Natixis — Groupe BPCE — Q3 2012 Earnings Presentation
74 slides from Natixis's earnings presentation, Nov 14, 2012
Slide 1: Results for the 3rd quarter and the first 9 months of 2012
November 14, 2012 Results for the 3rd quarter and the first 9 months of 2012
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future event
Slide 3: Robust net income and core business line performance
Robust net income and core business line performance Continued steady reinforcement of the Group’s financial structure • Revenues of the core business lines: €5bn, +2.7% vs. Q3-11 Net income attributable to equity holders of the parent stood at €639m in Q3-12 • Operating expenses of the core busines
Slide 4: Robust net income and core business line performance (operating efficiency)
Robust net income and core business line performance Continued steady reinforcement of the Group’s financial structure • Cost synergies for a total of €835m generated at September 30, 2012 for the whole Group Operating efficiency • Implementation of a new operating efficiency program at Natixis: tar
Slide 5: Contents
Contents 1. Groupe BPCE results 2. Capital adequacy and liquidity Adapting the Group to its new environment 3. Results of the core business lines November 14, 2012 Results for the 3rd quarter and first 9 months of 2012 5
Slide 6: Quarterly results of Groupe BPCE
1. Quarterly results of Groupe BPCE Good performance achieved by the core business lines, driven by dynamic commercial activity Core Q3-12 / Q3-12 / business in millions of euros Q3-12 Q3-11 Q3-11 % change lines1 % change Q3-12 Net banking income 5,313 -3.0% 5,044 +2.7% Excl. revaluation of own debt
Slide 7: 9M-12 results of Groupe BPCE
1. 9M-12 results of Groupe BPCE Limited decline in net income attributable to equity holders of the parent despite the adverse economic environment Core 9M-12 / 9M-12 / business in millions of euros 9M-12 9M-111 9M-111 % change lines2 % change 9M-12 Net banking income 16,434 -4.6% 15,541 -1.3% Excl.
Slide 8: Net banking income of the core business lines up 2.7% vs. Q3-11
1. Groupe BPCE results Net banking income of the core business lines up 2.7 % vs. Q3-11 Revenue synergies between Natixis and the Banque Net banking income (in €m) Populaire and Caisse d’Epargne networks End of September 2012 €590m 2013 objective €810m Linearized objective : Commercial Banking and I
Slide 9: New progress in terms of operating efficiency
1. Groupe BPCE results New progress in terms of operating efficiency Operating expenses (in €m) Cost synergies €835m of cost synergies completed at 30/09/2012 for the whole Group Implementation of a new operating efficiency program at Natixis: target for the aggregate reduction of expenses by Co
Slide 10: Cost of risk restored to a moderate level
1. Groupe BPCE results Cost of risk restored to a moderate level (30 bp) reflecting the quality of the Group’s balance sheet Cost of risk in bp1 Cost of risk (in €m) 1 Cost of risk excluding Greek government bonds impairment and non-recurring impairment provisions in Q3-11, expressed in annualized b
Slide 11: Cost of risk of the core business lines restored to a low level
1. Groupe BPCE results Cost of risk of the core business lines restored to a low level (28 bp, equivalent to Q3-11) Cost of risk in bp1 Commercial Banking and Insurance Wholesale Banking, Investment Solutions and SFS Core business lines Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 1 Cost of risk expres
Slide 12: GAPC: pursuit of the asset-disposal program
1. Groupe BPCE results GAPC: pursuit of the asset-disposal program Risk-weighted assets1 (in €bn) Pursuit of the asset-disposal program: €0.6bn disposed of in Q3-12 and €2.6bn in 9M-12 Improved valuation of assets in Q3-12, especially in the United States 52% decline in risk-weighted assets si
Slide 13: Contents
