BPCE_REGISTRATION_DOCUMENT_2017

5 FINANCIAL REPORT

IFRS Consolidated Financial Statements of Groupe BPCE as at December 31, 2017

Note 13

Transferred financial assets, other financial assets pledged as collateral and assets received as collateral that can be sold or repledged

TRANSFERRED FINANCIAL ASSETS NOT FULLY DERECOGNIZED AND OTHER FINANCIAL ASSETS 13.1 PLEDGED AS COLLATERAL

Carrying amount

Assets transferred or pledged as collateral

Outright securities lending

Repurchase agreements

12/31/2017

Securitizations

in millions of euros

Financial assetspledgedas collateral Financial assetsheld for trading

2,314

14,243

83 12

653

17,293

Financialassetsdesignatedat fair value throughprofit or loss

12

Available-for-salefinancial assets

3,500

1,301

7,402

12,203

Loans and receivables

23

85,797

33,454

119,274

Held-to-maturity financial assets

119

119

TOTALFINANCIALASSETSPLEDGEDAS COLLATERAL o/w transferredfinancial assetsnot fully derecognized

5,814

15,686

93,294

34,107 34,107

148,901 137,253

5,814

15,686

81,646

Carrying amount

Assets transferred or pledged as collateral

Outright securities lending

Repurchase agreements

Securitizations 12/31/2016

in millions of euros

Financial assetspledgedas collateral Financial assetsheld for trading

3,547

12,726

3,770

1,193

21,236

Financialassetsdesignatedat fair value throughprofit or loss

15

15

Available-for-salefinancial assets

1,323

6,966

9,978

18,267 97,348

Loans and receivables

304 121

85,196

11,848

Held-to-maturity financial assets

60

181

TOTALFINANCIALASSETSPLEDGEDAS COLLATERAL o/w transferredfinancial assetsnot fully derecognized

4,930

20,117

98,959

13,041 13,041

137,047 116,690

4,930

20,117

78,602

The amount of liabilities associated with financial assets pledged as collateral for repurchase agreements came to € 14,943 million at December31, 2017 ( € 19,195million at December31, 2016). The fair value of financial assets pledged as collateral for non-deconsolidating securitization transactions stood at € 34,107 million at December 31, 2017 ( € 13,041 million at December31, 2016). Moreover, in accordance with French law, the intrinsic guarantees attached to issues of covered bonds is not recognized under guaranteecommitmentsgiven. The coveredbonds issued by BPCE SFH and Compagniede FinancementFoncier benefit from a legal privilege comprised of eligible assets.

operation.The purchasermust neverthelessreturn them to the vendor at the transaction’s maturity. The cash flows generated by the securities are also transmitted to the vendor. The Group believes that it has retained almost all of the risks and benefits of the securities repurchasedor loaned. They have therefore not been derecognized.Financing has been recorded in liabilities for the repurchasing or lending of financedsecurities. Sales of receivables Groupe BPCE sells receivables as security (Articles L. 211-38 or L. 313-23 et seq. of the French Monetary and Financial Code) under guaranteed refinancing operations, notably with the central bank. This type of disposal for security involves the legal transfer of the associated contractual rights, and therefore the “transfer of assets” within the meaning of the amendment to IFRS 7. The Group nevertheless remains exposed to virtually all the risks and benefits, and as suchthe receivablesare maintained onthe balance sheet.

Comments on transferred financial assets 13.1.1

Securities repurchasing and lending Groupe BPCE repurchases and loansecurities.

Under the terms of the agreements,the securitiesmay be sold on by the purchaser throughout the duration of the repurchase or lending

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Registration document 2017