Crédit Foncier

CRÉDIT FONCIER
FACTBOOK 2013EN
CRÉDIT FONCIER FACTBOOK 2013
MESSAGE FROM THE CEO
In a real estate market impacted
by a rather unfavourable
economic environment and
a wait-and-see attitude from
households and investors,
Crédit Foncier posted solid business performance in all
of its markets in 2013, whether among individuals, real
estate professionals or public entities.
This performance confirmed the accuracy of choices
made when launching Crédit Foncier’s strategic plan
(2012/2016). Our parent company, Groupe BPCE,
reaffirmed these choices with its “Growing Differently”
plan in November 2013, which implements them even
more rapidly.
At the end of 2013, Crédit Foncier was ahead of
its targets:
- with new real estate financing for individuals
increasing by 17% compared to 2012 and a 46%
market share on loans for low income families
(PAS*), Crédit Foncier has confirmed its undisputed
leadership position in the social home ownership
sector in France;
-with e 9.8bn of international assets sold by end-2013,
in almost two years, Crédit Foncier completed a higher
asset disposal programme than the one forecasted at
the end of 2011, which should have lasted four years.
In 2013, the bank posted a non-recurring loss related
to the asset disposal programme;
-with new ways of funding – syndication* and
securitisation* - in addition to obligations foncières
(French covered bonds*), Crédit Foncier maintains
its commitment to its planned development business
model, which will enable it to continue to support its
clients while meeting new regulatory requirements;
-by reducing significantly its operating expenses,
reaching after two years half of the e 90m forecasted
over five years, Crédit Foncier proved its ability to
evolve;
-with the “Growing Differently” plan, Crédit Foncier
is fulfilling its role in Groupe BPCE’s development
strategy. On the one hand by providing its expertise
to serve the Group and making Compagnie de
Financement Foncier, its wholly-owned subsidiary,
available to all Group entities as a long term
refinancing tool; on the other hand by continuing the
policies of income and cost synergies with the
Group’s retail banks.
Bruno Deletré
Chief Executive Officer of Crédit Foncier
CONTENTS
Message from the CEO 02
Groupe BPCE 03
Crédit Foncier at a glance 04
-2-
12 The financing of real estate investors
and professional customers
14 The financing of public entities
Crédit Foncier as a committed player 05
16 Real estate services
A strong local roots 06
18 Financial operations
Crédit Foncier gives helpful markets 07
insights and studies
20 Crédit Foncier 2013 results
21 Consolidated balance sheet
The French housing market 08
22 Contacts
The financing of Individuals 10
23 Glossary
GROUPE
BPCE
“Crédit Foncier, as a part of
Groupe BPCE, has a unique
expertise that allows it to be the
undisputed specialist in real
estate financing and services
in France”.
François Pérol
Chairman of the Groupe BPCE Management Board
KEY FIGURES
2
Groupe BPCE is the second largest banking group in France (1),
with 115,000 employees serving 36 million customers, 8.8 of
whom have decided to become cooperative shareholders.
Groupe BPCE pursues its activities in banking, insurance and real
estate financing, tailoring its services as closely as possible to the
needs of the individuals and regions they serve.
With its two historic brands - Banque Populaire banks and
Caisses d’Epargne – and its specialized subsidiaries boasting
expert knowledge in their particular areas of activity, the Group
pursues all activities of a commercial bank and insurance
specialist and provides financial solutions through its corporate
and investment banking arm.
ORGANISATIONAL STRUCTURE OF GROUPE BPCE
AT DECEMBER 31, 2013
GROUPE BPCE
nd
100%
LARGEST BANKING
GROUP IN FRANCE
8.8 MILLION COOPERATIVE
SHAREHOLDERS
BANQUES
19 POPULAIRES
BANKS
36
50%
17CAISSES
D’ÉPARGNE
BPCE
CENTRAL INSTITUTION
MILLION CUSTOMERS
COMMERCIAL BANKING
& INSURANCE SUBSIDIAIRIES
8,8
• Crédit Foncier de France
(100%)
• Banque Palatine (100%)
• BPCE International
et Outre-mer (100%)
• BPCE Assurances (46,38%)(2)
MILLION COOPERATIVE
SHAREHOLDERS
115,000
EQUITY
INTERESTS
• Nexity (40.84%)(4)
71.96%(3)
• Coface (100%)
NATIXIS
EMPLOYEES
8,000
BANK BRANCHES
50%
100%(1)
Commercial Banking and Insurance
Wholesale Banking, Investment Solutions
and Specialised Financial Services
28.04%
FREE FLOAT
Indirectly through Local Savings Companies.
With the equity interest held by the Caisses d’Epargne in BPCE Assurances, the Group owns a 60%
stake in the company.
(3)
Percentage of voting right held by BPCE.
(4)
Via CE Holding Promotion.
(1)
(2)
Source: BPCE
Second in number of branches (source: database, banks 2013
website), second in market share for customer savings and
customer lending (source: Bank of France Q3-2013), second in
penetration rate among professionals and individual entrepreneurs
(source: Pépites CSA survey 2011-2012).
(1)
* see glossary p.23
-3-
CRÉDIT FONCIER FACTBOOK 2013
CRÉDIT FONCIER
AT A GLANCE
CRÉDIT FONCIER, A KEY PLAYER IN
REAL ESTATE MARKETS
CRÉDIT FONCIER’S FIVE MAJOR
BUSINESSES
Crédit Foncier is the leading specialist in real estate financing
and services in France. As a wholly-owned subsidiary of
Groupe BPCE, the second-largest banking group in France,
Crédit Foncier serves all those who seek, for one reason
or another, the expertise and unique insight that will help
them find the answers to their real estate needs: individuals
of course, but also professionals, investors and local
authorities*.
Property finance for individuals
Crédit Foncier provides, to all these players, its innovation
and creativity as well as its market experience for over
160 years.
Financing real estate investors and professional
customers
Financing public entities
Real estate services
Financial operations
A STRATEGY ANCHORED IN
GROUPE BPCE
Crédit Foncier’s strategy, laid out at end-2011, is focusing
on five major axes:
KEY FIGURES
1*
st
LENDER TO LOW-INCOME
FAMILIES
253
BRANCHES
2. the discontinuation of international activities and the
reduction of the balance sheet: deleveraging enabled
Crédit Foncier to reduce its market footprint and thus
improve its ability to fund its business under optimal
conditions and plan ahead for compliance with the
Basel III leverage ratio;
3. the development of new funding tools alongside the
obligations foncières, particularly syndication* and
securitisation*;
4. cost savings that enhance the resilience of Crédit Foncier;
7,000
5. the development of synergies with Groupe BPCE:
Crédit Foncier brings to the group its leadership position
in France on the social homeownership market as well as
its reliable access to a debt capital markets as a source
of medium and long term funding through its highly
diversified investor base.