Contents 1. Groupe BPCE results 2. Capital adequacy and liquidity Adapting the Group to its new environment 3. Results of the core business lines November 14, 2012 Results for the 3rd quarter and first 9 months of 2012 13
Slide 14: Capital adequacy enhanced: Basel 2.5 Core Tier-1 ratio of 10.5%
2. Capital adequacy and liquidity Capital adequacy enhanced by 40 basis points vs. June 30, 2012: Basel 2.5 Core Tier-1 ratio of 10.5%1 Change in capital (in €bn) and ratios2 1 Estimate at September 30, 2012 2 Excluding the floor effect which applied until Dec. 31, 2011 3 Dec. 31, 2010 – Capital and
Slide 15: Control of risk-weighted assets
2. Capital adequacy and liquidity Control of risk-weighted assets Change in risk-weighted assets1 (in €bn) Breakdown of risk-weighted assets 1 Risk-weighted assets, excluding the floor effect which applied until Dec. 31, 2011 – Estimate at September 30, 2012 November 14, 2012 Results for the 3rd qua
Slide 16: Financial structure strengthened before transition to Basel 3
2. Capital adequacy and liquidity Financial structure strengthened before the transition to the new Basel 3 regulatory framework +20 bp 10.5%1 10.1% Confirmation of the target of achieving a Common Equity Tier-1 ratio under Basel 3, without transitional measures2, in excess of 9% in 2013 1 Estimat
Slide 17: 104% of wholesale funding reduction target achieved
2. Capital adequacy and liquidity 104%1 of the Group’s target to reduce wholesale funding requirements by the end of 2013 achieved at September 30, 2012 Rest of the Group, including Commercial Natixis (Wholesale Banking and GAPC) Banking and Insurance > €64.7bn reduction in liquidity requirements >
Slide 18: ST refinancing and liquidity reserves at September 30, 2012
2. Capital adequacy and liquidity ST refinancing and liquidity reserves at September 30, 2012 ST1 refinancing outstandings at September 30, 2012 €117bn Change in liquidity reserves (in €bn) Liquidity reserves/short-term refinancing outstandings (as a %) 94% 129% 128% 1 Estimate November 14, 2012 R
Slide 19: MLT funding: 2012 program fully completed
2. Capital adequacy and liquidity MLT funding: 2012 program fully completed / average maturity of 6.8 years Medium/long-term funding plan completed at November 9, 2012 MLT funding pool for BPCE > 100% of the €18bn program completed > €18.0bn raised with an average maturity of 5.7 years MLT fundi
Slide 20: Contents
Contents 1. Groupe BPCE results 2. Capital adequacy and liquidity Adapting the Group to its new environment 3. Results of the core business lines November 14, 2012 Results for the 3rd quarter and first 9 months of 2012 20
Slide 21: Marked predominance of retail banking activities in France
3. Results of the core business lines Marked predominance of retail banking activities in France Business contribution to the net banking Business contribution to the income before tax income of the Group1 in Q3-12 (as a %) of the Group1 in Q3-12 (as a %) Retail banking: 71% Retail banking: 71% (97%
Slide 22: Commercial Banking and Insurance
3. Results of the core business lines Commercial Banking and Insurance Q3-12 / 9M-12/ in millions of euros Q3-12 Q3-11 9M-12 9M-11 % change % change Net banking income 3,596 -1.7% -2.3% 11,025 Excluding changes in provisions for home purchase savings schemes 3,605 -1.7% 11,053 -1.7% BP 1,482 -4.1% 4
Slide 23: Commercial Banking and Insurance
3. Results of the core business lines Commercial Banking and Insurance Unless specified to the contrary, all changes are vs. Q3-11 Contribution to net banking income in Q3-12 Net banking income: €3.6bn, -1.7%1 vs. Q3-11 > Net banking income of BP and CE networks: -0.8%1 vs. Q3-11 > Good resilience
Slide 24: Banque Populaire banks: growth in on-balance sheet savings
3. Results of the core business lines Banque Populaire banks: growth in on-balance sheet savings and slower increase in loan outstandings Unless specified to the contrary, all changes are vs. Q3-11 Savings deposits: change over the past year (as a %) Customer base: continued strong performance in
