BPCE_REGISTRATION_DOCUMENT_2017

5 FINANCIAL REPORT

BPCE parent company financial statements

Directive 2014/59/EU (BRRD – Bank Recovery and Resolution Directive) which establishes the framework for the recovery and resolution of banks and investment firms and European regulation 806/2014 (SRM regulation) established the introduction of a resolution fund as of 2015. In 2016, this fund became a Single Resolution Fund (SRF) between the member States participating in the Single Supervisory Mechanism (SSM). The SRF is a resolution financing mechanism available to the resolution authority (Single Resolution Board). The latter may use this fund when implementing resolutionprocedures.

In 2017, in accordance with delegated regulation 2015/63 and implementingregulation 2015/81 supplementingthe BRRD directive on ex-ante contributionsto financingmechanismsfor the resolution, the Single Resolution Board set the level of contributionsfor 2017. The amount of contributions made to the fund for the fiscal year totaled € 41.9 million, of which € 35.6 million recognized as an expense and € 6.3 million in cash security deposits recognized as assets on the balance sheet (15% in cash security deposits). The cumulative amount of contributions recognized as assets on the balance sheet totaled € 14.8 million.

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Registration document 2017