2,881
This strategy has been supported in November 2013 under
the new Groupe BPCE strategic plan “Growing Differently”:
Compagnie de Financement Foncier has been made
available to all Groupe BPCE entities.
BUSINESS PARTNERS IN THE REAL
ESTATE SECTOR**
EMPLOYEES (YEARLY FULL-TIME
AVERAGE HEADCOUNT)
* 46% market share on Loans for low-income families (PAS*)
Source: SGFGAS
** Developers, individual home builders, real estate brokers,
property managers
Source: Crédit Foncier
-4-
1. the development of the core business in France (financing
and real estate services) serving Crédit Foncier clients and
those of the Group’s retail banking networks;
* see glossary p.23
CRÉDIT FONCIER, A COMMITTED PLAYER
AN ONGOING INNOVATION
In offering a broader range of services, expanding
communication, publishing studies, Crédit Foncier has proved
to be an innovative player:
• rollout of Crédit Foncier’s “new generation” branch
concept in order to upgrade its 253 branches;
• crédit Foncier’s new communication campaign to
reaffirm its commitment to help French people become
homeowners;
• development of the offer to high-end clients and
non-residents;
• offering a broader range of financing for jointly-owned
apartment buildings;
• bond issuance programme marketed to investors
by Compagnie de Financement Foncier
(Public issuances and private placements);
• term account;
• contents delivery (studies, new website…) to strengthen
its reference position on the markets.
THE CUSTOMER SATISFACTION
AT THE CORE OF CRÉDIT
FONCIER’S STRATEGY
• 96% of customers have a positive image of
Crédit Foncier;
• 98% of customers and partners trust Crédit Foncier;
• 88% of customers and partners would recommend
Crédit Foncier.
A HUMAN RESOURCE MANAGMENT
ACTION-ORIENTED
• An active policy of training: 6% of total payroll allocated
to in-job training in 2013;
nearly 90% of employees took part in more than
7,800 training days;
• Quality of life in the workplace: working from home,
disability policy, gender equality, prevention of psychosocial
risks.
A CORPORATE SPONSORSHIP
STRATEGY FOCUSED ON THE CORE
BUSINESS AND LOCAL RELATIONS
Crédit Foncier’s sponsorship initiatives are focused around
four areas:
• to confirm its commitment to society by building
partnerships with associations providing solidarity-based
and sustainable housing solutions;
• to involve its employees in general interest projects by
offering skills sponsorship for existing partner associations
or by enabling employees to support associations in which
they are personally invested;
• to get involved with the local community;
•to encourage and foster improved financial education
for low-income households.
Source: annual survey “customers and partners” of Crédit Foncier
and G@links - 2013
ENFI (NATIONAL REAL ESTATE FINANCING INSTITUTE),
THE FIRST SCHOOL/COMPANY DEDICATED TO REAL ESTATE PROFESSIONALS
Created in 2009 and wholly-owned subsidiary of Crédit
Foncier, ENFI is an approved training centre, whose mission is
to assist all professionals interesting in learning new skills and
knowledge related to real estate and its financing. Capitalising
on the historical expertise of its parent company regarding
real estate financing, ENFI is a recognised partner among real
estate professionals, large banks and insurance companies.
The ENFI’s areas of expertise cover a broad range of expertise
such as real estate financing, property valuation, law and
regulation related to real estate, financial operations.
• Almost 1,000 customers
• 5,620 participants since the start of the programme
in 2011
• Lectures from 220 professionals
-5-
CRÉDIT FONCIER FACTBOOK 2013
CRÉDIT FONCIER
A STRONG LOCAL
ROOTS
7,000 real estate professionals’ partners
Local presence with 253 branches in France
and an internet platform:
Foncier Direct
REGIONAL OFFIC
Dunkerque
Boulogne-sur-Mer
Béthune
Arras
Amiens
Abbeville
Cherbourg
Beauvais
Rouen
Gisors
Le Havre
Saint-Lô
Brest
Saint-Martindes-Champs
Branches
Exclusive Agents
Lorient
Saint-Nazaire
Pornic
Compiègne
Creil
Chartres
Le Mans
NANTES
Rezé
Tours
Cholet
Châlons-enChampagne
Orléans
Blois
Ile de France East
Strasbourg
Verdun
Bar-le-Duc
NANCY
Haguenau
Schirmeck
Gérardmer
Troyes
Dole
Beaune
La Roche-sur-Yon
Belfort
Colmar
Lutterbach
Mulhouse
Besançon
Ile de France East
Ile de France North (Paris area)
Paris west
NORTHEAST
Bourgogne - Franche-Comté
Flandres-Picardie
Lorraine - Champagne - Alsace
NORTHWEST
Menton
Carpentras
Alès
Avignon Manosque Draguignan
Monaco
Mont-deNîmes
Grenade
Albi
Marsan
Nice
Salon-dePertuis
Lunel
Blagnac
Provence
Balaruc-les-Bains Aix-en-Provence
Le Cannet
TOULOUSE
Cannes
Montpellier
Cabriès Brignoles
Bayonne
St-Raphaël
Martigues
Béziers
La Farlède
Carcassonne
Saint-JeanMarseille
Pau
de-Luz
Hyères
Narbonne
Pamiers
La Ciotat Toulon
Tarbes
Bompas
Agen
Bretagne - Pays-de-Loire
Centre
Normandie
SOUTHEAST
Alpes - Provence Nord
Montauban
Rodez
Perpignan
Provence Sud - Côte d’Azur - Corsee
Rhône - Auvergne
Ajaccio
SOUTHWEST
Aquitaine Nord - Limousin
ILE DE FRANCE NORTH (PARIS AREA)
Languedoc-Roussillon
Midi-Pyrénées - Aquitaine Sud
Beaumont
Pontoise
Eaubonne Gonesse
Cergy
Aulnay-sous-Bois
Mantes-la-Jolie Saint-LeuRosny-sous-Bois
la-Forêt
Saint-Denis
Argenteuil Les Pavillons-sous-Bois
Saint-Germain-en-Laye
Sartrouville
Versailles
Poissy
Saint-Quentin-en-Yvelines
Les Clayes-sous-Bois
Rambouillet
-6-
PARIS WEST
Paris 18ème
Paris 19ème
Courbevoie
Nanterre
Paris 20ème
Paris 8ème Paris 2ème
Paris 10ème
Paris 1er
Paris 11ème
Issy-les-Moulineaux
Paris 15èmeParis 13ème
Bourg-la-Reine
Villejuif
Antony
ILE DE FRANCE EAST
Roissy-en-Brie
Mitry-Mory
Chelles
Massy
Meaux
Le Perreux-sur-Marne
Saint-Maur-des-Fossés
Créteil
Crosne
Savigny-surRisOrangis Evry
Gif-surYvette Etampes
Melun
Palaiseau
Nemours
Bourgogne - Franch
