendments to
IFRS 7 "Financial Instruments: Disclosures" concerning disclosures with respect to financial asset transfers, and "Improved
Note 2. Applicable accounting standards and comparability
118
disclosures about financial instruments" concerning guarantees
received.
The other standards, amendments and interpretations adopted
by the European Union and mandatory in 2012 do not have a
significant impact on the Group's financial statements.
Crédit Coopératif Group took the decision not to proceed with
early application of the texts adopted by the European Union
at 31 December 2012 but that had not come into force on this
date:
• amendment to standard IAS 1 "Presentation of Financial
Statements" adopted by the European Commission on
5 June 2012 and mandatory for financial years starting
from 1 July 2012. This amendment is designed to improve
financial information concerning "Net income and gains
and losses entered directly as equity capital". Gains and
losses entered directly as equity capital will need to presented in such a manner that those elements that may be
recycled in net income are shown separately from those
that will never be recycled in net income.
• amendment to standard IAS 19 "Employee Benefits" adopted
by the European Commission on 5 June 2012 and mandatory
for financial years starting from 1 January 2013 on a retrospective basis. This amendment makes changes to how pension and similar benefits are accounted for and presented,
focusing in particular on actuarial gains and losses, which
will now be fully recognised in equity capital, the costs of
past services, which will now be posted immediately to income, and the expected return on hedging assets, which will
be replaced with financial income determined in accordance
with the discount rate used for the gross liabilities. This impact of these methodological changes, excluding their tax
effect, are mentioned in note 8.2.2.
• standard IFRS 13 "Fair Value Measurement" adopted by the
European Commission on 11 December 2012 and mandatory
for financial years starting from 1 January 2013. IFRS 13 described how to measure fair value but does not amend the
conditions under which fair value is applied. This standard will
be applied prospectively.
This impacts of applying these standards on the Group's financial statements are currently being determined.
2.3. Use of estimates
In preparing its financial statements, the Crédit Coopératif
Group is required to make various assumptions and estimates that entail uncertainty with regard to their actual occurrence at a future date.
These estimates are based on the information available on the
year-end date and require judgement on the part of those
preparing the financial statements.
Final future results may differ from these estimates.
In the particular case of the financial year ended on 31
December 2012, accounting estimates which require assumptions to be made are used mainly for the evaluation of
the following items:
• financial instruments at fair value, determined on the basis
of valuation techniques (note 4.1.6)
• total impairment of financial assets and, more particularly,
long-term impairment of available-for-sale financial assets
and impairment on a separate basis or calculated on the
basis of portfolios (note 4.1.7)
• provisions entered under liabilities and, more particularly,
the home savings provision (note 4.5)
• calculations concerning charges related to retirement commitments and future company benefits schemes (note 4.10)
• deferred taxes (note 4.12)
• goodwill impairment testing (note 3.4.3).
2.4. Presentation of the financial statements and
year-end date
In the absence of an imposed model under the IFRS guidelines,
the summary report format used complies with the format
stipulated by National Accounting Council Recommendation
no. 2009 R 04 of 2 July 2009.
The consolidated financial statements are drawn up on the
basis of the accounts at 31 December 2012. The Group’s
consolidated financial statements for the year ended 31
December 2012 were drawn up by the Board of Directors on
6 March 2013. They will be submitted to the General
Meeting for approval on 30 May 2013.
119
Note 3. Consolidation methods and principles
➔➔3.1. Scope of consolidation and consolidation
Joint control
methods
Joint control involves shared control between a limited number of partners or shareholders where no shareholder is able
to impose its decisions on the others, and involves a contractual agreement setting out the terms by which joint control is
exercised, i.e. the unanimous agreement of the parties sharing
control is required for strategic decisions.
Crédit Coopératif, a variable-capital cooperative bank joint
stock company, is the consolidating entity.
3.1.1. Control exercised by the Group
The consolidated financial statements of the Crédit Coopératif
Group encompass:
• the accounts of Crédit Coopératif
• the accounts of all the credit institutions (subsidiaries or
otherwise) that have signed an association agreement with
Crédit Coopératif, under which the latter is the guarantor of
the liquidity and solvency of these institutions and provides
administrative and technical assistance
• the accounts of all institutions whose consolidation has a
significant impact on the Group’s consolidated financial
statements and over which the consolidating entity exercises significant control or influence over its management.
To assess the type of control exercised by the Group over an
entity, the scope of voting rights to take into consideration
encompasses potential voting rights inasmuch as these can be
exercised or converted at any time. These potential voting
rights may result from options on ordinary shares on the market for example, or the conversion of bonds into new ordinary
shares, or stock warrants attached to other financial instruments. However, potential voting rights are not taken into account when determining the equity percentage.
Note that companies whose contribution to the consolidated
financial statements is not significant are not included in the
scope of consolidation.
Significant influence
Significant influence is the power to participate in but not
control a company’s financial and operating policies.
Significant influence is presumed to exist when the Group directly or indirectly owns at least 20% of the voting rights.
3.1.2. Consolidation methods
The consolidation methods depend on the type of control exercised by the Group over the entities for consolidation.
Full consolidation
Companies over which the Group has sole control are fully
consolidated.
Proportional consolidation
Companies over which the Group has joint control with a limited number of co-investors are proportionally consolidated.
Equity method
Companies over which the Group exercises significant influence are consolidated according to the equity method.
➔➔3.2. Specific case
Sole control is measured by the power to govern the financial and operating policies of a company and results from
directly or indirectly holding the majority of the voting
rights, or from the power to appoint or remove the majority
of the members of the governing bodies, or from the right to
direct financial and operations policies by virtue of a management contract or clauses in the Articles of Association.
Separate legal structures, created specifically to manage an
operation or a series of similar operations (special purpose entities) are consolidated when they are controlled in substance
by the Group, even in the absence of an equity relationship.
The following criteria are used to assess control in substance:
• the entity’s activities are conducted solely on behalf of the
Group and for the benefit of the latter
Specific case of special purpose entities
Sole control
120
• the Group holds decision-making and management authority over the everyday activities of the entity or the assets
constituting the entity; such authority may be delegated by
the creation of an autopilot mechanism
• the Group has the ability to obtain the majority of the benefits of the entity’s activities
• the Group is exposed to the majority of the risks related to
the entity.
The scope does not include entities that operate as part of a
fiduciary arrangement, with assets managed on behalf of third
parties and in the interest of different stakeholders. Also, the
scope does not include the Group's employee pension and
mutual funds.
There are no special purpose entities included in the scope of
consolidation of the Crédit Coopératif Group.
➔➔3.3. Consolidation rules
The consolidated financial statements are drawn up according to
standard accounting methods for similar transactions in similar
circumstances. Significant adjustments required to harmonise the
evaluation methods of the consolidated companies have been carried out.
3.3.1. Conversion of foreign entity accounts
The consolidating entity’s accounts are presented in euros.
The balance sheets of foreign subsidiaries and branches whose
operating currency is not the euro are converted into euros at
the year-end exchange rate. Income statement items are converted at the average rate for the period - a value similar to
the transaction rate in the absence of any significant fluctuations.
Conversion rate adjustments arise from the difference in:
• the valuation of the income for the financial year at the
average rate and closing rate
• the conversion of equity capital (excluding income) between the historic rate and the closing rate.
They are entered in equity under the item "Conversion reserves” for the Group’s share, and under “Minority interests”
for the non-Group share.
3.3.2. Elimination of intra-Group transactions
The impact of internal Group transactions on the balance
sheet and consolidated income statement has been eliminated. Dividends and capital gains and losses on disposals between companies in the Group have also been eliminated. If
required, losses from the disposal of assets reflecting actual
impairment have been maintained.
3.3.3. Business combinations
Operations conducted prior to 1 January 2010
Business combinations are accounted for using the purchase
method, with the exception of combinations that involve mutual entities and entities under common control, which were
explicitly excluded from the scope of application of the previous version of the IFRS 3 standard.
The cost of a business combination is equal to the total of the
fair value – on the acquisition date – of the assets received,
liabilities incurred or assumed and equity capital instruments
issued to obtain control of the purchased company. Those
costs linked directly to the operation form part of the acquisition cost.
All assets, liabilities and identifiable potential liabilities of the
purchased entities are posted at their fair value on the acquisition date. This initial assessment may be reviewed within 12
months of the acquisition date.
Goodwill, which represents the difference between the cost of
the combination and the buyer's equity share in the assets, liabilities and potential liabilities at their fair value, is posted in
the assets section of the buyer's balance sheet (if positive) or
directly as a loss (if negative).
Where the Group increases its equity share in an entity which
it already controls, the purchase of additional securities results in an additional goodwill posting, determined by comparing the purchase price of the securities and the net asset
share acquired.
Goodwill is posted in the operating currency of the acquiree
and is converted at the year-end exchange rate.
On the acquisition date, the goodwill is allocated to one or
more cash generating units (CGU) likely to enjoy the benefits
of the acquisition. CGUs were defined within the Group’s chief
business lines and constitute the most detailed level used by
121
management to determine the return on investment of an activity.
Positive goodwill undergoes impairment testing at least once
a year, and whenever objective signs of loss of value appear.
Impairment testing involves comparing the net book value (including goodwill) of each CGU or group of CGUs with its recoverable amount, which corresponds to the higher of an asset's market value and going concern value.
The market value is determined as the fair sale value less selling costs, for a transaction carried out under conditions of
normal competition between knowledgeable and willing parties. This estimate is based on available market information,
taking into account the particular circumstances. The going
concern value is calculated according to the most appropriate
method, generally by discounting future estimated flows.
When the recoverable amount is lower than the book value,
irreversible impairment of the goodwill is posted in income.
Operations conducted from 1 January 2010 onwards
• On the date on which an entity is taken over, minority interests may be assessed:
-- Either at their fair value (which involves assigning a portion of the goodwill to minority interests)
-- Or at their portion of the fair value of all the acquired
entity's identifiable assets and liabilities (this method is
similar to that used for operations prior to 31 December
2009).
A choice must be made between these two methods for each
business combination.
Regardless of the choice made at takeover, all increases in the
equity share in an entity that is already under control will automatically be posted as equity capital.
• On the takeover date, any portion held previously by the
Group must be reassessed at its fair value and offset against
the income statement. Where the acquisition is conducted
in stages, the goodwill is determined with reference to its
fair value on the takeover date.
• When control of a consolidated company is lost, any portion retained by the Group must be reassessed at its fair
value and offset against the income statement.
3.3.4 Repurchase agreement on minority interests
• Combinations of mutual entities are now included in the
scope of application of the IFRS 3 standard
• Costs linked directly to business combinations are now posted
in the income for the period
• Supplements are now included in the acquisition cost at
their fair value on the takeover date, including supplements
of a potential nature. Depending on the settlement method,
supplements are now offset:
-- no posting will be made in relation to future equity capital and price revisions
-- or future debts and revisions are offset against the income statement (financial debts) or according to the relevant standards (other debts not covered by the IAS 39
standard).
The Group has not entered into commitments with minority
shareholders of certain fully consolidated companies to buy
out their shares.
In accordance with IAS 32, when minority shareholders are
granted written puts for their investment, their share of the
net assets of subsidiaries should be treated as debt and not as
equity capital.
The difference between this commitment and minority interests, which are the counterpart of debt, is recognised differently according to whether the commitments to buy out minority interests were concluded before 1 January 2010, which
is when the amended IFRS 3 and IAS 27 standards came into
force (recognition in goodwill), or afterwards (recognition in
equity capital).
The operations described above have been adjusted subject to
the revised IFRS 3 and IAS 27 standards as detailed below:
122
Note 4. Accounting principles and evaluation methods
➔➔4.1. Financial assets and liabilities
4.1.1. Loans and receivables
The “Loans and receivables” item includes loans and advances to credit institutions and customers, as well as certain
securities not listed on an active market when they are not
held for trading purposes (see note 4.1.2).
Loans and receivables are initially entered at their fair value
plus the costs directly related to their issue and less the income directly attributable to their issue. On subsequent reporting dates, they are valued at amortised cost according
to the effective interest rate method.
The effective interest rate is the rate at which future cash
flows are discounted at the initial value of the loan. This rate
includes the discounts recorded when loans are granted at
below market interest rates, as well as the transaction income and costs directly linked to the granting of loans, assessed as an adjustment of the actual return on the loan.,
To date, the Crédit Coopératif Group has not recognised a discount on its loans and receivables.
No internal costs have been included in the calculation of the
amortised cost.
• financial assets at fair value through profit or loss
• held-to-maturity investments
• loans and receivables
• available-for-sale financial assets.
Financial assets and liabilities at fair value through profit
or loss
This category includes:
• financial assets and liabilities held for trading, i.e. acquired or
issued initially with the intention of selling or buying back in
the short term
• and financial assets and liabilities that the Group elected to
initially recognise at fair value through profit or loss applying the option offered by IAS 39.
The conditions under which this option is applied are described in note 4.1.4 “Financial assets and liabilities at fair
value through profit or loss as an option”.
The fair value at inception of securities classified in this category is determined by applying the bid price. At the reporting
date, these assets are valued at fair value, and variations in fair
value for the period are entered under the item “Net gains or
losses on financial instruments at fair value through profit or
loss”.
External costs mainly consist of commission paid to third parties for setting up loans. In the main, these consist of commission paid to business introducers.
This portfolio includes securities with a fixed or determinable
income and a fixed maturity date that the Group intends and
has the ability to hold until maturity.
Income directly attributable to the issue of new loans mainly
consists of set-up fees charged to customers and re-billed
costs. Commission received in respect of financing commitments, for which drawdown will not take place, is spread on a
straight-line basis over the term of the commitment.
Except in limited cases, IAS 39 prohibits the disposal or transfer of these securities before maturity, otherwise the entire
portfolio must be reclassified at Group level and access to this
category will be denied for the current financial year and the
following two years. Exceptions to the rule apply in the following cases:
Income and expenses relating to loans with an initial term of
less than one year are spread on a pro rata basis, with no recalculation of the effective interest rate. For variable- or adjustable-rate loans, the effective interest rate is re-calculated
each time the rates are re-set.
4.1.2. Securities
Securities are classified in assets in one of the four categories
set out by standard IAS 39:
• a significant deterioration in the issuer’s credit quality
• a change in tax regulations cancelling or significantly reducing the tax exemption on interest earned on investments held to maturity
• a major business combination or significant withdrawal of
activity (sale of a sector, for example) requiring the sale or
transfer of held-to-maturity investments in order to maintain the entity’s existing situation in terms of interest rate
risk or its credit risk policy
123
• a change in legal or regulatory provisions significantly
modifying either the definition of an eligible investment or
the maximum amount of certain types of investment, requiring that the entity dispose of a held-to-maturity asset
• a significant increase in capital requirements forcing the
entity to restructure by selling held-to-maturity assets
• a significant increase in the risk weighting of held-to-maturity assets in terms of prudential capital regulations.
In the exceptional disposal cases outlined above, the income
from these disposals is posted under the item “Net gains or
losses on available-for-sale financial assets”.
Instruments contracted to hedge these securities against interest rate risk are not permitted.
At the reporting date, they are valued at fair value and variations
in the fair value are posted directly in equity capital as gains or
losses (except for monetary assets in foreign currencies, for
which variations in fair value relating to the exchange rate component affect profit or loss). The principles for determining fair
value are described in note 4.1.6.
In the event of disposal, these variations in fair value are
transferred to profit or loss.
Current or acquired revenues on fixed-income securities are
entered under the item “Interest and similar income”. Revenues
from variable-income securities are entered under the item
“Net gains or losses on available-for-sale financial assets”.
Registration date of securities
Loans and receivables
The "Loans and receivables" portfolio consists of non-derivative financial assets with fixed or determinable income, which
are not traded on an active market. Moreover, these assets
may not be exposed to a risk of substantial loss not related to
a worsening of the credit risk.
Certain securities can be classified in this category when they
are not listed on an active market. They are initially recognised
at their fair value, plus transaction costs and less the discount
and transaction income. They then follow the accounting,
valuation and impairment rules for loans and receivables.
Where a financial asset recognised under loans and receivables is disposed of before maturity, the income from this disposal is posted under the item “Net gains or losses on available-for-sale financial assets”.
This category consists of the financial assets not included in
previous portfolios.
Available-for-sale financial assets are initially recognised at
their fair value, plus transaction costs.
Securities are entered in the balance sheet on the date of settlement/delivery.
Rules applied in the case of partial disposal
The “first in - first out" method is used in the case of partial
disposal of a line of securities.
4.1.3. Debt and equity capital instruments issued
Financial instruments issued are classified as debt instruments or
equity capital instruments according to whether or not the issuer
has a contractual obligation to deliver liquidities or another financial asset, or to exchange the instruments under potentially
unfavourable conditions. This obligation must arise from the
clauses and conditions in the contract, and not merely from
purely economic constraints.
Funded debt
Funded debt (which is not classified as financial liabilities
measured at fair value through profit or loss) is initially entered at its value, less transaction costs, and is valued at the
reporting date using the amortised cost method using its effective interest rate.
These instruments are entered in the balance sheet as debts to
credit institutions, debt to customers and debts represented by
a security.
Subordinated debt
Subordinated debt is distinguished from receivables or bonds
issued, as repayment only takes place after all the preferential
Securities held to maturity are initially recognised at their fair
value, plus transaction costs directly attributable to the acquisition of these securities. They are then valued at amortised
cost in accordance with the effective interest rate method,
including premiums and discounts and acquisition costs, if
these are significant.
124
or unsecured creditors have been paid, but before the repayment of loans, participating securities and deeply subordinated
securities.
Subordinated debt that the issuer is obliged to reimburse is
classified as debt and initially entered at fair value less transaction costs.
Members' shares
The interpretation of IFRIC 2, covering members’ shares and
similar instruments in cooperative entities, specifies the provisions of IAS 32, setting out that a member’s contractual right
to request redemption of these shares does not automatically
create an obligation for the issuer. Classification is determined
after examining the contractual conditions. Classification is
determined after examining the contractual conditions.
According to this interpretation, members’ shares are deemed to
be equity capital if the entity has an unconditional right to refuse redemption, or if legal provisions or the entity’s Articles of
Association prohibit or greatly limit redemption.
By virtue of existing provisions in its Articles of Association,
relative in particular to the minimum capital level, the members’ shares issued by the Group entities concerned are considered as equity capital.
Alignment of accounting with performance management
and measurement
The option applies in the case of a group of assets and/or liabilities managed and valued at fair value, provided that this
management strategy is based on a documented risk management policy or investment strategy and that internal reporting
is based on fair value measurement.
Combined financial instruments comprising one or more
embedded derivatives
An embedded derivative is a component of a "hybrid" contract
(financial or otherwise) that matches the definition of a derivative., It must be extracted from the host contract and accounted for separately when the hybrid instrument is not
valued at fair value through profit or loss and the economic
characteristics and associated risks of the embedded derivative are not closely linked to the host contract.
It is possible to apply fair value as an option where the embedded derivative substantially modifies the flows of the host contract and where separately recognising the embedded derivative
is not specifically prohibited by IAS 39 (for example, a pay-out
option embedded in a debt instrument). The option allows fair
value measurement of the entire instrument, which means that
the embedded derivative does not have to be extracted, recognised or valued separately.
4.1.5. Derivatives and hedge accounting
4.1.4. Financial assets and liabilities at fair value
through profit or loss as an option
According to the amendment to IAS 39 adopted by the
European Union on 15 November 2005, an entity may initially
classify financial assets and liabilities as at fair value through
profit or loss; however this election is irrevocable.
Compliance with the conditions set out in the standard must
be verified ahead of entering an instrument at fair value as an
option.
This option may only be elected in the following situations:
Elimination or significant reduction in an accounting
mismatch
The option may be applied to eliminate distortions arising
from applying different valuation rules to instruments managed in the framework of the same strategy.
A derivative is a financial instrument or other contract with
the following three characteristics:
• its value fluctuates in line with variations in an interest rate,
financial instrument price, commodity price, exchange rate,
price or rate index, credit rating or index, or other variable,
provided that in the case of a non-financial variable, it is not
specific to one of the parties to the contract (sometimes
called the "underlying")
• it requires no initial investment, or an investment that is
smaller than would be required for other types of contracts
expected to display a similar response to changes in market
factors
• it is settled at a future date.
All derivative financial instruments are initially recognised in
the balance sheet on the trading date at the fair value at inception. At each reporting date, regardless of the management intention governing their retention (trade or hedge),
they are valued at fair value.
125
Derivative financial instruments are classified into two categories:
Trading derivatives
Trading derivatives are entered in the balance sheet under
“Financial assets at fair value through profit or loss”, and under “Financial liabilities at fair value through profit or loss”.
Actual and unrealised gains and losses are entered in the income statement under the item “Net gains or losses on financial instruments at fair value through profit or loss”.
Hedging derivatives
To classify a derivative in the accounts as a hedging instrument, from inception, the hedge relationship (hedge strategy,
type of risk hedged, description and characteristics of the item
hedged and the hedging instrument) must be documented.
Moreover, the effectiveness of the hedge must be proven at
inception and verified retrospectively. Moreover, the effectiveness of the hedge must be proven at inception and verified
retrospectively.
Derivatives concluded in the context of hedge relationships
are designated according to their objective.
Fair value hedging
Fair value hedging is designed to reduce the risk of variation in
the fair value of an asset or liability on the balance sheet or of
a firm commitment (in particular hedging the rate risk of
fixed-rate assets and liabilities).
The revised value of the derivative is entered in profit or loss
symmetrically with the revised value of the hedged item, at the
level of the risk hedged. Any hedging ineffectiveness is recognised in the income statement under "Net gains or losses on financial instruments at fair value through profit or loss”.
Accrued interest on the hedging derivative is entered in the
income statement symmetrically to the accrued interest on
the hedged item.
For a hedge of an identified asset or liability, the revised value
of the hedged component is presented in the balance sheet
under the same item as the hedged item.
If a hedge relationship is interrupted (management decision,
breach of the effectiveness criteria or sale of the hedged item
before maturity), the hedging derivative is transferred to the
trading portfolio. The amount of the revised value entered in
the balance sheet for the hedged item is amortised over the
residual life of the initial hedge. If the hedged item is sold before maturity or redeemed in advance, the aggregate amount
of the revised value is entered in the income statement for the
period.
Cash flow hedges
The aim of cash flow hedging is to hedge items exposed to variations in cash flows attributable to a risk associated with a balance
sheet item or future transaction (rate risk hedge on variable-rate
assets and liabilities, future transactions hedge (future fixed
rates, prices, exchange, etc.)).
The effective portion of variations in the fair value of a derivative is entered on a specific line of gains or losses, posted directly as equity capital, while the ineffective portion is recognised in the income statement under "Net gains or losses on
financial instruments at fair value through profit or loss”.
Accrued interest on the hedging derivative is entered in the
income statement, under "interest and similar income", symmetrically to the accrued interest on the hedged item.
Hedged instruments are still recognised according to the rules
that apply to their accounting classification.
If the hedging relationship is interrupted (breach of the effectiveness criteria, sale of the derivative or hedged item no longer
held), the aggregate amounts entered in equity capital are
transferred to profit or loss over the life of the hedge when the
hedged transaction itself affects the profit or loss, or taken immediately in profit or loss if the hedged item is no longer held.
Specific cases of portfolio hedging
(macro-hedging)
Cash flow hedging documentation
Crédit Coopératif Group documents its macro-hedging of interest rate risk under cash flow hedging (hedging of loan and
borrowing portfolios).
With the exception of derivatives classified in the accounts as
cash flow hedges or net investments denominated in other
currencies, variations in the fair value are recognised in the
income statement for the period.
126
In these cases, portfolios of exposures that may be hedged are
evaluated, for each maturity band, on the basis of:
• assets and liabilities; the entity bears a risk of variability in
future cash flows on variable-rate assets/liabilities because
the next rate-fixing levels are not known in advance.
• future transactions deemed to be highly probable (forecasts). In the case of an assumption of constant assets and
liabilities, there is a risk of variability in future cash flows on
a future fixed-rate loan for the entity because the rate at
which the future loan will be granted is not known. Similarly,
the entity is deemed to bear a risk of variability in future
cash flows on future refinancing in the market.
The IAS 39 standard does not permit a net position to be designated by maturity band. The hedged item is seen as equivalent to a portion of one or more portfolios of identified reviewable-rate portfolios of instruments (portion of
variable-rate sources or applications). The effectiveness of the
hedges is measured by creating a ‘hypothetical' instrument for
each maturity band, and comparing changes in its fair value
since inception with those of the derivatives to be documented as hedges.
The characteristics of this instrument are identical to those of
the hedged item. The effectiveness test is conducted by comparing variations in the value of the hypothetical instrument
with the hedging derivative. The method requires the creation
of a schedule with maturity bands.
When the hedging relationship is discontinued and if the
hedged item still exists on the balance sheet, or if it is still
highly likely to continue, aggregate unrealised gains or losses
entered in equity capital are spread over the life of the hedge.
If the derivative has not been cancelled, it is reclassified as a
trading derivative and subsequent variations in its fair value
will be entered in profit or loss.
Fair value hedging documentation
Crédit Coopératif documents its macro-hedging of interest
rate risk under fair value hedging by applying the provisions of
standard IAS 39 as adopted by the European Union (so-called
'carve-out').
The version of IAS 39 as adopted by the European Union omits
certain provisions concerning hedge accounting that appear to
be incompatible with the overall interest rate risk reduction strategies implemented by European banks. The European Union
carve-out allows entities to account for inter-bank interest rate
risk hedging alongside fixed-rate transactions with customers
(loans, savings accounts, customer sight deposits). The majority
of the macro-hedging instruments used by the Group are simple
rate swaps, designated as fair value hedging of resources and
fixed-rate applications from inception.
Macro-hedging derivatives are accounted for using the sample
principles as those outlined above for fair value macro-hedging.
The effectiveness of the hedge must be shown both prospectively and retrospectively.
In the case of a macro-hedging relationship, the adjusted
value of the hedged component is recognised in its entirely
under "Revaluation differential for portfolios hedged using
interest rates".
The prospective test is verified if the nominal amount of the
items to hedge is greater than the notional amount of the hedging derivatives for each target maturity band of the schedule.
The effectiveness of hedging is ensured when derivatives compensate for the interest rate risk of the hedged fixed-rate asset
portfolio.
Retrospective testing is used to calculate the retrospective effectiveness of the hedge at different reporting dates.
Two effectiveness tests are carried out:
At each reporting date, variations in the ex-coupon fair value
of hedging derivatives are compared with those for hypothetical derivatives. The ratio of their respective variations must be
between 80% and 125%.
When the hedged instrument is sold or the future transaction
is no longer highly probable, the aggregate unrealised gains or
losses entered in equity capital are immediately transferred to
profit or loss.
• a basis test: for simple swaps designated as hedging from
inception, a check is conducted to ascertain that there is no
over-hedging, both prospectively on the hedge relationship
designation date, and retrospectively at each annual closing
• a quantitative test: for other swaps, the fair value variation
of the real swap should compensate for the fair value variation of a hypothetical instrument that perfectly reflects
the hedged component of the asset. These tests are conducted both prospectively on the hedge relationship designation date, and retrospectively at each annual closing.
127
In the event of a break in the hedge relationship, this difference is amortised on a straight-line basis over the residual
term of the initial hedge, if the hedged asset has not been
recognised. It is entered directly as income if the hedged elements no longer appear on the balance sheet. Macro-hedging
derivatives may also be disqualified when the face value of the
hedged instruments falls below the notional value of the
hedges, due primarily to early loan repayments or deposit
withdrawals.
4.1.6. Determining fair value
General principles
Fair value is the amount for which an asset may be exchanged or
a liability cleared, under conditions of normal competition between knowledgeable and willing parties. When initially recognised, the fair value of a financial instrument is usually equal to
the trade price, i.e. the value paid or received.
For financial instruments, the prices quoted on an active market constitute the best indication of fair value. Entities should
give priority to prices quoted on active markets where they
exist.
If there are no prices quoted, fair value can be calculated using
an appropriate method, in accordance with the normally-accepted evaluation methods on the financial markets, favouring observable valuation parameters on the markets over data
specific to the entity.
Lastly, if there is insufficient observable data on the markets,
fair value may be determined using a valuation method based
on internal models. The selected model must be calibrated periodically by comparing its results with recent transaction
prices.
The absence of an active market and of observable data may
be documented based on the following criteria:
• significant fall in the volume of transactions and level of
activity on the market
• significant difficulty in obtaining quotations
• small number of contributors or no contribution from the
main players in the market
• steep differences in prices available over time between the
various players on the market
• prices very different from the intrinsic value of the asset
and/or significant gaps between bid and ask (wide price
range).
These criteria must be adapted to the characteristics of the
target assets and may be supplemented using any other additional evidence which shows that the asset is no longer
listed on an active market. If there are no recent transactions,
this demonstration requires judgement.
Over-the-counter instruments valued using recognised
models and directly or indirectly observable parameters
(level 2)
Standard instruments
A number of products, especially over-the-counter derivatives,
standard rate swaps, forward rate agreements, caps, floors and vanilla options are valued using a valuation model. Valuations obtained may be based on observable parameters and on widely-accepted market-standard models (discounted future cash flows,
price interpolation techniques) for the financial instrument in
question.
The widely-accepted nature of these models and the observ-
These are securities and derivatives, such as futures and options, listed on organised markets, located in identifiably liquid
areas (active market).
A market is considered to be active if the prices are easily and
regularly available from a stock market, broker, trader, price
evaluation service or regulatory agency, and if these prices
represent actual and regular transactions on the market under
normal conditions of competition.
able nature of the parameters have been documented for
these instruments.
Complex instruments
Some complex and/or long-maturity financial instruments are
valued using an accepted internal model based on observable
market parameters calibrated in line with observable data
such as rate curves, implicit volatility ranges of options, data
arising from market consensus or on active over-the-counter
markets.
Instruments valued on the basis of quoted prices
(non-adjusted) on an active market (level 1)
128
The observable nature of the parameter has been demonstrated for all of these instruments. In terms of methodology, the
observability of parameters is based on four conditions that
remain inextricably linked:
• the parameter is derived from external sources (from a recognised contributor if possible)
• the parameter is updated periodically
• the parameter is representative of recent transactions
• its characteristics are identical to those of the transaction.
The margin generated from trading these financial instruments is immediately recognised in profit or loss.
The fair value of instruments obtained using valuation models
is adjusted to take account of counterparty risks, modelling
risks and parameter risks.
Level 2 includes the following in particular:
• primarily standard over-the-counter derivatives
• securities not listed on an active market, the fair value of
which is determined from observable market data: e.g. use of
market data from comparable listed companies or using the
multiple income method
• UCITS shares for which the net asset value is not calculated
and published daily, but which is published on a regular basis or for which recent, observable transactions are available.
Over-the-counter instruments valued using unrecognised
models or a substantial portion of non-observable
parameters (level 3)
When the valuations obtained cannot be based on observable
parameters or on accepted market-standard models, the valuation obtained will be considered to be non-observable.
Specific cases
Fair value of financial instruments recognised at amortised
cost
For financial instruments not valued in the balance sheet at
fair value, the stated fair value calculations represent the best
estimate on the reporting date and are based on models that
incorporate a certain number of assumptions.
