Section 2: Sociétés de crédit foncier

I. – A guaranteed loan within the meaning of article L. 513-3 may only be refinanced by senior resources up to the limit of the smallest of the following amounts: 1. The outstanding capital of the loan ; 2. The product of the financing ratio defined in II and the value of the asset financed or provided as collateral. II. – The proportion referred to in 2 of I is…

I. – The assessment of the creditworthiness of public entities referred to in 2 to 5 of Article L. 513-4 is that used by the external credit assessment institution when the exposure is recognised as an asset by the société de crédit foncier. II. – The exposures referred to in 5 of I of Article L. 513-4 may not exceed 20% of the nominal amount of the obligations foncières and…

Loans secured by a charge on immovable property conferring an equivalent guarantee within the meaning of 1 of I of article L. 513-3 are loans secured by a charge which gives the creditor, regardless of the debtor’s legal situation, the right to sell the immovable property encumbered by this charge wherever it may be held and to be paid from the sale price without being subject to the assistance of…

For the purposes of 2° of I of article L. 513-3, guaranteed loans eligible for inclusion in the assets of sociétés de crédit foncier are loans for which a credit institution, finance company or insurance company with equity of at least 12 million euros acts as joint guarantor.

For the purposes of Article L. 513-7, securities, exposures and deposits owed by credit institutions, investment firms or portfolio management companies rated at the highest or second highest level of creditworthiness by an external credit assessment institution recognised by the Autorité de contrôle prudentiel et de résolution pursuant to Article L. 511-44 , or which are guaranteed by credit institutions or investment firms rated at the same level of creditworthiness,…

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…