Book V: Service providers

For the application of Article L. 513-10, when the société de crédit foncier uses financial instruments mentioned in Article L. 211-1, these financial instruments must constitute an exposure to a credit institution benefiting from at least the second level of credit quality established by an external credit assessment body recognised by the Autorité de contrôle prudentiel et de résolution in accordance with Article L. 511-44. If it identifies significant potential…

Société de Crédit Foncier ensures that its cash requirements are covered at all times over a period of 180 days, taking into account forecast flows of principal and interest on its assets as well as net flows relating to the forward financial instruments referred to in Article L. 513-10. The cash requirement is covered by : 1° Level 1, 2A or 2B liquid assets as defined in Articles 10,11 and…

The “Société de Crédit Foncier” is required to maintain at all times a ratio of privileged resources to assets, including amounts receivable in respect of forward financial instruments benefiting from the privilege defined in article L. 513-11, equal to at least 105%, under the conditions set by order of the Minister responsible for the economy. For the calculation of this ratio, when its assets include receivables guaranteed pursuant to articles…

Where sociétés de crédit foncier issue “obligations foncières” with an extendible maturity date, the maturity date may only be extended in one or more of the following cases: 1° In the event of non-payment, on the initially scheduled maturity date, of the principal or interest of a loan granted by the société de crédit foncier to a credit institution and guaranteed by the remittance, assignment or pledging of receivables pursuant…