{"id":539,"date":"2018-08-08T15:01:56","date_gmt":"2018-08-08T13:01:56","guid":{"rendered":"http:\/\/foncier.fr\/?page_id=539"},"modified":"2026-02-23T17:48:10","modified_gmt":"2026-02-23T16:48:10","slug":"financial-safeguards","status":"publish","type":"page","link":"https:\/\/foncier.fr\/en\/financial-safeguards\/","title":{"rendered":"Financial safeguards"},"content":{"rendered":"<a class=\"chapitre\" name=\"ratios-specific-to-societes-de-credit-foncier-scf\" href=\"#\">Ratios specific to Soci\u00e9t\u00e9s de cr\u00e9dit foncier (SCF)<\/a>\n<h2 class=\"ce_headline\">Ratios specific to Soci\u00e9t\u00e9s de cr\u00e9dit foncier (SCF)<\/h2>\n<div class=\"chiffre_cle media\"><div class=\"chiffre align-self-center\">112.0%<\/div><div class=\"content align-self-center\">Overcollateralisation ratio<div class=\"date\">(as of 06\/30\/2025<\/div><\/div><\/div>\n<div class=\"chiffre_cle media\"><div class=\"chiffre align-self-center\">60.5%<\/div><div class=\"content align-self-center\">Loan-to-value ratio for private individuals<div class=\"date\">(as of 06\/30\/2025<\/div><\/div><\/div>\n<a name=\"anc-69eb51b50b055\" class=\"space size1\" data-attr=\"1\"><\/a>\n<h3 class=\"ce_headline\" style=\"text-align: left;\">Overcollateralisations<\/h3>\n<h4 style=\"text-align: left;\">Regulatory overcollateralisation<\/h4>\n<p><a href=\"http:\/\/backoffice-foncier.prd.mycloud.intrabpce.fr\/legal-safeguards.html?acc=1\">Article L.513-12\u00a0<\/a>requires that total SCF eligible assets always exceed the total amount of liabilities secured with a privileged claim. One of the Specific controller\u2019s duties is to monitor compliance with this overcollateralization rule.<br \/>\nIn addition to this regulatory safeguard, Compagnie de Financement Foncier also maintains a minimum level of overcollateralisation which is superior to the 105% required.<br \/>\n<strong>Compagnie de Financement Foncier permanently monitors its regulatory overcollateralization ratio to ensure that its assets are sufficient to fully cover all of its\u00a0<em>obligations fonci\u00e8res<\/em>\u00a0and that it goes beyond the legislative required.<\/strong><\/p>\n<div class=\"box msg\"><div class=\"content\">As of June 30, 2025 this regulatory ratio was 112.0%. Since the company\u2019s inception in 1999, it has always been above 108%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<\/div><\/div>\n<a name=\"anc-69eb51b50b0ae\" class=\"space size1\" data-attr=\"1\"><\/a>\n<h4 style=\"text-align: left;\">Overcollateralisation since 1999<\/h4>\n<p style=\"text-align: left;\">\t<canvas id=\"vachart-4883\"><\/canvas>\n\t<script>\n\t\t\tvar labels = [\"1999\",\"2000\",\"2001\",\"2002\",\"2003\",\"2004\",\"2005\",\"2006\",\"2007\",\"2008\",\"2009\",\"2010\",\"2011\",\"2012\",\"2013\",\"2014\",\"2015\",\"2016\",\"2017\",\"2018\",\"2019\",\"2020\",\"2021\",\"2022\",\"2023\",\"2024\",\"2025\"];\n\t\tvar data = {\n\t\t\tlabels: labels,\n\t\t\tdatasets: [\n\t\t\t\t{\n\t\t\t\t\t\t\t\t\t\t\t\tlabel: '',\n\t\t\t\t\t\t\tfill:false,\n\t\t\t\t\t\t\tlineTension:0,\n\t\t\t\t\t\t\tbackgroundColor: '#007883',\n\t\t\t\t\t\t\tborderWidth:1,\n\t\t\t\t\t\t\tborderColor: '#007883',\n\t\t\t\t\t\t\tborderCapStyle:'butt',\n\t\t\t\t\t\t\tborderDash:[0],\n\t\t\t\t\t\t\tborderDashOffset:0,\n\t\t\t\t\t\t\tborderJoinStyle:'miter',\n\t\t\t\t\t\t\tpointBorderColor: '#007883',\n\t\t\t\t\t\t\tpointBackgroundColor: '#007883',\n\t\t\t\t\t\t\tpointBorderWidth:1,\n\t\t\t\t\t\t\tpointRadius:1,\n\t\t\t\t\t\t\tpointHoverRadius:1,\n\t\t\t\t\t\t\tpointHitRadius:5,\n\t\t\t\t\t\t\t\t\t\t\t\tdata: [\"114.9\",\"112.6\",\"114.2\",\"111.3\",\"111.6\",\"112.2\",\"111.4\",\"108.5\",\"111.2\",\"110.8\",\"110.5\",\"110.8\",\"110.6\",\"113.7\",\"118.1\",\"120\",\"122.1\",\"117.6\",\"117.2\",\"114.1\",\"111.4\",\"113.5\",\"112.2\",\"113\",\"111.4\",\"115.9\",\"112.0\"],\n\t\t\t\t}\n\t\t\t]\n\t\t};\n\t\tvar config = {\n\t\t\ttype: 'line',\n\t\t\tdata: data,\n\t\t\toptions: {\n\t\t\t\tresponsive: true,\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tscales: {\n\t\t\t\t\t\t\t\t\t\t\tyAxes: [{\n\t\t\t\t\t\t\t\t\t\t\t\t\tdisplay: true,\n\t\t\t\t\t\t\t\t\t\t\t\t\tticks: {\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tmin: 80,\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tmax: 140\t\t\t\t\t\t\t\t\t\t\t\t\t}\n\t\t\t\t\t\t\t\t\t\t\t\t}]\n\t\t\t\t\t\t\t\t\t\t},\n\t\t\t\t\t\t\t\t\t\t\t\t},\n\t\t};\n\t\tvar ctx = document.getElementById(\"vachart-4883\");\n\t\tvar myChart = new Chart(ctx, config);\n\t<\/script>\n\t\n<a name=\"anc-69eb51b50c28f\" class=\"space size1\" data-attr=\"1\"><\/a>\n<h4 style=\"text-align: left;\">Economic overcollateralisation<\/h4>\n<p>This is the minimum legal requirement, under which some assets may be weighted less than 105%, is the first level of overcollateralization. Compagnie de Financement Foncier goes further and decided to cover its risks and maintains in any event a volume of non-privileged liabilities at least equal to 5% of the liabilities that benefit from the privilege.<\/p>\n<p>Compliance with this additional overcollateralisation rule provides extra-security for investors in the company\u2019s privileged debt. Compagnie de Financement Foncier thus requires overcollateralization above the minimum required ratio, and has adopted rules to minimize the following risks:<\/p>\n<ul style=\"text-align: left;\">\n<li>credit and counterparty risk;<\/li>\n<li>interest rate risk; by systematically hedging variable-rate assets and liabilities;<\/li>\n<li>liquidity risk: by maintaining enough cash to meet 6 months of privileged debt obligations in a runoff scenario.<\/li>\n<\/ul>\n<p style=\"text-align: left;\">Compliance with these commitments is reported to credit rating agencies quarterly.<\/p>\n<p><strong>Compagnie de Financement Foncier engaged to maintain a particularly high and sustainable overcollateralisation ratio, at two levels:<\/strong><\/p>\n<div>\n<ul>\n<li><strong>the legal overcollateralisation ratio: in compliance with SCF regulations, Compagnie de Financement Foncier\u2019s weighted assets must be equivalent to at least 105% of its privileged liabilities at all times. As of June 30, 2025 it is 112.0%.<\/strong><\/li>\n<li><strong>the specific overcollateralisation ratio of Compagnie de Financement Foncier : it has chosen to maintain at any time a volume of non-privileged liabilities at least equal to 5% of the liabilities that benefit from the privilege. As of June 30, 2025 this ratio is equal to 11.5%.<\/strong><\/li>\n<\/ul>\n<\/div>\n<div>\n<a name=\"anc-69eb51b50c2c8\" class=\"space size1\" data-attr=\"1\"><\/a>\n<div class=\"encart  link\"><div class=\"content\">For more information, please refer to the Registration Document and their half-year updates<\/p>\n\n\n<\/div><a href=\"\/annual-reports\/\"  rel=\"noopener\" target=\"_blank\"  class=\"bton\" >Open<\/a><\/div>\n<\/div>\n<a name=\"anc-69eb51b50c326\" class=\"space size1\" data-attr=\"1\"><\/a>\n<h3 class=\"ce_headline\">Loan-to-value ratio<\/h3>\n<p>The loan-to-value ratio on residential mortgage loans (\u20ac22.4bn as of June 30, 2025)<span class=\"jCAhz ChMk0b\"><span class=\"ryNqvb\">, the portion financed by privileged liabilities corresponds to the ratio between the outstanding capital of the debt and the value of the property provided as guarantee (LTV<\/span><\/span> <span class=\"jCAhz ChMk0b\"><span class=\"ryNqvb\">&#8211; loan to value).