Slide 25: Caisses d'Epargne: dynamic customer base
3. Results of the core business lines Caisses d’Epargne: a dynamic customer base translating into growth in business activity and outstandings Unless specified to the contrary, all changes are vs. Q3-11 Customer base: continued drive to develop Savings deposits: change over the past year (as a %)
Slide 26: Real estate Financing
3. Results of the core business lines Real estate Financing1: the business activity held up well despite the sharp decline in the real estate financing market Unless specified to the contrary, all changes are vs. Q3-11 Implementation of the 2012-2016 strategic Loan outstandings2 (in €bn) plan of C
Slide 27: Insurance: continued buoyant growth
3. Results of the core business lines Insurance: continued buoyant growth of the entire range of Non-Life, Provident and Health insurance products Unless specified to the contrary, all changes are vs. Q3-11 Insurance1 Business activity indicators Life insurance (CNP Assurances) Life insurance: slo
Slide 28: International
3. Results of the core business lines International Unless specified to the contrary, all changes are vs. Q3-11 International Business activity indicators Principal entity contributing to the core business line: BPCE International et Outre-mer Savings deposits (in €bn) Savings: +3.5% > Net fund in
Slide 29: Other networks
3. Results of the core business lines Other networks Unless specified to the contrary, all changes are vs. Q3-11 Other networks Business activity indicators Principal entity contributing to the core business line: Banque Palatine Customer base: good progress in drive to Savings deposits1 (in €bn)
Slide 30: Core business lines of Natixis
3. Results of the core business lines Core business lines of Natixis: Wholesale Banking, Investment Solutions, Specialized Financial Services Q3-12 / 9M-12/ in millions of euros Q3-12 Q3-11 9M-12 9M-11 % change % change Net banking income 1,448 +15.7% 4,516 +1.3% Wholesale Banking 686 +24.7% 2,147 -
Slide 31: Wholesale Banking: Q3-12 results buoyed up
3. Results of the core business lines Wholesale Banking: Q3-12 results buoyed up by the Fixed Income and Structured Finance activities Unless specified to the contrary, all changes are vs. Q3-11 Financing activities Change in revenues (in €m) Commercial Banking > Net banking income down 17% in Q3-
Slide 32: Investment Solutions: growth in revenues and profitability
3. Results of the core business lines Investment Solutions: growth in revenues and enhanced profitability in Q3-12 and in the first 9 months of 2012 Unless specified to the contrary, all changes are vs. Q3-11 Asset Management Assets under management (in €bn) Development of expertise in the US with
Slide 33: Specialized Financial Services: commercial dynamism
3. Results of the core business lines Specialized Financial Services: commercial dynamism in Q3-12 Unless specified to the contrary, all changes are vs. Q3-11 Aggregate new loan Total outstandings, Specialized Financing production (€bn) end of period (€bn) Strong momentum in new consumer loan prod
Slide 34: Equity interests
3. Equity interests Q3-12 / 9M-12/ in millions of euros Q3-12 Q3-11 9M-12 9M-11 % change % change Net banking income 424 +1.9% 1,301 +0.6% Operating expenses -349 +2.0% -1,059 +0.3% Gross operating 75 +1.4% 242 +2.1% income Cost of risk -1 -75.0% -6 -73.9% Income before tax 75 -1.3% 241 +14.2% Net i
Slide 35: Equity interests: Coface and Nexity
3. Equity interests Coface core activities1 Total revenues (in €m) Credit insurance revenues: +5% in Q3-12 and +6% in the first 9 months of 2012 vs. 9M-11 rising to a +5% total of €1,135m Decline in the Factoring business in Germany +3% and Poland Improvement in profitability: income before ta
Slide 36: Annexes
November 14, 2012 Results for the 3rd quarter and first 9 months of 2012 Annexes