Lorraine - Champa
NORTHWEST
Bretagne - Pays-de
Centre
Valdahon
Chalon-sur-Saône
Moulins
Lons-le-Saunier
Montluçon
Château d’Olonne
Mâcon
Ferney-Voltaire
Bourg-enAnnemasse
Poitiers
Vichy VillefrancheBresse
Niort
sur-Saône
Cluses
Guéret
Roanne
La Rochelle
Villeurbanne
Limoges
Saintes
ClermontAnnecy
LYON
Rochefort
Ferrand
Bourgoin
Royan
Albertville
Givors Bron -Jallieu
Angoulême
Cognac
Vienne
Chambéry
Saint-Etienne
Saint-MédardBrive-la-Gaillarde
en-Jalles
Libourne
Annonay
Bordeaux
Grenoble
Voiron
Périgueux
Aurillac
Bègles
Pessac
Briançon
Gap
Valence
Gujan-Mestras
Villeneuve
Saint-Chély
sur-Lot
Marmande
-d'Apcher
Cahors
Montélimar
ILE DE FRANCE
NORTHEAST
Flandres-Picardie
Epinal
Chaumont
Vesoul
Dijon
Nevers
Paris west
Metz
Auxerre
Bourges
Ile de France North
Thionville
Reims
MontereauFault-Yonne
Montargis
Vendôme
Angers
ILE DE FRANCE
Charleville-Mézières
Saint-Quentin
PARIS
Dreux
Laval
Vannes
La RocheBernard
Valenciennes
Colleret
Evreux
Alençon
Dinan
Rennes
Quimperlé
REGIONAL OFFICE
Lisieux
Saint-Malo
Saint-Brieuc
Quimper
Elbeuf
Caen
Branches
Exclusive Agen
Lille
Ronchin
Normandie
SOUTHEAST
Alpes - Provence N
Provence Sud - Côt
Rhône - Auvergne
SOUTHWEST
Aquitaine Nord - L
Languedoc-Roussil
Midi-Pyrénées - Aq
CRÉDIT FONCIER GIVES HELPFUL MARKETS
INSIGHTS AND STUDIES
To gain a better insight into real estate markets, Crédit Foncier has developed several tools and market studies.
• Publication of quarterly macroeconomics reports on
real estate markets.
Étude trimestrielle
de Crédit Foncier Immobilier
• Publication of research papers on major real estate issues.
un mArCHÉ loCAtiF Qui tourne Au rAlenti
4 e trimestre 2013
Direction des Études
Point de conjoncture bureaux – marché locatif Île-de-France
2013 : le levier des renÉgoCiAtions AssèCHe le niveAu de lA demAnde nouvelle
1,845 million de mètres carrés de bureaux ont été placés en Îlede-France en 2013. Le constat de fort ralentissement est sans
appel, avec une inflexion des volumes commercialisés de 19 %
par rapport à la moyenne décennale (proche de 2,3 millions de
mètres carrés) et – 21 % sur un an.
Le quatrième trimestre, meilleur que les trois premiers avec
511 700 m2 tertiaires placés (soit – 17 % par rapport au quatrième
trimestre 2012), permet d’atténuer la baisse qui s’est établie
à – 38 % au troisième trimestre sur un an glissant.
L’année 2013 restera marquée par l’essoufflement des grandes
transactions, dont le volume se rétracte de moitié. Ce segment
avait jusqu’ici porté entre 30 % et 40 % de l’activité locative, pour
un nombre limité de signatures (moins de soixante-dix à l’année).
Propriétaires de leur immobilier (vieillissant) et de leur siège
historique prestigieux il y a encore quinze ou vingt ans, les entreprises du CAC 40 sont aujourd’hui, pour la plupart, locataires. Une
majorité ont par ailleurs transféré leurs activités en proche périphérie parisienne, dans un souci de modernisation, de regroupe-
ment et de rationalisation de l’outil immobilier, avec des exigences
de meilleur rapport qualité/prix (flexibilité des espaces de travail,
bonne desserte par les transports en commun, performance énergétique…). C’est ce mouvement de fond, initié il y a dix ans (avec
par exemple l’implantation de Generali, en 2003, sur le pôle de la
Plaine-Saint-Denis), qui semble se tarir, alors qu’il a contribué à
porter le marché dans un contexte économique difficile.
Autre facteur non négligeable, en 2013, les bailleurs, tout autant
que les grands locataires, recherchent une plus grande sécurité.
Ils utilisent largement le levier de la renégociation du bail, les uns
pour pérenniser l’occupation de leur immeuble, les autres pour
négocier facilement une réduction de leur loyer.
Autre pan du marché locatif tertiaire fragilisé, cette fois essentiellement à cause du contexte économique et de l’environnement
anxiogène, celui des petites surfaces de bureaux de moins de
500 m2 à 1 000 m2. Les PME se sont montrées bien moins mobiles
en 2013, mais continuent d’alimenter le moteur de l’activité parisienne dans le QCA.
Contexte ÉConomIque et FInanCIer
FrAnCe
2012
2013
(chiffres provisoires) (1)
2010
2011
Pib
1,4 %
1,7 %
0,0 %
taux de chômage
9,3 %
9,8 %
10,6 %
10,8 % (2)
inflation
1,7 %
2,3 %
1,5 %
0,8 % (3)
Évolution
sur un an
indiCAteurs ÉConomiQues
0,2 %
indiCAteurs FinAnCiers
taux directeur bCe
1,00 %
1,24 %
0,75 %
0,25 % (4)
taux euribor 3 mois France (5)
0,80 %
1,40 %
0,57 %
0,22 %
taux oAt 10 ans France (5)
3,10 %
3,33 %
2,54 %
2,20 %
(1) Source : Banque de France – Indicateurs conjoncturels France au 10 janvier 2014.
(2) Donnée Eurostat, cvS à novembre 2013 (source Insee – estimations T3 2013 : 10,5 % en France métropolitaine).
(3) IPcH – Insee – novembre 2013 en glissement annuel.
(4) Taux directeur applicable depuis le 13 novembre 2013.
(5) Moyennes annuelles calculées à partir des taux moyens mensuels (source Banque de France).
1 – Étude trimestrielle de CrÉdit FonCier immobilier – 2e trimestre 2013
• The Capacim indicator, created together with Paris-Dauphine University,
quarterly determines the percentage of households’ ability to purchase a real
estate property suited to their needs, based on sampling of 33 French cities.
• Publication of detailed studies on issues
regarding its markets: real estate market in
Europe, individuals and rental investment…
Parcours d’acquisition
de la résidence principale :
du rêve à la réalité
2007 / 2012
Crise économique et pouvoir d’achat immobilier
des ménages : quels enseignements ?
Une étude issue du partenariat Chaire Ville et Immobilier
Une étude du Crédit Foncier
entre l’Université Paris-Dauphine et le Crédit Foncier
Une étude du Crédit Foncier
Septembre 2013
Décembre 2013
Avril 2014
2007/2012 Economic crisis and household
purchasing power: Which lessons
can be drawn?