In a number of cases, the book value is deemed to represent
the fair value. These are:
• variable-rate assets and liabilities, where changes in interest
have no significant impact on the fair value because the
sensitivity to credit risk is not significant over the period
• short-term financial assets and liabilities (whose initial term
is less than or equal to one year) because the sensitivity
to interest rate and credit risks is not significant over the
period
• liabilities due on demand
• transactions on a regulated market (particularly regulated
savings products), the prices of which are set by public authorities.
Fair value of the loans portfolio
The fair value of loans is determined on the basis of internal
valuation models, which involve discounting future recoverable flows of capital and interest over the remaining term at the
production rate for the month for loans in the same category
and with the same maturities. Early repayment options are
taken into account in the form of an adjustment to the loan
amortisation profile.
Fair value of debts
For fixed-rate debts to credit institutions and customers over
a term of more than one year, fair value is assumed to correspond to the present value of future cash flows at the market
rate on the reporting date.
4.1.7
Impairment of financial assets
Impairment of securities
Impairment of securities other than those classified in the portfolio of financial assets at fair value through profit or loss is
assessed individually, provided there is an objective impairment
index resulting from one or more loss events occurring after
initial recognition of the asset, and that these events have an
impact on future estimated cash flows of the financial asset,
which can be reliably estimated.
Impairment rules differ according to whether the securities are equity instruments or debt instruments.
For equity instruments, a sustained fall or significant
reduction in value is deemed to be an objective indicator of
impairment.
In view of the explanations provided by IFRIC in July 2009 and
the recommendations of the market regulatory authorities,
129
the Group has had to review the criteria for classifying impairment situations for listed equity instruments.
A decline in the value of a security in excess of 50% or for
more than 36 months relative to its historical cost now constitutes an objective indicator of prolonged impairment requiring recognition of an impairment of income.
Moreover, these impairment criteria are supplemented by a lineby-line analysis of assets that have declined in value by more
than 30% or for more than six months compared to their historical cost, or in the case of events likely to characterise a significant or prolonged decline. If the Group estimates that the
entire value of an asset cannot be recovered, an impairment
charge is entered in the income statement.
For unlisted equity instruments, a qualitative analysis of the
position is conducted.
Impairment of equity instruments is irreversible and cannot be
recovered through profit or loss. Losses are entered under item
“Net gains or losses on available-for-sale financial assets".
Unrealised gains subsequent to impairment are deferred in equity until disposal of the securities.
• there are objective indices of impairment on an individual
or portfolio basis: these involve “triggering events” or “loss
events” which identify a counterparty risk and which occur
after the initial recognition of the loans in question. At individual level, the criteria used to assess the incurred nature
of a credit risk include the existence of debts which have
remained unpaid for more than three months (six months
for property and nine months for debts on local and regional authorities) or, regardless of any such unpaid debts,
the existence of an incurred credit risk or litigation procedures
• these events result in the recognition of incurred losses.
Impairments are determined as the difference between the
amortised cost and the recoverable amount, i.e. the present
value of future estimated recoverable cash flows, taking into
account the effect of guarantees. For short-term assets (term
of less than 1 year), future cash flows are not discounted.
Impairment is determined overall, without distinguishing between interest and capital.
Probable losses relating to off-balance-sheet commitments
are recorded as provisions posted in the balance sheet under
liabilities.
There are two types of impairment entered in cost of risk:
For debt instruments, such as bonds or securities resulting
from securitisation (AbS, CMbS, RMbS, CDO cash), an impairment is recognised when a counterparty risk is recorded.
• individual impairment
• impairment on a portfolio basis.
Individual impairment
Impairment of debt instruments can be reversed through
profit or loss if the issuer’s position improves. These impairments and reversals are entered under “Cost of risk”.
Impairment of loans and receivables
The IAS 39 standard sets out the methods for calculating and
recognising recorded impairments of loans.
A receivable is impaired if the following two conditions are
met:
Individual impairment is calculated on the basis of a schedule,
determined according to the historical data on credit loss experience by category of receivable. Guarantees are taken into
consideration to determine the amount of impairment and,
when a guarantee covers the entire risk of default, no impairment is recognised.
Impairment on a portfolio basis
Impairment on a portfolio basis covers risks not recorded at
individual level. In accordance with IAS 39, these are included
in a group of uniform risk portfolios which are subjected to a
collective impairment test.
Crédit Coopératif Group's outstanding debts are included in uniform groups according to their sensitivity to changes in risk, based
on the Group's internal rating system. Impairment tests are performed on portfolios involving counterparties whose rating has
deteriorated substantially since they were granted and are there-
The impairment indicators used for debt securities, irrespective of their destination portfolio, are identical to those used
to assess ascertained risk on loans and receivables on an individual basis. For perpetual floating-rate notes, particular attention is also paid when, under certain conditions, the issuer
cannot pay the coupon or extend the issue beyond the planned
redemption date.
130
fore deemed to be sensitive. These outstanding debts are impaired,
although the credit risk cannot be allocated to different counterparties within these portfolios on an individual basis, and provided
that there is objective evidence of a decline in the value of the
outstanding debts concerned.
The impairment amount is determined on the basis of historical data indicating the likelihood of default upon maturity and
expected losses; these values are adjusted where necessary to
take into account particular circumstances on the reporting
date.
If required, an additional sector- or geographical-based analysis is carried out. This generally involves an "expert" assessment
including a range of different economic factors that concern
the population in question. Impairment on a portfolio basis is
determined according to expected losses upon maturity for the
basis in question.
4.1.8
Reclassification of financial assets
Several types of reclassification are allowed:
• Reclassifications authorised prior to the amendments to
standards IAS 39 and IFRS 7, as adopted by the European
Union on 15 October 2008:
These notably include "Available-for-sale financial assets" reclassified as "Held-to-maturity financial assets".
Any fixed-income security with a set maturity date defined as
"Held-to-maturity financial assets" may be reclassified if the
Group changes its management strategy and decides to hold
the security to maturity. The Group must also have the ability
to hold this instrument to maturity.
• Reclassifications authorised since the amendments to
IAS 39 and IFRS 7 adopted by the European Union on
15 October 2008:
These standards define the terms for reclassifying nonderivative financial assets at fair value (with the exception of
those initially designated at fair value as an option) to other
categories:
-- Reclassification of trading securities as "Available-forsale financial assets” or “Held-to-maturity financial assets”.
All non-derivative financial assets may be reclassified provided the Group is capable of proving the existence of “rare circumstances” justifying the reclassification. It should be noted
that the IASB has characterised the financial crisis of the second half of 2008 as a “rare circumstance”.
Only fixed- or determinable-income securities can be reclassified in the category “Held-to-maturity financial assets”.
Moreover, the institution must have the intention and ability
to hold these securities to maturity. Securities entered in this
category cannot be hedged against interest rate risk.
-- Reclassification of trading securities or available-for-sale
securities as "Loans and receivables”.
Any non-derivative financial asset that meets the definition of
“Loans and receivables” and, in particular, any fixed-income
security not listed on an active market, may be reclassified
provided that the Group modifies its management intention
and decides to retain this security for the foreseeable future or
to maturity., In addition, the Group must have the intention
and ability to hold these securities in the medium or long
term.
Reclassifications are at fair value on the date of reclassification. The fair value on the date of reclassification becomes the
new amortised cost for instruments transferred to categories
valued at amortised cost.
A new effective interest rate is then calculated on the date of
reclassification to bring this new amortised cost into line with
the repayment value, which means that the security has been
reclassified with a discount.
For securities that were included as available-for-sale assets,
the new discount spread over the residual life of the security
will normally be offset by amortising the recognised unrealised loss in profit and loss, posted directly in equity capital on
the date of reclassification and reversed on an actuarial basis
in the income statement.
In the event of impairment after the date of reclassification of
a security that was included in available-for-sale financial assets, the recognised unrealised loss in profit and loss posted
directly in equity capital on the date of reclassification is immediately reversed in the income statement.
4.1.9
Derecognition of financial assets or liabilities
A financial asset (or group of similar assets) is derecognised if
the contractual rights to future cash flows from the asset have
expired or when these contractual rights, together with prac-
131
tically all the risks and benefits of ownership of the asset, have
been transferred to a third party.
for their original category. The receivable is recognised at face
value under “Loans and receivables”.
In similar cases, any rights and obligations created or retained
during the transfer are recognised separately as financial assets and liabilities.
Security lending operations
If the Group has neither transferred nor retained almost all of
the risks and benefits, but retains control of the asset, it remains on the balance sheet to the extent of the Group’s involvement in the asset.
If the Group has neither transferred nor retained almost all of
the risks and benefits, but has not retained control of the asset, it is derecognised and all rights and obligations created or
retained during the transfer are recognised separately as financial assets and liabilities.
If all the conditions for derecognising a financial asset are not
met, the Group keeps the asset in the balance sheet and records a liability representing the obligations arising when the
asset is transferred.
A financial liability (or part of a financial liability) is derecognised only when it has been discharged, i.e. when the obligation specified in the contract has been discharged, cancelled
or has expired.
Reverse repurchase operations
These securities are not derecognised in the assignor's accounts. A liability representing a commitment to refund cash
received (securities delivered on reverse repo) is identified. This
debt constitutes a financial liability entered at amortised cost
and not at fair value.
Financial asset restructuring operations
The Group considers that restructuring operations that have
resulted in substantial changes to the asset should lead to recognition since the rights to the initial cash flows have, in substance, expired. This applies in particular to:
• restructuring operations that have resulted in a change of
counterparty, particularly where the credit quality of the
new counterparty differs significantly from that of the former counterparty
• restructuring operations designed to move from highly
structured indexing to simple indexing since the two assets
are not subject to the same risks.
Financial liability restructuring operations
A substantial change to the terms of an existing borrowing instrument should be recognised through the termination of the
old debt and its replacement with a new debt. In order to judge
whether the change is substantial, the 10% threshold set by IAS
39 is used, based on discounted cash flows including and fees
and charges. Where the difference is 10% or more, all costs and
charges incurred are recognised as profit or loss when the debt is
terminated.
The Group considers that other changes may also be deemed
substantial, such as a change in issuer (even within the same
group) or a change of currency.
➔➔4.2. Investment properties
The assets received are not recognised in the assignee's books,
but a receivable is recorded with respect to the assignor representing the cash loaned. The amount disbursed in respect of
the asset is recognised under "Repo securities received".
In accordance with IAS 40, investment property is property
held for the intention of earning rent and capital appreciation.
On subsequent reporting dates, the securities continue to be
valued in the vendor’s accounts in accordance with the rules
Investment property is recognised in exactly the same way as
tangible assets (see note 4.3).
When derecognising a financial asset, a disposal gain or loss is
entered in the income statement at an amount equal to the
difference between the book value of this asset and the counterparty value received.
Lending/borrowing of securities cannot qualify as a transfer of
financial assets within the meaning of standard IAS 39.
Accordingly, these operations do not give rise to derecognition
of the securities loaned. Borrowed securities are recognised in
their original category and valued accordingly. For the borrower, the borrowed securities are not recognised.
132
Property leased under an operating lease may have a residual
value that will reduce the depreciable base of the asset.
For other types of tangible asset, the useful life is generally between 5 and 10 years.
Gains or losses from disposal of investment property are entered
in profit or loss under “Net income or expenses from other activities”.
Impairment testing is conducted on intangible assets when possible indicators of loss of value are identified at the year-end. In this
case, the new recoverable value of the asset is compared to the net
book value of the intangible asset. If there is a loss of value, depreciation is recognised in profit or loss.
➔➔4.3. Fixed assets
This item includes operating tangible assets, property acquired
with a view to operating leases, tangible assets acquired under
finance leases and property temporarily not let within the
framework of a finance lease. Non-trading property companies
(SCI) are treated as tangible assets.
In accordance with IAS 16 and IAS 38, tangible or intangible assets are recognised as an asset if:
This depreciation is reversed in the event that the recoverable
value is modified or the indicators of loss of value are no longer
evident.
The accounting treatment adopted for intangible assets used
in operations and financed using finance leases is stated in
note 4.9.
• it is probable that the future economic benefits associated
with this asset will flow to the company
• the cost of this asset can be measured reliably.
Property leased under an operating lease is listed in the assets
section of the balance sheet, under tangible assets.
Operating assets are entered at their acquisition cost, plus any
acquisition expenses directly attributable to them. Where it meets
the criteria for assets, software created is recognised at production cost, including direct external and payroll expenditure.
➔➔4.4. Assets intended for transfer and related
liabilities
The component-based approach is applied to all constructions.
After initial recognition, assets are valued at cost less cumulative depreciation and losses in value. The depreciable base
takes the residual value into account, when it can be measured
and is significant.
Fixed assets are depreciated over the consumption period of
the expected economic benefits, which generally corresponds
to the life of the asset. Where the use of one or more components of a capital asset is different or procures different economic benefits, these components are depreciated over their
own useful life.
The Group has applied the following depreciation periods for
the Banques Populaires:
• external walls/roofing/waterproofing: 20 to 40 years
• foundations/frameworks: 30 to 60 years
• external refurbishment: 10 to 20 years
• technical installations: 10 to 25 years
• interior fittings: 8 to 15 years.
If a decision is made to sell non-current assets with a high probability that this sale will take place within 12 months, the assets
concerned are separated in the balance sheet under “Non-current
assets intended for transfer”. Liabilities related to them are also
presented separately in a dedicated item, “Liabilities linked to noncurrent assets intended for transfer”.
Once they are classed in this category, non-current assets are no longer
amortised and are valued at their lowest book value or at fair value less
costs to sell. Financial instruments continue to be valued according to
the principles of IAS 39.
➔➔4.5. Provisions
Provisions other than those relating to employee benefits, home savings, signature commitment risks and insurance contracts primarily
concern litigation, fines, tax risks and restructuring.
Provisions are defined as liabilities whose maturity or amount is
not precisely set but which can be reliably estimated. These liabilities constitute an actual or implicit legal obligation resulting
from a past event and are likely or certain to entail an outﬂow of
resources for settlement purposes.
133
Provisions are discounted when the discounting impact is
significant.
Provisions and reversals of provisions are entered in profit or
loss on the appropriate lines for the nature of the future expenditure covered.
Commitments with respect to home savings contracts
Home savings accounts (CEL) and home savings plans (PEL) are
savings products offered to individuals whose characteristics
are defined by the 1965 law on home savings and the orders
made under this law.
The home savings system generates two types of commitments for institutions selling these products:
• the commitment in the future to grant loans to customers
at the contractually-agreed rate at the time of opening the
home savings plan, or at a rate that depends on the savings
phase for home savings accounts
• the commitment to remunerate savings in the future at the
contractually-agreed rate at the time of opening and for an
indeterminate period for home savings plans, or at a rate
set every six months according to an indexing formula laid
down by law for home savings accounts.
Commitments that entail potentially unfavourable consequences are evaluated for each generation of home savings
plan and for all home savings accounts.
The risks attached to such commitments are covered by a provision the amount of which is determined by discounting the
future results reached on the outstanding risks:
• outstanding risk savings are the uncertain future level of
savings plans existing at the date on which the provision is
calculated. This is estimated statistically, taking the subscriber saver behaviour into account, for each future period, using
the difference between probable savings outstanding and the
minimum expected savings outstanding.
• outstanding loans at risk correspond to the outstanding
amounts on loans already made but not yet due on the date
of calculation, and future loans estimated statistically, taking
customer behaviour and acquired and projected rights
attaching to the home savings accounts and plans into
account.
The results for future periods in the savings phase are calculated, for a given generation, by calculating the difference between the regulated rate offered and the expected remuneration for a competing savings product.
The results for future periods for the credit phase are determined by the difference between the fixed rate at the start of
the contract for PELs or a rate relating to the savings period
for the CEL contracts and the anticipated rate of the nonregulated environment.
When the algebraic sum of the measure of future commitments in
the savings phase and the loan phase for the same generation of
contracts reflects a potentially unfavourable position for the Group, a
provision is constituted, with no offset between generations.
Commitments are estimated using the Monte Carlo method to reflect
the uncertainty regarding potential changes in rates and the consequences on modelled future customer behaviour and on amounts
outstanding at risk.
The provision is entered in the balance sheet under liabilities
and variations are entered in interest margin.
➔➔4.6. Interest income and expenses
Interest income and expenses are recognised in the income
statement for all financial instruments valued at amortised cost
using the effective interest rate method.
The effective interest rate is the rate that exactly reflects future
cash outflows or inflows over the expected life of the financial
instrument so as to obtain the net book value of the financial
asset or liability.
The calculation of this rate incorporates the transaction costs
and income, premiums and discounts. Transaction costs and
income that form an integral part of the effective rate of the
contract, such as set-up fees or commissions paid to business
introducers, are similar to additional interest.
➔➔4.7. Commission on services provided
Commission is recognised in profit or loss according to the type
of service provided and the method for recognising the financial instruments to which the service relates:
• commission related to ongoing services are spread in profit
or loss over the service provision period (commission on
methods of payment, custody fees for securities held on
deposit, etc.)
The amount recognised in provisions is the best estimate of
the expenditure required to settle the current obligation on
the period-end date.
134
• commission related to one-off services are entered in profit
or loss in full when the service is completed (commission on
movements of funds, payment incident penalties, etc.)
• commission related to the execution of a significant transaction is recognised in profit or loss in full on completion of
the transaction.
Commission that forms an integral part of actual return on
the instrument, such as financial commitment or loan granting commission, is recognised and amortised as an adjustment
of the actual return on the loan over the estimated life of the
loan concerned. Commission of this type is therefore included
in interest income, and not under the "Commission" item.
Trust commission or similar is commission that leads to the
holding of or investment in assets on behalf of individuals,
pension funds or other institutions. Trust transactions cover
asset management and retention activities on behalf of third
parties in particular.
➔➔4.8. Currency transactions
The accounting rules depend on whether the elements used in
the foreign currency transactions by the Group are monetary
or non-monetary.
On the reporting date, monetary assets and liabilities denominated in foreign currencies are converted at the year-end exchange rate in the operating currency of the Group entity on
whose balance sheet they are recognised. Exchange gains or
losses arising from this conversion are recognised in profit or
loss. However, there are two exceptions to this rule:
• only the component of the exchange gain or loss calculated
on the amortised cost of available-for-sale financial assets
is recognised in profit or loss, the remainder is entered in
equity capital
• exchange gains or losses on monetary elements designated
as cash flow hedges or forming part of a net investment in
a foreign entity are recognised in equity capital.
Non-monetary assets recognised at historical cost are valued at
the exchange rate on the date of the transaction. Non-monetary
assets recognised at fair value are valued at the year-end exchange rate. Exchange gains or losses on non-monetary elements are recognised in profit or loss if the gain or loss on the
non-monetary element is entered in profit or loss, and in equity
capital if the gain or loss on the non-monetary element is entered in equity capital.
➔➔4.9. Finance leases and similar operations
Lease contracts are analysed according to their substance and
financial reality and are either operating leases or finance
leases, depending on the case.
4.9.1 Finance lease contracts
A finance lease contract is defined as a lease contract when
substantially all the risks and rewards inherent to ownership
of an asset are transferred to the lessee. It is treated as a
capital asset acquisition by the lessee financed by a loan
granted by the lessor.
IAS 17, which covers lease contracts, sets out five examples of
situations for determining whether a contract may be considered a finance lease or an operating lease:
• the contract transfers ownership of the asset to the lessee
at the end of the lease term
• the lessee has the option to purchase the assets at a price
sufficiently lower than their fair value at the end of the contract term so that, at the inception of the contract, it is
reasonably certain that the option will be exercised
• the lease contract term covers the majority of the economic life of the asset
• at the inception of the lease, the present value of the minimum lease payments amounts to at least substantially all of
the fair value of the leased asset
• the asset is of a specialised nature such that only the lessee
can use it without making major modifications.
Furthermore, IAS 17 describes three indicators of situations that
could lead to classification as a finance lease:
• if the lessee cancels the lease contract, the losses incurred
by the lessor associated with the cancellation are borne by
the lessee (capital loss on the asset, etc.)
• gains or losses from variations in the fair value of the residual are borne by the lessee
• the lessee has the ability to continue the lease at a rent that
is substantially lower than the market rent.
When the contract is commenced, the lease is entered in the
lessor’s balance sheet as a receivable at an amount equal to
the net investment in the lease contract, corresponding to the
present value of the minimum payments due at the interest
rate implicit in the contract plus any unguaranteed residual
value accruing to the lessor.
135
reviewed on a regular basis. A reduction in the estimated unguaranteed residual value leads to a change in the allocation profile of the
income over the full contract term (a new amortisation schedule is
calculated) and a charge is recognised to correct the amount of financial income already entered.
Impairment charges for finance lease operations are determined
based on the same method as that described for loans and receivables.
Finance lease income corresponding to interest is recognised in the
income statement under “Interest and similar income”. Finance
lease income is recognised in profit or loss through the interest rate
implicit in the lease, which reflects a constant periodic rate of return on the lessor’s net outstanding amount. The interest rate implicit in the lease is the discount rate that makes the following
equal:
• the present value of the minimum payments receivable by
the lessor plus the unguaranteed residual value, and
• the entry value of the asset (fair value at inception plus direct
initial costs, i.e. costs specifically incurred by the lessor to set up
a lease contract).
In the lessee's accounts, finance contracts and lease option
contracts are reflected in the acquisition of an asset financed
by a loan.
➔➔4.10. Employee benefits
Group employees receive different types of benefits, which are
classified into four categories:
4.10.1 Short-term benefits
Short-term benefits chiefly comprise salaries, annual paid holidays,
profit sharing, shareholding and bonuses, which relate to the financial year under consideration and are paid within 12 months of the
year-end.
The costs are recognised as an expense for the financial year,
including amounts remaining due at the year-end.
4.10.2 Long-term benefits
Long-term benefits are generally linked to length of service
and are paid to current employees after more than 12 months
from the end of the financial year. These are mainly long-service awards.
These commitments are subject to a provision equal to the
value of the commitments at year-end.
These assets are valued based on an actuarial method incorporating demographic and financial assumptions, such as age,
length of service, probability of being present on the date the
benefit is granted and the discount rate. This calculation makes
a load distribution over time depending on the period of staff
employment (projected unit credit method).
4.10.3 Termination benefits
not transferred to the lessee.
These are benefits paid to employees at the end of their employment contract and before retirement, irrespective of
whether the employee is laid off or accepts voluntary redundancy. A provision is constituted to cover termination benefits.
Those paid more than 12 months after the period-end date
result in discounting.
The asset is recognised in the lessor's accounts as a capital as-
4.10.4 Post-employment benefits
set and is amortised over the lease period. The depreciable base
Post-employment benefits encompass payments on retirement, pensions and retirement benefits.
4.9.2 Operating lease contracts
An operating lease contract is a contract for which substantially all the risks and rewards inherent to the asset leased are
is understood to exclude residual value. Rents are recognised in
profit or loss over the term of the lease contract.
The asset is not recognised in the lessee’s assets. Payments
made under the contract are entered according to the
straight-line method over the lease period.
These benefits can be divided into two categories: defined
contribution plans (which do not represent a commitment to
be funded by the company) and defined benefit plans (representing a commitment for the company, which must be valued
and funded).
In accordance with IAS 17, unguaranteed residual values must be
136
The Group’s employee benefits that are not covered by contributions entered as costs and paid into retirement or insurance
funds are recognised as liabilities in the balance sheet.
The valuation method used is the same as that described
above for long-term benefits.
Recognition takes account of the value of the assets constituted to cover the commitments and unrecognised actuarial
elements.
Actuarial gains and losses on post-employment benefits, indicative of differences in the assumptions (early departures, the discount rate, etc.) or ascertained from the actuarial assumptions
and actual calculations (performance of plan assets, etc.) are amortised using the so-called corridor rule, i.e. the part that exceeds
a variation of plus or minus 10% of liabilities or assets.
abilities, regardless of the date on which the tax becomes due
or collectible.
The tax rate and fiscal rules used for calculating deferred taxes
are those set out in taxation legislation in force and which will
be applicable when the tax becomes collectible or due.
Netting of deferred taxes is carried out in each tax entity. The
tax entity corresponds either to the entity itself, or to a tax
integration group, where one exists. The Group only records
deferred tax assets if it is probable that the entity concerned
has a prospect of recovering the assets within a given time
frame.
Deferred taxes are recognised as a tax income or tax expense in
the income statement, except those relating to:
The annual charge in respect of defined benefit plans includes
the cost of services rendered in the year, the financial cost of
the updating of commitments, the expected returns on plan
assets and amortisation of any unrecognised elements.
• unrealised gains and losses on available-for-sale financial
assets
• and fluctuations in the fair value of cash flow hedge
derivatives,
➔➔4.11. Deferred taxes
for which the relevant deferred taxes are entered in unrealised
gains and losses recognised directly in equity capital.
Deferred taxes are recognised when there are temporary differences between the book value and tax basis of assets or li-
No discounting is conducted when calculating deferred tax.
137
Note 5. Notes relating to the balance sheet
5.1. Financial assets and liabilities at fair value through profit or loss
These assets and liabilities comprise transactions negotiated for trading, including derivative financial instruments, and some assets and liabilities that the Group has elected to recognise at fair value from the date of acquisition or issue, under the option
offered by IAS 39.
5.1.1. Financial assets recognised at a fair value through profit or loss
31/12/2012
Trading
By option
31/12/2011
Total
Trading
By option
Total
Government and similar securities
Bonds and other fixed-income securities
Fixed-income securities
Shares and other variable-income securities
66
4,897
4,963
62
79,254
41,164
84,217
41,226
4,210
4,272
Loans to credit institutions
Loans to customers
Loans
Trading derivatives
Total financial assets
at fair value through profit or loss
79,254
79,320
4,897
41,164
4,210
45,436
Conditions for classification of financial assets at fair value through profit or loss as an option
Accounting
inconsistency
Management
at fair value
Embedded
derivatives
Financial assets at fair value
by option
4,897
4,897
4,897
4,897
Loans and reverse repurchase operations
Total
5.1.2. Financial liabilities at fair value through profit or loss
31/12/2012
31/12/2011
Other financial liabilities
Financial liabilities held for trading purposes
Trading derivatives
79,582
41,898
5,141
5,124
5,141
5,124
84,723
47,022
Fixed deposit accounts and inter-bank loans
Subordinated debt
Financial liabilities at fair value by option
Total financial liabilities at fair value through profit or loss
Fixed deposit accounts and loans to customers
138
Conditions for classification of financial liabilities at fair value through profit or loss as an option
Accounting
inconsistency
Management
at fair value
Financial liabilities at fair
value by option
Embedded
derivatives
Fixed deposit accounts and inter-bank loans
Fixed deposit accounts and loans to customers
5,141
5,141
5,141
5,141
Subordinated debt
Total
Financial liabilities at fair value as an option include fixed-rate negotiable medium-term notes which can be converted to reviewable-rate.
Financial assets and liabilities at fair value through profit or loss as an option and credit risk
31/12/2012
Fair
value
Amount
contractually due
at maturity
31/12/2011
Difference
Difference
attributable
to credit risk
Amount
contractually due
at maturity
Fair
value
Difference
Difference
attributable
to credit risk
Fixed deposit accounts and
inter-bank loans
Fixed deposit accounts
and loans to customers
5,141
5,063
78
5,124
5,069
55
5,141
5,063
78
5,124
5,069
55
Subordinated debt
Reverse repurchase
operations
Total
The contractually-due amount of borrowings is the amount of capital remaining at the financial year-end date plus un-matured,
non-accrued interest. For securities, the repayment value is generally used.
5.1.3. Trading derivative instruments
The notional amount of financial instruments does not constitute an indication of the volume of activity and does not reflect the
market risks attached to these instruments. Negative or positive fair values represent the replacement value of these instruments.
These values can fluctuate widely in line with developments in the market.
31/12/2012
Notional
Interest rate instruments
Positive fair
value
31/12/2011
Negative fair
value
2,410,087
74,465
74,832
129,470
770
30,320
59
2,569,877
Notional
Positive fair value
Negative fair
value
1,858,994
37,725
38,082
838
92,459
954
1,596
59
25,940
263
261
75,294
75,729
1,977,393
38,942
39,939
286,320
3,960
3,853
265,032
2,222
1,959
286,320
3,960
3,853
265,032
2,222
1,959
2,856,197
79,254
79,582
2,242,425
41,164
41,898
Share instruments
Currency instruments
Other instruments
Firm transactions
Share instruments
Other instruments
Conditional transactions
Credit derivatives
Total of trading derivative
instruments
139
5.2. Derivative hedging instruments
value hedges chiefly to hedge fixed-rate loans, securities, deposits
and subordinated debts.
Derivatives designated as hedging instruments are those that
comply with the conditions of IAS 39 from the inception of the
hedge relationship and throughout its duration, and in particular
with the condition requiring formal documentation of the existence of effective hedge relationships between the derivatives and
the hedged items, both prospectively and retrospectively.
Fair value hedges are chiefly interest rate swaps to hedge against
exposure to fluctuations in the fair value of fixed-rate instruments
due to changes in market rates. These hedges convert fixed-rate
assets or liabilities into variable-rate items. The Group uses fair
Fair value hedging
Firm transactions
Cash flow hedges allow the Group to freeze or limit the variability in cash flows linked to instruments yielding interest at
a variable rate.
Cash flow hedging is also used for overall rate risk management purposes.
31/12/2012
Notional
Other instruments
Firm transactions
Other instruments
Fair value hedging is also used for overall rate risk management purposes.
Positive fair
value
31/12/2011
Negative fair
value
Notional
Positive fair
value
Negative fair
value
1,577,580
1,961
30,747
51,378
563
1,612,090
23,946
22,133
1,579,541
30,747
51,941
1,612,090
23,946
22,133
1,579,541
30,747
51,941
1,612,090
23,946
22,133
684,389
3,863
688,252
3,265
295,908
510
334
3,265
2,296
211
2,507
295,908
510
334
688,252
3,265
2,507
295,908
510
334
2,267,793
34,012
54,448
1,907,998
24,456
22,467
Other instruments
Cash flow hedges
Credit derivatives
Total of derivative hedging instruments
5.3. Available-for-sale financial assets
These are non-derivative financial assets that have not been classified in one of the other categories (financial assets at fair value,
held-to-maturity financial assets or loans and receivables).
31/12/2012
31/12/2011
173,532
372,687
Impaired securities
53,496
57,273
599,715
787,440
406,583
472,956
730,167
Loans to credit institutions
Loans to customers
Loans
Gross value of available-for-sale financial assets
1,006,298
1,260,396
Impairment of doubtful debts
(48,194)
(50,083)
Long-term impairment of shares and other variable-income securities
(14,617)
(8,258)
943,487
1,202,055
8,419
14,430
Total financial assets available for sale
Gains and losses entered directly as equity capital for available-for-sale financial assets (before tax)
140
During the 2011 financial year, no available-for-sale financial
assets were reclassified into a different financial asset category.
criteria judged reasonable. The prudential restrictions that apply to the activities concerned, including the main expected
impacts of Basel III, have been taken into account in the valuation exercise.
During the 2012 financial year, no available-for-sale financial
assets were reclassified into a different financial asset category.
The revalued net assets of BPCE include the intangible assets
held by BPCE SA and the overhead costs of the central body.
Available-for-sale financial assets are impaired if there are indications of impairment when the Group considers that it may
not recover the investment.
The valuation work conducted with respect to the financial
statements for the 2012 financial year therefore resulted in the
recognition of impairment of €6,860K on BPCE securities. This
impairment is recorded under gains and losses on other assets.