Slide 37: Annexes contents
Annexes Groupe BPCE Wholesale Banking, Investment Solutions > Organizational structure of Groupe BPCE and SFS > Income statement > Income statement > Income statement per business line > Consolidated balance sheet Equity interests > Income statement Financial structure > Statement of changes
Slide 38: Organizational structure of Groupe BPCE
Annex - Groupe BPCE Organizational structure of Groupe BPCE November 14, 2012 Results for the 3rd quarter and first 9 months of 2012 38
Slide 39: Quarterly income statement
Annex - Groupe BPCE Quarterly income statement Groupe BPCE In millions of euros Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Net banking income 5 480 5 839 5 450 5 671 5 313 Operating expenses -3 702 -4 077 0 -3 953 -3 899 0 -3 - 926 Gross operating income 1 778 1 762 1 497 1 772 1 387 Cost / income ratio 67,6% 69
Slide 40: Quarterly income statement per business line
Annex - Groupe BPCE Quarterly income statement per business line Wholesale Banking, Commercial Workout portfolio Investment Banking & Total core businesses Equity interests management & Groupe BPCE Solutions & Insurance Other businesses Specialized Financial Services In millions of euros Q3-12 Q3-11
Slide 41: Income statement for 9 months per business line
Annex - Groupe BPCE Income statement for the first 9 months of the year per business line Wholesale Banking, Commercial Workout portfolio Investment Banking & Total core businesses Equity interests management & Groupe BPCE Solutions & Insurance Other businesses Specialized Financial Services In mill
Slide 42: Consolidated balance sheet
Annex - Groupe BPCE Consolidated balance sheet Sept. 30, Dec. 31, Sept. 30, Dec. 31, Assets in millions of euros Liabilities in millions of euros 2012 2011 2012 2011 C ash and amounts due from central banks 51,271 15,995 Amounts due to central banks 5 15 Financial assets at fair value through profit
Slide 43: Statement of changes in shareholders' equity
Annex – Financial structure Statement of changes in shareholders’ equity Equity in millions of euros attributable to equity holders of the parent December 31, 2011 45,136 Distribution -491 Capital increase (cooperative shares) 2,151 Income 1,972 Remuneration of deeply subordinated notes and related
Slide 44: Reconciliation of shareholders' equity to Tier-1 capital
Annex – Financial structure Reconciliation of shareholders’ equity to Tier-1 capital in billions of euros 1 Deeply subordinated notes: €4.6bn of BPCE deeply subordinated notes included in equity attributable to equity holders of the parent + €1.1bn of deeply subordinated notes issued by Natixis incl
Slide 45: Prudential ratios and credit ratings
Annex – Financial structure Prudential ratios1 and credit ratings September June 30, December 30, 20121 2012 31, 2011 Credit risk €324bn €327bn €335bn Market risk €21bn €22bn €17bn Operational risk €37bn €37bn €36bn Total risk-weighted assets €382bn €386bn €388bn Core Tier-1 capital €40.1bn €38.8bn
Slide 46: Commercial Banking and Insurance: quarterly income statement
Annex – Commercial Banking and Insurance Quarterly income statement Insurance, International & Other Banques Populaires Caisses d'Epargne Real Estate Financing * Commercial Banking & Insurance networks In millions of euros Q3-12 Q3-11 % Q3-12 Q3-11 % Q3-12 Q3-11 % Q3-12 Q3-11 % Q3-12 Q3-11 % Net ban
Slide 47: Commercial Banking and Insurance: quarterly income statement
Annex – Commercial Banking and Insurance Quarterly income statement Commercial Banking & Insurance In millions of euros Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Net banking income 3 660 3 887 3 763 3 666 3 596 Operating expenses -2 358 -2 576 -2 512 -2 455 -2 470 Gross operating income 1 302 1 311 1 251 1 211
Slide 48: Banque Populaire banks and Caisses d'Epargne
