AFD_REGISTRATION_DOCUMENT_2017

7

AFD’S ANNUAL FINANCIAL STATEMENTS Notes to the financial statements at 31bDecember 2017

Noteb32 Other off-balance sheet commitments

December 2017

December 2016

In millions of euros

Guarantee commitments received from the French State on loans Guarantee commitments received from credit institutions

3,533,063

2,383,727

356,683 21,424 328,321

246,996 28,527 322,574

Guarantee commitments made to credit institutions Guarantee commitments given on securities Guarantee commitments made to customers

2,235,988

1,709,250

Noteb33 Commitments on forward financial instruments excluding IMF transactionsb (1)

December 2017

December 2016

notional

Valuation (2)

notional

Valuation (2)

In millions of euros Outright transactions

b

b

b

b

Interest rate swaps (hedging transactions) Currency swaps (hedging transactions)

-31,509,086 28,258,495 14,119,298 14,139,197

305,061 14,011

-27,046,466 28,604,536 14,126,873 14,477,663

514,723 -355,565

Commitments received Commitments given

b b b

b b b

Other instruments (hedging transactions)

b

b

Options

-339,181

1,915

-402,840

4,935

(1) This information does not appear in the publishable off-balance sheet. (2) The value of these financial instruments was established with reference to market value.

Less than 1 year

From 1 to 5 years

More than 5 years

2017 total

In millions of euros

Outright, micro-hedge and OTC market transactions

b

b

b

b

Interest rate swaps Currency swaps

1,923,296 2,612,370 1,283,713 1,328,657

6,588,151 11,472,078 5,717,515 5,754,563

22,997,639 14,174,047 7,118,070 7,055,977

31,509,086 28,258,495 14,119,298 14,139,197

Commitments received Commitments given

Options

9,375

49,987

279,820

339,182

Noteb34 Valuation of forward financial instruments excluding IMF transactions (1) by issuer rating

31-12-2017 Valuation b (2)

31-12-2016 Valuationb (2)

Banking counterparty rating In millions of euros

AAA

b

b

AA

-42,112 616,376 126,696

-4,158

A

182,197 195,319

BBB

NR

-3,444

-6,194

TOTAL 367,164 (1) Counterparty risk on derivatives related to the financing of IMF transactions is covered by the overall guarantee granted to AFD by the French State for this purpose. (2) Replacement cost is represented by the net gain on market values, including accrued interest. If the balance is negative, the cost is zero. Noteb35 Investments held in managed fundsb (1) 697,516

Number of equity stakes

"Purchase price"

Fund source In millions of euros

Caisse d’Investissement des DOM (Cidom)

3 5

1,494

Fonds d’Investissement et de Développement Économique et Social (Fides)

642

Fonds d’Investissement des DOM (Fidom)

13

1,526

Other Government resources

7

16,944 20,607

TOTAL

28

(1)This information does not appear in the publishable off-balance sheet.

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REGISTRATION DOCUMENT 2017

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