• Key figures of the week, which covers both the property
data of commercial or residential markets and users’
profile and behavior.
The European private real estate
credit markets in 2012
Learning paths to acquire
a principal residence:
makes dream come true
• The “Observateur de l’immobilier”, a dedicated platform
for real estate information on creditfoncier.com
Le 7 avril 2014
DECOUVREZ LE CHIFFRE CLE
DE LA SEMAINE DU CREDIT FONCIER
53 %
Il s’agit de la proportion de Français ayant acquis leur résidence principale,
au bout d’un an de recherche.
Le saviez-vous ?
Seulement un Français sur deux a acquis sa résidence principale au terme d’un an de recherche.
28 % sont toujours en recherche et 19 % ont abandonné leur projet.
Ces chiffres sont extraits de l’étude que le Crédit Foncier a dévoilée à la presse le 31 mars.
Cette étude a été menée auprès de 3 700 Français visant à mieux appréhender le parcours
d’acquisition de la résidence principale et à identifier les choix et arbitrages auxquels consent un
acquéreur.
Consultez l’étude : Parcours d’acquisition de la résidence principale : du rêve à la réalité.
Retrouvez tous nos chiffres clés
**
A propos du Crédit Foncier
Le Crédit Foncier : un rôle central sur les marchés immobiliers.
Le Crédit Foncier est aujourd’hui la première société spécialisée dans les financements et services immobiliers en France.
Filiale à 100% du Groupe BPCE, 2ème groupe bancaire en France, le Crédit Foncier s’adresse à l’ensemble des acteurs qui, à un
titre ou à un autre, ont besoin d’une expertise et d’une compétence uniques pour trouver une réponse à la mesure de leurs
besoins immobiliers : les particuliers bien entendu, mais aussi les professionnels, les investisseurs et les collectivités locales. A
tous, le Crédit Foncier apporte ses capacités d’innovation et de créativité, ainsi que son expérience d’un marché sur lequel il
agit depuis plus de 160 ans.
Le Crédit Foncier se déploie autour de cinq grands métiers : le financement immobilier des particuliers ; le financement des
investisseurs et des professionnels de l’immobilier ; le financement des équipements publics ; les services immobiliers ; les
opérations financières avec le refinancement.
Contacts Presse
Nicolas Pécourt
Directeur Communication externe et RSE
Tél. : 01 57 44 81 07
[email protected]
Kayoum Seraly
Responsable Communication Presse et Externe
Tel. : 01 57 44 78 34
[email protected]
-7-
CRÉDIT FONCIER FACTBOOK 2013
THE FRENCH
HOUSING
MARKET
A PARTICULARLY ATTRACTIVE
FRENCH HOUSING CREDIT MARKET
A SIGNIFICANT HOUSING NEED
IN FRANCE
KEY FIGURES
58%*
OWNER-OCCUPATION RATE
IN FRANCE
15.7%*
HOUSEHOLD SAVING RATE IN
FRANCE
€882bn
OUTSTANDING HOUSING CREDIT
MARKET IN FRANCE
€49 608**
OUTSTANDING HOUSING LOAN
PER HOUSEHOLDS IN FRANCE
* Source: Insee
** Sources: BCE, Eurostat, Crédit Foncier, Astérès, december 2013
-8-
* see glossary p.23
• France has one of the highest birth rate in Europe;
• The senior population, i.e. Baby-Boomers post WW II;
• Has specific housing needs (adapted houses or housing with
medical care facility);
• Changes in family structures (people living apart, divorced,
single-parent families, stepfamilies)… create a need for 500,000
additional housing per year;
• Property is recognised as a “safe haven” investment by French
people.
A GOVERNMENT SUPPORT FOR THE
DEVELOPMENT AND RENEWAL OF
RESIDENTIAL REAL ESTATE STOCK
Government support to promote social home-ownership, (for example
support measures to facilitate access to ownership and rented
accommodation, such as buy-to-let investments);
Building regulations that promote improvements of existing homes:
energy performance and accessibility underpinned by an ecological
rationale.
A FAVORABLE MACROECONOMIC
ENVIRONMENT FOR REAL ESTATE
INVESTMENT
• Historically low interest rates;
• Modest household indebtedness;
• High household saving rate.
HOUSING TYPE
33.5 million houses
Multi-family housing
Single-family housing
44%
56%
Owners
58%
First-time
homebuyers*
Private
housing
18%
22%
Other
Social
housing
40%
Tenants
39%
17%
Other
3%
Source: INSEE-2012
REAL ESTATE LOANS BREAKDOWN: EUROPE AND FRANCE
86%
85%
69%
63%
European average
French average
Share of real estate loans as a percentage
of household gross income
Share of outstanding real estate loans
in the total indebtedness
Sources: BCE, Eurostat, Crédit Foncier, Astérès-2013
DEVELOPMENT OF REAL ESTATE PRICE INDICES (BASE 100 IN 2006)
120
UK 116
GERMANY 114
110
FRANCE 106
100
90
DENMARK 86
THE NETHERLANDS
80
70
60
85
SPAIN 67
2006
2007
2008
2009
2010
2011
2012
2013
Sources: Eurostat, Crédit Foncier, Astérès-2013
FRENCH HOUSEHOLD DEBT AS % OF GDP DU PIB (2002-2012)
56%
60
54
48
42
36
30
2002
2003
2004
2005
2006
2007
Sources: Banque de France, INSEE, national accounts-base 2005
2008
2009
2010
2011
2012
-9-
CRÉDIT FONCIER FACTBOOK 2013
THE FINANCING
OF INDIVIDUALS
For more than 160 years,
the expertise of a specialist
A TAILOR-MADE CREDIT SOLUTION
FOR ALL REAL ESTATE PROJECTS
• Financing of principal or secondary residence, as well as
rental property, in new or existing property market;
• Financing of seniors;
• Financing of non-residents;
• Financing of home improvements.
CRÉDIT FONCIER PROVIDES
FINANCING SOLUTIONS
SUITED TO EVERYONE
To finance these projects, Crédit Foncier develops a wide range
of redeemable, bullet* and regulated loans.
LEADER OF FINANCING TO
LOW-INCOME FAMILIES
Crédit Foncier is the first lender to lowest-income households,
commercialising almost half of the total loans for low-income
families*. Crédit Foncier is also the leader in the distribution of
PTZ +* with a market share of 25%.
Crédit Foncier is also a specialist in financing buy
to let investment.
KEY FIGURES
€49.9 bn
OUTSTANDING LOANS
TO INDIVIDUALS
€ 7.6 bn
PRODUCTION OF LOANS
TO INDIVIDUALS
253
BRANCHES IN FRANCE
46%
MARKET SHARE IN LOANS FOR
LOW-INCOME FAMILIES*
Source: Crédit Foncier
-10-
* see glossary p.23
MULTI-CHANNEL DISTRIBUTION
• 253 branches in France
• 7,000 real estate professional partners (property agencies,
developers, constructors, real estate managers …)
• An internet platform.
