BPCE_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT IFRS Consolidated Financial Statements of BPCE SA group 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 13.1 ASSETS 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

1,656

14,215

653

16,524

Financialassetsdesignatedat fair value throughprofit or loss

12

12

Available-for-salefinancial assets

6,418

6,418

Loans and receivables

2

13,433 19,863 13,213

4,726 5,379 5,379

18,161 41,115 34,465

TOTALFINANCIALASSETSPLEDGEDAS COLLATERAL o/w transferredfinancial assetsnot fully derecognized

1,656 1,656

14,217 14,217

The amount of liabilities associated with financial assets pledged as collateral for repurchase agreements came to € 13,561 million at December31, 2017 ( € 15,095million at December31, 2016). The fair value of financial assets pledged as collateral for non-deconsolidating securitization transactions stood at € 5,379 million at December 31, 2017 ( € 7,040 million at December31, 2016).

Moreover, in accordance with French law, the intrinsic guarantees attached to issues of covered bonds are not recognized under guaranteecommitmentsgiven. The coveredbonds issued by BPCE SFH and Compagniede FinancementFoncier benefit from a legal privilege comprised of eligible assets.

5

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

2,889

10,979

3,271

1,193

18,332

Financialassetsdesignatedat fair value throughprofit or loss

15

15

Available-for-salefinancial assets

4,295

8,045

12,340 22,221 52,908 39,363

Loans and receivables

2

16,372 27,703 14,158

5,847 7,040 7,040

TOTALFINANCIALASSETSPLEDGEDAS COLLATERAL o/w transferredfinancial assetsnot fully derecognized

2,889 2,889

15,276 15,276

not been derecognized.Financing has been recorded in liabilities for the repurchasing or lending of financedsecurities. Sales of receivables BPCE SA group 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 BPCE SA group 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 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

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Registration document 2017