Annex – Commercial Banking and Insurance Banque Populaire banks and Caisses d’Epargne Banques Populaires In millions of euros Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Net banking income 1 546 1 598 1 560 1 488 1 482 Operating expenses -1 000 -1 055 0 -1 048 -10,00 039 -1 046 0 Gross operating income 546 543 51
Slide 49: Income statement for the first 9 months of the year
Annex – Commercial Banking and Insurance Income statement for the first 9 months of the year Insurance, International & Other Banques Populaires Caisses d'Epargne Real Estate Financing * Commercial Banking & Insurance networks In millions of euros 9M-12 9M-11 % 9M-12 9M-11 % 9M-12 9M-11 % 9M-12 9M-1
Slide 50: Banque Populaire network: savings deposits
Annex - Commercial Banking and Insurance Banque Populaire network: savings deposits (in €bn) % change Q3-12 / Q3-11 Demand deposits +7.4% Passbook savings +13.8% accounts Regulated home +2.2% savings plans Term accounts, PEP +6.6% Mutual funds -7.7% Employee savings +7.6% Life insurance +0.1% Others
Slide 51: Banque Populaire network: loan outstandings
Annex - Commercial Banking and Insurance Banque Populaire network: loan outstandings (in €bn) % change Q3-12 / Q3-11 Consumer loans +5.9% Real estate loans +4.8% Short-term credit facilities +7.4% Equipment loans +2.3% Others +3.5% Total loans +4.1% November 14, 2012 Results for the 3rd quarter and
Slide 52: Caisse d'Epargne network: savings deposits
Annex - Commercial Banking and Insurance Caisse d’Epargne network: savings deposits (in €bn) % change Q3-12 / Q3-11 Demand deposits +8.9% Passbook savings +6.0% accounts Regulated home +4.2% savings plans Term accounts, PEP & -5.4% miscellaneous BPCE bonds placed in +1.3% the CE network Mutual funds
Slide 53: Caisse d'Epargne network: loan outstandings
Annex - Commercial Banking and Insurance Caisse d’Epargne network: loan outstandings (in €bn) % change Q3-12 / Q3-11 Consumer loans +1.8% Real estate loans +8.7% Short-term credit facilities +0.2% Equipment loans +12.3% Others n.s. Total loans +8.7% November 14, 2012 Results for the 3rd quarter and
Slide 54: Real estate Financing; Insurance, International and Other networks
Annex – Commercial Banking and Insurance Real estate Financing Insurance, International and Other networks Real Estate Financing In millions of euros Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Net banking income 232 218 211 199 190 Operating expenses -147 -166 0 -142 -130 0,00 -145 0 Gross operating income 85 52
Slide 55: Wholesale Banking, Investment Solutions and SFS: quarterly income statement
Annex – Wholesale Banking, Investment Solutions and SFS Quarterly income statement Wholesale Banking, Investment Wholesale Banking Investment Solutions SFS Solutions & Specialized Financial Services In millions of euros Q3-12 Q3-11 % Q3-12 Q3-11 % Q3-12 Q3-11 % Q3-12 Q3-11 % Net banking income 686 5
Slide 56: Wholesale Banking, Investment Solutions and SFS: quarterly income statement
Annex – Wholesale Banking, Investment Solutions and SFS Quarterly income statement Wholesale Banking, Investment Solutions & Specialized Financial Services In millions of euros Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Net banking income 1 251 1 437 1 559 1 509 1 448 Operating expenses -919 -960 0 -987 -998 0,0
Slide 57: Quarterly income statement per business line
Annex – Wholesale Banking, Investment Solutions and SFS Quarterly income statement per business line Wholesale Banking Investment Solutions In millions of euros Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 In millions of euros Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Net banking income 550 612 760 701 686 Net banking income
Slide 58: Income statement for 9 months per business line
Annex – Wholesale Banking, Investment Solutions and SFS Income statement for the first 9 months of the year per business line Wholesale Banking, Investment Wholesale Banking Investment Solutions SFS Solutions & Specialized Financial Services In millions of euros 9M-12 9M-11 % 9M-12 9M-11 % 9M-12 9M-