LOAN GRANTING IN FRANCE
Under French law, loans are granted depending on the
borrowers’ creditworthiness, on justification and after review
of the documentation:
• Required down payment in the financial plan prepared
with the customer;
• Indebtedness is capped and doesn’t usually exceed
33% of the borrower’s net income;
• One of the two following guarantees:
- Mortgage*, which can have an additional guarantee provided by FGAS* (Government fund promoting
access to home ownership) for low income households,
- Housing-loan sureties*.
• House and location value.
NEW PROPERTY SECTOR
New housing constructions
(Number of housing construction - in thousands)
466
297
Number of transactions by property type
(in thousands).
1 049
1 056
195,5
921
928
80
801
780
107
141
115
161
2009
105
148
2010
2011
New homes by individual customers
704
723
89
128
88
108
2012
67
58,4
2007
2008
183
98
50,6
44
2009
178,1
2010
105
100
74
57
2011
2012
95
42
2013
Total houses
Home buyers
Social rental housing
Private rental sector
2013
New homes by developers
225,5
332
181,5
80
68
346
346
334
257
842
594
421
400
HOUSING MARKET
Existing property
Source: Crédit Foncier-2013
Sources: Sit@del II/Crédit Foncier-2013
LENDING MARKET
REAL ESTATE CREDIT RATES (AS OF 03/31/2014)
Home loans in new and existing houses
(in ebn)
(in %)
169
120
14
19
162
20
112
119
107
73
129
15
17
79
86
25
26
3,03
2,26
0,25
38
33
2009
New
35
2010
Existing
2011
2012
2001
2013
Renovation
Source: Observatoire de la production
des crédits immobiliers-Mai 2014
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Average interest rate
10-year OAT (French sovereign government bonds)
ECB refinancing rate
Source: Observatoire Crédit Logement/CSA du Financement des Marchés Résidentiels
PRODUCTION OF HOME LOANS
BY CRÉDIT FONCIER IN 2013
7,6
+17%
6,5
2012
2002
CRÉDIT FONCIER’S BORROWER
PROFILE IN 2013
Average age: 38 years old and 4 months
Socio-professional category: worker/employee (53%)
Family status: in couple (70 %)
Median purchase amount: e163k
Loan term: 25 years and 5 months
2013
Median housing loan amount: e146k
Down payment: e9K
Source: Crédit Foncier-2013
-11-
CRÉDIT FONCIER FACTBOOK 2013
THE FINANCING OF REAL
ESTATE INVESTORS
AND PROFESSIONAL
CUSTOMERS
CRÉDIT FONCIER PROVIDES
TAILOR-MADE SOLUTIONS TO
PRIVATE SECTOR
KEY FIGURES
€8.2 billion
OUTSTANDING LOANS TO REAL
ESTATE INVESTORS AND
PROFESSIONAL CUSTOMERS
€1.9 billion
LOAN PRODUCTION TO REAL
ESTATE INVESTORS AND
PROFESSIONAL CUSTOMERS
10%
MARKET SHARE IN COMMERCIAL
REAL ESTATE FINANCING
90%
OF FRENCH REAL ESTATE
DEVELOPERS ARE CRÉDIT FONCIER
CUSTOMERS
Source: Crédit Foncier
-12-
* see glossary p.23
Crédit Foncier supports two categories of private operators in carrying
out their operations: private investors and real estate professionals.
A KEY PLAYER IN FINANCING
PRIVATE INVESTORS
• Financing private investors: listed or unlisted financial companies, investment funds, OPCI* (French real estate mutual funds), REITs*…;
• Financing through medium- and long-term loans, all types of corporate property assets and residential properties: nursing homes for the elderly, tourism and leisure residences…;
• Leasing solutions with Locindus, in which Crédit Foncier has a 74.5% stake.
A LEADER IN FINANCING REAL ESTATE
PROFESSIONALS
• Financing real estate professionals at the national and regional level: real estate developers, property vendors, land and subdivision developers...;
• Short-term financing, sureties and guarantees needed to structure property transactions.
SOCFIM, a wholly-owned subsidiary of Crédit Foncier, as a lender to
property developers is responsible for this activity. Crédit Foncier is
positioned as one of the leaders in financing real estate development in
France, thanks to the expertise of SOCFIM and the territorial expertise
of the regional network of Groupe BPCE (Caisses d’Epargne and
Banque Populaire banks).
Crédit Foncier is also a well-known arranger and agent of financing.
Crédit Foncier arranges syndication* among entities within Groupe
BPCE and external clients.
DEVELOPMENT OF THE INVESTMENT
IN THE COMMERCIAL REAL ESTATE
29
MARKET (1)
(in ebn)
COMMERCIAL REAL ESTATE INVESTMENT
BREAKDOWN BY INVESTOR TYPE
16%
Public listed REIT* [SIIC]
/ other property companies
28%
24
Funds (including sovereign)
18
11
10
12
15 14,5
13
9
15
22%*
11
Non-listed REIT*
[SCPI & OPCI*]
9%
Other investors
25%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Insurance / Mutual
insurance companies
(1)
Commercial real estate: offices, retail stores, warehouses, business premises
Source: Crédit Foncier-2013
COMMERCIAL REAL ESTATE
INVESTMENT: MAINLY CONCENTRATED
IN ILE-DE-FRANCE (PARIS AREA)
Geographical commercial real
estate investment breakdown
74%
Allocation part of commitments
by type of property
Source: Crédit Foncier-2013
HIGH INVESTMENT PROFITABILITY
A favourable spread environment for real estate investment
10-year OAT spread evolution (rate in %) and real estate rates of return in Paris Q.C.A
(in %)
6,00
5,50
5,00
66%
4,50
1,47
1,69
1,09
4,00
0,51
0,76
-0,51
1,85
1,68
3,50
1,39
4,25
1,71
2,05
3,00
26%
2,50
24%
10%
Ile-de-France
(Paris area)
Other
regions
Source: Crédit Foncier-2013
Offices
Retail
stores
Warehouses
2,20
2,00
1,50
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Spread in basis points (bps)
10-year OAT TEC rate, average calculated from the monthly rates (data: source AFT, BDF)
Rate of return Paris CBD (Central business district)
Source: Crédit Foncier-2013
ILLUSTRATION OF CRÉDIT FONCIER EXPERTISE:
Architecture studio Ory
and Associated
Sud Architectes
SILKY WAY
Financing arranger and structurer, alongside with Caisse d’Epargne Rhône Alpes, of the offices
and laboratories construction at Villeurbanne for the worldwide embedded electronics and
computerised systems platform of Alstom Transport’s.
GENERATOR HOSTELS
Real estate leasing financing of the largest youth hostel construction in France (1,000 beds)
located Place du Colonel Fabien in Paris. The Generator concept offers high quality services at
affordable prices.