At 31 December 2012, the net book value of BPCE securities
stood at €195,722K.
A decline in value in excess of 50% relative to the historical
cost or a decline for more than 36 months is considered an
indication of impairment for listed variable-income securities.
The value of securities of the central body is determined by
calculating a revalued net asset that includes the revaluation
of the main subsidiaries of BPCE.
5.4. Fair value of financial assets and liabilities
The main subsidiaries of BPCE are valued on the basis of multi-year forecasts, discounted to reflect expected dividend
flows (Dividend Discount Model). The expected dividend flow
forecasts are based on business plans created from the strategic plans of the entities concerned, as well as on technical
5.4.1. Hierarchy of the fair value of financial assets
and liabilities
The table below gives the breakdown of financial instruments
by type of price or valuation model as at 31 December 2011:
At 31 December 2012, the breakdown was as follows:
31/12/2012
Listing on an
active market
(level 1)
Valuation techniques,
using observable data
(level 2)
using non-observable
data
(level 3)
Total
FINANCIAL ASSETS
Securities
66
Derivatives
Other financial assets
Financial assets held for trading purposes
Securities
66
66
79,254
79,254
79,254
79,320
4,897
4,897
4,897
4,897
Financial assets at fair value through profit or loss as an
option
Securities
382,492
560,995
943,487
382,492
560,995
943,487
34,012
34,012
79,582
79,582
79,582
79,582
5,141
5,141
5,141
5,141
54,448
54,448
FINANCIAL LIABILITIES
Securities
Derivatives
Securities
Financial liabilities at fair value through profit or loss as
an option
141
At 31 December 2011, the breakdown was as follows:
31/12/2011
Listing on an
active market
(level 1)
using observable data
(level 2)
Valuation
techniques
using non-observable
data
(level 3)
Total
FINANCIAL ASSETS
Securities
62
Derivatives
62
41,164
41,164
41,164
41,226
62
Securities
4,210
4,210
4,210
4,210
option
Securities
329,256
872,799
1,202,055
329,256
872,799
1,202,055
24,456
24,456
41,998
41,998
41,998
41,998
FINANCIAL LIABILITIES
Securities
Derivatives
Securities
Financial liabilities at fair value through profit or loss as an
option
5,124
5,124
5,124
5,124
22,467
22,467
5.5. Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable income, which are not traded on an active
market. The vast majority of the Group’s lending is classified as belonging to this category.
5.5.1. Loans and receivables relating to credit institutions
31/12/2012
31/12/2011
678,597
1,187,936
(54)
(987)
678,543
1,186,949
Total loans and receivables relating to credit institutions
At 31 December 2012, the fair value of loans and receivables relating to credit institutions stood at €828,307K (€1,188,110 at 31
December 2011).
142
Breakdown of loans and receivables relating to credit institutions
31/12/2012
31/12/2011
60,357
1
Accounts and loans
258,153
606,507
921,743
Finance lease operations
Subordinated loans and participatory loans
4,425
4,353
Securities similar to loans and receivables
7,253
2,700
Impaired loans and receivables
Total loans and receivables relating to credit institutions
54
987
678,597
1,187,936
Pursuant to the amendment to IAS 39, no financial assets in the "Loans and receivables relating to credit institutions" category
were reclassified into a different financial asset category during the financial year concerned.
At 31 December 2012, receivables on transactions with the network stood at €84,714K (€686,883K at 31 December 2011).
"Livret A" and LDD passbook savings account funds centralised at the Caisse des Dépôts and present on the "Overdrafts on current
accounts" line totalled €268,403K at 31 December 2012 (€173,125K at 31 December 2011).
5.5.2. Loans and receivables relating to customers
31/12/2012
31/12/2011
11,789,871
10,345,093
(311,497)
(302,873)
(18,044)
(19,013)
11,460,330
10,023,207
Total loans and receivables relating to customers
Pursuant to the amendment to IAS 39, no financial assets in the "Loans and receivables relating to customers" category were
reclassified into a different financial asset category during the financial year concerned.
The fair value of loans and receivables relating to customers amounted to €11,631,115K at 31 December 2012 (€10,208,009K at 31
December 2011).
Breakdown of loans and receivables relating to customers
Loans to financial customers
31/12/2012
31/12/2011
807,274
540,098
2,172
50
704,146
647,031
Credit for equipment
7,022,566
6,155,876
Home loans
1,017,510
888,659
Liquidity loans
Credit for export
Other credit
Subordinated loans
Other aid to customers
Securities similar to loans and receivables
5,187
9,172
429,106
420,375
56,600
46,016
33,261
9,283,303
8,154,424
28,747
33,912
Other loans and receivables relating to customers
975,302
966,958
Impaired loans and receivables
695,245
649,701
11,789,871
10,345,093
Total loans and receivables relating to customers
143
5.6. Held-to-maturity financial assets
These are non-derivative financial assets with fixed or determinable payments, with a determined maturity date and which the
Group has the clear intention and the means to hold until maturity.
31/12/2012
31/12/2011
167,959
399,796
350,925
401,780
Gross total of held-to-maturity financial assets
567,755
752,705
567,755
752,705
Impairment
Total held-to-maturity financial assets
Crédit Coopératif did not conduct any transfers or disposals during the financial year in question.
The fair value of financial assets held to maturity amounted to €616,433K at 31 December 2012 (€763,918K at 31 December 2011).
5.7. Current and deferred tax
Analysis of deferred tax assets and liabilities by type
Deferred taxes determined according to temporary differences are based on the accounting sources detailed in the following table
(positive amounts relate to deferred tax assets while negative amounts refer to deferred tax liabilities):
Unrealised gains on UCITS
31/12/2012
31/12/2011
1,069
862
Provisions for corporate liabilities
271
250
Provisions for home savings activity
421
357
6,213
6,546
298
5,726
Provisions on a portfolio basis
Other non-deductible provisions
Other sources of temporary differences
Deferred tax linked to temporary shortfalls
Deferred tax linked to the activation of deferrable fiscal losses
7,165
3,321
15,436
17,062
390
845
Fair value of financial instruments for which the variation is posted to reserves
(2,177)
(2,933)
Unrealised leasing reserves
(3,325)
(3,241)
Other balance sheet valuation items
(2,917)
(2,803)
Deferred tax linked to valuation methods within IFRS guidelines
(8,418)
(8,977)
Deferred tax linked to consolidation adjustments and eliminations
(321)
(2,346)
NET DEFERRED TAX
7,087
6,584
On the assets side
On the liabilities side
10,276
17,093
(3,189)
(10,509)
Entered into the accounts
144
Analysis of deferred taxes recognised directly in equity capital during the financial year
Financial year 2012
Gross
Tax
Financial year 2011
Net of tax
481
Variations in the value of available-for-sale financial assets
Variations in the value of derivative hedging instruments
Proportion of unrealised gains and losses entered directly as equity capital for
companies consolidated using the equity method
Total gains and losses entered directly as
equity capital
Group share
Net of
tax
Tax
481
(518)
(6,080)
534
(5,546)
(28,128)
628
(27,500)
(679)
250
(429)
(264)
91
(173)
(17)
122
784
(5,511)
(28,788)
719
(28,069)
(7,691)
935
(6,756)
(27,682)
790
(26,892)
1,396
(151)
1,245
(1,106)
(71)
(1,177)
(17)
(6,295)
Minority interests
Gross
(518)
122
5.8. Accruals and miscellaneous assets
31/12/2012
Collection accounts
31/12/2011
57,056
56,264
Pre-paid charges
3,437
4,721
Deferred income
30,746
32,216
Other accruals
189,338
68,820
Accruals – assets
280,577
162,021
37
12,300
64,788
10
Guarantee deposits paid
Settlement accounts for receivables relating to securities transactions
Proportion of reinsurers in technical provisions
Miscellaneous receivables
Miscellaneous assets
Total accruals and miscellaneous assets
145,135
100,234
209,960
112,544
490,537
274,565
5.9. Shareholdings in companies consolidated according to the equity method
The Group’s main shareholdings consolidated according to the equity method concern the following companies:
31/12/2012
Esfin
31/12/2011
19,185
19,283
Coopest
2,771
2,616
2,137
1,981
CADEC
Caisse de Garantie Immobilière du Bâtiment
Total shareholdings in companies consolidated according to the equity method
3,493
3,462
16,258
15,138
43,844
42,480
5.10. Investment properties
31/12/2012
Gross value
Aggregate
depreciation and
impairment
31/12/2011
Net value
Gross
value
Aggregate
depreciation and
impairment
Net value
entered in the accounts at historical
cost
Total investment properties
33,886
(22,964)
10,922
43,090
(26,548)
16,542
33,886
(22,964)
10,922
43,090
(26,548)
16,542
145
5.11. Fixed assets
31/12/2012
Gross value
31/12/2011
Aggregate
depreciation
and impairment
Net value
Gross value
Aggregate
depreciation
and impairment
Net value
Tangible assets
Land and buildings
90,877
(6,421)
84,456
99,510
(33,437)
66,073
174,423
(77,925)
96,499
141,314
(40,593)
100,721
265,300
(84,345)
180,955
240,824
(74,030)
166,794
Leased movable assets
Equipment, movable assets and other tangible
assets
Total tangible assets
Intangible assets
Leasehold rights
Software
8,304
(6,436)
1,868
7,949
(6,086)
1,863
74,829
(60,934)
13,895
67,643
(54,931)
12,712
Other intangible assets
9,031
(15)
9,016
6,411
(1)
6,410
Total intangible assets
92,164
(67,385)
24,779
82,003
(61,018)
20,985
5.12. Goodwill
Goodwill
Net book value
31/12/2012
31/12/2011
Acquisitions
Disposals
64
(85)
5,615
5,551
Other variations
Gross closing value
Aggregate closing impairment
(1,096)
Net closing value
4,519
5,551
Breakdown of main sources of goodwill
Net book value
31/12/2012
Intercop Location
31/12/2011
217
217
3,546
3,546
Tise
Total goodwill
1,096
756
692
4,519
5,551
In accordance with regulations, goodwill undergoes impairment
testing based on a measurement of the going concern value of
the cash generating units (CGU) to which it is allocated.
For Ecofi Investissements, the goodwill was valued on the basis of a medium-term plan setting out forecast income data
for 2013 to 2018.
Going concern value is calculated by discounting the future cash
flows from the CGU according to the medium-term plans drawn
up in the context of the Group's budgetary process.
These tests led the Group to recognise impairment of €1,096K on
goodwill against Financière de Champlain for the 2012 financial
year.
Impairment tests
146
5.13. Debts to credit institutions and customers
Debts which are not classed as financial liabilities at fair value through profit or loss are valued based on the amortised cost
method and entered under “Debts to credit institutions” or “Debts to customers” in the balance sheet.
5.13.1. Debts to credit institutions
Demand accounts
31/12/2012
31/12/2011
71,712
98,528
Related receivables
Demand payables to credit institutions
Loans and fixed deposit accounts
1
44
71,713
98,572
1,489,661
1,144,521
344,058
Related receivables
Fixed-term payables to credit institutions
Total payables to credit institutions
6,559
3,792
1,840,278
1,148,313
1,911,991
1,246,885
At 31 December 2012, debts on transactions with the network stood at €488,819K (€80,583K at 31 December 2011).
The fair value of debts to credit institutions stood at €1,939,020K at 31 December 2012 (€1,265,537K at 31 December 2011).
5.13.2. Debts to customers
Current accounts in credit
Livret A (passbook savings account)
Livret Jeune (young person's savings account)
31/12/2012
31/12/2011
4,305,290
4,089,106
355,413
257,200
7,145
5,651
PEL/CEL (home savings plans/home savings accounts)
123,687
116,793
Sustainable development savings account
192,512
156,106
PEP (popular savings account)
Other specially-regulated savings accounts
Related receivables
Specially-regulated savings accounts
Demand deposits and borrowings
Fixed deposit accounts and borrowings
Related receivables
Other customer accounts
23,097
23,984
2,227,019
1,351,419
163
229
2,929,036
1,911,382
180,137
152,466
1,065,071
818,101
12,366
12,550
1,257,574
983,117
177,395
156,111
On demand
Fixed term
Related receivables
441
46
177,836
156,157
8,669,736
7,139,762
Other debts to customers
Total debts to customers
Fixed deposit accounts include €110,851K in loans taken out from the SFEF (Société de Financement de l’Économie Française).
At 31 December 2012, the fair value of debts to customers totalled €8,692,916K (€7,160,761K at 31 December 2011).
147
5.14. Debts in the form of securities
Debts in the form of securities are broken down by nature, apart from subordinated securities classified under “Subordinated
debt”.
31/12/2012
Bond issues
31/12/2011
256,960
383,323
67,656
165,685
1,831,270
2,886,774
2,155,886
3,435,782
8,476
28,299
2,164,362
3,464,081
Short-term loan notes and savings bonds
Interbank market securities and negotiable debt securities
Other debts in the form of securities
Total
Related receivables
Total debts in the form of securities
At 31 December 2012, the fair value of debts in the form of securities totalled €2,177,363K (€3,407,780K at 31 December 2011).
5.15. Accruals and miscellaneous liabilities
31/12/2012
31/12/2011
Collection accounts
48,264
60,131
Pre-paid income
22,702
22,510
Charges to be paid
56,033
50,347
Other payables accrued
33,336
65,769
160,335
198,757
Accruals - liabilities
7,909
5,876
Miscellaneous creditors
Settlement accounts for payables relating to securities transactions
164,294
175,963
Miscellaneous liabilities
172,203
181,839
332,538
380,596
Total accruals and miscellaneous liabilities
5.16. Provisions
Provisions primarily concern employee benefits and risks on home savings products.
31/12/2011
Increase
Unused
reversals
Use
Provisions for employee benefits
1,758
613
Provisions for home
savings activity
1,037
201
16,396
6,880
(327)
Provisions for disputes
7,656
2,309
(297)
Others
5,068
1,404
Other provisions
30,157
10,794
Total provisions
31,915
11,407
Provisions for off-balance-sheet
commitments
(16)
(525)
Other
movements
(2)
(14)
31/12/2012
1,828
1,224
(4,818)
2,094
20,225
Provisions for property development
activities
Provisions for restructuring
(1) Including variations in scope and monetary parity.
(130)
(2,404)
7,134
(2,320)
242
4,394
(624)
(7,282)
(68)
32,977
(640)
(7,807)
(70)
34,805
148
5.16.1. Amounts collected for home savings accounts
31/12/2012
31/12/2011
Amounts collected for home savings plans (PEL) outstanding
in place for less than 4 years
in place for more than 4 years and less than 10 years
in place for more than 10 years
Amounts collected for home savings plans outstanding
Amounts collected for home savings accounts outstanding
Total amounts collected for home savings outstanding
8,911
2,950
34,293
30,882
56,418
58,016
99,622
91,848
23,185
21,118
122,807
112,966
5.16.2. Outstanding loans granted for home savings accounts
31/12/2012
Outstanding loans provided for home savings plans
31/12/2011
402
531
Outstanding loans provided for home savings accounts
2,410
2,125
Total outstanding loans provided for home savings
2,812
2,656
5.16.3. Provisions created for home savings accounts
01/01//2012
Allocations/Reversals
31/12/2012
Provisions created for home savings plans
in place for less than 4 years
in place for more than 4 years and less than 10 years
in place for more than 10 years
6
66
72
595
(478)
117
53
635
688
Provisions created for home savings plans
654
223
877
Provisions created for home savings accounts
383
(36)
347
1,037
187
1,224
Provisions created for home savings plan loans
Provisions created for home savings account loans
Provisions created for home savings loans
Total provisions created for home savings accounts
5.17. Subordinated debt
Subordinated debt is distinguished from receivables or bonds issued, as repayment only takes place after all the preferential or
unsecured creditors have been paid.
31/12/2012
31/12/2011
Fixed-term subordinated debt
69,999
116,997
Non-fixed-term subordinated debt
31,046
27,946
52,681
51,869
153,726
196,812
437
1,915
Non-fixed-term super-subordinated debt
Preference shares
Guarantee deposits of a mutual nature
Total
Related receivables
Revaluation of the hedged component
Total subordinated debt
7,682
7,981
161,845
206,708
149
At 31 December 2012, the fair value of subordinated debts totalled €169,908K (€196,539K at 31 December 2011).
Subordinated debt progression over the course of the financial year
31/12/2011
Issue
Redemption
116,997
Other
movements
(46,998)
31/12/2012
69,999
27,946
3,100
31,046
51,869
1,868
(1,056)
52,681
196,812
4,968
(48,054)
153,726
Non-fixed-term super-subordinated debt
Preference shares
Total
5.18. Ordinary shares and equity instruments issued
5.18.1. Members’ shares and cooperative certificates of investment
31/12/2012
Number
Nominal
31/12/2011
Capital
Number
Nominal
Capital
Members' shares
Opening value
39,014,756
€15.25
594,975
Capital increase
3,278,688
€15.25
50,000
39,014,756
42,293,444
€15.25
644,975
39,014,756
9,753,689
€15.25
148,744
9,753,689
819,672
€15.25
12,500
10,573,361
€15.25
161,244
€15.25
594,975
Capital reduction
Other variations
Closing value
594,975
Cooperative certificates of investment
Opening value
Capital increase
€15.25
148,744
Capital reduction
Other variations
9,753,689
148,744
Closing value
150
Note 6. Notes relating to the income statement
6.1. Interest and similar income and expenses
It also includes outstanding and matured coupons of fixedincome securities recognised in the portfolio of available-forsale financial assets and hedging derivatives, provided that the
accrued interest on cash flow hedge derivatives is entered in
profit or loss symmetrically to the accrued interest on the
hedged item.
This item comprises the interest on financial assets and liabilities valued at amortised cost, calculated according to the effective interest rate method, i.e. loans and borrowings on interbank transactions and customer transactions, the portfolio
of held-to-maturity assets, debts in the form of securities and
subordinated debt.
Financial year 2012
Income
Expenses
Financial year 2011
Net
Income
Expenses
Net
359,290
(76,673)
282,617
345,085
(60,868)
- Customer operations (excluding specially regulated)
359,967
(26,556)
333,411
344,661
(27,983)
316,678
(677)
(50,117)
(50,794)
424
(32,885)
(32,461)
14,166
(21,331)
(11,635)
Finance lease operations
40,197
- Specially regulated fixed-term loans and accounts
Debts in the form of securities and subordinated debt
284,217
(7,165)
15,106
(26,741)
40,197
32,392
56
32,448
////
(57,291)
(57,291)
(401)
(80,281)
(80,682)
24,242
(27,906)
(3,664)
38,388
(26,080)
12,308
18,601
18,601
6,822
6,822
23,646
23,646
43,352
43,352
2,377
1,924
1,924
Impaired financial assets
2,377
Other interest income and expenses
Total interest income and expenses
482,519
(1,809)
(1,809)
(185,010)
297,509
482,668
(193,914)
288,754
6.2. Commission income and expenses
ment incident penalties, etc.), execution of an important
transaction and commission related to trust and similar activities, resulting in the Group holding or investing assets on
behalf of its customers.
Commission is entered according to the type of service provided and the method for recognising the financial instruments to which the service relates.
This item includes in particular commission related to ongoing
services (commission on methods of payment, custody fees
for securities held on deposit, etc.), commission related to
one-off services (commission on movements of funds, pay-
However, commission similar to additional interest and which
forms an integral part of the effective rate in the contract is
entered in the interest margin.
Financial year 2012
Income
Interbank and cash transactions
Expenses
Financial year 2011
Net
Income
Expenses
Net
(178)
(1,827)
(2,005)
332
(2,330)
(1,998)
Customer operations
60,207
(6,897)
53,310
56,098
(8,091)
48,007
Financial services provided
10,534
(3,182)
7,352
9,260
(4,429)
4,831
985
271
Sale of life insurance products
Methods of payment
Securities transactions
Trust activities
Financial instrument and off-balance-sheet transactions
Other commission
Total commission
985
271
65,286
(47,943)
17,343
69,959
(51,701)
4,268
(12)
4,256
5,639
(40)
25,643
26,973
25,643
1,138
(254)
884
1,192
293
957
1,250
536
168,176
(59,158)
109,018
170,260
18,258
5,599
26,973
(278)
914
536
(66,869)
103,391
151
6.3. Net gains or losses on financial instruments at fair value through profit or loss
This item records gains and losses on financial assets and liabilities held for trading, or recognised at fair value through profit or
loss as an option, including the interest generated by these instruments.
The line “Income from hedging transactions” includes the revaluation of fair value hedging derivatives, as well as the symmetrical
revaluation of the hedged item, the counterparty of the revaluation at fair value of the macro-hedged portfolio and the ineffective
portion of cash flow hedges.
Financial year 2012
Financial year 2011
Income from financial instruments for trading
610
2,335
Income from financial instruments at fair value through profit or loss as an option
445
559
1,625
(180)
Income from hedging operations
- Ineffectiveness of fair value hedging
* Variation in the fair value of a hedging instrument
573
(180)
(19,962)
(12,386)
20,535
12,206
* Variation in the fair value of hedged items attributable to hedged risks
- Ineffectiveness of cash flow hedging
1,052
- Ineffectiveness of net currency investment hedging
Income from currency operations
Total net gains or losses on financial instruments at fair value through profit or loss
556
(47)
3,236
2,667
6.4. Net gains or losses on available-for-sale financial assets
This item includes dividends from variable-income securities, the proceeds from the disposal of available-for-sale financial assets
and other financial assets not measured at fair value, and the loss in value of variable-income securities entered due to prolonged
impairment.
Financial year 2012
Financial year 2011
Income from transfer
5,144
2,201
Dividends received
2,047
2,608
(186)
(1,049)
7,005
3,760
Long-term depreciation of variable-income securities
Total net gains or losses on available-for-sale financial assets
6.5. Income and expenses from other activities
• income and expenses relating to investment properties (rents and charges, proceeds of disposals, impairment and depreciation),
• income and expenses from operating leases,
• income and expenses from property development (sales revenue, purchases consumed).
Financial year 2012
Income
Expenses
Financial year 2011
Net
Income
Expenses
Net
Income and expenses from insurance activities
Income and expenses from property activities
Income and expenses from leasing operations
Income and expenses from investment properties
3,711
(1,196)
2,515
12,111
(9)
(9)
(6,373)
5,738
436
(1,042)
(606)
Other income and expenses from banking operations
11,310
(6,651)
4,659
7,301
(5,342)
1,959
Total income and expenses from other activities
15,457
(8,889)
6,568
19,412
(11,724)
7,688
This item includes the following in particular:
152
6.6. General operating costs
General operating costs primarily comprise payroll, including salaries and net re-invoicing operations, payroll charges and employee benefits (such as retirement expenses). This item also comprises all administrative expenses and external services.
Financial year 2012 Financial year 2011
Payroll costs
(184,409)
(175,145)
Taxes and duties
(13,732)
(11,968)
External services
(104,048)
(84,701)
Other expenses
Other administrative costs
Total general operating costs
(267)
(10,348)
(118,047)
(107,017)
(302,456)
(282,162)
The breakdown of payroll expenses is given in note 9.1.
6.7. Cost of risk
This item includes the net cost of provisions set aside to cover the credit risk, regardless of whether impairment is calculated individually or on the basis of portfolios of uniform receivables.
It also encompasses loans and receivables and fixed-income securities with a recorded counterparty risk. Losses associated with
other types of instruments (derivatives or securities at fair value as an option) incurred as a result of the failure of the counterparty are also included in this item.
Allocations
Customer operations
Net reversals
(1,269)
1,747
(6,880)
5,145
(91,992)
43,153
Allocations
(40)
Customer operations
(78,608)
Commitments by signature
Total cost of risk 2011
Financial
year 2012
879
35,382
Commitments by signature
Recoveries of
amortised debts
879
(83,843)
Total cost of risk 2012
Losses on receivables
not hedged
Net reversals
(1,177)
864
9
(48,774)
487
(1,735)
(1,177)
Losses on receivables
not hedged
873
Recoveries of
amortised receivables
(49,143)
Financial
year 2011
(40)
52,566
(1,397)
901
(26,538)
(177)
93
(84)
(5,938)
3,214
(2,724)
(84,763)
55,873
(1,397)
901
(29,386)
6.8. Proportion of the net income of companies consolidated according to the equity method
Financial year
2012
Financial year
2011
Esfin
(84)
CoopEst
155
63
156
423
Cadec
Proportion of the net income of companies consolidated according to the equity method
(214)
249
453
2,245
1,199
2,721
1,924
153
6.9. Gains and losses on other assets
This item comprises the proceeds from the disposal of tangible and intangible operating assets as well as capital gains or losses
on the sale of equity securities included in the scope of consolidation.
Financial year 2012
Financial year 2011
64
632
Gains or losses from disposals of tangible and intangible operating assets
Gains or,losses from disposals of consolidated holdings
(6,922)
Other
Total gains or losses on other assets
(6,858)
632
6.10. Variations in the value of goodwill
Financial year 2012
Financière Champlain
Financial year 2011
(1,096)
Cadec
1,499
Total variations in the value of goodwill
(1,096)
1,499
6.11. Corporation tax
Financial year 2012
Current taxes
Deferred taxes
Corporation tax
Financial year 2011
(17,336)
(28,491)
(147)
909
(17,483)
(27,582)
Reconciliation between the total tax burden recognised in the accounts and the theoretical burden
Financial year
2012
Net income (Group share)
Variations in the value of goodwill
Proportion of minority interests in consolidated companies
Proportion of the net income of companies consolidated according to the equity method
Financial year
2011
27,210
51,175
1,096
(1,499)
4,385
4,210
(2,721)
(1,924)
Tax
17,483
27,582
Pre-tax profit and variations in the value of goodwill (A)
47,453
79,545
Taxation rate under general French law (B)
Charge (income) resulting from theoretical taxation at the applicable rate in France (AxB)
Additional welfare contribution
Effect of variations in deferred taxes not recorded
Effect of permanent differences
Taxation at a reduced rate and exempted activities
Effect of the posting of earlier tax deficits
Taxes relating to earlier financial years, tax credits and other taxes
Other items
Corporation tax
Effective tax rate (tax charge on income linked to taxable income)
33.33%
33.33%
(15,816)
(26,512)
(1,031)
(1,622)
(458)
(537)
(2,603)
1,503
156
244
-
28
2,430
1,923
(162)
(2,609)
(17,483)
(27,582)
36.84%
34.67%
Note 7. Notes relating to capital
Some of the information on risk management required by IFRS
7 is presented in the risk management report and forms an
integral part of the audited accounts.
7.1. Position at 31 December 2012
Crédit Coopératif is a joint stock company with variable capital.
Its capital is divided into members’ shares and cooperative
certificates of investment, fully released, with a nominal value
of €15.25 each. The status of the capital is recognised as
members’ shares in cooperatives in as much as the entity has
a discretionary right to refuse the redemption of shares, the
sale of members’ shares being subject to approval by the
Board of Directors of Crédit Coopératif.
These authorisations confirm their status as share capital under IFRS standards.
At 31 December 2012, the total number of members who held
A and B shares, excluding SAS Crédit Coopératif Banque
Populaire, stood at 39,910. The number of holders of C shares
(priority interests without voting rights) was 27,300 and the
number of holders of P shares (preferential shares) was 3,622.
None of these members holds more than 5% of total capital.
The 39,910 members of Crédit Coopératif have a vote during
General Meetings, according to the cooperative principle of
“one person, one vote”. At 31 December 2012, the number of
votes was therefore 39,910, representing a total shareholding
of €416,765,511.50, or 53.46% of total capital (A and B shares),
excluding SAS Crédit Coopératif BPCE.
7.1.1. Change in capital (excluding SAS Crédit
Coopératif Banque Populaire)
800
At 31 December 2012, the share capital of Crédit Coopératif
amounted to €806,218,776.25, broken down as follows:
• 3,103,072 A shares held by members, representing a total of
€47,321,848.00
• 24,225,814 B shares held by members, representing a total
of €369,443,663.50
• 12,374,958 C shares held by partner individuals, representing a total of €188,718,109.50
• 842,927 P shares held by partner individuals, representing a
total of €12,854,636.75
• 10,573,361 CCIs (cooperative certificates of investment),
representing a total of €161,243,755.25
• 1,746,673 B shares held by SAS Crédit Coopératif BPCE, representing a total of €26,636,763.25.
Natixis, a subsidiary of BPCE, holds all the cooperative certificates of investment (non-voting securities). These represent a
constant portion of at least 20% of the total equity capital of
Crédit Coopératif. In order to maintain a constant ratio between CCIs and members' shares, SAS Sociétariat Crédit
Coopératif
Banque Populaire has been created. It is a subsidiary of
Intercoop, which is itself a subsidiary of Crédit Coopératif. Its
purpose is to regulate Crédit Coopératif’s share capital
through the subscription and redemption of members’ shares.
161
700
149
600
Total (in €M)
154
149
500
P shares
189
C shares
196
99
179
400
99
300
125
200
CCIs
164
369
305
230
B shares
A shares
264
159
100
0
42
42
43
45
47
2008
2009
2010
2011
2012
7.1.2. Distribution of capital and voting rights
Conditions for changes in capital
The maximum amount of share capital within which Crédit
Coopératif’s paid-up capital may freely be increased, as well as
the terms and conditions for such an increase, are set out in
the Board of Directors' report and following authorisation
from the BPCE, by the Extraordinary General Meeting.
Increases in the paid-up capital take place through the entry
of new members approved by the Board of Directors of Crédit
Coopératif or through subscriptions of new members’ shares
- of the same or of different categories - by members with the
approval of the Board of Directors.
155
Capital may also be increased by the issue of cooperative
certificates of investment and non-voting priority interestbearing shares.
The Crédit Coopératif Board of Directors set a subscription
ceiling for B, C and P members’ shares subscribed outside the
framework of financial support:
Capital may also be increased by the issue of cooperative certificates of investment and non-voting priority interest-bearing shares.
• 20,000 B shares for corporate entities, equivalent to
€305,000
• 5,000 C shares for individuals, equivalent to €76,250
• 5,000 P shares for individuals, equivalent to €76,250.
Any individual or corporate entity, regardless of whether or
not they participate in Crédit Coopératif's banking operations
and services, is permitted to become a member and hold
members' shares.
Each member's liability is limited to the nominal value of the
shares in their possession.
Ownership of a share implies full adherence to the Company's
Articles of Association and to decisions made by the General
Meeting.
Crédit Coopératif’s capital is divided into four categories of
members’ shares:
• A shares may only be owned by corporate entities, sole
traders or directors. They confer member status.
• B shares may only be held by holders of A shares. They confer a specific benefit, consisting of an interest payment as
resolved by the General Meeting even when no interest is
paid on A shares.
• C shares are non-voting priority interest-bearing shares.
These shares were available for subscription by individuals
until 29 June 2012. Holders of C shares benefit from a preferred entitlement to an interest payment of 0.50%. Where
this remuneration is not paid in full for three consecutive
financial years, the holders of C shares acquire a right to
vote, within the limits set out in article 11 b of the law of 10
September 1947.
• P shares, issued from 2 July 2012 onwards, are non-voting
preferential shares reserved for individuals. Where the financial statements of Crédit Coopératif for a given year are
in surplus, holders of P shares are entitled to an interest rate
as proposed by the Board of Directors of Crédit Coopératif
each year and voted upon by members at the General
Meeting convened to vote upon the financial statements.
