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L.513-26 CMF

Posted on 9 September, 2022 - 11:39 | Category : .

By derogation from articles 1300 of the Code Ciivil and L. 228-44 and L.228-74 of the Code de Commerce, sociétés de crédit foncier may subscribe to their ownobligations foncières with the sole purpose of pledging them to guarantee loans from the Banque de France in accordance with the procedures and conditions determined by this institution to effect monetary policy and overnight credit transactions, if sociétés de credit foncier were not able to cover their liquidity needs by other means at their disposal. The obligations foncières thus subscribed respect the following conditions:

1° The maximum percentage they may represent is 10% of the total outstanding resources benefiting from the privilege at the date of acquisition;
2° They are stripped of the rights mentioned in articles L.228-46 to L.228-89 of the Code de Commerce over the whole period during which they are held by thesociété de crédit foncier;
3° They are pledged as guarantees to the Banque de France. Otherwise, they are cancelled within a week’s time;
4° They may not be subscribed by third parties.
The specific controller confirms that these conditions are respected and draws up a report to the Autorité de contrôle prudentiel et de résolution.


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