<\/span><\/span> <span class=\"jCAhz ChMk0b\"><span class=\"ryNqvb\">The value of the pledge is updated annually, which makes it possible to assess the evolution of this portion.<\/span><\/span> <span class=\"jCAhz ChMk0b\"><span class=\"ryNqvb\">To guarantee a minimum level of credit quality of the cover pool assets, the CRBF limits the maximum percentage of portions refinancing through guaranteed bond issues.<\/span><\/span><\/p>\n<p>The annual valuation of underlying assets is based on a prudent assessment of the property\u2019s long-term characteristics, local market conditions, the current use of the property and other possible uses. All of this information is provided by BPCE Expertises immobili\u00e8res. It is a Group BPCE\u2019s wholly-owned, Veritas certified subsidiary. Their experts are certified by a court or qualified as chartered surveyors (MRICS). The Specific Controller audits these appraisals each year to verify compliance with the real-estate market parameters used in the valuation process, as described in the risk report section of the Registration Document.<\/p>\n<a name=\"anc-69eb51b50c340\" class=\"space size2\" data-attr=\"2\"><\/a>\n<a class=\"chapitre\" name=\"regulatory-ratios\" href=\"#\">Regulatory ratios<\/a>\n<h2 class=\"ce_headline\" style=\"text-align: left;\">Regulatory ratios<\/h2>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<th style=\"width: 33.3333%; background-color: #61788e; text-align: center;\" scope=\"col\"><\/th>\n<th style=\"width: 33.3333%; background-color: #61788e; text-align: center;\" scope=\"col\"><span style=\"color: #ffffff;\">12\/31\/2023<\/span><\/th>\n<th style=\"width: 33.3333%; background-color: #61788e; text-align: center;\" scope=\"col\"><span style=\"color: #ffffff;\">12\/31\/2024<\/span><\/th>\n<\/tr>\n<tr>\n<th style=\"width: 33.3333%; text-align: left;\" scope=\"row\">Solvency ratio<\/th>\n<td style=\"width: 33.3333%; text-align: center;\">27.0%<\/td>\n<td style=\"width: 33.3333%; text-align: center;\">32.6%<\/td>\n<\/tr>\n<tr>\n<th style=\"width: 33.3333%; text-align: left;\" scope=\"row\">Common Equity Tier 1 ratio<\/th>\n<td style=\"width: 33.3333%; text-align: center;\">27.0%<\/td>\n<td style=\"width: 33.3333%; text-align: center;\">32.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"ce_text last block\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ratios specific to Soci\u00e9t\u00e9s de cr\u00e9dit foncier (SCF) Overcollateralisations Regulatory overcollateralisation Article L.513-12\u00a0requires that total SCF eligible assets always exceed the total amount of liabilities secured with a privileged claim. One of the Specific controller\u2019s duties is to monitor compliance with this overcollateralization rule. In addition to this regulatory safeguard, Compagnie de Financement Foncier also [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1017,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"acf":[],"_links":{"self":[{"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/pages\/539"}],"collection":[{"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/comments?post=539"}],"version-history":[{"count":12,"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/pages\/539\/revisions"}],"predecessor-version":[{"id":6213,"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/pages\/539\/revisions\/6213"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/media\/1017"}],"wp:attachment":[{"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/media?parent=539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}