The preferential nature of the shares relates to the fact that
the Special Assembly of P Shareholders may nominate several candidates for election to directorship posts by the
General Assembly.
Members' shares are allocated to a named entity and held in
individual accounts in accordance with the relevant regulations.
The only interest receivable for members' share is that set annually by the General Meeting; however the amount of interest may not exceed the maximum amount mentioned in article 14 of the law of 10 September 1947 concerning
cooperation.
Interest is paid nine months after the end of the financial year
concerned. The payment methods are set by the General
Meeting or, where this is not the case, by the Board of
Directors.
The General Meeting, when deciding whether to approve the
accounts for the financial year, has the right to offer each
member an option between payment of all or part of the interest due in relation to their members' shares in cash or in members' shares.
The rights of cooperative certificates of investment
Cooperative certificates of investment are non-voting securities. They confer a remuneration entitlement set by the Annual
General Meeting in accordance with the results for the financial year. This remuneration is at least equal to that paid for
members’ shares. Holders of cooperative certificates of investment attend a special meeting to approve or reject any decision modifying their rights.
7.1.3. Employee shareholdingin the capital
At 31 December 2012:
• Five Group employees held five A shares as directors and
348 Group employees directly held 169,721 C shares, representing €2,588,245.25 and 10,736 P shares, representing
€163,724.
• Employees also indirectly held two A shares and 2,808 B
shares in the framework of a mutual fund, equivalent to
€42,852.50.
The respective rights of members’ shares
156
Therefore employees held a total of 183,272 members’ shares,
directly and indirectly, equivalent to an overall value of
€2,794,898, i.e. 0.35% of Crédit Coopératif’s capital.
7.2. Authorisations for capital increases
The Extraordinary General Meeting of Crédit Coopératif on 30
May 2012:
• decided to enact a capital increase of €37,499,994 through
the private issue of 2,459,016 nominative cooperative certificates of investment to Natixis, at a nominal value of
€15.25 and fully released as cash upon subscription.
This capital increase is taking place in two stages. The first
portion of CCIs was issued in the 2012 financial year, up to a
maximum of €12,499,998. The second shall be issued, covering the remaining value, during the 2013 financial year.
• gave the Board of Directors the power to set the subscription opening and closing dates, to conduct the capital increase and, in general, to take all necessary steps and carry
out all required activities to bring the capital increase to
conclusion.
Using the powers acquired as a result of this decision, the
Board of Directors decided, at its meeting on 30 May 2012, to
issue an initial portion of CCIs representing €12,499,998 and
to increase the capital of Crédit Coopératif to €806,218,776.25
by issuing 3,278,688 B shares, representing €49,999,992, subscribed by Natixis on 29 June 2012.
7.3. Public offer of members' shares
In accordance with order no.2009-80 of 22 January 2009 on
the reform of public issue, the AMF (Autorité des Marchés
Financiers) requested the Banques Populaires, including Crédit
Coopératif, to place itself under the "public offer" regime, as
defined by:
• article L 512-1 of the French Monetary and Financial Code,
which defines members' shares as "capital shares", thus distinguishing them from financial instruments
• article 212-38-1 of the AMF's general regulations, which
sets out the subscriber information requirements in the
form of a "prospectus", yet maintains an exception for subscriptions related to the supply of a product or service, such
as those associated with the obtention of bank lending by
representatives of the consumer membership.
In 2012, Crédit Coopératif prepared a "prospectus for the
public offer of Crédit Coopératif,members' shares", which
was rubber-stamped by the AMF on 18/06/2012, under approval number 12-272. This prospectus accompanies the
forecast issue of a gross total of €350,000,005, representing
22,950,820 members' shares issued at nominal value, over
an estimated period of 12 months from the approval date. A
supplement to this prospectus was prepared to accompany
the final proposal to holders of C shares, to convert their
shares into P shares. The supplement was rubber-stamped
on 30/07/12 under approval number 12-391. The prospectus
and its supplement are available, free of charge, from Crédit
Coopératif branches, Head Office and online at the Crédit
Coopératif website: www.credit-cooperatif.coop/societaires/
and on the AMF website: www.amf-france.org
7.4. Regulatory ratios
7.4.1. Liquidity
As regards liquidity, the Group is structurally in surplus. The
liquidity ratio exceeds the requirement imposed for each of
the institutions (100%). At end-2012, Crédit Coopératif’s liquidity ratio was 109.05% and BTP Banque’s stood at 306.32%.
7.4.2. Control of major risks
For the purposes of controlling major risks, the regulations
limit the weighted risks in respect of a single beneficiary to
25% of equity capital. The Crédit Coopératif Group has developed a wide risk spread, with only one weighted unit commitment for the same beneficiary exceeding 10%, but which is
limited to less than 10.84% of equity capital.
At end-2012, this commitment consisted of a guarantee
granted to an Ecofi Investissement UCITS.
7.4.3. Management of capital and capital adequacy
The Group is governed by French prudential regulations transposing the following European Directives into French law:
"Capital adequacy of investment firms and credit institutions"
and "Financial conglomerates".
Effective from 1 January 2008, the Basel II capital adequacy
ratio calculation methods are defined in the order dated 20
February 2007 of the French Ministry for the Economy, Finance
and Industry as the ratio between overall prudential capital
and the sum of:
157
• equity capital requirements to meet the credit risk calculated using the standard approach or the internal ratings
method, depending on the Group entity concerned
• equity capital requirements for prudential monitoring of
market risks and operating risks.
There is a ceiling on some components of core capital. In particular, hybrid instruments, minority shareholdings and preference shares, taken together, may not represent more than
50% of core capital.
Prudential equity capital is determined in accordance with
Regulation No. 90-02 of the French Banking and Financial
Regulatory Committee dated 23 February 1990 concerning
equity capital.
Supplementary capital (Tier 2) is subdivided into two levels:
31/12/2012
31/12/2011
1,283,681
1,188,176
Minority interests
179,405
162,220
Prudential adjustments (including
goodwill and intangible assets)
(26,881)
(24,828)
Core capital (Tier 1) before deduction
1,436,205
1,325,568
Supplementary capital (Tier 2) before
deduction
128,072
147,167
(185,838)
(144,520)
(92,486)
(71,178)
(93,352)
(73,342)
1,378,439
1,328,215
Capital deductions
of which deduction of core capital
of which deduction of supplementary
capital
Prudential capital
Prudential capital is broken down into two categories, from
which a number of deductions are made.
Core capital (Tier 1) is determined based on the Group’s accounting equity, excluding gains or losses entered directly as
filtered equity capital, with the addition of minority shareholdings, Tier One hybrid issues (chiefly perpetual subordinated debt) and after deduction of goodwill and intangible
assets.
The total of supplementary capital admitted is limited to a
maximum of 100% of the core capital. Tier 2 supplementary
capital is limited to 50% of core capital.
Deductions from capital consist mainly of equity capital elements (shareholdings and subordinated debt) in entities in the
banking sector in which the Group holds more than 10% of
the capital, or shareholdings in the banking sector consolidated according to the equity method. These deductions are
allocated equally between core capital and supplementary
capital.
Pursuant to the French Ministerial Order of 20 February 2007,
the Group is obliged to continuously comply with a capital
adequacy ratio of at least 8%.
During 2012, the Crédit Coopératif Group complied with prudential capital adequacy ratios. This stood at 11.35% at 31
December 2012.
Equity capital – Group share
• supplementary Tier 1 capital corresponding to perpetual
subordinated debt and some financial instruments
• supplementary Tier 2 capital including, in particular, longterm subordinated debt and some preference shares. The
amount of subordinated debt included in Tier 2 capital has
fallen gradually over the last five years, having been allowed
to run until maturity. The amount has fallen by 20% per
year.
158
Note 8. Exposure to risk
➔➔8.1. Credit and counterparty risk
The risk management report contains information concerning
the credit risk management requirements of the IFRS 7
standard:
The risk management report sets out the procedures and
methods for managing and evaluating credit risk, risk concentration, the quality of performing financial assets, as well as
the analysis and breakdown of amounts outstanding.
8.1.2 Overall exposure to credit and
counterparty risk
8.1.1 Measurement and management of credit risk
Credit risk is incurred when a counterparty is unable to meet
its obligations and may materialise as a change in the quality
of the loan or even counterparty default.
The commitments exposed to credit risk include existing or
potential receivables, and particularly loans, debt securities,
title deeds, performance swaps, performance bonds or confirmed or unused commitments.
The table below sets out the exposure of all the financial assets of
Crédit Coopératif Group to credit risk. This credit risk exposure (calculated without taking account of the effect of unrecognised offsets and collaterals) corresponds to the net book value of the financial assets.
Net amounts outstanding at
31/12/2012
Net amounts outstanding
at 31/12/2011
Financial assets at fair value through profit or loss (excluding variable-income
securities)
79,254
41,164
34,012
24,456
Available-for-sale financial assets (excluding variable-income securities)
551,520
738,211
678,543
1,186,948
Customer operations
11,460,330
10,023,207
Exposure of commitments on the balance sheet
Financial guarantees provided
Signature commitments
Exposure of signature commitments and financial guarantees provided
Overall exposure to credit risk
567,755
752,705
13,371,415
12,766,691
2,983,914
2,893,522
979,839
973,856
3,963,753
3,867,378
17,335,168
16,634,069
The risk management report sets out the procedures and methods for managing and evaluating credit risk, risk concentration, the
quality of performing financial assets, as well as the analysis and breakdown of amounts outstanding.
8.1.3. Impairment and provisions for credit risk
31/12/2011
50,083
987
Customer operations
321,886
Allocation
Reversal
1,180
84,333
Unused
reversals
(1,730)
(620)
(879)
(54)
(35,382)
Other
variations
(1)
31/12/2012
(718)
48,195
(13,098)
(28,198)
329,541
54
Impairment deducted from assets
Exposure of signature commitments
and financial guarantees provided
Total impairment and provisions
for credit risk
3,174
90
(17)
(2,084)
1,163
376,130
85,603
(38,008)
(13,772)
(31,000)
378,953
16,396
6,880
(4,818)
(327)
2,094
20,225
392,526
92,483
(42,826)
(14,099)
(28,906)
399,178
159
8.1.4. Financial assets in arrears
Assets in arrears are performing financial assets with payment incidents.
The amounts given in the table below do not include amounts overdue for technical reasons, i.e. amounts overdue due to a discrepancy between the value date and the recognition date in the customer account.
Assets in arrears (capital remaining due and interest accrued for loans and the total overdraft amount for current accounts) are
broken down by the age of the arrears amount as follows:
Non-impaired amounts outstanding in arrears
<= 90 days
> 90 days <= 180
days
> 180 days <= 1
year
Impaired
amounts
outstanding
(net value)
> 1 year
Debt instruments
Loans and advances
Total
outstanding
amounts at
31/12/2012
5,301
5,301
217,491
889
680
108
383,748
602,916
217,491
889
680
108
389,049
608,217
Security
instruments
covering these
outstanding
amounts
Total
Impaired
amounts
outstanding
(net value)
Non-impaired amounts outstanding in arrears
<= 90 days
Debt instruments
Loans and advances
> 90 days <= 180
days
> 180 days <= 1
year
> 1 year
Total
outstanding
amounts at
31/12/2011
11
24
22
7,191
7,248
139,686
1,540
3,679
230
346,913
492,048
139,697
1,564
3,679
252
354,104
499,296
0
Security
instruments
covering these
outstanding
amounts
Security instruments covering overdue or impaired
financial assets
The contract security acceptance policy is implemented before the assets are declared as overdue or doubtful. In fact,
the choice of securities is made when the loan decision is
made. This choice reflects the quality of the customer, the
type of loan and the estimate of changes in the risk relating
to the loan. Crédit Coopératif Group does not limit its choice
of securities and leaves all options open, within the legal
limits.
Securities received by Crédit Coopératif on contracts issued
can be grouped into the following major categories:
• financial (deposit, security deposit, delegation, collateral security, etc.)
• tangible (preferential right, mortgage, pledge, collateral security, warrant, retention of title, etc.)
• intangible (collateral security)
• receivables (transfer, delegation)
0
• surety (certificate, joint, not joint)
• by signature (guarantee, first demand, guarantee fund,
bank acceptance, letter of intent, counter-guarantee).
8.1.5. Restructured loans and receivables
The following table gives the book value of restructured loans
and receivables (renegotiation as a result of financial difficulties experienced by the debtor) classified as performing loans:
31/12/2012
31/12/2011
21,316
22,807
21,316
22,807
Loans and receivables relating to credit
institutions
Loans and receivables relating to
customers
Total restructured loans and receivables
Total
160
8.1.6. Credit risk reduction mechanisms: assets
obtained by taking possession of guarantees
• and, more generally, any market factor that is capable of
affecting the value of portfolios.
The following table gives the book value of assets by type
(securities, property, etc.) obtained by taking possession of
guarantees or by other forms of credit enhancement.
The systems for measuring and monitoring market risks are described in the risk management report.
31/12/2012
the market risk management requirements of the IFRS 7
standard.
31/12/2011
Non-current assets held with a view to sale
Tangible assets
8.3. Overall interest rate risk and currency risk
Equity capital and debt instruments
Other
Total assets obtained by taking possession
of guarantees
27,569
24,654
27,569
24,654
For the bank, the rate risk represents the impact of an unfavourable trend in interest rates on its annual results and the
value of its assets. The currency risk is the risk of the impact on
profitability of fluctuations in the exchange rate.
➔➔8.2. Market risk
the interest rate risk management requirements of the IFRS 7
standard.
Market risk is the risk of incurring a financial loss due to
changes in market factors, in particular:
• interest rates: the interest rate risk is the risk of fluctuation
in the fair value or in the future cash flows of a financial
instrument due to changes in interest rates
• exchange rates
• prices: the price risk results from fluctuations in market prices, irrespective of whether they are caused by factors specific to the instrument or its issuer, or by factors that affect
all instruments traded on the market. Variable-income securities, share derivatives and raw materials derivatives are
subject to this risk
Currency risk management is also detailed in the risk management report.
➔➔8.4. Liquidity risk
The liquidity risk is the risk that the bank will be unable to honour its
commitments or its scheduled payments at a given time.
The risk management report contains information about refinancing procedures and the methods and procedures for managing the
liquidity risk as required by standard IFRS 7.
Sources and applications of funds by residual maturity
Less than 3
months
Between 3 months
and 1 year
Between 1
and 5 years
More than 5
years
Perpetual
Total
Central banks
Trading derivative instruments
Other financial liabilities at fair value through profit or loss
Debts to customers
79,582
////
////
////
3,265
701
822
353
54,448
////
////
////
Financial liabilities by maturity
Financing commitments provided
Guarantee commitments provided
54,448
5,141
365,367
902,797
532,308
1,911,991
241,641
680,984
50,958
8,669,736
428,295
700,432
701,813
333,822
////
////
////
1,308,141
2,364,097
25,881
8,399,143
77,681
917,441
208,000
5,340
585,663
105,034
83,566
11,780
585,663
313,034
88,906
11,780
2,164,362
////
58,283
161,845
58,283
13,047,105
213,340
Guarantee commitments in favour of credit institutions
Guarantee commitments in favour of customers
////
111,519
Financing commitments provided in favour of credit institutions
Financing commitments provided in favour of customers
79,582
7,696,153
Revaluation differential for portfolios hedged using interest
rates
Subordinated debt
////
786,043
999,383
4,645
4,645
473
4,537
8,759
5,631
2,725,047
2,744,447
473
4,537
8,759
5,631
2,729,692
2,749,092
161
Note 9. Employee benefits
➔➔9.1. Payroll costs
Financial year
2012
Salaries and emoluments
Financial year
2011
(105,510)
(100,921)
Expenses associated with defined contribution plans and contributions
(12,630)
(11,676)
Other welfare and fiscal costs
(62,675)
(57,584)
Incentives and shareholdings
Total payroll costs
(3,593)
(4,964)
(184,408)
(175,145)
The average number of serving personnel during the financial year was 2,159 employees.
➔➔9.2. Employee benefits
Crédit Coopératif Group employees receive different types of benefits:
• pensions and similar benefits: retirement payments and retirement benefits
• other benefits: long-term service bonuses.
9.2.1. Analysis of assets and liabilities on the balance sheet
Financial year 2012
Pensions
Present value of funded commitments
Fair value of regime assets
Other
commitments
Financial year 2011
Total
Pensions
Other
commitments
Total
14,218
2,483
16,701
12,748
2,750
15,498
(10,061)
(1,693)
(11,754)
(9,938)
(1,652)
(11,590)
Fair value of redemption rights
Present value of non-funded commitments
Unrecognised actuarial elements
Unrecognised cost of past services
(22)
(22)
(3,097)
(3,097)
(2,152)
(2,152)
Balance sheet: net balance
1,038
790
1,828
658
1,098
1,756
Employee benefits (liabilities)
1,038
790
1,828
658
1,098
1,756
Employee benefits (assets)
162
9.2.2. Variation of amounts recognised in the balance sheet
31/12/12
Other
commitments
Pensions
Actuarial debt at the start of the period
Total
12,722
2,772
15,494
Cost of services rendered
646
208
854
Financial cost
467
108
575
Paid services
(827)
(140)
(967)
Actuarial gains and losses
1,174
(465)
709
Cost of past services
36
36
Others (conversion rate adjustments, period variations)
Actuarial debt at the end of the period
14,218
2,483
16,701
Fair value of assets at the start of the period
(9,776)
(1,490)
(11,266)
(284)
(206)
(490)
(2)
(3)
(5)
17
6
Expected return on assets
Contributions received
Paid services
Actuarial gains and losses for the financial year
Fair value of assets at the end of the period
-16
23
(16)
(10,061)
(1,693)
(11,754)
4,157
790
4,947
Fair value of redemption rights at the start of the period
Expected return on redemption rights
Contributions paid or received
Paid services
Actuarial gains and losses for the financial year
Fair value of redemption rights at the end of the period
Net balance of commitments
Unrecognised actuarial elements
Unrecognised cost of past services
(22)
(22)
(3,097)
(3,097)
1,038
790
1,828
At 31 December 2012, hedging assets of the Crédit Coopératif
UES pension fund were divided as follows: 84.3% bonds, 8.4%
shares and 7.3% property assets. The expected return on the
fund's assets has been calculated on the basis of the return
obtained in 2011.
standard on the recognised amount of the provision at
31/12/2012 is €2,681K, broken down into three components:
Amended standard IAS 19 is applicable from 1 January 2013,
and applied retroactively from 1 January 2012.
- €725K from changes to the net provision expense through
profut or loss
The provision for the pension fund at 31/12/2012 stood at
€619K. Under revised IAS 19, the amount of the provision for
this fund at 31/12/2012 stood at €3,300K. The impact of this
+ €1,270K from the recognition of actuarial gains and losses
for the 2012 financial year as equity capital (other
elements of overall income).
+ €2,136K from the balance of actuarial gains and losses and
past services at the opening on 1 January 2012.
163
Experience-related adjustments from defined benefit plans
Experience-related adjustments represent variations in assets or liabilities that are not connected with changes to actuarial
assumptions.
31/12/12
31/12/11
31/12/10
31/12/09
31/12/08
Present value of funded commitments (1)
16,267
15,040
15,228
16,356
Fair value of regime assets (2)
11,739
11,601
11,443
10,935
10,417
28,006
26,641
26,671
27,291
22,251
Experience-related adjustments to liabilities – (losses) / gains
As a % of (1)
Experience-related adjustments to assets – (losses) / gains
As a % of (2)
11,834
(334)
325
(387)
773
191
(2.05%)
2.16%
(2.54%)
4.73%
1.61%
(24)
(13)
38
/
(159)
(0.20%)
(0.12%)
0.33%
/
(1.53%)
9.2.3. Actuarial cost of defined benefit plans
The various components of the costs associated with defined benefit plans are entered under the "Payroll costs" item.
Financial year 2012
Other
commitments
Pensions
Financial year 2011
Total
Pensions
Other
commitments
Total
Cost of services rendered
646
208
854
572
213
Financial cost
467
108
575
441
96
(284)
(206)
(490)
(147)
(288)
(288)
(555)
17
21
287
1
288
(850)
(285)
(1,135)
(252)
42
(210)
Expected return on hedging assets
785
537
(147)
Actuarial gains and losses
21
Other
Total cost of defined benefit plans
850
(178)
672
(538)
9.2.4. Main actuarial assumptions
as a percentage
31/12/2012
31/12/2011
Other
commitments
Pensions
Other
commitments
Pensions
Discount rate
3.18%
3.18%
3.75%
3.75%
1.40%
1.40%
1.50%
1.50%
The following mortality tables are used: TF00/02 for retirement payments, long-service bonuses and other benefits.
Sensitivity of commitments to variations in the main assumptions
31 December 2012
In thousands of euros
Retirement payments
Total value
Social security liabilities - discount rate
3.18% and, pay rise rate 2.20%
Variation in
value
Long-service awards
Variation
in %
13,784
Total value
Variation in
value
Variation
in %
2,483
Variation + 1% of the discount rate
12,496
(1,288)
(9.35)%
2,296
(187)
(7.52)%
Variation - 1% of the discount rate
15,300
1,516
10.99%
2,699
216
8.69%
Variation + 1% of the pay rise rate
(including inflation)
15,367
1,583
11.48%
2,592
109
4.38%
Variation - 1% of the pay rise rate
(including inflation)
12,418
(1,366)
( 9.91)%
2,388
(95)
( 3.81)%
9.2.5
164
Note 10. Segment reporting
➔➔10.1. Income statement
Net banking income
General and similar costs
Current pre-tax profit
Third party
asset management
Local bank
Capital
investment
Group total
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
400,660
382,942
21,684
21,747
992
1,570
423,336
406,259
(296,886)
(275,490)
(22,410)
(21,805)
(591)
(667)
(319,887)
(297,962)
103,774
107,452
(726)
(58)
401
903
103,449
108,297
50,795
82,236
(2,045)
(57)
328
788
49,078
82,967
➔➔10.2. Balance sheet
Assets
31/12/12
Assets recognised at fair value
through profit or loss
Third party asset
management
Local bank
31/12/11
31/12/12
Capital
investment
31/12/11
31/12/12
84,217
45,436
Available-for-sale
financial assets
897,567
1,155,876
23,252
20,890
credit institutions
678,198
1,186,821
345
128
customers
11,460,073
10,023,207
567,755
752,705
973
909
3,546
4,642
1,176,351
743,132
7,984
1,058
1,097
14,865,134
13,908,085
35,127
26,718
24,022
Goodwill
Other assets
Total assets
Group total
31/12/11
22,668
31/12/12
31/12/11
84,217
45,436
943,487
1,202,055
678,543
1,186,949
11,460,330
10,023,207
567,755
752,705
4,519
5,551
46
1,185,432
744,236
25,335
14,924,283
13,960,138
25,289
257
Liabilities
31/12/12
Financial liabilities at fair value
through profit or loss
Third party
asset management
Local bank
31/12/11
31/12/12
31/12/11
Capital
investment
31/12/12
Group total
31/12/11
31/12/12
31/12/11
84,723
47,022
84,723
47,022
1,911,991
1,246,885
1,911,991
1,246,885
Debts to customers
8,669,736
7,139,762
8,669,736
7,139,762
2,164,362
3,464,081
2,164,362
3,464,081
161,845
206,708
161,845
206,708
1,904,788
1,803,628
8,026
26,718
18,811
25,335
1,931,625
1,855,681
14,897,445
13,908,087
8,026
26,718
18,811
25,335
14,924,282
13,960,138
Subordinated debt
Other liabilities
Total liabilities
165
Note 11. Commitments
➔➔11.1. Financing and guarantee
commitments
securities received and the values given to non repo securities,
recorded in different financial categories.
The communicated amount is the nominal value of the given
commitment.
Equity capital instruments
Financing commitments
Loans and advances
Debt instruments
31/12/2012
31/12/2011
999,383
990,252
- credit institutions
213,340
26,132
- customers
786,043
964,120
766,601
925,842
Financing commitments provided to
New confirmed credits
Other commitments
Financing commitments received
- from credit institutions
19,442
38,278
1,354,090
636,780
1,354,090
636,780
- from customers
31/12/2012
31/12/2011
702,301
150,310
2,256,172
1,890,343
2,958,473
2,040,653
Total
At 31 December 2012, receivables given as collateral in refinancing
specifically include:
• €1,727,562K of assigned accounts receivable from Banque
de France as part of the TRICP process (€1,165,608K at 31
December 2011),
• €158,740K of pledged receivables from SFEF (€180,439K at
Guarantee commitments
31/12/2012 31/12/2011
31 December 2011)
5,205,964
4,783,865
• €274,950K of assigned accounts receivable as finance secu-
- on behalf of credit institutions
2,500,017
1,902,924
rities from the European Investment Bank (EIB) (€317,885K
- on behalf of customers
2,705,947
2,880,941
at 31 December 2011)
1,987,667
872,901
1,028,152
872,901
Guarantee commitments received
- from customer credit institutions
- from customers
959,515
Guarantee commitments provided include signature commitments and financial instruments given as security.
• €28,828K of assigned accounts receivable from Banque de
France as part of the mortgaging refinancing fund
(€28,213K at 31 December 2011)
• €54,592K of pledged home loans from BPCE SFH (48,698K
at 31 December 2011)
• €11,500K of pledged home loans from BPCE Home Loans.
➔➔11.2. Financial assets given as security
The following table itemises the book value of financial assets
given as security for liabilities or potential liabilities, such as repo
11.3. Financial assets received as security and which
the entity can dispose of
The Group has not recorded (significant) amounts of assets
received as security and entered as assets in the balance sheet
as part of financial guarantee contracts with a right of reuse.
Financial instruments given as security include receivables
pledged as security as part of refinancing mechanisms.
166
Note 12. Transactions with affiliated parties
The parties affiliated to the Crédit Coopératif Group are consolidated companies, including those companies consolidated according to the equity method, BPCE, Natixis and the main directors of the Group.
➔➔12.1. Transactions with consolidated companies
For fully consolidated Group companies, transactions conducted during the financial year and existing outstanding amounts at the end
of the period are fully excluded from the consolidation.
The list of fully consolidated subsidiaries is communicated in the Group's scope of consolidation (see note 13).
Under these conditions, the figures below include reciprocal operations with:
• entities which exercise a significant influence on the Group, namely Natixis, which holds 20% of the equity capital of Crédit
Coopératif through cooperative certificates of investment (entities exercising significant influence)
• BPCE, the central body
• entities over which the Group exercises a significant influence and which are consolidated according to the equity method
(partner businesses).
31/12/2012
Partner
companies
Loans
31/12/2011
Companies
exercising
significant
influence
Companies
exercising
significant
influence
Partner
companies
8,445
598,235
41
150,987
37,095
4,196
Other assets
Total assets with affiliated entities
Debts
686,636
28,609
32,826
714,261
749,222
32,826
1,424,136
462,584
562
372,312
58,133
Other liabilities
17,471
Total liabilities relating to affiliated entities
23,239
30,604
24,691
4,196
538,188
562
3,142
50
4,822
136
(3,943)
69
(1,192)
1,334
(13,865)
674
(9,137)
793
(5,507)
Interest and similar income and expenses
Commission
Net income from financial operations
Net income from other activities
138
Total net banking income generated with affiliated entities
1,470
(14,528)
Commitments provided
241,885
Commitments received
7,901
19,147
180,788
Long-term financial instrument transactions
7,070
1,298,539
Total commitments with affiliated entities
7,901
Remuneration
and
commitments
Total amount of loans granted
305
Total amount of guarantees provided
534
Directors'
fees
1,721,212
7,070
250
Advances and credits granted
Body
836
1,081,164
➔➔12.2. Transactions with directors
at 31 December 2012
427,607
Representative
135
1,101,147
167
Note 13. Asset transfers
➔➔Transferred financial assets, not derecognised
31 December 2012
Transferred financial assets, not fully
derecognised, and associated liabilities
Book value
Book value of associated liabilities
Securities
Derivatives
Securities
option
Equity investments
Other securities
172,500
174,986
172,500
174,986
167,959
169,204
122,642
121,235
290,601
290,439
463,101
465,425
Securities similar to loans and receivables relating to credit
institutions
Securities similar to loans and receivables relating to
customers
Loans and receivables
TOTAL
Repurchase and security lending operations
Crédit Coopératif Group conducts repurchasing operations, as
well as security lending operations.
Depending on the terms of the agreement in question, the
security may be transferred again by the assignee throughout
the term of the repo or lending operation. The assignee must,
however, return it to the assignor upon maturity of the opera-
tion. The cash flows generated by the security are also transferred to the assignor.
The Group considers that it has retained almost all risks and
benefits associated with securities used in repo or lending operations. As such, these securities have not been recognised.
Where a funded security has been the subject of a repo or
lending operation, funding has been recognised under
liabilities.
Held-to-maturity assets
168
Note 14. Scope of consolidation
➔➔14.1. Changes to the scope of consolidation during the 2012 financial year
Significant shareholding changes during 2012 were as follows:
• BTP Capital Investissement: reduction from 79% to 67%
• Financière de Champlain: increase from 59% to 100%.
14.2. Scope of consolidation at 31 December 2012
% control
% interest
% integration
Method of
integration
Credit institutions
Consolidating entity
Crédit Coopératif (SCA)
Registered office: 12 Boulevard Pesaro CS 10002 - 92024 Nanterre
Cedex
C O N S O L I D ATI N G E NTITY
Subsidiary partner credit institutions
BTP Banque (SA)
Registered office: 48 Rue La Pérouse CS 51686 - 75773 Paris Cedex 16
100.00 %
100.00 %
100%
FC
98.36 %
98.36 %
100%
FC
94.89 %
94.89 %
100 %
FC
33.94 %
100 %
FC
65.39 %
100 %
FC
2.48 %
100 %
FC
0.00 %
100 %
FC
0.25 %
100 %
FC
3.20 %
100 %
FC
1.03 %
100 %
FC
3.57 %
100 %
FC
13.86 %
100 %
FC
1.28 %
100 %
FC
0.14 %
100 %
FC
5.71 %
100 %
FC
0.75 %
100 %
FC
0.00 %
100 %
FC
Intercoop (SAS)
Cedex
Bati Lease
Registered office: Parc du canon d’or, 7 rue Philippe Noiret
BP 10025 – 59871 Saint-André Cedex
Non-subsidiary partner credit institutions,
Edel Registered office: Parc de la Plaine,
5 Avenue Marcel Dassault BP 5806 – 31505 Toulouse Cedex
P
Caisse Solidaire
A
3-5 Rue Camille Guérin - 59800 Lille
R
Sofinef
8 Avenue des Canuts - 69517 Vaulx-en-Velin
Socorec
77 Rue de Lourmel – 75015 Paris
Sofigard
13 bis Boulevard Talabot – 30000 Nîmes
Sofindi
T
N
E
R
S
H
11 Rue de Belat 16000 – Angoulême
I
Sofiscop
P
37 Rue Jean Leclaire – 75017 Paris
Sofiscop Sud-Est
A
Immeuble Woopa - 1 Av. des Canuts - 69120 Vaulx-en-Velin
G
Sofirif
R
Z.I. Béthunes BP 9032 – 95071 Cergy-Pontoise
E
Somupaca
9 Place de la Liberté - 83000 Toulon
Somudimec
19 Rue des Berges - 38000 Grenoble
C.M.G.M.