Scaphoide 3D
Center Parcs
AQUAMUNDO
Financing by 2 Caisses d’Epargne, 1 Banque Populaire bank and Socfim
of the construction of 870 cottages and 21,000 m² of common equipments
for Pierre & Vacances group in Moselle Department.
SENIOR HOUSING COMPLEX
Financing by 4 Caisses d’Epargne and Socfim of a senior housing complex comprising 133
housing units and 995 m² of usable office space in Oberhausbergen realized by Aegide group.
-13-
CRÉDIT FONCIER FACTBOOK 2013
THE FINANCING OF
PUBLIC ENTITIES
Crédit Foncier lends to regional authorities* and to social
housing bodies.
FINANCING PUBLIC PROJECTS
TOGETHER WITH CAISSES D’EPARGNE
CRÉDIT FONCIER PROVIDES
FINANCING THAT
CONTRIBUTES TO LOCAL
DEVELOPMENT
• Together with Caisses d’Epargne, Crédit Foncier helps regionals
authorities, private partners and companies in their infrastructure
projects;
• Financing projects, financial engineering or tailored solutions;
• Crédit Foncier intervenes in the following sectors:
Transport infrastructure (tramway, bus, bypasses, roads…); networks
(public lightening, energy, heating…) ; health (hospitals …);
education (schools, middle and high schools, universities and
colleges…).
FINANCING STAKEHOLDERS OF THE
SOCIAL PROPERTY
• Solutions optimally tailored to real social estate players:
Social landlords, regional authorities*, associations …;
KEY FIGURES
€2,2 bn
PRODUCTION OF PUBLIC
EQUIPMENT’S LOANS
€25.7bn
OUTSTANDING OF PUBLIC
EQUIPMENT’S LOANS
Source: Crédit Foncier
-14-
* see glossary p.23
• Crédit Foncier proposes its servicing platform to support the
interventions of Caisses d’Epargne, which is another historical actor
in this sector in France.
EVOLUTIONS OF FRENCH LOCAL PUBLIC
AUTHORITIES INDEBTEDNESS*
CRÉDIT FONCIER’S LOCAL AUTHORITIES
LOAN PRODUCTION BREAKDOWN BY TYPE
OF CUSTOMER
(in Mde)
113,0
119,5
137,4
127,3
148,3
157,3
163,3
168,9
176,1
8%
20%
Municipalities
Departments
182,3
1%
Regions
35%
Groups
of municipalities
2004
(*)
2005
2006
2007
2008
2009
2010
2011
2012
2013
36%
Annual debt as of 31 December according to the regulation n°3605 of the European Commission
Healthcare centers
Sources: National accounts – Notification of 31 Mars 2014, INSEE
Source: Crédit Foncier-2013
SOCIAL HOUSING: CRÉDIT FONCIER’S
PRODUCTION STRUCTURE BREAKDOWN
BY ASSETS TYPE
5%
5%
Renovation
works
Property
arrangement
17%
Local public
organisations
18%
Retirement
centers
SOCIAL HOUSING: CRÉDIT FONCIER’S
PRODUCTION STRUCTURE BREAKDOWN
BY CLIENT TYPE
55%
Family housing
5%
11%
Associations
1%
68%
Social landlords
Others
Youth hostels
1%
5%
Local authorities*/
Healthcare centers
Student residences
Source: Crédit Foncier-2013
Source: Crédit Foncier-2013
Doug and Wolf for Michel
Renon’s architecture studio
ILLUSTRATION OF CRÉDIT FONCIER EXPERTISE:
THE DIGITAL CAMPUS OF THE EUROPEAN UNIVERSITY OF BRETAGNE
Being financed by Crédit Foncier together with the Caisse d’Epargne Bretagne Pays de Loire,
Breizh Connect company provides construction, operation and maintenance of the first digital
campus in France that will connect students with research centers all across Bretagne.
Rudy Ricciotti
and Alexandre Lacaze
Groupe 6
IRCA – REGIONAL INSTITUTE OF CANCER OF ALSACE
Following the request of the Caisse d’Epargne d’Alsace, a contribution of 67% of the required
funding was provided for building a Regional Cancer Center resulting from an alliance of Paul
Strauss Center and university hospitals of Strasbourg.
STUDENT RESIDENCE IN PAU
100% financing of the construction of 204 student apartments located in the Coudères residence
being part of an urban renewal project promoting diversity: student housing, family housing, child
protection centers and municipal rooms.
-15-
CRÉDIT FONCIER FACTBOOK 2013
REAL ESTATE
SERVICES
Crédit Foncier Immobilier,
is the fourth-largest French
real estate consultant*
CRÉDIT FONCIER IMMOBILIER
PROVIDES A FULL RANGE OF
SERVICES FROM ADVISORY
TO BROKERAGE
CRÉDIT FONCIER IMMOBILIER
KEY FIGURES
1st **
REAL ESTATE EXPERT IN FRANCE
€41m
TURNOVER
41,000
MISSIONS OF EXPERTISE AND
VALUATION
610
SALES RECORDED
* Considering the 2013 total turnover published on “societe.com”
** Considering the 2013 turnover for the Expertise activity
published on “societe.com”
Source: Crédit Foncier Immobilier
-16-
* see glossary p.23
Real estate services are provided by Crédit Foncier Immobilier
(CFI), a wholly-owned subsidiary of Crédit Foncier.
Crédit Foncier Immobilier supports institutional investors,
companies, developers, banking and financial institutions as well
as local authorities* across different activities.
ADVISORY, VALUATION AND
RESEARCH
• Advice to institutional owners in their real estate activities;
• Expertise of all types of property products;
• Valuation of real estate assets;
• Research on all residential and commercial property markets.
BROKERAGE AND PROPERTY
MANAGEMENT UNDER THE AD
VALOREM BANNER
• Ad Valorem Investissement provides consultancy services
for buying or selling block sales;
• Ad Valorem Bureaux supports companies in the search
for new facilities;
• Brokerage of new and existing building, on behalf of large
institutional owners or developers with Ad Valorem Residential;
• Lease managment with Ad Valorem Gestion.
As a part of synergies with Groupe BPCE, Crédit Foncier makes
these various services available to other Group entities and their
customers.
BREAKDOWN OF 2013 PROPERTY
VALUATION BY ASSET TYPE
BREAKDOWN OF FEES
BY SEGMENT IN 2013
Commercial
real estate
16%
Residential
real estate
25%
Investment
10%
Consulting and audit
4%
Market research
4%
Expertise
39%
Industrial and
specialised
real estate
premises
11%
Residential
20%
Offices
48%
Real estate valuation
(Serexim)
19%
Source: Crédit Foncier Immobilier-2013
Offices
1%
Property
management / Leasing
3%
Source: Crédit Foncier Immobilier-2013
ILLUSTRATION OF CRÉDIT FONCIER EXPERTISE:
Stéphane Durieu
Jesta
JW MARRIOTT (PALAIS STÉPHANIE), CANNES (ALPES MARITIMES DEPARTMENT)
Crédit Foncier Immobilier performed the expertise of a set of commercial real estate of 50,000 m²
located on the Croisette.
