Section 2: Sociétés de crédit foncier

Article L. 228-39 of the French Commercial Code does not apply to sociétés de crédit foncier.

Notwithstanding articles 1349 of the French Civil Code and L. 228-44 and L. 228-74 of the French Commercial Code, sociétés de crédit foncier may subscribe to their own “obligations foncières” for the sole purpose of using them as collateral for Banque de France credit operations in accordance with the procedures and conditions determined by the Banque de France for its monetary policy and intraday credit operations, in the event that…

I.-Sociétés de crédit foncier may use the “European covered bond” label for the “obligations foncières” and other senior debt referred to in Article L. 513-2, paragraph 2 of the first paragraph that they issue in compliance with the provisions of this section. II -Sociétés de crédit foncier may use the “European investment grade covered bond” label for the “obligations foncières” and other senior debt referred to in Article L. 513-2(I)(2)…

The detailed rules for the application of this section shall be defined by decree in the Conseil d’Etat.