39-41 Rue Louis Blanc - 92038 Paris La Défense Cedex
Nord Financement
2 Avenue Halley - 59650 Villeneuve-d’Ascq
Gedex Distribution
6/8 Rue Louis Rouquier- 92300 Levallois-Perret
E
M
E
N
T
S
169
% control
% interest
% integration
Method of
integration
19.97 %
19.97 %
19.97 %
EM
25.30 %
25.30 %
25.30 %
EM
Union des Sociétés du Crédit Coopératif (GIE)
100 %
99.56 %
100 %
FC
Transimmo (SARL)
100 %
100 %
100 %
FC
Société Civile Immobilière du Crédit Coopératif
100 %
100 %
100 %
FC
Société Civile Immobilière du Crédit Coopératif de Saint Denis
100 %
100 %
100 %
FC
SAS Tasta
70 %
70 %
100 %
FC
Other credit institutions
Registered office: 120 Rue de Réaumur - 75002 Paris
Cadec
Registered office: Résidence Diamand III, 6 Av de Paris - 20000
Ajaccio
Companies of a financial nature
BTP Capital Conseil
SAS Sociétariat Crédit Coopératif Banque Populaire
100 %
99.96 %
100 %
FC
98.36 %
98.36 %
100 %,
FC
90.70 %
90.70 %
100 %
FC
94.89 %
94.89 %
100 %
FC
100 %
99.98 %
100 %
FC
100 %
100 %
100 %
FC
33.91 %
33.91 %
100 %
FC
60.00 %
60.00 %
100 %
FC
100 %
99.98 %
100 %
FC
66.85 %
66.85 %
100 %
FC
29.97 %
29.97 %
29.97 %
EM
38.09 %
38.09 %
38.09 %
EM
33.40 %
33.40 %
33.40 %
EM
Intercop Location
Cedex
Bati Lease Invest
Registered office: Parc du canon d’or,
7 Rue Philippe Noiret BP 10025 - 59871 Saint-André Cedex
Registered office: 48 Rue Notre Dame des Victoires - 75002 Paris
Tise
Registered office: UL Nalewski 8/27 00158 Warsaw - Poland
Moninfo
Registered office: Parc de la Plaine, 5 Avenue Marcel Dassault
BP 5806 - 31505 Toulouse Cedex
Esfin Gestion
Registered office: Immeuble Lafayette - La Défense 5
2 Place des Vosges - 92400 Courbevoie
SAS Financière de Champlain
3 Rue de la Boétie - 75008 Paris
Companies of a non-financial nature
Cedex
CoopEst
Registered office: 2 Av Jules César – Woluwe Saint-Pierre 1150
Brussels – Belgium
Esfin
Registered office: Immeuble Lafayette - La Défense 5
2 Place des Vosges - 92400 Courbevoie
Registered office: 6 Rue La Pérouse - 75016 Paris
SCA: Société Coopérative Anonyme
(cooperative public limited company)
SAS: Société Anonyme Simplifiée
(simplified public limited company)
FC: Full consolidation
EM: Equity method
Insurance companies
170
Note 15. Other information
➔➔15.1. Statutory auditors’ fees
Statutory auditors' fees
CAC KPMG
2012
Audit
Statutory audit, examination
of individual and
consolidated
Amount
393
Sofeec Baker Tilly
2011
%
100.0 %
Amount
386
Variation
%
100.0 %
2012
Amount
1.8%
278
2011
%
100.0 %
Amount
272
Issuer
200
195
178
174
Fully integrated
subsidiaries
193
191
100
98
Variation
%
100.0%
2.2%
Other verifications and
services directly linked to the
task
of the statutory
auditors
Issuer
Fully integrated
subsidiaries
Sub-total
393
100.0 %
386
100.0 %
1.8%
278
100 %
272
100.0 %
2.2%
393
100.0 %
386
100.0 %
1.8%
278 100.0 %
272
100.0 %
2.2%
Services provided by the
network to subsidiaries
Legal, fiscal, welfare
Other
Sub-total
Total
171
172
Crédit
Coopératif Group Financial statements of Crédit Coopératif
Company financial statements
at 31 December 2012
Financial statements
➔➔Balance sheet
Assets in thousands of euros
At 31/12/2012
At 31/12/2011
Funds, central banks, giro accounts
344,325
147,150
317,959
350,926
1,716,924
2,316,684
Receivables relating to credit institutions
- On demand
37,842
731,400
- Fixed term
1,679,082
1,585,284
Receivables relating to customers
8,814,464
7,590,135
- Commercial debts
- Other aid to customers
- Overdrafts on current accounts
199,355
212,077
7,980,622
6,967,169
634,486
410,889
766,855
1,156,740
- Factoring
40,570
73,153
Holdings and other long-term securities
323,671
304,251
Shares in affiliated companies
124,905
124,530
Leasing and purchase-option rental
252,377
221,663
25,776
26,105
Other assets
341,293
193,518
Accruals
211,425
142,471
13,280,544
12,647,327
Operating leasing
Intangible assets
Tangible assets
Capital subscribed but not paid up
Own shares
Total assets
173
➔➔Balance sheet (continued)
Liabilities in thousands of euros
At 31/12/2012
At 31/12/2011
Central banks, giro accounts
- On demand
2,518,979
1,957,199
293,703
179,918
- Fixed term
2,225,276
1,777,281
Customer accounts in credit
7,376,564
6,110,645
2,786,618
1,782,588
125,308
120,486
3,649,171
3,574,148
- On demand
- Fixed term
Other debts
- On demand
- Fixed term
- Short-term loan notes
- Interbank market securities and negotiable debt securities
- Bond issues
815,467
633,424
1,861,261
3,036,649
68,497
167,300
1,538,779
2,479,626
253,984
389,722
- Other debts in the form of securities
Other liabilities
Accruals
Provisions
Subordinated debt
84,113
97,666
131,178
156,475
28,797
27,653
111,203
158,799
Fund for general banking risks
27,494
27,146
Equity capital excluding FGBR
1,140,955
1,075,095
- Capital subscribed
806,219
743,719
- Issue premiums
142,964
142,964
- Reserves
162,745
159,550
- Regulated provisions
3,236
4,465
- Balance carried forward (+/-)
3,168
3,100
22,623
21,296
13,280,544
12,647,327
- Revaluation differential
- Income for the financial year (+/-)
Total liabilities
- Income pending approval
174
Financial statements of Crédit Coopératif
➔➔Off-balance-sheet
At 31/12/2012
At 31/12/2011
Commitments provided
Commitments in favour of credit institutions
452,009
218,061
Commitments in favour of customers
533,913
656,272
Commitments on behalf of credit institutions
Commitments on behalf of customers
20,434
39,453
1,097,575
1,135,553
1,315,270
605,490
1,167,813
1,114,654
Commitments relating to securities
Securities acquired with a buy-back or reversal facility
Other commitments provided
Commitments received
Commitments received from credit institutions
Commitments received from credit institutions
Commitments relating to securities
Securities sold with a buy-back or reversal facility
Other commitments received
1,621
175
➔➔Publishable income statement (period from 1 January to 31 December 2012)
At 31/12/2012
At 31/12/2011
Income and expenses from banking operations
+ Interest and similar income
+ Interest and similar income from operations involving credit institutions
+ Interest and similar income from operations involving customers
+ Interest and similar income from bonds and other fixed-income securities
+ Other interest and similar income
417,154
403,336
38,040
40,253
293,545
279,349
80,073
81,838
5,495
1,896
(201,548)
(190,300)
+ Interest and similar expenses for operations involving credit institutions
36,926
36,736
+ Interest and similar expenses for operations involving customers
63,489
48,605
+ Interest and similar expenses for bonds and other fixed-income securities
86,487
95,498
+ Other interest and similar expenses
14,645
9,460
+ Income from leasing and purchase-option rental operations
102,546
91,888
- Expenses from leasing and purchase-option rental operations
(93,649)
(84,101)
+ Interest and similar expenses
+ Income from operating leasing operations
- Expenses from operating leasing operations
+ Income from variable-income securities
2,830
5,283
+ Commission (income)
79,066
77,402
- Commission (expenses)
(27,772)
(28,496)
(165)
1,311
+/- Gains or losses from trading portfolios
+/- Net gain/loss on trading securities operations
203
119
+/- Net gain/loss on currency operations
535
482
+/- Net gain/loss on financial instrument operations
(903)
710
+/- Gains or losses on investment portfolio and similar operations
1,340
1
+ Other income from banking operations
3,248
66
+ Income from property development operations
+ Other income
- Other bank operating expenses
3,248
66
(1,166)
(1,138)
- Other expenses
+/- Net banking income
- General operating costs
- Payroll
- Other administrative costs
- Allocations for depreciation and impairment on intangible and tangible
assets
+/- Gross operating income
- Cost of risk
+/- Operating income
+/- Gains or losses on fixed assets
1,166
1,138
281,883
275,252
(217,687)
(203,302)
117,696
109,917
99,991
93,385
(791)
(726)
63,405
71,224
(38,946)
(20,383)
24,459
50,841
5,167
(51)
5,167
(208)
29,626
50,791
+/- Gains or losses on tangible and intangible assets
+/- Gains or losses on financial assets
+/- Current pre-tax profit
157
+/- Extraordinary income
- Corporation tax
(7,883)
(18,161)
880
(11,334)
+/- Allocations to/reversals from FGBR
(348)
(11,319)
+/- Allocations to/reversals from regulated provisions
1,229
(15)
22,623
21,296
+/- Allocations to/reversals from FGBR and regulated provisions
+/- Income for the financial year
- Expenses from property development operations
176
Appendix to the financial statements - Financial year 2012
I. General framework
➔➔1.1. Groupe BPCE
Groupe BPCE comprises the network of Banques Populaires,
Caisses d’Épargne, the BPCE central institution and its
subsidiaries.
Two networks: Banques Populaires and Caisses d’Épargne
Groupe BPCE is a cooperative group whose members own the
two local banking networks: the 19 Banques Populaires and 17
Caisses d’Épargne. The central institution, Groupe BPCE, is
owned equally by these two networks.
The network of Banques Populaires encompasses the Banques
Populaires, mutual guarantee companies whose sole corporate purpose is guaranteeing loans issued by these banks.
The network of Caisses d’Épargne encompasses the Caisses
d’Épargne et de Prévoyance, local savings societies and the
Fédération Nationale des Caisses d’Épargne.
The Banques Populaires are 80% owned by their members and
20% by Natixis through its cooperative certificates of investment (CCI). Similarly, 80% of the capital of the Caisses d’Épargne is owned by
local savings societies (sociétés locales d’épargne - SLE) and 20%
is held by Natixis through CCIs. At local level, the aim of cooperative local savings societies, whose variable capital is held by
the cooperative shareholders, is to develop membership, in line
with the general guidelines of the Caisse d’Épargne to which
they are affiliated. They are not permitted to carry out banking
operations.
BPCE
BPCE is a central institution according to French banking law
and a credit institution with banking authorisation, created
under French law no. 2009-715 of 18 June 2009. It is a French
joint stock company governed by a Board of Directors and a
Supervisory Board. Its capital is equally owned by the 17
Caisses d’Épargne and 19 Banques Populaires.
The work of BPCE is guided by the cooperative principles of the
In particular, BPCE is tasked with representing affiliates in
dealings with the supervisory authorities, defining the range
of products and services brought to market, organising depositors’ guarantees, approving directors and overseeing the
operation of the institutions in the Group.
As a holding company, BPCE is responsible for the activities at
the head of the Group. It holds the subsidiaries jointly owned
by both networks in the retail banking, finance banking and
financial services sectors, as well as their production systems.
It also determines the Group’s strategy and development
policy.
BPCE's main subsidiaries are organised into three main groups:
• Natixis, a listed organisation of which BPCE owns 72%,
which covers the finance and investment banking, savings
banking and financial services sectors • the retail banking and insurance sector (including Crédit
Foncier, Banque Palatine and BPCE International et Outre
Mer (formerly Financière Océor))
• subsidiaries and financial shareholdings.
In tandem, in the financial arena, BPCE’s work includes centralising surplus resources and conducting all financial transactions for Group growth and refinancing purposes, with responsibility for selecting the most effective operator for these
missions acting in the Group’s interest. In addition, it offers
banking services to the entities in the Group.
➔➔1.2. Guarantee mechanism
Pursuant to article L.512-107 6 of the French Monetary and
Financial Code, the purpose of the guarantee and solidarity
system is to guarantee the liquidity and solvency of Groupe
BPCE and its affiliate institutions, as well as to organise the
financial solidarity mechanism within the networks of
BPCE is responsible for taking all necessary measures to organise the solvency guarantee for both the Group and each of
the networks, in particular by implementing the appropriate
Group internal solidarity mechanisms and by creating a common guarantee fund to both networks, for which it also determines the operating rules and the trigger methods, in addition
to existing funds of the two networks, as well as the contribu-
177
BPCE manages the Banques Populaires Network Fund, the
Caisses d’Épargne et de Prévoyance Network Fund and sets up
the Mutual Guarantee Fund.
A deposit was entered by the Banks in the accounts of BPCE
with respect to the Banques Populaires Network Fund (€450
million) in the form of a 10-year fixed deposit account, renewable indefinitely.
A deposit was entered by the Caisses in the accounts of BPCE
with respect to the Caisses d’Épargne et de Prévoyance
Network (€450 million) in the form of a 10-year fixed deposit
account, renewable indefinitely.
The Mutual Guarantee Fund consists of deposits by the
Banques Populaires and the Caisses d’Épargne in the accounts
of BPCE in the form of 10-year fixed deposit accounts, renewable indefinitely. As at 31 December 2012, a total of €168 million has been deposited. The fund will be increased each year
at a rate of 5% of the contribution of the Banques Populaires,
Caisses d’Epargne and their subsidiaries to the Group’s consolidated income. The total deposits made with BPCE for the Banques Populaires
Network Fund, the Caisses d’Épargne et de Prévoyance
Network Fund and the Mutual Guarantee Fund may not be
less than 0.15% and may not exceed 0.3% of the Group’s
weighted assets. Where a Banque Populaire or a Caisse d’Epargne makes a deposit, an identified, equivalent amount is allocated to the fund
for general banking risks of this institution, exclusively under
the guarantee and solidarity system.
The mutual guarantee companies whose sole corporate purpose is guaranteeing loans issued by a Banque Populaire benefit from the liquidity and solvency guarantee of the latter
with which they are collectively approved, pursuant to article
R.515-1 of the French Monetary and Financial Code.
The liquidity and solvency of each of the Caisses de Crédit
Maritime Mutuel are guaranteed first by the Banque Populaire
which is its major shareholder and operator, according to the
technical and functional securities between the Caisse and the
Banque Populaire.
The Executive Board of BPCE has full authority to mobilise the
resources of the various contributors without delay and in the
order agreed, on the basis of prior authorisations granted to
BPCE by the contributors.
➔➔1.3. Significant events
Crédit Coopératif issued 6,557,376 B members' shares, representing €99,999,984, subscribed on 8 February 2013 by SAS
Sociétariat. At the same time, Natixis subscribed €24,999,996
of CCIs.
On 26 March 2012, Crédit Coopératif invested in undated supersubordinated securities issued by BPCE SA.
These undated super-subordinated securities are eligible for
use as additional Tier 1 capital as part of the new Basel III rules
(currently being transposed in the European Union by the
Fourth Capital Requirements Directive).
These instruments meet the 16 criteria concerning an additional Tier 1 instrument, as set out in article 49 of the draft
directive. They may be automatically converted into ordinary
shares in BPCE SA in the event of a fall in the Tier 1 base capital ratio (Common Equity Tier 1 - CET 1) or the base capital
ratio (Tier 1 ratio) of BPCE SA Group.
As the management intention with respect to this hybrid instrument is more in line with that of a variable-income security, it has been classified under "other long-term securities".
Following the General Meeting of 30 May 2012, Crédit
Coopératif's new Head Office address came into effect. The
move to the new premises began on 10 September 2012.
On 29 October 2012, Crédit Coopératif disposed of 85,929 of
the 145,160 BTP Capital Investissement securities that it held,
resulting in a capital gain on disposal of €8,555,408.01.
➔➔1.4. Events after the end of the financial year
BPCE SA and Natixis presented a draft proposal to dramatically simplify the structure of Groupe BPCE to their respective
Supervisory Boards and Boards of Directors on 17 February
2013.
The planned operation involves the purchase, by the Banques
Populaires and Caisses d’Epargne, of all cooperative certificates of investment (CCI) that they have issued, and which are
tions of the affiliated institutions for the appropriation and
reconstitution of the guarantee.
178
currently held by Natixis. Following the dissolution of the CCIs,
once purchased, by each of the Banques Populaires and
Caisses d’Epargne, the capital of each institution would then
be owned in its entirety by their members.
The reduction in Natixis' weighted exposures, connected with
the holding of these CCIs, would enable Natixis to pay part of
its surplus capital to its shareholders through an exceptional
dividend issue. Finally, in order to ensure that resources are
allocated appropriately within the Group, BPCE SA would reimburse its super-subordinated securities held by the Banques
Populaires and Caisses d’Epargne and reduce the capital of
BPCE SA in favour of the Banques Populaires and Caisses
d’Epargne.
The operation will be submitted to the Boards of the Banques
Populaires and Caisses d’Epargne (equal shareholders of BPCE
SA), BPCE SA and Natixis for their decision, following consultation of the employee representative bodies. This operation is
planned to take place in Q3 2013.
➔➔2.3. Accounting principles and evaluation
methods
The accounts for the financial year are presented in a form
identical to those of the previous financial year. The general
accounting conventions have been applied with respect to the
prudence principle, in line with the base principles of:
• continuity of operations
• consistency of accounting methods from one financial year
to another
• independence of financial years
and, in line with the general rules for the drawing up of and
presentation of annual accounts.
The method used for the evaluation of accounting elements is
the historic cost method and all of the items in the balance
sheet are presented, where necessary, net of depreciation, provisions and value corrections.
The main methods used are as follows:
II. Accounting principles and methods
➔➔2.1. Evaluation and presentation methods
applied
The individual annual accounts of Crédit Coopératif are drawn
up and presented in accordance with the rules of the Comité
de la réglementation comptable (CRC) (French accounting
regulation committee) and the Comité de la réglementation
bancaire et financière (CRBF) (French banking and financial
regulation committee). In accordance with CRBF Rule no. 9101, the presentation of the financial statements complies with
the provisions of CRC regulations no. 2000-03 and 2005-04
relating to individual summary documents
➔➔2.2. Changes to accounting methods
No change to accounting methods has affected the 2012
accounts.
The other obligatory Accounting Standards Board texts adopted in 2012 have not have a significant impact on the individual accounts of the institution.
The institution does not anticipate applying the texts adopted
by the Accounting Standards Board when they are optional,
except for when specifically mentioned.
2.3.1. Currency transactions
Gains or losses related to exchange rate operations are determined in line with regulation no. 89-01 of the CRBF as amended by regulations no. 90-01 and 95-04.
Assets, liabilities and off-balance-sheet commitments denominated in foreign currency are converted at the official exchange rate at the period-end date. Unrealised or final
currency gains and losses are posted to income. Expenses and
income paid or received are recorded on the date of the
transaction.
Assets and equity investments denominated in euros remain
recorded at their acquisition cost.
Non-settled conversion operations are valued at the periodend exchange rate.
Carry-forwards and markdowns on fixed-term hedging foreign exchange contracts are spread on a pro rata basis in the
income statement. Other fixed-term currency contracts and
future financial instruments in other currencies are evaluated
at the market price. Fixed-term exchange contracts or those
covered by fixed-term instruments are revalued over the residual maturity. Brokerage swaps are recorded as operations
linked to fixed-term purchases and sales of currency. Financial
179
2.3.2. Operations with credit institutions
and customers
Receivables relating to credit institutions cover all receivables held in relation to credit institutions in respect of banking operations with the exception of those in the form of a
security. They included securities received on reverse repo,
regardless of the type concerned, and those relating to repurchasing agreements. They are broken down between
debts repayable on demand and fixed-term debts.
Receivables in relation to credit institutions are recorded on
the balance sheet at their nominal value or their acquisition
cost for the buying back of debt plus un-matured, non-accrued interest and net of impairment in respect of the credit risk.
Receivables relating to customers comprise financial support
given to economic agents other than credit institutions, with
the exception of those in the form of a security, the values
received on reverse repo and debts relating to repurchasing
agreements. They are broken down into commercial debts,
overdrafts on current accounts and other financial support to
customers. Customer loans are entered in the balance sheet at
their nominal value or their acquisition cost for the buying
back of debt plus un-matured, non-accrued interest and net
of impairment in respect of the credit risk. Margin transaction
commission and costs which are spread are included in the
outstanding amounts for the loan concerned.
Debts to credit institutions are presented according to their
initial term (on demand or fixed-term) and debts to customers
are presented according to their type (specially regulated savings accounts and other customer deposits). Repo and reverse
repo operations in the form of a security or stock are included
contingent on their counterparty. Accrued interest is recorded
as related receivables.
Received guarantees are recorded off balance sheet. They are
subject to periodic re-evaluation. The book value of all of the
guarantees taken on the same credit is limited to the outstanding amount of this credit.
Restructured debt
Restructured debt consists of debts held by counterparties
who are in financial difficulty, resulting in credit institutions
changing the initial characteristics (term, rate) in order to allow counterparties to honour the payment of instalments.
During restructuring, the loan is subject to a discount equal to
the amount of the differential between the original contractual cash flow expected and future cash flow expected for
capital and interest as a result of the restructuring. The discount rate is the effective rate of interest for fixed rate loans
or the last effective rate prior to the date of restructuring for
variable rate loans. The effective rate corresponds to the contractual rate. This discount is recorded on the income statement as cost of risk and on the balance sheet as a reduction in
the corresponding outstanding amount. It is reported on the
income statement in the interest rate margin, using an actuarial method according to the term of the loan.
A doubtful restructured debt can be reclassified as a performing debt when the terms are respected. These reclassified
debts are specifically identified. When the debt subject to initial restructuring once again falls into arrears, regardless of
the conditions for restructuring, the debt is declassified as
doubtful debt.
Doubtful debts
Doubtful debts are made up of all the debts, outstanding or
not, guaranteed or not, due by debtors of which a loan presents, at least, an incurred credit risk, as identified on an individual basis. A risk is incurred when the institution is unlikely
to recover all or part of the sums owed by the counterparty
notwithstanding the existence of guarantees or deposits.
Doubtful debts are identified in line with the provisions of CRC
regulation no. 2002-03 relating to dealing with credit risk,
amended by CRC regulation no. 2005-03 of 25 November
2005, notably in the case of debts remaining unpaid for between three and six months for property and debts in relation
to local and regional authorities.
A compromised doubtful debt is a debt with significantly deteriorated prospects of recovery which is being considered for
writing off in the long run. Debts exceeding their term, cancelled finance leasing contracts and loans of an indeterminate
duration for which closure has been notified are presumed to
have to be registered as compromised doubtful debts. The existence of guarantees covering almost all of the risks and the
conditions for changes to the doubtful debt must be taken into
consideration to qualify a compromised doubtful debt and to
quantify the impairment. One year after its classification as a
doubtful debt, a doubtful debt is presumed to be compromised,
unless writing off in the long run is not being considered.
Classification of a doubtful debt as a compromised doubtful
debt has no knock-on effect, whereby other doubtful loans and
swaps of currencies are subject to the provisions of CRBF
regulation no. 90-15, amended.
180
commitments relating to the counterparty in question are
classified under this category.
Accrued interest and/or outstanding amounts not paid on
doubtful debts are accounted as income from banking operations and impaired as of the said amount. Where the debt is
qualified as compromised, the non-received accrued interest
is not accounted.
More generally, doubtful debts are re-registered as performing
debts when the payments resume in a regular manner at
amounts corresponding to the contractual instalments and
when the counterparty is no longer a defaulting risk.
Reverse repurchase operations are accounted in line with the
provisions of CRBF regulation no. 89-07 and supplemented by
Banking Commission instruction no. 94-06.
The asset items put in repo are maintained on the assignor’s
balance sheet, who records the representative amount of their
debt paid to the assignee under liabilities. The assignee registers the representative amount paid of its debt to the assignor
under assets. At each reporting date, the assets put in repo, as
well as the assignee’s debt or the debt incumbent on the assignor, are evaluated according to the specific rules for each of
these operations.
Impairment
For those debts for which recovery has become uncertain, impairment is recorded as a deduction under assets, in order to
cover the risk of loss. The impairment is calculated separately
for each debt, taking into account the current value of the
received guarantees. They are determined on a quarterly basis
(as a minimum), according to an analysis of the risk and the
guarantees. The impairment covers non-received interest on
outstanding doubtful debts, as a minimum.
Impairment for probable losses incurred covers all the forecast
losses calculated by the difference between the capital remaining due and the forecasted flow, discounted at the effective rate.
For small debts with similar characteristics, a statistical estimation can be used.
The impairment provisions and reversals for non-recovery risk
are recorded under “Cost of risk”, with the exception of impairment relating to interest on presented doubtful debts,
such as those impaired in "Interest and similar income". The
reversal of impairment due solely to the passage of time is
registered in “Interest and similar income”.
Non-recoverable debts are registered in losses and the corresponding impairment is subject to a recovery.
2.3.3. Leasing and operating lease operations
The CNC Emergency Committee opinion no. 2006-C states
that assets for equipment leasing, property leasing, rental
with a purchase option and operating leasing are recorded in
the assets section of the lessor’s balance sheet. For this category of assets, in an exception to the rules of the General
Accounting Plan on the accounting of assets, it is the notion
of legal ownership that applies, not control. Assets are recorded at their entry value and the breakdown of assets by
components does not apply to the lessor when maintenance/
replacement charges are contractually incumbent on the lessee. In the case of a breach of contract, the component approach applies in a prospective manner.
Applying this same opinion, the lessor has the possibility to
depreciate the assets in question in their individual accounts
either for the term of the contract (financial depreciation corresponding to the fraction of the rent acquired) or for the
normal duration of use of the asset (straight-line/diminishing
depreciation). The chosen option applies to all of the affected
assets in the same operation category.
Pursuant to CRC regulation no. 2009-03, margin transaction
commission and costs which are spread are included in the
outstanding amounts for the loan concerned.
Unpaid rental amounts are identified, accounted and provisioned in line with CRC regulation no. 2002-03 on credit risks.
2.3.4. Securities
The term “securities” covers interbank market securities, treasury bills and other negotiable debt securities, bonds and other
fixed-revenue securities (i.e. with a fixed return), shares and
other variable-income securities.
The accounting approach to securities transactions is chiefly
governed by two texts:
• CRC regulation no. 2008-17 amending CRBF regulation no.
90-01 of 23 February 1990 and supplemented by Banking
Commission instruction no. 94-07, which defines the general rules for the accounting and valuing of securities
181
Securities are classified in the following categories: equity investments and shares in affiliated companies, other long-term
securities, investment securities, portfolio activity securities,
short-term investment securities and trading securities.
For trading securities, short-term investment securities and
portfolio activity securities, impairment is recorded under cost
of risk for counterparty default risks where the impacts of the
risk can be isolated.
Trading securities
These are securities acquired or sold with the intention of
short-term resale or repurchase. To be eligible for this category, the securities must, from the date of their initial accounting, be available for trading on an active market and the market price must be both accessible and representative of actual
transactions regularly occurring on the market in normal
competition conditions. They can be fixed-income or variableincome securities.
Trading securities are recorded at their acquisition price excluding fees and including, where applicable, accrued interest.
In the event of a short sale, the debt is recorded under liabilities at the sale price of the securities, exclusive of fees.
At the end of trading, they are valued at the market price of
the most recent day: the overall balance of the differences
resulting from fluctuations is recorded on the income statement. For UCITS and FCP shares, the market values correspond
to available liquid values in the context of the market rate at
the period-end date.
Securities recorded among trading securities cannot, except
where an exceptional market situation requires a change in strategy or where there is no longer an active market for fixed-income
securities, be transferred to another accounting category and
continue to follow the rules for presentation and valuing of trading securities up until their exit from the balance sheet by sale,
integral redemption or passage into losses.
Short-term investment securities
Securities are considered as short-term investment securities
if they are not entered in any other category.
Short-term investment securities are recorded at their acquisition price, excluding fees.
Where applicable, for fixed-income securities, accrued interest
is posted to accounts offset against the income statement in
the "Interest and similar income" section.
Any difference between the acquisition price and the redemption value (premium or discount) of fixed-income securities is
recorded in the income statement for the remaining duration
of the security using the actuarial method.
Short-term investment securities are valued at the lower of
the acquisition price or the market price. For UCITS and FCP
shares, the market values correspond to available liquid values
in the context of the market rate at the period-end date.
Unrealised capital losses are subject to impairment, which can
be appreciated in terms of the uniform aggregate of securities,
without compensation with the capital gains in other security
categories.
Gains from any hedging instruments, in the sense of article 4
of CRB regulation no. 88-02, are taken into account in the
calculation of impairment. Unrealised gains are not recorded.
Actual capital gains and losses on short-term investment securities and provisions and reversals of impairment are recorded under “Gains or losses on investment portfolio and
similar operations”.
Investment securities
These are various fixed-income securities with a fixed maturity date which have been acquired or reclassified in the
“Trading securities” or “Short-term investment securities” category with the manifest intention of, and capacity to, retain
them up until their maturity. These securities must not be
subject to an existing constraint, legal or otherwise, that
would be likely to impact the intention to hold the securities
until maturity. Securities classified as an investment security
are not necessarily excluded from classification as elements
hedged against interest rate risk.
Investment securities are recorded at their acquisition price,
excluding fees. Where they come from the investment portfolio, they are entered at their acquisition price and any previous impairment is reversed on the remaining lifespan of the
securities in question.
• CRBF regulation no. 89-07, supplemented by Banking
Commission instruction no. 94-06, which sets out the rules
relating to specific transfer operations such as the temporary transfer of securities.
182
The difference between the acquisition price and the redemption value of securities and the accrued interest related to
these securities are recorded according to the same rules as
those that apply to fixed-income investment securities.
They may be subject to impairment if there is a strong possibility that the institution will not retain the securities until
maturity due to new circumstances, or if there is a risk that
the securities issuer will default. Unrealised gains are not recorded.
Investment securities cannot, exceptions aside, be sold or transferred to another category of securities.
Trading or fixed-income short-term investment securities reclassified as investment securities in accordance with the
provisions of CRC regulation no. 2008-17 can, however, be
transferred when the market on which they are exchanged
becomes active once more.
Portfolio activity securities
Portfolio activity involves investing with the aim of drawing a
medium-term capital gain, without the intention of long-term
investment in the development of the issuing company's business or active participation in its operational management. In
principle, this may only involve variable-income securities.
This type of activity must be carried out in a substantial and
long-term manner as part of a structured framework, resulting in recurring profitability primarily from capital gains on
transfers.
Portfolio activity securities are recorded at their acquisition
price, excluding fees.
At the year-end, they are marked on the balance sheet at the
lower value of the historical cost or the going concern value.
Unrealised capital losses are subject to a mandatory impairment. Unrealised gains are not recorded.
Securities recorded among the portfolio activity securities
cannot be transferred to another accounting category.
Equity investments and shares in affiliated companies
This category includes securities for which long-term possession
is deemed useful to the activities of the company, as they confer
notable influence over the administrative bodies of the issuing
companies or control of said companies.