PONANT PARC AND PONANT PLUS, PARIS 15TH DISTRICT
Sale of an office building of 8,000 m², made by Crédit Foncier Immobilier,
occupied by France Télévision, PMU and BPCE.
Florent Joliot
CLOS SAINT PIERRE, NEUILLY-SUR-SEINE (PARIS SUBURBS)
Crédit Foncier Immobilier carried out a sale by lot of a residential building of 66 apartments,
from studios to 6 bedrooms.
RÉSIDENCE PALOMINA, CAPINGHEM (LILLE SUBURBS)
Commercialisation of a new housing program of 23 off-plan units (Vefa contracts)
conducted by Crédit Foncier Immobilier.
MAES Agency
Stéphane Durieu
PARK ON THE 8TH, MARSEILLE 8TH DISTRICT
Sale of a residential building constructed in 2010 by Crédit Foncier Immobilier. The building was
devised in lots of 80 apartments each, going from 2 to 5 rooms.
-17-
CRÉDIT FONCIER FACTBOOK 2013
FINANCIAL
OPERATIONS
COMPAGNIE DE
FINANCEMENT FONCIER, A
WHOLLY-OWNED SUBSIDIARY
OF CRÉDIT FONCIER, WHOSE
PURPOSE IS TO REFINANCE
THE MORTGAGE AND PUBLIC
SECTOR LENDING ACTIVITIES
GRANTED BY CRÉDIT
FONCIER.
KEY FIGURES
118.1%
REGULATORY
OVERCOLLATERALIZATION* RATIO
€4.4 bn
REGULATORY CAPITAL
€32.6m
NET INCOME
€75 bn
OUTSTANDING OF
OBLIGATIONS FONCIÈRES
AAA/Aaa/AA+
RATINGS OF OBLIGATIONS FONCIÈRES
AS OF MAY 31, 2014 (S&P/MOODY’S/FITCH)
Source: Crédit Foncier
-18-
* see glossary p.23
Financial operations business line ensures the
refinancing of loans granted by Crédit Foncier and other
Groupe BPCE entities.
The funding is mainly provided by Compagnie de Financement
Foncier, société de credit foncier (French legal covered bonds*
issuer) and a wholly-owned subsidiary of Crédit Foncier, whose
primary objective is to refinance the mortgage and public sector
lending activities by issuing obligations foncières (French legal
covered bonds*). Its ability to innovate in terms of products and
financial engineering enabled it to quickly become a prominent
player on the global markets.
Compagnie de Financement Foncier stands out among other
european covered bonds* issuers by a broader investor base in
Asia and in the US, as well as Central banks – of which 80 hold
Compagnie de Financement Foncier’s obligations foncières – and
insurers.
Under Groupe BPCE’s new strategic plan “Growing Differently”,
Compagnie de Financement Foncier will share with the entire
group its funding capacities and its ability to raise long-dated
liabilities at an advantageous cost compared with other
refinancing vehicles. In addition to its traditional funding tools,
Crédit Foncier is developing its activities in securitising real estate
loans.
Crédit Foncier is positioned as an innovative player in setting up
securitisation funds dedicated to this type of operation.
Having launched, in 1991, the first public securitisation of
mortgage loans in France, Crédit Foncier has a thorough and
long-standing expertise in this area.
GLOBAL COVERED BONDS*
MARKET IN 2012 (in ebn)
800
300
700
250
600
200
500
Issuance
Outstanding
150
400
300
100
200
50
100
0
rs
he
l
NZ
a/
ali
Au
str
ia
ga
str
rtu
Au
Po
d
da
na
lan
Ca
Ire
ne
Be
A/
US
d
lux
ly
an
Ita
erl
Sw
itz
e
UK
nc
Fra
y
ain
Sp
an
rm
din
an
Sc
Ge
av
ia
0
Ot
Source: European Covered Bond Council (ECBC)
COMPAGNIE DE FINANCEMENT FONCIER BUSINESS MODEL
Mortgage
loans and
relate items
Asset
selection
purchase
Public
exposures
Finance assets
Obligations
foncières
+
privileged debt
Replacements
values
Subordinated debt*,
capital and
unsecured debt*
Derivatives (swaps*)
Investors
Source: Crédit Foncier-2013
BREAKDOWN OF ASSETS (AS OF 12/31/2013)
BY TYPE OF ASSETS
BY REGION
5%
Other assests
4% Italy
8%
Replacement
securities
2% North America
43%
Mortgage loans
1% Spain
2% Japan
1% Switzerland
1% Germany
44%
Public sector
exposures
87% France
Source: Crédit Foncier-2013
Source: Crédit Foncier-2013
BREAKDOWN OF OBLIGATIONS FONCIÈRES ISSUANCES
BY INVESTOR TYPE
2% Other
(AS OF 12/31/2013)
BY REGION
2%
Pension funds
9%
63%
Insurance
compagnies
Due to central banks
41%
France
12%
7% Scandinavia
Banks
9% Other
14%
Asset managers
2% UK
2% Asia
3% Italy
36%
Germany
Source: Crédit Foncier-2013
Source: Crédit Foncier-2013
* see glossary p.23
-19-
CRÉDIT FONCIER FACTBOOK 2013
CRÉDIT FONCIER’S
2013 RESULTS
(in €M)
2013
2012
VARIATION
Net banking income
572
721
-149
Operating expenses
-547
-581
34
25
140
-115
-250
-131
-119
2
2
0
15
3
12
-208
14
-222
80
-5
85
-2
-2
0
-130
7
-137
95.6%
80.6%
+15.0 pts
Gross operating income
Cost of risk
Income from holdings consolidated by the equity method
Income from other non-current assets
Income before tax
Income tax
Minority interests
Group share of net income
C/I ratio
(1)
(1)
Cost income ratio = OPEX/NBI.
Net banking income amounted to e572m, down
almost 21% compared to 2012. The main reason for
this decrease is the net impact of transactions aimed at
reducing balance sheet size that were initiated in late
2011 as part of the strategic plan (disposal of securities
and buyback of obligations foncières) for - e146m.
Additionally, it should be noted that the reassessment
of the credit spread on structured issues at fair value
through profit or loss represented a e59m expenditure
in 2013 (compared to a e55m expenditure in 2012).
Commissions, meanwhile, are up, mainly due to an
increase in prepayments.
Overheads, depreciation and amortisation amortisation
amounted to e547m, down 6% from 2012 due to a
continued effort to control management costs. This
change is being caused by both a decrease in labour
costs (particularly as a result of the provisional retirement
agreement instituted in 2012) and by control over costs
for fees and real estate expenses.
