R.513-6 CMF

In application of article L.513-7, the debt securities and deposits of which the debtors are credit institutions or investment companies that benefit from a step 1 credit rating by an external rating agency recognized by the Autorité de contrôle prudentiel pursuant to article L.511-44 are considered sufficiently secure and liquid.

Exposures to these credit institutions shall not exceed, for exposures to credit institutions that fall within the first credit quality step, 15% of the nominal outstanding amount of the issuing institution’s obligations foncières and other resources benefiting from the privilege mentioned in 2° of I of Article L. 513-2, and, for exposures to credit institutions that fall within the second credit quality step, 10% of this outstanding amount.

Where their residual maturity does not exceed one hundred days, claims on credit institutions, investment firms or portfolio management companies established in a Member State of the European Union or party to the Agreement on the European Economic Area shall also be recognised as sufficiently safe and liquid securities, exposures and deposits where they are rated in the third highest credit quality step by an external credit assessment institution recognised by the Autorité de contrôle prudentiel et de résolution pursuant to the provisions of Article L. 511-44 or that they are guaranteed by credit institutions or investment firms of the same credit quality step. For exposures to credit institutions that fall within the third credit quality step and that take the form of short-term deposits or derivative contracts, the total exposure shall not exceed 8% of the nominal outstanding amount of the issuer of covered bonds and other resources benefiting from the privilege mentioned in 2° of I of Article L. 513-2.

Receivables related to the payment or the management of the sums due for the loans, contracts or various debt securities, units and derivatives referred to in articleL.513-10, or guarantees received from credit institutions to hedge these assets and recognized on or off the SCF’s balance sheet as well as exposures related to the liquidation of these loans, contacts, debt securities and units are not taken into account in the calculation of this limit.

The total exposure to credit institutions that fall into the first, second or third credit quality step shall not exceed 15% of the nominal amount outstanding of the issuing institution’s obligations foncières and other resources benefiting from the privilege mentioned in 2° of I of Article L. 513-2 of the issuing institution and the total exposure to credit institutions that fall into the second or third credit quality step shall not exceed 10% of the nominal amount outstanding of the issuing institution’s mortgage bonds and other resources benefiting from the privilege mentioned in 2° of I of Article L. 513-2.

For the purposes of assessing the credit quality referred to in this article, the rating taken into account shall be that corresponding to the residual maturity of the exposures that sociétés de crédit foncier hold to the credit institutions, investment firms or portfolio management companies in question.