Equity investments and shares in affiliated companies are
recorded at their acquisition price, excluding fees.
At the year-end, they are individually valued at the lower of
their acquisition cost or their going concern value. The going concern value is calculated on the basis of criteria such
as their strategic importance, the company's support or retention desire, the stock market price, the accounted net asset, the revalued net asset and forecasted elements.
Unrealised capital losses, calculated per line of securities,
are subject to impairment without compensation with capital gains in the security categories. Unrealised gains are not
recorded.
Securities recorded among equity investments and shares in
affiliated companies cannot be transferred to another accounting category.
Other long-term securities
These are securities acquired in the interest of developing
long-term business relationships by creating a special link
with the issuing company, without influence over the management of the company for which the securities are held due
to the low percentage of voting rights that they represent.
Other long-term securities are recorded at their acquisition
price, excluding fees.
They are marked on the balance sheet at the lower value of the
historical cost or the going concern value. The going concern
value, for listed or non-listed securities, corresponds to what
the company would agree to pay to obtain these securities if
the company had to acquire them, taking into account the
reason for their desire to hold these securities. Unrealised
capital losses are subject to a mandatory impairment.
Unrealised gains are not recorded.
Securities recorded among other long-term securities cannot
be transferred to another accounting category.
Reclassification of financial assets
In the interest of harmonisation and consistency with the
IFRS rules, the CNC (National Accounting Council) published
regulation no. 2008-17 of 10 December 2008 amending
CRBF regulation no. 90-01 relating to the accounting of securities transactions. This regulation includes the provisions
of opinion no. 2008-19 of 8 December 2008 relating to the
transferring of securities out of the “Trading securities”
183
Reclassification out of the “Trading securities” category to the
“Investment securities” and “Short-term investment securities”
categories is now possible in the two following cases: a.where an exceptional market situation requires a change in
strategy
b.where fixed-income securities which have already been acquired are no longer tradable on an active market and if the
institution has the intention and the capacity to hold them
either for the foreseeable future or up until their maturity.
Transfer from the “Short-term investment securities” category
to the “Investment securities” category applies on the date of
the transfer in one or another of the following conditions:
a.where an exceptional market situation requires a change
in strategy
b.where fixed-income securities are not tradable on an active
market.
In its circular of 23 March 2009, the CNC stated that "The
portfolio transfer options, and in particular the option to
transfer securities from the short-term investment portfolio
to the investment portfolio as set out in article 19 of CRB Rule
no. 90-01, prior to its amendment by CRC regulation 2008-17,
remain in force and are not revoked by this latest CRC
regulation.
As CRC regulation 2008-17 sets out additional inter-portfolio
transfer options, these new transfer options shall apply in addition to those defined previously, from the date upon which
this regulation comes into force, i.e. 1. July 2008."
As such, it remains possible to reclassify securities from the
short-term investment portfolio to the investment portfolio
by recording a change of intention, provided that all investment portfolio criteria are met on the transfer date.
2.3.5. Tangible and intangible assets
Accounting rules for assets are defined by:
• CRC regulation 2004-06 concerning the posting and valuation of assets, and
• CRC regulation 2002-10 concerning the depreciation and
impairment of assets.
Intangible assets
An intangible asset is a non-monetary asset without physical
substance. Intangible assets are recorded at their acquisition
cost, which includes the purchase price and the associated
fees. They are depreciated according to their probable duration of use.
Software is amortised over a maximum period of 5 years. The
share of supplementary depreciation from which software
may benefit in accordance with fiscal provisions is recorded as
accelerated depreciation.
Business is not subject to depreciation but is impaired where
applicable.
Leasing rights are depreciated on a straight-line basis over the
residual life of the lease and, where necessary, are subject to
impairment on the basis of the market value.
Tangible assets
A tangible asset is an asset which is physically held – whether
to be used in the production or supply of goods or services, to
be leased to third parties, or for purposes of internal management – and which the entity expects to use beyond the current financial year.
As constructions are assets comprising several elements with different uses from the outset, each element is accounted separately
at its acquisition value and an individual depreciation plan is applied to each of the components.
The depreciable amount is the gross value, minus the residual
value where this latter is measurable, significant and sustainable.
The main construction components are depreciated according to
the period over which the anticipated economic advantages will
be consumed, generally corresponding to the life of the asset:
Item
Useful life
Land
N/A
Non-destructible external walls
N/A
External walls/roofing/waterproofing
20 - 40 years
Foundations/frameworks
30 - 60 years
External refurbishment
10 - 20 years
Technical installations
10 – 20 years
Technical improvements
10 - 20 years
Interior fittings
8 - 15 years
Other tangible assets are recorded at their acquisition cost,
their production cost or their re-valued cost. The cost of assets
denominated in other currencies is converted into euros at the
exchange rate on the transaction date. Assets are depreciated
according to the period over which the anticipated economic
category and out of the “Short-term investment securities”
category.
184
advantages will be consumed, generally corresponding to the
life of the asset.
Where appropriate, assets may be subject to impairment.
Investment properties are non-operating assets and are recorded using the component method.
2.3.6. Debts in the form of securities
Debts in the form of securities are presented by nature: shortterm loan notes, interbank market securities and negotiable
debt securities, bonds and related securities, with the exclusion of subordinated securities which are classified in a specific line of the liabilities.
Non-due interest accrued on these securities is recorded in a
debt account offset against the income statement.
Issue costs are recognised for the entire financial year or for
the life of the corresponding loans. Issuing and redemption
premiums are spread over the life of the loan through a deferred charges account.
2.3.8.1. Employee benefits
Benefits paid to employees are recorded in accordance with
CNC recommendation no. 2003-R-01. They are divided into
four categories:
Short-term benefits
Short-term benefits chiefly comprise salaries, annual paid
holidays, profit sharing, shareholding and bonuses, which relate to the financial year under consideration and are paid
within 12 months of the year-end. The costs are recognised as
an expense for the financial year, including amounts remaining due at the year-end.
Long-term benefits
Long-term benefits are generally linked to length of service
and are paid to current employees after more than 12 months
from the end of the financial year. These are mainly long-service awards.
A provision is entered to the value of these commitments at
year-end, minus the value of the assets constituted to cover
these commitments.
2.3.7. Subordinated debt
Subordinated debt includes the proceeds from the issuance of
subordinated securities or loans, for both a fixed or unfixed duration, and security deposits of a mutual nature. Repayment, in
case of debtor liquidation, is only possible after all other creditors have been paid.
These commitments are valued based on an actuarial method incorporating demographic and financial assumptions, such as age, length
of service, probability of being present on the date the benefit is
granted and the discount rate. This calculation makes a load distribution over time depending on the period of staff employment (projected unit credit method).
Accrued interest to be paid on the subordinated debt is recorded in a debt account offset against the income statement.
Termination benefits
2.3.8. Provisions
This item includes provisions to cover risks and charges, whether
related or not related to banking transactions within the meaning
of article L311-1 of the French Monetary and Financial Code, and
related transactions as defined in article L311-2 of the same code,
clearly specified as to their purpose, and for which the amount or
due date cannot be precisely fixed. Unless covered by a specific law
or regulation, the formation of such provisions shall be subject to
the availability of an obligation owed to a third party and the lack
of an equivalent counterparty from the third party, in accordance
with the provisions of CRC regulation 2000-06.
It includes a provision for employee benefits, a provision for
counterparty risks and a home savings provision, as well as a
provision for fiscal risk.
These are benefits paid to employees at the end of their employment contract and before retirement, irrespective of
whether the employee is laid off or accepts voluntary redundancy. A provision is constituted to cover termination benefits.
Those paid more than 12 months after the period-end date
result in discounting.
Post-employment benefits
Post-employment benefits encompass payments on retirement, pensions and retirement benefits.
These benefits can be divided into two categories: defined contribution plans (which do not represent a commitment to be
funded by the company) and defined benefit plans (representing a commitment for the company, which must be valued and
funded).
185
The valuation method used is the same as that described
above for long-term benefits.
Recognition takes account of the value of the assets constituted to cover the commitments and unrecognised actuarial
elements.
Actuarial gains and losses on post-employment benefits, indicative of differences in the assumptions (early departures,
the discount rate, etc.) or ascertained from the actuarial assumptions and actual calculations (performance of plan assets, etc.) are amortised using the so-called corridor rule, i.e.
the part that exceeds a variation of plus or minus 10% of liabilities or assets. The annual charge in respect of defined benefit plans includes
the cost of services rendered in the year, the financial cost of
the updating of commitments, the expected returns on plan
assets and amortisation of any unrecognised elements.
Crédit Coopératif's commitments concern the following
schemes:
• pensions and similar benefits: retirement payments and retirement benefits
• other benefits: long-term service bonuses.
These commitments are calculated in accordance with the
provisions of CNC recommendation 2003-R-01 (see appendix
49 below).
2.3.8.2. Home savings provisions
Home savings accounts (CEL) and home savings plans (PEL) are
savings products offered to individuals whose characteristics
are defined by the 1965 law on home savings and the orders
made under this law.
The home savings system generates two types of commitments for institutions selling these products:
• the commitment in the future to grant loans to customers
at the contractually-agreed rate at the time of opening the
home savings plan, or at a rate that depends on the savings
phase for home savings accounts
• the commitment to remunerate savings in the future at the
contractually-agreed rate at the time of opening and for an
indeterminate period for home savings plans, or at a rate
set every six months according to an indexing formula laid
down by law for home savings accounts.
Commitments that entail potentially unfavourable consequences for the Group are evaluated for each generation of
home savings plan and for all home savings accounts.
The risks attached to such commitments are covered by a provision the amount of which is determined by discounting the
future results reached on the outstanding risks:
• outstanding risk savings are the uncertain future level of
savings plans existing at the date on which the provision is
calculated. This is estimated statistically, taking the subscriber saver behaviour into account, for each future period, using
the difference between probable savings outstanding and the
minimum expected savings outstanding.
• outstanding loans at risk correspond to the outstanding
amounts on loans already made but not yet due on the date of
calculation, and future loans estimated statistically, taking
customer behaviour and acquired and projected rights attaching to the home savings accounts and plans into account.
The results for future periods in the savings phase are calculated, for a given generation, by calculating the difference between the regulated rate offered and the expected remuneration for a competing savings product.
The results for future periods for the credit phase are determined by the difference between the fixed rate at the start of
the contract for PELs or a rate relating to the savings period
for the CEL contracts and the anticipated rate of the nonregulated environment.
When the algebraic sum of the measure of future commitments in the savings phase and the loan phase for the same
generation of contracts reflects a potentially unfavourable
position for the Group, a provision is constituted, with no offset between generations. Commitments are estimated using
the Monte Carlo method to reflect the uncertainty regarding
potential changes in rates and the consequences on modelled
future customer behaviour and on amounts outstanding at
risk.
The provision is entered in the balance sheet under liabilities
and variations are entered in net banking income.
2.3.9. Fund for general banking risks
These funds are intended to cover risks inherent in the
activities of the entity, in accordance with the requirements of
The Group’s employee benefits that are not covered by contributions entered as costs and paid into retirement or insurance
funds are recognised as liabilities in the balance sheet.
186
article 3 of CRBF regulation 90-02 and Banking Commission
instruction 86-05, amended.
and similar income" and "Interest and similar expenses".
Unrealised gains and losses are not recorded.
They also include amounts allocated to the Regional Solidarity
Fund as well as provisions created as part of the guarantee
mechanism.
Income and expenses relating to certain contracts, which constitute isolated open positions, are recorded in income in contract
settlements or on a pro rata basis according to the nature of the
instrument. Any unrealised losses detected in relation to market
value are subject to a provision. This value is determined on the
basis of the type of markets concerned (organised and similar or
over-the-counter). For organised markets, instruments are permanently listed and have sufficient liquidity to justify their valuation
at the market price. Unrealised gains are not recorded.
2.3.10. Financial futures
Hedging transactions and market transactions on financial
interest rate, currency or share futures are recognised in accordance with CRBF regulations 88-02 and 90-15, amended,
and Banking Commission instruction 94 -04 amended by instruction 2003-03.
Commitments related to these transactions are recorded in
off-balance-sheet accounts at the nominal value of the contracts. On the reporting date, the amount of these commitments represents the volume of transactions not yet settled at
closing.
The accounting principles applied vary depending on the nature of the instruments and the original intentions of the operators.
Firm transactions
Swaps and similar contracts (future rate agreements, floor and
ceiling rate guarantees) are classified based on the original
intention in the following categories:
• micro-hedging
• macro-hedging (balance sheet hedging)
• speculative positions/open, isolated positions
• specialised management of a transaction portfolio.
Amounts received or paid on the first two categories are recognised on a pro rata basis in the income statement.
Income and expenses on instruments used to hedge an item or
a set of homogeneous elements are recognised symmetrically
to the inclusion of income and expenses on the hedged items.
Income elements from the hedging instrument are recognised
in the same item as income and expenses concerning hedged
elements under "Interest and similar income" and "Interest
and similar expenses". The "Gains and losses on trading portfolios" item is used when the hedged items are included in the
trading portfolio.
Income and expenses relating to financial futures designed to
hedge and manage an overall rate risk are included on a pro
rata basis in the income statement under the items "Interest
Contracts covered by specialised management are valued using
the replacement cost or bond methods, after taking into account
a discount to reflect the counterparty risk and the present value
of future management fees. Changes in value from one accounting period to another are recorded immediately in the income statement under "Gains and losses on trading portfolios".
Cancellation or assignment adjustments are recognised as follows:
• for operations classed as specialised management or in an
open isolated position, the adjustments are reported immediately in the income statement
• for micro- and macro-hedging operations, the adjustments
are either depreciated over the remaining life of the formerly hedged element or reported immediately in the income statement.
The notional amount of the underlying instrument to which
the option or futures contract refers is recorded by distinguishing between hedging contracts and contracts traded
through market operations.
For operations on interest rate, exchange or share options, the
premiums paid or received are recorded in a suspense account.
At the end of the year, where these options involve products
listed on an organised market or similar, they are valued in the
income statement. For over-the-counter markets, a provision
is made for losses only. Unrealised gains are not recorded. At
the point of resale, redemption, exercise or expiry, the premiums are recorded immediately in the income statement.
For hedging operations, income and expenses are reported
symmetrically to those relating to the hedged item. Vendor
conditional instruments are not eligible for classification in
macro-hedging.
187
The over-the-counter market can be likened to organised markets where institutions that act as market makers ensure permanent trading in realistic ranges, or where the underlying
financial instruments are themselves listed on an organised
market. Changes in the value of unlisted options are determined by a mathematical calculation.
Commission and costs associated with the granting or acquisition of financial support are similar to supplementary interest and are spread over the effective life of the credit, on a pro
rata basis according to the capital remaining due.
2.3.11. Interest and similar – Commission
• commission paid in return for an instantaneous service: recorded once the services have been delivered
• commission paid in return for an ongoing service or a discontinuous service with several, successive due dates
spread over time: recorded as appropriate over the delivery
of the service.
Commission and costs associated with the granting or acquisition of financial support are similar to supplementary interest and are spread over the effective life of the credit, on a pro
rata basis according to the capital remaining due.
Other commission is recorded according to the nature of the
service: 2.3.13. Corporation tax
The tax charge which appears on the income statement represents corporation tax due for the financial year and the tax
provision for tax-related IEGs.
• commission paid in return for an instantaneous service: recorded once the services have been delivered
• commission paid in return for an ongoing service or a discontinuous service with several, successive due dates
spread over time: recorded as appropriate over the delivery
of the service.
As of the 2010 financial year, the Caisses d’Epargne and
Banques Populaires have benefited from the provisions of article 91 of the finance law amendment for 2008, which extends the fiscal integration mechanism to mutual banking
networks.
2.3.12. Income from variable-income securities
The institution has signed a fiscal integration agreement with
its parent company, which ensures that the tax debt which it
would have had to pay in the absence of mutual fiscal integration is recorded in its accounts.
Interest and commission similar in nature to interest are recorded in the income statement on a pro rata basis.
Interest and commission similar in nature to interest are recorded
in the income statement on a pro rata basis.
Other commission is recorded according to the nature of the
service:
188
III. Other information
➔➔3.1. Consolidation
The individual accounts are included in the consolidated financial statements of Groupe BPCE.
Pursuant to article 1. of CRC regulation 99-07, Crédit Coopératif
prepares consolidated financial statements in accordance with
international accounting standards.
➔➔3.2. Statutory Auditors' fees (according to
decree no. 1487 of 30 December 2008)
KPMG
In thousands of euros (exc. tax)
Financial year
2012
Amount
Audit
Statutory audit, certification, examination of individual
and consolidated financial statements
SOFIDEEC
Financial year 2011
%
Amount
%
Financial year
2012
Amount
Financial year 2011
%
Amount
%
200
100
195
100
178
100
174
100
200
100
195
100
178
100
174
100
Other verifications and services directly linked to the
task of the statutory auditors
TOTAL
➔➔3.3. Guarantee commitments given in the
context of refinancing provisions
➔➔3.6. Remuneration, advances, credits and
liabilities for the benefit of Administration and
Management bodies At 31 December 2012, receivables given as collateral in refinancing specifically include:
• €1,794,262K of assigned accounts receivable from Banque
de France as part of the TRICP process (€1,165,608K at 31
December 2011)
• €158,740K of pledged receivables from SFEF (€180,439K at
31 December 2011)
• €28,827K of assigned accounts receivable from Banque de
France as part of the mortgaging refinancing fund
(€28,213K at 31 December 2011)
• €54,592K of assigned accounts receivable from BPCE SFH
(€48,698K at 31 December 2011).
➔➔3.4. Personnel
The average number of serving personnel during the 2012 financial year was:
Clerical workers Executives
Total
699
• Total amount of remuneration and retirement commitments allocated for the 2012 financial year: -- to Administration bodies. . . . . . . . . . . . . . . . €494 million
-- to Management bodies . . . . . . . . . . . . . . . . . €445 million
• Total amount of advances and credit granted in 2012: -- to Administration bodies . . . . . . . . . . . . . . . €135 million
-- to Management bodies. . . . . . . . . . . . . . . . . . . . . €0 million
➔➔3.7. Individual right to training
Under the individual right to training, acquired rights amounted to 135,919.08 hours at 31 December 2012, of which
133,711.23 hours remain available. ➔➔3.8. Sovereign risk exposure
Crédit Coopératif has no direct exposure to sovereign risks,
other than the states of France and Belgium.
840
1,539
➔➔3.5. Incentives
An incentive agreement was signed by Crédit Coopératif on
30 June 2010, for a period of three years from 1 January 2010.
In line with this agreement, an expense has been recorded in
payroll.
IV. Information on the following items:
balance sheet, off-balance-sheet and
income statement
-- Balance sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . notes 1-36
-- Off-balance-sheet. . . . . . . . . . . . . . . . . . . . . . . notes 37-41
-- Income statement. . . . . . . . . . . . . . . . . . . . . . . notes 42-53
189
Appendix 1. Central banks, giro accounts,
government securities and interbank receivables
2012
2011
Funds, central banks, giro accounts
344,325
147,150
317,959
350,926
1,716,924
2,316,684
Receivables relating to credit institutions
- on demand
- fixed term
37,766
726,652
1,667,279
1,580,794
11,879
9,238
2,379,208
2,814,760
- net doubtful debts
- country risk provisions affected
- non-allocated securities
- related receivables
Total
Of which affiliated companies
Of which BPCE network
1,991
10,776
84,717
686,883
Appendix 2. Breakdown by remaining term
< 3 months
3 months
<T< 1 year
1 year
<T< 5 years
> 5 years
not broken
down
Total at maturity
Assets
Receivables relating to credit
institutions
Receivables relating to customers
317,959
2,845
55,133
75,383
184,598
712,730
176,479
425,472
402,183
60
1,716,924
15
8,814,464
1,541,234
649,138
2,862,883
3,761,194
Leasing receivables
21,270
58,693
152,934
10,178
243,075
Bonds and other fixed-income
securities
17,107
197,000
306,733
246,015
766,855
2,295,186
1,136,443
3,823,405
4,604,168
Total
75
11,859,277
Liabilities
Payables to customers
Subordinated loans
Total
2,518,979
492,025
367,614
1,063,951
595,389
6,791,903
222,579
338,988
23,094
7,376,564
318,797
559,108
651,630
331,726
1,861,261
24,858
7,627,583
69,999
1,149,301
2,124,568
950,209
16,346
111,203
16,346
11,868,007
Payables to credit institutions
190
Appendix 3. Details of government securities
In thousands of
euros
2012
Trading
Short-term
investment
2011
Investment
Gross amounts
Total
Trading
Short-term
investment
Investment
Total
315,114
315,114
342,101
342,101
2,845
2,845
8,825
8,825
317,959
317,959
350,926
350,926
Impairment
Related receivables
Total
Appendix 4. Performing interbank receivables
2012
On demand
Accounts and loans
37,766
2011
Fixed term
Total
On demand
1,401,246
1,439,012
234,118
Fixed term
726,652
Total
1,293,538
2,020,190
234,118
254,928
254,928
31,855
31,855
32,268
32,268
60
60
60
60
1,667,279
1,705,045
1,580,794
2,307,446
Financial loans
Repo amounts received
Repo securities received
Fixed-term subordinated loans
Non-fixed-term subordinated loans
Total
37,766
726,652
Appendix 5. Operations involving customers - Assets
2012
2011
622,313
Commercial debts
170,506
189,099
7,761,167
6,771,646
Other aid to customers
Related receivables and non-posted items
Net doubtful debts
404,462
29,369
34,032
231,109
190,896
8,814,464
7,590,135
Impairment for country risk affected
Total
191
Appendix 6. Details of other aid to customers
2012
Credit for export
Liquidity and consumer credit
Credit for equipment
Home loans
Other customer loans
2011
5,187
9,172
365,092
328,706
6,361,645
5,585,118
936,695
824,061
19,579
18,375
Repo amounts received
Repo securities received
56,600
Subordinated loans
Total
16,369
6,214
7,761,167
6,771,646
Appendix 7. Equipment leasing and operating leasing
2012
Equipment
leasing
Customer amounts outstanding (financial
amounts outstanding)
Temporarily non-leased property
Impairment
Net doubtful loans outstanding
Related receivables
Total
Operating
leasing
2011
Equipment
leasing
Total
Operating
leasing
Total
243,075
243,075
211,911
211,911
1,033
1,033
1,303
1,303
(77)
(77)
(190)
(190)
15,504
15,504
15,234
15,234
304
304
327
327
259,839
259,839
228,585
228,585
Appendix 8. Changes in leasing and similar operations
2011
Increases
Decreases
2012
Leasing
428,485
127,896
88,042
468,339
(209,916)
(83,755)
(74,381)
(219,290)
Impairment
(190)
(237)
Related receivables
2,783
Gross fixed asset values
Depreciation
Total
221,162
43,904
(349)
(78)
(622)
3,405
12,690
252,376
Article 29 provisions
192
Appendix 9. Breakdown of amounts outstanding by economic agent
2012
Credit
institutions
Operations involving
credit institutions
Non-financial
companies
Sole traders
Individuals
Private
administrations
Public
admin.
and social
security
Other
1,716,924
Total
1,716,924
Operations involving customers and leasing
Performing amounts
outstanding
Doubtful debts
5,220,237
48,865
802,793
2,268,556
568,706
91,127
9,000,283
274,424
17,015
44,751
138,095
3
8,165
482,454
Not compromised
136,836
8,492
22,337
68,921
2
4,076
240,664
Compromised
137,588
8,523
22,414
69,174
2
4,090
241,790
(132,290)
(8,540)
(22,566)
(69,263)
(4,111)
(236,771)
Impairment of
doubtful debts
/assets
Not compromised
(50,597)
(3,316)
(8,776)
(26,885)
(1,598)
(91,172)
Compromised
(81,693)
(5,224)
(13,790)
(42,378)
(2,513)
(145,599)
Of which:
Subordinated debt
Subordinated doubtful debt
Impairment of subordinated
doubtful debt
227,614
1,498
8
13,964
45
251
243,379
Doubtful debts
relating to leasing
Debts relating to leasing
16,811
111
1
1,031
3
19
17,975
Impairment of doubtful
debts relating to leasing
(2,311)
(15)
(3)
(2,471)
Impairment of debts relating
to leasing
(72)
(142)
(4)
(77)
Debts relating to fixedincome securities
458,620
105,122
Doubtful debts relating
to securities
49,918
3,788
53,706
(44,588)
(3,788)
(48,375)
debts relating to securities
196,750
760,492
193
The
data for the 2011
year were as follows:
Appendix
9. financial
Breakdown
of amounts
outstanding by economic agent
2011
Credit
institutions
Operations involving
credit institutions
Non-financial
companies
Sole traders
Individuals
Private
administrations
Public
admin.
and social
security
Other
2,316,684
Total
2,316,684
Performing amounts
outstanding
Doubtful debts
4,494,120
46,923
742,854
2,037,798
413,546
67,132
7,802,373
258,176
14,339
37,175
110,592
4
9,196
429,482
Not compromised
120,189
6,823
17,744
52,613
1
4,383
201,754
Compromised
137,987
7,516
19,431
57,980
2
4,813
227,728
(133,041)
(7,464)
(19,380)
(57,564)
(2)
(4,791)
(222,242)
Not compromised
(44,608)
(2,722)
(7,146)
(20,970)
(1,757)
(77,203)
Compromised
(88,433)
(4,743)
(12,234)
(36,594)
(2)
(3,033)
(145,039)
Impairment of
doubtful debts
Of which:
Subordinated debt
6,219
15
6,235
Subordinated doubtful
debt
Impairment of subordinated
doubtful debt
Debts relating to leasing
Doubtful debts
relating to leasing
debts relating to leasing
Impairment of debts
relating to leasing
198,731
1,387
67
11,608
27
418
212,238
28,726
200
10
1,678
4
60
30,678
(13,240)
(92)
(4)
(773)
(2)
(28)
(14,140)
(178)
(1)
(10)
(190)
Debts relating to fixedincome securities
810,507
140,778
Doubtful debts relating
to securities
52,560
3,725
56,285
(45,683)
(3,725)
(49,408)
1,149,863
debts relating to securities
198,578
194
Appendix 10. Securities portfolio
In thousands of
euros
2012
Trading
Short-term
investment
Bonds and similar items
Gross values
Impairment
Net values
Shares and similar items
Gross amounts
Impairment
Net values
Total
2011
Investment
228,752
(3,818)
224,934
TAP
Total
Short-term
investment
Trading
815,261
(48,406)
766,855
586,509
(44,588)
541,921
Investment
445,068
(3,743)
441,325
TAP
Total
1,206,165
(49,426)
1,156,739
761,097
(45,683)
715,414
66
33,485
(880)
9,749
(1,850)
43,300
(2,730)
62
66,943
(1,765)
9,275
(1,362)
76,280
(3,127)
66
32,605
7,900
40,570
62
65,178
7,913
73,153
66
257,539
7,900
807,425
62
506,503
7,913
1,229,892
541,921
2012
Gross book
value
Short-term investment and portfolio
activity securities (excluding loaned
securities)
715,414
Variable-income securities
Investment securities (excluding loaned securities)
Market
value
Redemption
value
224,500
224,856
43,234
41,730
525,249
576,521
Unrealised Unrealised
capital gain capital loss
224,363
Impairment
360
30
30
1,226
2,730
2,730
517,950
Appendix 11. Bonds and other fixed-income securities
2012
Trading
Short-term
investment
2011
Investment
Total
Trading
Short-term
investment
Investment
Total
Gross values
Listed securities
193,308
193,308
195,145
195,145
99,691
99,691
132,876
132,876
224,500
232,250
456,750
439,897
367,700
807,597
3,788
49,918
53,706
3,725
52,560
56,285
464
11,342
11,806
1,446
12,816
14,262
228,752
586,509
815,261
445,068
761,097
1,206,165
9,380
2,250
11,630
9,484
2,700
12,184
(3,818)
(3,743)
(44,588)
(44,588)
(45,683)
(45,683)
(3,818)
(44,588)
(48,406)
(3,743)
(45,683)
(49,426)
224,934
541,921
766,855
441,325
715,414
1,156,739
issued by public bodies
other issuers
Unlisted securities
issued by public bodies
other issuers
Loaned securities
Borrowed securities
Doubtful debts
Related receivables
Gross values sub-total
of which subordinated
securities
Impairment and Provisions
Impairment of doubtful debts
(3,818)
Impairment
(3,743)
Country risk provisions
Provisions sub-total
Total
195
Appendix 12. Shares and other variable-income securities
2012
Trading
Short-term
investment
2011
TAP
Total
Short-term
investment
Trading
TAP
Total
Gross values
2011
Listed securities
Capitalisation UCITS
other UCITS
other securities
66
796
730
62
792
730
Unlisted securities
Capitalisation UCITS
other UCITS
32,288
64,640
(466)
9,749
9,283
403
9,275
9,678
32,552
9,749
42,367
65,773
9,275
75,110
(67)
(82)
(814)
(1,849)
(2,663)
(1,682)
(1,362)
(3,044)
(881)
(1,849)
(2,730)
(1,764)
(1,362)
(3,126)
31,671
7,900
39,637
64,009
7,913
71,984
32,288
other securities
64,640
Related receivables
Gross values sub-total
66
62
Impairment
of listed securities
(67)
of unlisted securities
(82)
of own shares
Provisions sub-total
Total
66
62
Appendix 13. Changes in investment securities
2011
Purchases
Disposals
Redemptions
Conversion
Discount/
premium
Transfers
Overall
reclassification
Other
variations
2012
Government securities
Gross value
342,101
150,000
(176,000)
(986)
(168,450)
(2,022)
315,115
Income from disposals carried
out
Bonds and other FISs
Gross value
761,097
(65,376)
525,249
Income from disposals carried
out
The institution has not reclassified any assets.