-20-
* see glossary p.23
It should also be noted that the project to share computing
resources with the Caisses d’Epargne platform has
become operational.
Cost of risk resulted in a net provision of e250m, up
significantly from 2012 due to a - e51m allocation to
collective provisions on the portfolio of international
assets and a considerable amount of allocations on a
few specific loans.
Income from other non-current assets amounted to e15m
in 2013 and takes into account the capital gains from the
Paris property “Foncier Home”.
The group share of net income consequently amounted
to - e130m for 2013. The prudential ratios have
therefore been met, with a tier one* ratio of 9.7% under
the standard method.
CONSOLIDATED BALANCE SHEET
ASSETS
(in €M)
2013
2012
Cash and amounts due from central banks
7,400
3,705
Financial assets at fair value through profit or loss
2,754
3,438
Hedging derivatives
6,289
10,317
Available-for-sale financial assets
3,172
3,693
15,218
18,578
102,335
108,741
4,127
6,310
Held-to-maturity financial assets
135
135
Current tax assets
Loans and receivables due from credit institutions
Loans and receivables due from customers
Revaluation adjustment on interest rate risk-hedged portfolio
346
321
Deferred tax assets
1,054
728
Accrued income and other assets
4,973
7,103
Investments in companies accounted for by the equity method
56
55
Investment property
34
41
Property, plant and equipment
47
115
7
10
13
13
147,960
163,303
2013
2012
Financial liabilities at fair value through profit or loss
4,527
5,562
Hedging derivatives
6,284
11,144
44,070
36,656
268
271
Intangible assets
Goodwill
TOTAL
EQUITY AND LIABILITIES
Due to credit institutions
Due to customers
82,242
97,545
Revaluation adjustment on interest rate risk-hedged portfolio
0
49
Current tax liabilities
2
31
Deferred tax liabilities
1
2
5,854
7,319
Provisions
234
238
Subordinated debt*
789
803
3,590
3,586
-130
7
99
97
147,960
163,303
Debt securities
Accrued expenses and other liabilities
Group share of consolidated equity
o/w net income for the period
Non-controlling (minority) interests
TOTAL
-21-
CRÉDIT FONCIER FACTBOOK 2013
CONTACTS
CRÉDIT FONCIER
4, quai de Bercy
94224 Charenton Cedex
EXTERNAL COMMUNICATION AND CSR
[email protected]
HUMAN RESOURCES DEPARTMENT
[email protected]
INVESTOR RELATIONS
[email protected]
INTERNATIONAL REPRESENTATIVE OFFICES
GERMANY
Erik LEMAIRE
Von-der-Tann Strasse 2, 80539 - MUNICH
GERMANY
[email protected]
SWITZERLAND
Suisse Public Finance Solutions SPFS
19 rue de Candolle, 1205 - GENEVA
SWITZERLAND
Phone: +41223106437
[email protected]
NORTH AMERICA
Stéphane GARCIES
1800 McGill College Avenue, Suite 2940, H3A 3J6 - MONTRÉAL,
QC
CANADA
Phone: +1 514 940-0639
[email protected]
JAPAN
Frédéric CHARLOT- METZLER
Hibiya Kokusai Building,18 F,
2-2-3 Uchisaiwaicho, Chiyoda-ku - TOKYO 100-0011
JAPON
Phone: +81 (0)3 5512-7109
[email protected]
CRÉDIT FONCIER DE FRANCE
S.A. (French public limited company) with share capital of 1,331,400,718.80 euros
Head office: 19, rue des Capucines - 75001 Paris
Executive offices and postal address: 4, quai de Bercy - 94224 Charenton Cedex
Paris Trade and Companies Register No.542 029 848
Insurance intermediary registered with ORIAS under n°07 023 327
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GLOSSARY
Bullet loan: property loans when the borrower
PTZ+: (“Interest-free loan”) regulated,
Covered bonds: debt securities backed by
a cover pool composed of mortgages or public
sector loans.
Securitisation: is the process of taking an
illiquid asset, or group of assets, and through
financial engineering, transforming them into a
security
Public-private partnership:
Solvency: measures the capacity to repay
debts over the short, medium and long term in
accordance with strict and tested rules.
pays only the interest each month. The principal
is repaid at maturity of the loan.
FGAS: guarantee fund for property purchase by
modest income individuals, supported by the
State as a welfare measure.
subsidised and subject to certain condition home
loan for first time homebuyer with low or modest
income resources.
financing method by which a public authority
relies on private providers to finance and
manage equipment providing or contributing to
public service.
Real estate investor: an investor having the
First-time homebuyer: a person who buys a
home for the first time as his or her residence.
aim of generating income and accumulating
property assets over time.
Junior debt: debt that ranks after senior debt.
REIT: real estate investment trust whether
It is a debt that is lower in repayment priority
than senior debt.
public listed (SIIC in France) or not (SCPI or
OPCI* in France).
Local/regional authorities:
Senior debt: debt with special garantees and
municipalities, departments, regions, Public
Inter-municipal Cooperation (EPCI) with own
taxation and others Local Public Entreprises
(EPL).
Mortgage: security recorded by a notarial act is
a right granted to a creditor on a property.
OPCI: French real estate mutual funds.
Overcollateralisation: rule according to which
the total amount of eligible assets of a société
de crédit foncier must be higher than the total
amount of their liabilities secured by a privileged
claim, e.g. covered bonds.
PAS: loans for low and mid-income families
instituted to encourage homeownership by
modest resources’ households and distributed
only by Banks having signed a specific
agreement with the French State.
for which repayment takes priority over other
creditors, such as those holding subordinated
debt or junior debt.
Surety: personal warranty given by a third party
(natural person, mutual guarantee company ...)
who undertakes to pay to the lending institution
the amounts owed if the borrower defaults.
RICS: The Royal Institution of Chartered
Surveyors (RICS) is an English professional
organization whose mission is to regulate and
promote the real estate profession, maintain a
level of excellence and professionalism of its
members through continuing education, protect
customers and consumers through a strict
code of Conduct (the 5 principles of the RICS)
and provide advice, analysis and impartial
assistance.
Subordinated debt: a debt that ranks below
other debts and is repayable after other debts
have been paid.
Subsidised loan: a home loan eligible for state
aid at an advantageous interest rate subject to
certain conditions.
Swap: a financial derivative that consists of
an agreement to exchange future cash flows
between two parties.
Syndicated loan: a loan that is provided by
a group of banks.
Tier one: the portion of financial institution
equity deemed to be the most solid (core).
It consists primarily of share capital, reserves
from earnings and minority interests in
subsidiaries.
Unsecured debt: debt that is not secured by
a mortgage or other surety.
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Crédit Foncier
4, quai de Bercy - 94224 Charenton Cedex
Tel: +33 (0)1 57 44 80 00
Head office
19, rue des Capucines - 75001 PARIS
www.creditfoncier.com
foncier.fr