Appendix 14. Holdings, shares in affiliated companies
and other long-term securities
Gross financial assets
Impairment
Net financial assets
Related and other receivables
Total
2012
2011
451,183
429,264
(4,948)
(1,583)
446,235
427,681
640
1,100
1,701
448,576
428,781
196
Appendix 15. Changes in equity investments and similar
2011
Increases
Conversions
Decreases
Other
variations
2012
Gross values
304,416
21,714
(143)
(26)
124,530
4,966
(5,078)
488
429,264
26,680
(5,221)
462
(1,583)
(3,542)
(1,583)
(3,542)
178
427,681
23,138
(5,043)
Shares in property investment companies
(2)
124,906
318
318
Sub-total
325,959
(2)
451,183
99
105
(4,921)
79
(105)
Impairment
Sub-total
Net financial assets
(26)
(4,947)
462
(2)
446,236
Appendix 16. Tangible and intangible assets
2012
Gross
values
Depreciation
2011
Impairment
Net values
Gross
values
Depreciation
Impairment
Net values
Operating assets
Intangible assets
4,999
(4,592)
Tangible assets
38,371
(12,828)
Sub-total
43,370
(17,420)
Non-operating assets
Total
535
(302)
43,905
(17,722)
(407)
4,999
(4,592)
25,543
37,907
(12,045)
(407)
25,543
42,906
(16,637)
233
535
(292)
(407)
25,776
43,441
(16,929)
(407)
25,862
(407)
25,862
(407)
26,105
243
197
Appendix 17. Changes in operating and non-operating assets
2011
Increases
Decreases
Other
2012
Gross values
Intangible operating assets
Leasehold rights and trade goodwill
4,999
4,999
4,999
4,999
Software
Other
Sub-total
Tangible operating assets
Land
1,971
Buildings
20,333
15,332
Other
Sub-total
1,971
476
(15)
20,794
15,332
271
3
37,907
479
274
(15)
38,371
535
535
(4,999)
(4,999)
(4,999)
(4,999)
Depreciation and impairment
Intangible operating assets
Leasehold rights and trade goodwill
Software
Other
Sub-total
Tangible operating assets
Land
Buildings
Other
Sub-total
(11,983)
(778)
(62)
(5)
(12,761)
(67)
(12,045)
(783)
(12,828)
(292)
(10)
(302)
Appendix 18. Tangible operating assets - breakdown of buildings
2012
Gross
values
Depreciation
and impairment
Net
values
Buildings
366
366
External walls/roofing/waterproofing
1,659
(585)
1,074
Foundations/frameworks
3,265
(1,267)
1,998
168
(41)
127
3,868
(2,008)
1,860
External refurbishment
Technical installations
Interior fittings
11,468
(8,860)
2,608
Total
20,794
(12,761)
8,033
Non-destructible external walls
198
Appendix 19. Accruals and miscellaneous assets
2012
2011
Other assets and miscellaneous applications of funds
341,293
Accruals
211,425
193,518
142,471
Total
552,718
335,989
Appendix 20. Other assets and miscellaneous applications of funds
2012
Conditional instruments purchased
Settlement of securities transactions
2011
445
504
63,353
6,741
277,495
186,273
341,293
193,518
Property development
Other stocks and miscellaneous applications of funds
Miscellaneous receivables
Net doubtful debts
Related receivables
Total
Appendix 21. Accruals – Assets
2012
Collection accounts
2011
47,892
44,527
Adjustment accounts
Variance accounts
Potential losses on open hedging contracts
126
278
Pre-paid charges
Potential losses on settled hedging contracts
2,315
2,424
Deferred income
22,249
24,798
1,841
1,877
Issue premiums to be carried forward
Other expenses to be allocated
Other accruals
137,002
68,567
Total
211,425
142,471
Appendix 22. Central banks, giro accounts and debts relating to
credit institutions
2012
2011
Central banks, giro accounts
Accounts and borrowings
on demand
fixed term
Other sums due
Related receivables
Total
Of which the Banques Populaires network
293,232
179,441
2,203,841
1,759,492
471
475
21,435
17,791
2,518,979
1,957,199
264,911
335,371
143,304
80,583
199
Appendix 23. Details of interbank resources
2012
On demand
Current accounts in credit
Fixed term
293,232
2011
Total
On demand
293,232
2,203,841
2,203,841
2,203,841
2,497,073
Fixed term
Total
179,441
179,441
1,759,492
1,759,492
1,759,492
1,938,933
Amounts delivered in repo
Securities delivered in repo
Total
293,232
179,441
Appendix 24. Operations involving customers - Liabilities
2012
2011
on demand
6,438,526
5,280,914
943,561
745,009
96,412
77,804
fixed term
Guarantee deposits
Other sums due
7,198
6,918
7,485,697
6,110,645
Related receivables
Total
Appendix 25. Details of customer accounts - Liabilities
2012
On demand
Fixed term
2011
Total
On demand
Fixed term
Total
2,786,618
125,308
2,911,926
1,784,570
118,405
1,902,975
3,651,908
527,061
4,178,969
3,496,344
359,642
3,855,986
113,356
113,356
110,851
110,851
Loans to financial customers
Amounts delivered in repo
Securities delivered in repo
Total
6,438,526
177,836
177,836
943,561
7,382,087
5,280,914
156,111
156,111
745,009
6,025,923
Appendix 26. Debts in the form of securities
Short-term loan notes and savings bonds
Interbank market securities
Negotiable debt securities
2012
2011
67,145
165,261
20,000
20,000
1,515,263
2,441,216
575,790
1,159,929
subscribed by credit institutions
subscribed by financial customers
68,000
203,000
subscribed by customers
871,472
1,078,287
251,928
383,428
Bonds issued
Other debts in the form of securities
Related receivables
Total
6,925
26,744
1,861,261
3,036,649
Issuing and redemption premiums remaining for depreciation total €1,590K. The non-depreciated amount represents the difference between the
initially received amount and the redemption price of debts in the form of securities.
of which:
200
Appendix 27. Accruals and miscellaneous liabilities
2012
2011
Other liabilities
84,113
97,666
Accruals
131,178
156,475
Total
215,291
254,141
Appendix 28. Other liabilities
2012
2011
Conditional instruments sold
194
257
Settlement of securities transactions
369
32
Deferred tax liabilities
Securities liabilities
Outstanding payments for securities not fully paid
Miscellaneous creditors
4,721
6,367
78,644
90,825
185
185
84,113
97,666
Investment grant
Allocated public funds
Related receivables
Total
Appendix 29. Accruals - Liabilities
2012
Collection accounts
2011
39,248
52,266
50
1,734
22,028
18,512
Charges to be paid
47,425
42,097
Other accruals
22,427
41,807
131,178
156,475
Adjustment accounts
Variance accounts
Potential gains on open hedging contracts
Potential gains on settled hedging contracts
59
Pre-paid income
Total
Appendix 30. Summary of impairment and provisions
2011
Increases
Decreases
Other
2012
Provisions deducted from assets
Impairment for doubtful debts
Impairment for market risks
271,733
67,599
(40,843)
5,324
4,439
(1,571)
1
298,489
8,193
277,057
72,038
(42,414)
1
306,682
10,260
2,628
(1,834)
11,054
16,924
1,397
(1,226)
17,095
469
333
(154)
648
28,797
Total impairment
Provisions for liabilities
Provisions for counterparty risk
Provisions for impairment risks
Provisions for operating costs
Extraordinary provisions
Total provisions for liabilities
Total
27,653
4,358
(3,214)
76,396
(45,628)
Effect on income
30,768
201
Appendix 31. Provisions for liabilities
2011
Increases
Decreases
Other
variations
2012
Provisions for off-balance-sheet commitments
Sectoral provisions
Provisions for customer disputes
10,260
2,628
(1,834)
11,054
10,260
2,628
(1,834)
11,054
Other customer provisions
Expenses to be allocated
Retirement benefits
Long-service awards
10
319
459
14
(154)
329
319
469
333
(154)
648
16,924
1,397
(1,226)
17,095
16,924
1,397
(1,226)
17,095
27,653
4,358
(3,214)
28,797
VCF
Mutual funds
Other
Provisions for impairment risks
Securities portfolio and financial futures
Financial assets
Property development
Other assets
Provisions for future operating costs
Provisions for taxes and duties
Other operating provisions
Extraordinary provisions
Provisions for IT restructuring
Provisions for extraordinary restructuring
Other extraordinary provisions
Total
Appendix 32. Hedging of doubtful receivables
2012
Gross values
Impairment
2011
Net values
Gross values
Impairment
Net values
Doubtful
Doubtful and compromised
482,454
(236,771)
245,683
429,482
(222,242)
207,240
Doubtful
240,664
(91,172)
149,492
201,754
(77,203)
124,551
241,790
(145,599)
96,191
227,728
(145,039)
82,689
53,706
(48,375)
5,331
56,285
(49,408)
6,877
Securities portfolio and miscellaneous debtors
Total doubtful receivables
53,706
(48,375)
5,331
56,285
(49,408)
6,877
536,160
(285,146)
251,014
485,767
(271,650)
214,117
Doubtful
240,664
(91,172)
149,492
201,754
(77,203)
124,551
295,496
(193,974)
101,522
284,013
(194,447)
89,566
Doubtful
202
Appendix 33. Subordinated debt
2012
2011
69,999
16,345
16,346
24,445
23,558
414
1,898
111,203
158,799
Related receivables
Total
Issue date
Currency
29/01/86
EUR
Issue
amount
116,997
Capital outstanding
Maturity date
Reference
rate
22,867
Undated
Average
monthly
yield on
bonds
16,345
16,346
30,000
31/12/12
31/12/11
Participating securities (1)
CC PARTICIPATING SECURITY
Other subordinated securities (2)
CREDIT COOP 4% 17/12/14 TSR 17/12/04
EUR
30,000
17/12/14
4 %
30,000
CREDIT COOP 4.15% 17/11/16 TSR 17/11/06
EUR
40,000
17/11/16
4.15 %
39,999
CCCC 6% 28/06/12 B TSR 28/06/02
EUR
47,000
28/06/12
6 %
Total
139,867
39,999
46,998
86,344
133,343
1- Participating securities:
these are non-redeemable, except at par in the event of liquidation. Crédit Coopératif reserves the right to buy these securities back through the market (Public Offer for
Purchase (“OPA”))
and to offer to exchange them (Public Offer for Exchange (“OPE”)).
2- Subordinated securities:
in the event of liquidation, these securities will be redeemed to the holders after paying off all preferential or unsecured creditors. Crédit Coopératif
reserves the right to apply early impairment through buy-backs on the market, and to buy these securities back through Public Offers for Purchase (“OPA”) or Public Offers
for Exchange (“OPE”).
Appendix 34. Fund for general banking risks
2011
Mutual Guarantee Fund
9,729
Regional Solidarity Fund
15,717
General Fund
Total
Increases
Decreases
Other variations
(2,952)
2012
6,777
15,717
1,700
3,300
27,146
3,300
5,000
(2,952)
27,494
203
Appendix 35. Equity capital
Equity capital at 31/12/07 before allocation
Capital (1)
493,719
Issue
premiums
142,964
Reg.
prov.
& inv.
grants
3,358
Profit at 31/12/07
Distribution
Equity capital at 31/12/07 after allocation
493,719
142,964
3,358
Reserves
Revalua- and balance
tion diff.
carried
forward
Equity
capital
excluding
FGBR
FGBR
23,389
Equity
capital
117,255
757,296
64,683
64,683
780,685
64,683
(15,951)
(15,951)
(15,951)
165,987
806,028
23,389
829,417
(1,359)
(1,359)
22,030
829,302
Capital increase
Changes in method
Net allocation to regulated provisions
1,244
1,244
Net allocation to FGBR
1,244
Other variations
493,719
142,964
4,602
Profit at 31/12/08
Distribution
Capital increase
493,719
142,964
4,602
165,987
807,272
18,759
18,759
18,759
(17,055)
(17,055)
(17,055)
167,691
808,976
41,837
22,030
41,837
831,006
41,837
Changes in method
89
89
89
(12,728)
(12,728)
9,302
860,204
Other variations
535,556
142,964
4,691
Profit at 31/12/09
Distribution
535,556
Capital increase
208,163
142,964
4,691
167,691
850,902
18,807
18,807
18,807
(14,360)
(14,360)
(14,360)
172,138
855,349
9,302
208,163
864,651
208,163
Changes in method
(241)
(1,162)
(1,162)
(1,162)
(12,404)
(12,645)
(12,645)
6,524
6,524
15,826
1,065,531
Other variations
743,719
142,964
4,450
Profit at 31/12/10
Distribution
743,719
142,964
4,450
158,572
1,049,705
20,661
20,661
20,661
(16,583)
(16,583)
(16,583)
162,650
1,053,783
15,826
1,069,609
11,320
11,320
27,146
1,080,944
Capital increase
Changes in method
15
15
15
Other variations
743,719
142,964
4,465
Distribution
743,719
Capital increase
62,500
142,964
4,465
162,650
1,053,798
21,296
21,296
21,296
(18,033)
(18,033)
(18,033)
165,913
1,057,061
27,146
62,500
1,084,207
62,500
Changes in method
(1,229)
(1,229)
(1,229)
348
348
27,494
1,145,826
Other variations
806,219
142,964
3,236
Profit at 31/12/12
165,913
1,118,332
22,623
22,623
188,536
1,140,955
22,623
Distribution
806,219
142,964
3,236
27,494
1,168,449
(1) Equity capital breakdown at 31/12/2012: 3,103,072 A shares, 25,972,487 B shares, 12,374,958 C shares and 10,573,361 cooperative certificates of investment; all of
these shares have a unit value of €15.25.
Profit at 31/12/11
204
Appendix 36. Allocation of income
Proposed allocation of income (in euros)
Amount
Determination of income to allocate
Profit for the financial year
22,623,114.02
Profit carried forward
3,167,610.84
Drawing from statutory reserve
Profit to be allocated
25,790,724.86
Allocation of profit
Legal reserve (15% of 22,623,114.02) 3,393,467.00
Statutory reserve
Special investment reserve
Other reserves
Dividends on A shares
Dividends on B shares
9,002,814.97
Dividends on C shares
5,044,876.43
Dividends on CCI shares
4,030,000.00
Rebate
500,000.00
Profit carried forward
3,819,566.46
Total
25,790,724.86
Appendix 37. Financing commitments
2012
2011
Financing commitments provided
To credit institutions
452,009
218,061
To customers
533,913
656,272
New letters of credit
Other new confirmed credits
Other commitments
16,240
15,717
476,904
604,729
40,769
35,826
Total
985,922
874,333
238,669
191,929
1,315,270
605,490
1,315,270
605,490
Financing commitments received
From credit institutions
From customers
Total
Appendix 38. Guarantee commitments
2012
2011
On behalf of credit institutions
confirmation of new letters of credit
other guarantees
On behalf of customers
20,434
39,453
3,434
5,570
16,999
33,883
1,097,575
1,135,552
property surety
44,553
46,715
administrative and fiscal surety
51,364
49,275
other surety and guarantees provided
538,051
491,372
other guarantees provided
463,607
548,190
Total
1,118,009
1,175,005
Guarantee commitments received from credit institutions
1,167,813
1,114,654
477,928
466,844
59,005
44,794
Of which BPCE network
205
Appendix 39. Operations involving financial futures
Notional and fair value
2012
Hedging
2011
Other operations
Total
Hedging
Other operations
Total
Firm transactions
Transactions on organised markets
Interest rate contracts
135
135
Currency contracts
5,554
5,554
4,699
4,699
5,554
5,554
4,834
4,834
4,672,112
3,697,113
30,320
21,241
102,700
4,702,432
3,718,354
to be received
90,478
to be delivered
10,211
Financial assets
Over-the-counter transactions
Future interest rate agreements
Interest rate swaps
Other futures contracts
4,569,412
102,700
44,700
3,741,813
44,700
3,763,054
90,478
70,594
70,594
10,211
6,333
6,333
35,315
35,315
12,660
12,660
9,774
9,774
4,692
4,692
145,778
145,778
94,279
94,279
248,478
4,853,764
138,979
3,862,167
30,320
4,599,732
21,241
Future currency contracts
Brokerage swaps
Financial swaps
to be received
to be delivered
Other currency contracts
to be received
to be delivered
Total firm transactions
4,605,286
3,723,188
Transactions on organised markets
Interest rate options
purchased
sold
Currency options
purchased
sold
Other options
purchased
sold
Over-the-counter transactions
purchased
150,772
150,772
141,114
141,114
sold
135,548
135,548
123,918
123,918
286,320
286,320
265,032
265,032
286,320
286,320
265,032
5,140,084
3,988,220
Currency options
purchased
sold
Other options
sold
Total conditional transactions
Total financial and currency futures
instruments
4,891,606
248,478
265,032
138,979
4,127,199
Commitments on interest rate derivatives traded over the counter mainly consist of interest rate swaps and FRAs for fixed-term transactions and rate guarantee
agreements for conditional transactions.
Commitments on currency instruments traded over the counter mainly consist of currency swaps.
purchased
206
Appendix 40. Classification of financial futures by portfolio
2012
Microhedging
Macrohedging
Isolated
open
position
2011
Total
Trading
Isolated
open
position
Macrohedging
Microhedging
Trading
Total
Firm transactions
Future interest rate
agreements
Interest rate swaps
3,129,412
1,440,000
102,700
4,672,112
2,757,113
30,320
21,241
1,440,000
102,700
4,702,432
2,778,354
150,772
141,114
940,000
44,700
3,741,813
940,000
44,700
3,763,054
Interest rate and currency
swaps
Other futures contracts
30,320
3,159,732
21,241
purchased
150,772
Interest rate options sold
Total
141,114
135,548
135,548
123,918
123,918
286,320
286,320
265,032
265,032
4,988,752
3,043,386
3,446,052
1,440,000
102,700
940,000
44,700
4,028,086
Appendix 41. Information on over-the-counter transactions
2012
Contracts
Information on derivatives
Nature of over-the-counter contracts
Notional amount
(including conditional instruments purchased)
Breakdown by remaining term (excluding conditional instruments sold)
< 1 year
< 1 year and > 5 years
> 5 years
Gross replacement cost
Positive
Negative
Potential credit risk for operations
Credit risk for contracts traded over-the-counter
Weighting
Positive gross replacement cost
Positive net replacement cost
Potential credit risk
Equivalent credit risk before security
Security
Equivalent credit risk after security
relating to
interest rates
4,853,204
150,772
relating to
currency rates
145,777
937,877
2,157,151
1,758,177
145,555
222
117,853
131,556
40,190
Credit inst.
20 %
34,362
14,044
18,833
32,877
6,057
26,820
770
838
1,467
Customers
50 %
76,995
76,995
14,183
91,179
91,179
BP
0 %
7,266
7,266
8,640
15,906
15,906
Appendix 42. Interest and similar income and expenses
2012
Income
Operations involving credit institutions
Operations involving customers
Expenses
2011
Net
Income
Expenses
Net
34,784
(36,802)
(2,018)
39,220
(36,736)
2,484
292,237
(66,124)
226,113
279,220
(51,989)
227,231
(9,871)
81,159
(83,652)
(2,493)
81,950
(91,821)
Subordinated debt
3,305
(4,724)
(1,419)
1,072
(6,483)
(5,411)
Other
4,472
(9,958)
(5,486)
1,862
(3,269)
(1,407)
Total
415,957
(201,260)
214,697
403,324
(190,298)
213,026
207
Appendix 43. Income and expenses from leasing and
purchase-option rental operations
2012
Income
Leasing and financial leasing operations
Rent
Income from disposal
Impairment
Depreciation
Other income and expenses
2011
Expenses
Net
Income
Expenses
Net
96,833
2,905
349
/////////
2,414
102,501
/////////
(8,180)
(237)
(83,755)
(264)
(92,436)
96,833
(5,275)
112
(83,755)
2,150
10,065
87,590
3,046
182
/////////
1,070
91,888
/////////
(6,919)
(308)
(76,618)
(256)
(84 101)
87,590
(3,873)
(126)
(76,618)
814
7,787
102,501
(92,436)
10,065
91,888
(84,101)
7,787
Operating lease operations
Rent
Income from disposal
Impairment
Depreciation
Other income and expenses
Total
Appendix 44. Income from variable-income securities
2012
2011
Dividends received on investment securities
Dividends received on portfolio activity securities
Dividends received on equity and related securities
21
102
2,707
25
122
5,136
Total
2,830
5,283
Appendix 45. Income from investment portfolio
Impairment
Impairment reversals
Losses on disposals
Gains on disposals
Other items
2012
Short-term
investment
(173)
1,045
(67)
1,022
21
Total
2011
102
(660)
1,045
(67)
1,022
123
Short-term
investment
(1,194)
4,257
(5,186)
2,227
25
(385)
1,463
129
TAP
Total
(487)
1,848
TAP
Total
(419)
316
122
(1,613)
4,573
(5,186)
2,227
147
19
148
Appendix 46. Commission
2012
Expenses
Income
2011
Net
Expenses
Cash and interbank transactions
Operations involving methods of payment
Operations involving customers
Currency transactions
Off-balance-sheet commitments
Financial services provided
Consultancy activities
(1,543)
(20,934)
(4,275)
(5)
1,326
24,372
39,965
1,863
182
(217)
3,438
35,690
1,858
182
(1,249)
(21,852)
(4,444)
(5)
(1,015)
11,358
10,343
Total
(27,772)
79,066
51,294
Income
Net
(947)
56
25,444
38,220
1,672
167
11
11,842
(1,193)
3,592
33,776
1,667
167
11
10,895
(28,497)
77,412
48,915
208
Appendix 47. Gains or losses from trading portfolios
2012
2011
Trading securities
203
119
Currency transactions
535
482
Financial futures
(903)
710
Total
(165)
1,311
Appendix 48. General operating costs
2012
2011
Payroll
Salaries and emoluments
(62,932)
Pension contributions and related charges
Other welfare contributions
(8,923)
(31,466)
(29,752)
(3)
(1,089)
Employee incentives
Employee profit sharing
Taxes and duties linked to remuneration
"Payroll" sub-total
(56,893)
(9,216)
(1,697)
(1,851)
(12,382)
(11,409)
(117,696)
(109,917)
Other operating costs
(8,837)
(7,550)
Other general operating costs
Taxes and duties
(91,154)
(85,835)
"Other operating expenses" sub-total
(99,991)
(93,385)
(217,687)
(203,302)
Total
Appendix 49. Pension contributions and related charges
Analysis of assets and liabilities on the balance sheet
Present value of funded commitments (a)
Fair value of regime assets (b)
Pensions
Other
commitments
31/12/12
Other
commitments
Pensions
31/12/11
12,199
1,387
13,586
10,920
1,516
12,436
9,161
1,068
10,229
9,050
1,056
10,106
2,711
1,860
Fair value of redemption rights (c)
Present value of non-funded commitments (d)
Unrecognised elements:
actuarial gains and losses and costs of past services (e)
2,711
1,860
Balance sheet: net balance (a) - (b) - (c) + (d) - (e)
327
319
646
10
460
470
Liabilities
327
319
646
10
460
470
Assets
Analysis of expenses for the financial year
2012
Pensions
2011
Other
commitments
Total
Other
commitments
Pensions
Total
Cost of services rendered in the period
530
100
630
530
105
635
Financial cost
415
58
473
394
54
448
(126)
(15)
(141)
(134)
(14)
(148)
(174)
(174)
(547)
(22)
(569)
256
257
Actuarial gains and losses: depreciation for the financial year
256
257
Other
(757)
(110)
(867)
(740)
(167)
(907)
Total
318
(141)
177
(240)
(44)
(284)
Main actuarial assumptions
(as a percentage)
Pensions
31/12/12
Other commitments
31/12/11
31/12/12
31/12/11
Discount rate
3.18 %
3.75 %
3.18 %
3.75 %
1.40 %
1.50 %
1.40 %
1.50 %
209
Appendix 50. Cost of risk
2012
2011
Reversals Losses not
Recovenet
Impaircovered
ries of
of impairment
by
depreciated
ment
debts
provisions
Impairment allocated
Interbank amounts
outstanding
Customer amounts
outstanding
Miscellaneous
securities and debtors
Provisions
Off-balance-sheet
commitments
General provisions
Total cost of risk
(64,650)
27,767
(472)
180
(1,150)
Net
(37,175)
Impairment
Net
reversals
of impairment
Losses not
covered by
provisions
Recoveries
of
depreciated
debts
(56,023)
39,566
(634)
266
(16,825)
1
(1)
(56,023)
39,567
(635)
266
(16,825)
(1,150)
(65,800)
27,767
(2,197)
1,759
(438)
(2,693)
520
(2,173)
(431)
248
(183)
(2,007)
623
(1,384)
(2,628)
2,007
(68,428)
29,774
(472)
(472)
180
180
(38,325)
Net
(621)
(4,700)
1,143
(38,946)
(60,723)
40,710
(3,557)
(635)
266
(20,382)
of which:
reversals for impairment
that has ceased to be
applicable
29,774
40,710
reversals for impairment
used 10,766
10,482
total reversals
40,540
51,192
(10,766)
(10,482)
29,774
40,710
losses covered by
provisions,,
net reversals
Appendix 51. Extraordinary income
No extraordinary income was posted for the 2012 financial year
Appendix 52. Corporation tax
Corporation tax amounted to €7,883 million.
The provisions of article L. 511-45 of the French Monetary and Financial Code and the decree of 6 October 2009, issued by the French Economy Minister,
require credit institutions to publish, in an appendix to their annual financial statements, information on their locations and activities in countries and
territories that have not entered into an administrative assistance agreement with France for the exchange of information in connection with the fight
against tax fraud and tax evasion.
These obligations fit within the wider objectives of the worldwide fight against uncooperative havens, which were defined at OECD meetings and summits,
and are also designed to combat money laundering and the financing of terrorism.
Since its foundation, Groupe BPCE has adopted a prudent approach. It ensures that entities belonging to its networks are regularly informed about updates
to the OECD list of territories that are considered as non-cooperative as regards the effective exchange of information for tax purposes as well as about the
potential consequences of maintaining operations in uncooperative territories. In addition, lists of uncooperative territories have been integrated, in part,
into enterprise resource planning solutions used in the fight against money laundering with the objective of ensuring appropriate due diligence for
transactions with uncooperative countries and territories (implementation of Decree 2009-874 of 16 July 2009). At the level of the central body, an
inventory of the Group’s locations and activities in uncooperative territories has been drawn up for the information of executive bodies.
As of 31 December 2012, the institution has no operations or locations in such uncooperative territories.
Appendix 53. Operations in uncooperative countries
210
Statutory auditors' reports
Representatives of the Statutory Auditors
(members of the Compagnie Nationale des Commissaires aux Comptes (the French
National Auditor Board))
KPMG Audit - Fiduciaire de France
SOFIDEEC BAKER TILLY,
represented by Mr Fabrice Odent
represented by Mr Cyrille Baud
1 Cours Valmy - 92923 Paris La Défense Cedex,
138 Boulevard Haussmann, 75008 Paris,
member of the Compagnie Régionale des Commissaires aux
Comptes of Versailles.,
member of the Compagnie Régionale des Commissaires aux
Comptes of Paris.,
Appointed by the Ordinary General Meeting of 18 May 2007;
term expiring at the 2013 Ordinary General Meeting called to
approve the accounts for 2012.
Appointed by the Ordinary General Meeting of 18 May 2007;
term expiring at the 2013 Ordinary General Meeting called to
approve the accounts for 2012.
211
Statutory auditors' report, drawn up
pursuant to Article L.225-235 of the
Commercial Code, on the report from the
Chairman of the Board of Directors of
Crédit Coopératif S.A. Crédit Coopératif S.A.
Registered office: 12 Boulevard de Pesaro - CS 10002
92024 Nanterre Cedex
Registered capital: €806,218,776
Dear Sirs,
In our capacity as the statutory auditors of Crédit Coopératif
S.A., and pursuant to Article L. 225-235 of the Commercial
Code, we submit to you our report on the report drawn up by
your company’s Chairman in accordance with Article L. 22537 of that Code for the financial year ended 31 December
2012.
It is the Chairman’s duty to draw up and put to the Board of
Directors for approval a report listing the internal control and
risk management procedures set up within the company and
providing the other information required under the terms of
Article L. 225-37 of the Commercial Code, concerning, in particular, the corporate governance systems.
It is our task to: • communicate to you our comments on the information
contained in the Chairman’s report regarding the internal
control and risk management procedures relating to the
generation and processing of accounting and financial information and
• certify that the report contains the further information required by Article L.225-37 of the Commercial Code, with the
proviso that our mission does not include verification of the
veracity of this further information.
We conducted our audit in accordance with professional
standards applicable in France.
These standards require us to conduct investigations so as to
verify the concordance of the information concerning the internal control and risk management procedures relating to the
generation and processing of the accounting and financial
information contained in the Chairman’s report. These investigations consist specifically of:
• acquainting ourselves with the internal control and risk
management procedures relating to the generation and
processing of the accounting and financial information on
which the information presented in the Chairman’s report is
based as well as existing documentation • acquainting ourselves with the work that enabled this information and the existing documentation to be compiled
• determining whether any major deficiencies in internal
control relating to the generation and processing of accounting and financial information which we may have
noted during our audit are adequately described in the
Chairman’s report.
On the basis of this work, we have no comment to make on
the information concerning the internal control and risk management procedures relating to the generation and processing
of accounting and financial information, as set out in the report by the Chairman of the Board of Directors drawn up in
accordance with Article L. 225-37 of the Commercial Code.
We certify that the report drawn up by the Chairman of the
Board of Directors contains the further information required
by Article L.225-37 of the Commercial Code.
Paris La Défense, 20 March 2013
Paris, 20 March 2013
KPMG Audit
A division of KPMG S.A.
Sofideec Baker Tilly
Fabrice Odent
Cyrille Baud
Partner
Partner
212
Statutory auditors' report on the
consolidated financial statements
Crédit Coopératif S.A.
Year ended 31 December 2012
Dear Sirs,
In pursuance of the task entrusted to us by your General
Meeting, we present our report for the year ended 31
December 2012 on:
• the inspection of the consolidated accounts of Crédit
Coopératif S.A., as attached to this report,
• the justification of our assessments,
• the specific checks required by law.
The consolidated accounts have been approved by your Board
of Directors. Our responsibility is to express an opinion on
these accounts, based on our audit.
➔➔ I. Opinion on the consolidated accounts
We conducted our audit in accordance with the professional
standards applicable in France: these standards require that
we conduct checks so to obtain reasonable assurance as to
whether the consolidated accounts are free of significant
anomalies. An audit involves checking, through surveys or
through other methods of selection, those elements supporting the amounts and disclosures in the consolidated accounts.
An audit also includes an assessment of the accounting principles used, significant estimates made and the overall presentation of the accounts. We believe that the evidence we have
obtained is a sufficient and appropriate basis for our opinion.
We certify that the consolidated accounts are, pursuant to the
IFRS standards as adopted by the European Union, consistent
and sincere and fairly present the results of the assets, liabilities, financial situation and results of the entity comprising all
the persons and entities included in the scope of consolidation.
➔➔ II. Justification of our assessment
Pursuant to the provisions of article L.823-9 of the Commercial
Code concerning the justification of our assessments, we
bring to your attention the following:
Accounting estimates
Provisions for credit risk
As stated in notes 4.1.1 and 4.1.7 of the appendices to the
consolidated accounts, your Group sets aside impairment and
provisions to cover credit risks inherent to its activities. As part
of our assessment of significant estimates made in preparing
the accounts, we examined the control system for monitoring
credit and counterparty risks, and conducted an assessment of
the risks of non-payment and the coverage of such risks under
assets through impairment determined on an individual and
portfolio basis.
Impairment of available-for-sale financial assets
Your Group records impairment on available-for-sale assets
(note 4.1.7 of the appendices): for equity instruments where there is objective evidence of
prolonged decline or significant decline in the value of those
assets for debt instruments where there is a proven counterparty
risk.
We examined the control system for the identification of signs
of loss of value, the valuation of the most significant lines, as
well as estimates for which losses of value have been covered
by impairment, where applicable.
Valuation and impairment of other financial instruments
Your Group holds positions on securities and other financial
instruments. Notes 4.1.2, 4.1.3, 4.1.4, 4.1.5, 4.1.6 and 4.1.7 of
the appendices to the consolidated accounts set out the accounting rules and methods relating to securities and financial instruments. We examined the control system for accounting classification and for determining the way in which
these positions are valued. We audited the appropriateness of
the Group's accounting methods and the information provided in the appendix notes and ensured that these are correctly applied.
Our assessment also involved checking that these estimates
are reasonable.
213
The assessments were made as part of our audit of the consolidated financial statements taken as a whole and therefore
contributed to the formation of the opinion expressed in the
first part of this report.
III. Specific check
related information provided in the management report, as
required by law.
We have no comment to make on the extent to which this
information is faithful and consistent with the consolidated
accounts.
We also performed, in accordance with the professional
standards applicable in France, a specific check of Group-
KPMG Audit
Fabrice Odent
Cyrille Baud
Partner
Partner
214
Statutory auditors' report on the
on the annual accounts
Crédit Coopératif S.A.
➔➔2. Justification of our assessment
Pursuant to the provisions of article L.823-9 of the
Commercial Code concerning the justification of our assessments, we bring to your attention the following: 92024 Nanterre Cedex
Year ended 31 December 2012
In pursuance of the task entrusted to us by your General
Meeting, we present our report for the year ended 31
December 2012 on: • the inspection of the annual accounts of Crédit Coopératif
Accounting estimates
Provisions for credit risk
As stated in note II.2.3.2 of the appendices to the annual
accounts, your company sets aside impairment and provisions to cover credit risks inherent to its activities. As part of
our assessment of significant estimates made in preparing
the accounts, we examined the control system for monitoring credit and counterparty risks, conducted an assessment
of the risks of non-payment and the coverage of such risks
under assets through impairment determined on an individual basis and, under liabilities, through provisions to cover
non-assigned customer risks.
S.A., as attached to this report • the justification of our assessments • the specific checks and information required by law.
Valuation of equity securities, shares in affiliated companies
and other long-term securities
➔➔1. Opinion on the annual accounts
Equity securities, shares in affiliated companies and other
long-term securities held by your company are valued at
their going concern value as described in note II.2.3.4 of the
appendices. As part of our assessment of these estimates, we
examined the circumstances that led to the determination of
going concern values for the major lines of the portfolio.
We conducted our audit in accordance with the professional
Valuation of other securities and financial instruments
standards applicable in France: these standards require that
Your company holds positions on securities and financial instruments. Notes II.2.3.4 and II.2.3.10 of the appendices set out
the accounting rules and methods relating to securities and
instruments financiers. We examined the control system for
accounting classification and for determining the way in
which these positions are valued. We audited the appropriateness of the company's accounting methods and the information provided in the appendix notes and ensured that these
are correctly applied.
The annual accounts have been approved by the Board of
Directors. Our responsibility is to express an opinion on these
accounts, based on our audit.
we conduct checks so to obtain reasonable assurance as to
whether the annual accounts are free of significant anomalies. An audit involves checking, through surveys or through
other methods of selection, those elements supporting the
amounts and disclosures in the annual accounts. An audit
also includes an assessment of the accounting principles
used, significant estimates made and the overall presentation of the accounts. We believe that the evidence we have
obtained is a sufficient and appropriate basis for our opinion.
We certify that the annual accounts are, under French accounting rules and accounting principles, consistent and
sincere and fairly present the results of operations of the
previous year and the financial position and assets of the
company at the end of this financial year.
Our assessment also involved checking that these estimates
are reasonable.
The assessments were made as part of our audit of the annual financial statements taken as a whole and therefore
contributed to the formation of the opinion expressed in the
first part of this report.
215
➔➔3. Specific checks and information
We also performed, in accordance with the professional
standards applicable in France, the specific checks required
by law.
report and in the documents sent to shareholders on the financial position and annual accounts is faithful and
consistent with the financial statements.
As required by law, we checked that the necessary information
We have no comment to make on the extent to which the
information given in the Board of Directors' management
on ownership and control has been included in the management
KPMG Audit
Fabrice Odent
Cyrille Baud
Partner
Partner
report.
216
Special Auditors' Report on Regulated
Agreements
➔➔Agreements submitted to the General Meeting
for approval Crédit Coopératif S.A.
Pursuant to article L. 225-40 of the Commercial Code, we have
been advised of the following agreements with prior authorisation from your Board of Directors.
General Meeting called to approve the financial statements
for the financial year ended 31 December 2012
Leasing operation distribution agreement between
Crédit Coopératif and Bati Lease
Dear Sirs,
As auditors of your company's accounts, we hereby present
our report on regulated agreements.
It is our task to inform you, on the basis of the information
we have received, of the essential characteristics and methods of all agreements brought to our attention or which we
have discovered while performing our work. It is not for us
to ascertain the utility or appropriateness of such agreements, nor to actively search for other agreements which
may exist. It is your responsibility, pursuant to article R.
225-31 of the Commercial Code, to assess the benefit of
such agreements and commitments and to approve them.
It is also our responsibility, where applicable, to provide you
with the information required under article R. 225-31 of the
Commercial Code concerning the execution of agreements
previously approved by the General Meeting during the financial year concerned.
We conducted all checks that we deemed necessary, pursuant
to the professional doctrine of the Compagnie Nationale des
Commissaires aux Comptes, in our fulfilment of this task.
These checks involved verifying that the information we were
given is consistent with the documents from which it originates.
• Authorisation date: Board of Directors meeting, 30 August
2012.
• Nature and purpose: Distribution, by Crédit Coopératif to
its customers, of property finance leasing contracts managed by Bati Lease and partially guaranteed by Crédit
Coopératif.
• Person/entity concerned: Bati Lease, a subsidiary of Crédit
Coopératif, and the shared directors of Crédit Coopératif
and Bati Lease (François Dorémus and Jean-Denis Nguyen
Trong).
• Methods and procedures: In return for loans provided by
Bati Lease and partially guaranteed by Crédit Coopératif,
Crédit Coopératif will receive agent's commission amounting to half of all management fees received by Bati Lease
above a threshold of €500, as well as risk commission
amounting to 30% of Bati lease's net margin, calculated in
proportion to the percentage guaranteed by Crédit
Coopératif. • Effect: No loans were provided under the terms of this
agreement in 2012.
Service agreement covering services provided by Crédit
Coopératif to Bati Lease
• Authorisation date: 12 December 2012
• Nature and purpose: Identification of IT services provided
by Crédit Coopératif employees to Bati Lease and billing for
these services.
• Person/entity concerned: Bati Lease, a subsidiary of Crédit
and Bati Lease (François Dorémus and Jean-Denis Nguyen
Trong).
• Methods and procedures: Crédit Coopératif provides maintenance and update services with respect to the IT platform.
IT services are calculated using the distribution coefficients
applied to all companies in Crédit Coopératif Group.
• Effect: income of €108,866 (exc. tax) was recognised for the
2012 financial year. 217
Amendment to the agreement concerning investment
commission paid by Ecofi Investissements to Crédit
Coopératif
• Authorisation date: Board of Directors meeting, 12
December 2012.
• Nature and purpose: Determination of the amount of investment commission paid by Ecofi Investissements to
Crédit Coopératif on Ecofi Investissements UCITS sold
through the Crédit Coopératif network.
• Person/entity concerned: Ecofi Investissements, a subsidiary of Crédit Coopératif, and the shared directors of Crédit
Coopératif and Ecofi Investissements (Jean-Louis Bancel,
François Dorémus, Pierre Valentin, Jean-Claude Detilleux
and Hugues Sibille).
• Methods and procedures: For the 2012 financial year, and
on an exceptional basis with respect to the regulated agreement of 19 June 2006 concerning investment commission
paid by Ecofi Investissements to Crédit Coopératif, the remuneration rate is set at 30% (instead of 50%) of the management commission received by Ecofi Investissements on
UCITS sold through the Crédit Coopératif network. • Effect: the total amount of investment commission paid by
Ecofi Investissements was €3,342,360.47 at 31 December
2012. ➔➔Agreements already approved by the General
Meeting
Pursuant to article R. 225-30 of the Commercial Code, we
were informed that the following agreements, approved by
the General Meeting during previous financial years, continued during the past year.
Cash flow management agreement between BTP
Banque and Crédit Coopératif.
• Authorisation date: Board of Directors meeting, 29 August
2008, renewed on 13 March 2012.
• Nature and purpose: Management of BTP Banque's cash
flow by Crédit Coopératif.
• Person/entity concerned: BTP Banque, a subsidiary of Crédit
and BTP Banque (Jean-Louis Bancel, Jean-Claude Detilleux,
François Dorémus and Pierre Valentin).
• Methods and procedures: This agreement is valid for three
years and renewable by tacit extension for three-year periods. Crédit Coopératif S.A. will carry out trading operations
for BTP Banque S.A. both on its own behalf and on behalf of
its customers. Crédit Coopératif will also study various forecasting tables on behalf of BTP Banque concerning interest
and liquidity risk management.
• Effect: No remuneration has been recorded in relation to
the execution of this agreement in 2012.
Funding for Crédit Coopératif head office
restructuring work
December 2009.
• Nature and purpose: Refinancing of renovation work on
Crédit Coopératif's Head Office through non-remunerated
cash advances paid to Crédit Coopératif SCI.
• Person/entity concerned: Crédit Coopératif SCI (property
investment company), 99.9% of which is held by Crédit
Coopératif. • Methods and procedures: -- the ongoing work is funded by cash advances from
shareholders of Crédit Coopératif SCI (Crédit Coopératif
and BTP Banque) until the premises are commissioned
(scheduled completion date: 30 June 2012). No remuneration is paid in respect of these advances.
-- The advances are restructured as loans by Crédit
Coopératif to Crédit Coopératif SCI, on the basis of the
final cost upon completion.
• Effect: Crédit Coopératif has provided a cash advance of
€102,124 to Crédit Coopératif SCI as at 31 December 2012. Social welfare scheme for executive officers
• Authorisation date: Board of Directors meeting, 28 June
2011.
• Nature and purpose: Allocation of an additional pension
scheme to the Chief Executive of Crédit Coopératif, in line
with the Group contract arranged by Groupe BPCE for all
Banque Populaire Chief Executives.
• Person/entity concerned: The Chief Executive of Crédit
Coopératif, Mr. François Dorémus.
• Effect: Crédit Coopératif is liable for a €420,000 annual
contribution to the Groupe BPCE additional pension
scheme, it being understood that this is a mutual contribution irrespective of the number of Chief Executives entitled
to entry into this scheme at each participating bank. Liquidity agreement between Crédit Coopératif and
Banque Edel
December 2011.
• Nature and purpose: To improve Banque Edel's liquidity ratio by mobilising Banque Edel's receivables, through Crédit
Coopératif, which are eligible for ECB refinancing.
• Person/entity concerned: Banque Edel, a partner institution
of Crédit Coopératif, and the shared director of Crédit
Coopératif and Banque Edel (Pierre Valentin).
218
• Methods and procedures: Banque Edel has no access to
ECB refinancing. In order to enable Banque Edel to improve
its liquidity ratio by mobilising its eligible receivables, the
agreement (totalling €20,000,000, the approximate value of
eligible receivables), billed at 0.05% (commitment commission received by Crédit Coopératif) gives Banque Edel the
facility to obtain liquidity from Crédit Coopératif in line
with the requirements of ECB calls for tender. • Effect: This agreement will, before drawdowns, reduce
Crédit Coopératif's liquidity surplus by €20,000,000 and increase the liquidity surplus of Banque Edel by the same
amount. Paris La Défense, 20 March 2013
KPMG Audit
Fabrice Odent
Cyrille Baud
Partner
Partner
219
Draft resolutions Board of Directors meeting of 6 March 2013
Resolutions presented to the General
Meeting by the Board of Directors
➔➔Resolution 1
The General Meeting, having considered the management report of the Board of Directors, the report of the Chairman of
the Board of Directors and the Auditors' reports, approves the
company financial statements for the year ended 31 December
2012, as presented. It approves, without exception or qualification, all transactions during the 2012 financial year and
grants discharge to the directors for this financial year.
➔➔Resolution 2
The General Meeting, having considered the report of
Management Board and the report of the Auditors, approves
the consolidated financial statements of Crédit Coopératif for
the year ended 31 December 2012, as presented, and the
transactions reflected therein and described in these reports. ➔➔Resolution 3
In accordance with article 9 of the Articles of Association and
on the proposal of the Board of Directors, the General Meeting
sets a 2.50% interest rate to priority shares without voting
rights, known as "C" shares, for the 2012 financial year. This
interest will be paid, in cash, on 27 June 2013.
In accordance with article 243 b of the General Tax Code, all
remuneration paid to individuals is eligible for the 40% allowance set out in article 158-3-2° of the General Tax Code.
➔➔Resolution 4
sets a 2.50% interest rate to preferential shares without voting
rights, known as "P" shares, for the 2012 financial year. This
interest will be payable on 27 June 2013. Holders are offered the
option to choose between payment of the interest in P shares
or in cash.
In accordance with article 243 b of the General Tax Code, all
➔➔Resolution 5
sets a 2.50% interest rate to specific-benefit shares, known as
"B" shares, for the 2012 financial year. The interest will be payable on 27 June 2013. Holders are offered the option to choose
between payment of the interest in B shares or in cash. In accordance with article 243 b of the General Tax Code, all
➔➔Resolution 6
In accordance with article 10bis of the Articles of Association
and on the proposal of the Board of Directors, the General
Meeting sets a 2.50% interest rate to cooperative certificates
of investment, calculated at their nominal value, for the 2012
financial year. This sum will be paid on 27 June 2013.
➔➔Resolution 7
The earnings for the financial year show a net profit of
€22,623,114.02 and the balance sheet shows carried-forward
profit of €3,167,610.84; therefore in accordance with article 42 of
the Articles of Association, the General Meeting resolves to distribute said profit, totalling €25,790,724.86, as follows: • legal reserve, 15% of net profit: €3,393,467.00 • profit carried forward: €3,819,566.46 • remuneration of C shares at the rate of 2.50% on a pro rata
basis: €4,968,456.03 • remuneration of P shares at the rate of 2.50% on a pro rata
basis: €76,420.40 • remuneration of B shares at the rate of 2.50% on a pro rata
basis: €9,002,814.97 • remuneration of cooperative certificates of investment (CCIs)
• at 2.50% of their nominal value: €4,030,000.00 • payment of a cooperative rebate to members, to be distributed in proportion to the value of transactions made by each
member with the Crédit Coopératif: €500,000.00 Pursuant to article 243 of the General Tax Code, the amount of
interest and rebates distributed in the last three financial years
are as follows: Financial
year
A
shares
B shares
C shares
CCIs
Rebate
2009
0
6,575,445 €
4,321,947 €
2,962,313 €
500,000 €
2010
0
6,979,898 €
4,834,562 €
4,164,825 €
500,000 €
2011
0
7,879,452 €
5,239,954 €
4,164,825 €
750,000 €
220
Draft resolutions
Draft resolutions
➔➔Resolution 8
➔➔Resolution 14
The General Meeting, having heard the special report of the
statutory auditors on agreements covered by articles 225-38
and following of the Commercial Code, approves the operations outlined therein.
The General Meeting decides, pursuant to article 14 of the
Articles of Association, to renew the mandate of the Fédération
des enseignes du Commerce Associé (FCA) as a director, for a
term of six years. This mandate will expire after the General
Meeting convened to approve the accounts for the 2018 fi-
➔➔Resolution 9
nancial year.
The General Meeting notes that equity capital amounted to
€806,218,776.25 at 31 December 2012. ➔➔Resolution 15
➔➔Resolution 10
Articles of Association, to renew the mandate of the
Confédération générale des SCOP (CG SCOP) as a director, for
Articles of Association, to appoint the Fédération des
Etablissements Hospitaliers & d’Aide à la Personne (FEHAP) as
a director, for a term of six years. This mandate will expire after
the General Meeting convened to approve the accounts for
the 2018 financial year.
➔➔Resolution 11
Articles of Association, to appoint the Fédération Française du
Bâtiment (FFB) as a director, for a term of six years. This mandate will expire after the General Meeting convened to approve the accounts for the 2018 financial year.
➔➔Resolution 12
Articles of Association, to appoint the Conférence Permanente
des Coordinations Associatives (CPCA) as a director, for a term
of six years. This mandate will expire after the General Meeting
convened to approve the accounts for the 2018 financial year.
a term of six years. This mandate will expire after the General
Meeting convened to approve the accounts for the 2018 financial year.
➔➔Resolution 16
Articles of Association, to renew the mandate of the Fédération
Nationale de la Mutualité Française (FNMF) as a director, for a
➔➔Resolution 17
The General Meeting decides, pursuant to article 14 of the Articles of
Association, to renew the mandate of the Caisse Mutuelle de Garantie
des industries Mécaniques et transformatrices des métaux (CMGM)
as a director, for a term of six years. This mandate will expire after the
General Meeting convened to approve the accounts for the 2018 financial year.
➔➔Resolution 13
➔➔Resolution 18
Articles of Association, to appoint Mrs Christiane Lecocq as a
director, representing P share holders, for a term of six years.
This mandate will expire after the General Meeting convened
to approve the accounts for the 2018 financial year.
Articles of Association, to appoint Mr Claude Gruffat, representing P share holders, as a non-voting director, for a term of
six years. This mandate will expire after the General Meeting
convened to approve the accounts for the 2018 financial year.
221
➔➔Resolution 19
➔➔Resolution 21
Articles of Association, to appoint the Fédération Unie des
Auberges de Jeunesse (FUAJ) as a non-voting director, for a
The General Meeting decides, in accordance with regulations
and pursuant to article 26 of the Articles of Association, and
subject to approval by the Autorité de Contrôle Prudentiel, to
appoint for a term of six years: ➔➔Resolution 20
The General Meeting decides, in accordance with regulations
and pursuant to article 26 of the Articles of Association, and
subject to approval by the Autorité de Contrôle Prudentiel: to appoint KPMG AUDIT FS I as statutory auditor (incumbent),
for a term of six years to renew the mandate of SOFIDEEC, trading as SOFIDEEC
BAKER TILLY, as statutory auditor (incumbent), for a term of six
years. These mandates will expire after the General Meeting convened to approve the accounts for the 2018 financial year.
• KPMG AUDIT FS II, as statutory auditor (substitute) to KPMG
AUDIT FS I, to replace Mr Pascal Brouard
• BBM & ASSOCIES, as statutory auditor (substitute) to
SOFIDEEC, trading as SOFIDEEC BAKER TILLY, to replace Mr
Christian Lairy. These mandates will expire after the General Meeting convened to approve the accounts for the 2018 financial year.
➔➔Resolution 22
The General Meeting gives full powers to the bearer of a copy
or extract of the minutes of this meeting to conduct all publication and submission formalities as prescribed by law. 222
Cross-reference table
This reference document is consistent with the diagram in appendix XI as defined in EU Regulation no. 809/2004 of 29 April
2004.
The latest financial information contained in this document is that of 31 December 2011.
Pursuant to article 28 of European Commission Regulation no. 809/2004 of 29 April 2004, the following information is included
for reference purposes in this reference document:
• the consolidated financial statements for 2011
• extracts from the 2011 company financial statements
• reports of the statutory auditors for the year 2011.
This information is contained in the 2011 reference document of Crédit Coopératif filed with the AMF on 6 April 2012.
The cross-reference table refers to the following items required by European Regulation no. 809/2004 (Appendix XI) under the
so-called "Prospectus" Directive
Headings within Appendix XI of European Regulation no. 809/2004
1. Persons responsible
Reference document page number
223
2. Statutory auditors for the accounts
210
3. Risk factors
29 to 36, 93 to 107, 158 to 160 4. Information relating to the issuer
4.1. History and development of the Company
4 to 10, 70 to 71 4
5. Overview of activities
5.1. Principal activities
5.2. Principal markets
38 to 50
4 to 5, 38 to 42 38 to 44
6. Organisation chart
6.1. Summary description of the Group and the position of the issuer
6.2. List of major subsidiaries
6, 7, 10
115 to 117
7, 71 to 74
7. Information on trends
108
8. Profit forecasts or estimates
222
9. Administrative, management and supervisory bodies
9.1. Information relating to members of administrative and management bodies
9.2. Conflict of interest within administrative, management, supervisory and executive bodies
10. Principal shareholders
10.1. Issuer supervision
10.2. Agreement of which the issuer is aware and which, if implemented, may cause a change in the issuer's
supervision
11. Financial information relating to the assets, financial situation and income of the issuer
11.1. Historical financial information
11.2. Financial statements
11.3. Verification of financial information
11.4. Date of latest financial information
11.5. Interim and other financial information
11.6. Legal and arbitration procedures
11.7. Significant change in financial or commercial situation
8 to 10, 16 to 27, 79 to 84 8 to 10, 16 to 27, 79 to 84 18
154 to 157
not applicable
not applicable
86 to 93
109 to 209
209 to 218
222
11 to 13
222
222
12. Major contracts
216
13. Third party information, expert declarations and declarations of interest
223
14. Documents available to the public
➔➔Forecasts or estimates
The 2012 reference document does not contain forecasts or estimates within the meaning of European Regulation no. 809/2004
of 29 April 2004.
➔➔Legal proceedings and arbitration
For the last 12 months, there are no governmental or legal proceedings or arbitration outstanding or that could threaten the
Bank, and which could have a significant impact on the financial
situation or profitability of the issuer and/or the Group.
2 ; 71
➔➔Significant change in the issuer's financial
situation
There has been no significant change in the Group's financial
situation since the end of the last financial year for which financial statements have been published.
➔➔Major contracts
Crédit Coopératif has not entered into any major contracts other
than contracts entered into in the ordinary course of business.
➔➔Third party information, expert statements and
declarations of interest
Not applicable
223
Statement by the individual responsible for the reference document
I hereby declare, after taking all reasonable steps required, that the information contained in this reference document is, to my
knowledge, truthful and contains no omission likely to affect its scope.
I certify that I am aware that the accounts are prepared in accordance with applicable accounting standards and give a fair
presentation of the assets, liabilities, financial position and results of the company and the entities included in its scope of
consolidation, and that the management report presents an accurate picture of developments, performance and the financial
situation of the company and the entities included in the scope of consolidation and a description of the principal risks and
uncertainties to which they are exposed.
I have obtained, from the statutory auditors, an audit completion letter in which they confirm that they have checked the
information relating to the financial situation and the accounts given in this reference document and that they have read the
document in full.
25 March 2013, Nanterre,
François Dorémus
Chief Executive
224
Branch contact details To contact a Crédit Coopératif branch: > Individual customers:
Tel: 0 980 98 00 00 (+33 171 087 512 from abroad) >M
onCréditCoopératif.coop, Crédit Coopératif's e-branch for individuals: Tel: 0 980 98 00 02* (+33 1 71 08 75 76 from abroad)
>C
ompanies, associations, mutual entities, other corporate entities, etc.:
Tel: 0 980 98 00 01 (+33 171 087 511 from abroad)
Branch opening hours can be found at: www.credit-cooperatif.coop under ‘’Nos agences’’ (Our branches)
Region
Alsace
Aquitaine
Auvergne
Basse-Normandie
Burgundy
Brittany
Centre
Champagne-Ardenne
Franche-Comté
Haute-Normandie
Ile-de-France
Languedoc-Roussillon
Limousin
Lorraine
Midi-Pyrénées
Nord Pas-de-Calais
Pays-de-la-loire
Picardy
Poitou-Charentes
Provence-Alpes/
Côte-d'Azur/Corsica
Rhône-Alpes
Point of sale
Strasbourg
Agen
Bayonne
Bordeaux Meriadeck
Bordeaux Merignac
Bordeaux Quinconces
Dax
Pau
Sarlat-la-Caneda
Chamalieres
Le Puy-en-Velay
Caen
Dijon
Lorient
Quimper
Rennes
Orleans
Tours
Reims
Besancon
Le Havre
Rouen
Paris Odeon
Bobigny
Cergy
Creteil
Evry
Massy
Melun
Nanterre La Defense
Paris Alesia
Paris Convention
Paris Courcelles
Paris Gare De L'est
Paris Nation
Paris Opera
Paris Pommier
Saint Denis
Versailles
Carcassonne
Montpellier
Nimes
Brive La Gaillarde
Limoges
Metz
Nancy
Toulouse
Arras
Dunkirk
Lille Centre
Lille Europe
Angers
Le Mans
Nantes
Amiens
La Rochelle
Niort
Poitiers
Aix En Provence
Avignon
Marseille Prado
Nice
Toulon
Annecy
Grenoble
Grenoble Mistral
Lyon Part Dieu
Lyon Lyautey
Lyon Saxe
Saint Etienne
Valence
Address 1
1 quai Kléber
14 place Jean-Baptiste Durand
36 allées Marines
Immeuble le Prisme - rue Marguerite Crauste
Parc Cadera Nord – 77 avenue John-Fitzgerald Kennedy
3 place des Quinconces
28 cours du Maréchal-Joffre
24 rue Ronsard
58 rue de la République
Centre Beaulieu III, 33 boulevard Berthelot
2 avenue André Soulier
10 place du Maréchal Foch
1 avenue Kellermann
10 boulevard Svob
6 rue de Falkirk
3 rue de l’Alma
69 boulevard Alexandre Martin
4 rue des Tanneurs
5 rue Gaston Boyer – Buropole 5
7 avenue des Montboucons
6 Cours Du Commandant Fratacci - Immeuble le Colbert
22 rue Alsace-Lorraine
122 boulevard Saint-Germain
1 rue Carnot
2 Mail des Cerclades
38-42 avenue Pierre Brossolette
Parc Elysée - 17-19 rue Michel-Ange
2 place du Vieux Clocher
11 rue de la Brasserie Grüber
96 rue des Trois Fontanot
99 rue de la Tombe Issoire
147 rue de la Convention
80 rue de Courcelles
102 boulevard de Magenta
252 boulevard Voltaire
4 rue Auber
86 rue de Courcelles
4 rue Auguste Gillot
5 & 7 rue du Maréchal Foch
8 place Davilla
8 boulevard Victor Hugo
49 avenue Jean Jaurès
16 rue de l'Hôtel de ville
7 cours Jourdan
35bis avenue Foch
81 rue Saint-Georges
4 & 6 rue Raymond IV
5 boulevard de Strasbourg
3-5 rue du Président Wilson
16bis rue de Tenremonde
Euralliance – 2 avenue Kaarst
21 boulevard Carnot
25 avenue François Mitterand
42 boulevard Guist'hau
5 place Léon Debouverie
27 quai Valin
7 place de la Comédie
4 rue du Chaudron d'Or
Immeuble Hemilythe - 150 avenue Georges Pompidou
1 rue Saint-Jean le Vieux
214-216 avenue du Prado
5 rue Cronstadt
6 rue Adolphe Guiol
3 Place Marie Curie
29 avenue Félix Viallet
3 boulevard des Diables Bleus
103 avenue du Maréchal de Saxe
16 quai de Serbie
103 avenue du Maréchal de Saxe
12bis avenue de la Libération
15 boulevard Bancel
* calls charges at national rate from landline or mobile networks
E-mail
strasbourg@credit-cooperatif.coop
agen@credit-cooperatif.coop
bayonne@credit-cooperatif.coop
bordeaux-pref@credit-cooperatif.coop
bordeaux-meri@credit-cooperatif.coop
bordeaux-quin@credit-cooperatif.coop
dax@credit-cooperatif.coop
pau@credit-cooperatif.coop
sarlat@credit-cooperatif.coop
chamalieres@credit-cooperatif.coop
le-puy@credit-cooperatif.coop
caen@credit-cooperatif.coop
dijon@credit-cooperatif.coop
lorient@credit-cooperatif.coop
quimper@credit-cooperatif.coop
rennes@credit-cooperatif.coop
orleans@credit-cooperatif.coop
tours@credit-cooperatif.coop
tours@credit-cooperatif.coop
besancon@credit-cooperatif.coop
le-havre-cc@credit-cooperatif.coop
rouen@credit-cooperatif.coop
odeon@credit-cooperatif.coop
bobigny@credit-cooperatif.coop
cergy@credit-cooperatif.coop
creteil@credit-cooperatif.coop
evry@credit-cooperatif.coop
massy@credit-cooperatif.coop
melun@credit-cooperatif.coop
nanterre@credit-cooperatif.coop
alesia@credit-cooperatif.coop
convention@creditcooperatif,coop
courcelles@credit-cooperatif.coop
garedelest@credit-cooperatif.coop
nation@credit-cooperatif.coop
opera@credit-cooperatif.coop
pommier@credit-cooperatif.coop
saint-denis@credit-cooperatif.coop
versailles@credit-cooperatif.coop
carcassonne@credit-cooperatif.coop
montpellier@credit-cooperatif.coop
nimes@credit-cooperatif.coop
brive@credit-cooperatif.coop
limoges@credit-cooperatif.coop
metz@credit-cooperatif.coop
nancy@credit-cooperatif.coop
toulouse@credit-cooperatif.coop
arras@credit-cooperatif.coop
dunkerque@credit-cooperatif.coop
lille@credit-cooperatif.coop
lille-entreprise@credit-cooperatif.coop
angers@credit-cooperatif.coop
le-mans@credit-cooperatif.coop
nantes@credit-cooperatif.coop
amiens@credit-cooperatif.coop
la-rochelle@credit-cooperatif.coop
niort@credit-cooperatif.coop
poitiers@credit-cooperatif.coop
aix@credit-cooperatif.coop
avignon@credit-cooperatif.coop
marseille-prado@credit-cooperatif.coop
nice@credit-cooperatif.coop
toulon@credit-cooperatif.coop
annecy@credit-cooperatif.coop
grenoble@credit-cooperatif.coop
grenoble-mistral@credit-cooperatif.coop
lyon-part-dieu@credit-cooperatif.coop
lyon-lyautey@credit-cooperatif.coop
lyon-saxe@credit-cooperatif.coop
saint-etienne@credit-cooperatif.coop
valence@credit-cooperatif.coop
Dunkirk
Lille
Arras
Amiens
Le Havre
Rouen
Reims
Caen
Metz
Brest
Nancy
Quimper
Lorient
Rennes
Le Mans
Orléans
Angers
Nantes
Strasbourg
Tours
Dijon
Besançon
Châlon-sur-Saône
Poitiers
Niort
La Rochelle
Lyon
Clermont-Ferrand
Limoges
Brive-la-Gaillarde
Saint-Étienne
Le Puy
Bordeaux
Annecy
L'isle d'Abeau
Grenoble
Valence
Sarlat-la-Canéda
Agen
Dax
Toulouse
Bayonne
Pau
Updated on 25 March 2013
Boundary of Crédit Coopératif General Offices
l Head offices of General Offices
l Crédit Coopératif branches
Crédit Coopératif offices
l Major Accounts branch
Crédit Coopératif Group Head Office
Nîmes
Avignon
Aix-en-Provence
Montpellier
Marseille Toulon
Carcassonne
Paris Ile-de-France
Cergy-Pontoise
Nanterre
Paris
Versailles
Saint-Denis
Bobigny
Créteil
Massy
Melun
Évry
Nice
www.credit-cooperatif.coop
Find us on Facebook and Twitter
HDF 04/2013 – General Secretariat – Crédit Coopératif, variable-capital popular bank cooperative limited company – 349 974 931 RCS Nanterre – 12 Boulevard Pesaro CS 10002 - 92024 Nanterre Cedex
Template : ByTheWayCreacom – Photo credits : P. Caumes, A. Bujak – Layout : SyrinXcom – Printing : IME Imprimerie – Document printed on 100% recycled paper.

Annual Report 2012 Reference Document

Transcription

Similar documents

Diapositive 1 - CFC Services

Shareho Club des actionnaires Shareholders`Club

English version (1 Mo)

Press Pack - le site pro du tourisme en Bourgogne

IPA Direct Insight Conference Call Series: Closed End Funds

View Report - Financial Center Credit Union

2015 Agriculture Federal Credit Union (AgFed) Board of Directors

Entities of the Group - Groupe Crédit du Nord