Slide 59: Equity interests: quarterly income statement
Annex – Equity interests Quarterly income statement Equity interests In millions of euros Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Net banking income 416 431 436 441 424 Operating expenses -342 -404 0 -369 -341 0,00 -349 0 Gross operating income 74 27 67 100 0,0 - 75 Cost of risk -4 -11 -3 -2 -1 Income before
Slide 60: Equity interests: income statement for 9 months
Annex – Equity interests Income statement for the first 9 months of the year Nexity Coface & Natixis Private Equity a Other equity interests Equity interests In millions of euros 9M-12 9M-11 % 9M-12 9M-11 % 9M-12 9M-11 % 9M-12 9M-11 % Net banking income 626 637 -1,7% 655 629 4,1% 20 27 -25,9% 1 301
Slide 61: Workout portfolio management and Other businesses
Annex – Workout portfolio management and “Other businesses” Quarterly income statement Workout portfolio Workout portfolio Other businesses management & Other management businesses In millions of euros Q3-12 Q3-11 Q3-12 Q3-11 Q3-12 Q3-11 Net banking income 102 -54 -257 207 -155 153 Operating expense
Slide 62: Workout portfolio management and Other businesses
Annex – Workout portfolio management and “Other businesses” Quarterly income statement Workout portfolio management & Other businesses In millions of euros Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Net banking income 153 84 -308 55 -155 Operating expenses -83 -137 -85 -105 0,00 -146 Gross operating income 70 -5
Slide 63: Workout portfolio management and Other businesses
Annex – Workout portfolio management and “Other businesses” Quarterly income statement Workout portfolio management Other businesses In millions of euros Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 In millions of euros Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Net banking income -54 128 23 42 102 Net banking income 207 -44 -
Slide 64: Workout portfolio management and Other businesses: 9 months
Annex – Workout portfolio management and “Other businesses” Income statement for the 9 months of the year Workout portfolio Workout portfolio Other businesses management & Other management businesses In millions of euros 9M-12 9M-11 9M-12 9M-11 9M-12 9M-11 Net banking income 167 258 -575 218 -408 47
Slide 65: GAPC: Detailed exposure as of September 30, 2012
Annex – Workout portfolio management and “Other businesses” – GAPC: Detailed exposure as of September 30, 2012 Guaranteed portfolios (Financial Guarantee & TRS) Type of asset Notional Net Value RWA Discount rate (nature of portfolio) In €bn In €bn before guarantee in €bn ABS CDOs 1.4 0.7 53% Other C
Slide 66: Groupe BPCE: non-performing loans and impairment
Annex – Risks Groupe BPCE: non-performing loans and impairment September June 30, Dec. 31, in millions of euros 30, 2012 2012 2011 Gross outstanding customer loans 585,925 588,672 583,062 O/w non-performing loans 21,831 21,583 20,255 Non-performing / gross outstanding loans 3.7% 3.7% 3.5% Impairment
Slide 67: Networks: non-performing loans and impairment
Annex - Risks Networks: non-performing loans and impairment Banque Populaire banks (aggregated) September June 30, Dec. 31, in millions of euros 30, 2012 2012 2011 Gross outstanding customer loans 164,065 163,965 160,048 O/w non-performing loans 8,289 8,350 7,738 Non-performing/gross outstanding loa
Slide 68: Breakdown of commitments
Annex – Risks Breakdown of commitments as at September 30, 2012 Breakdown of commitments by Breakdown of commitments to Corporates and counterparty Professionals by industrial sector 1 of which 12% in France November 14, 2012 Results for the 3rd quarter and first 9 months of 2012 68
Slide 69: Geographical breakdown of commitments
Annex - Risks Geographical breakdown of commitments as at September 30, 2012 Banks Sovereigns1 Corporates 1 Starting in Q3-12, cash management transactions and the bond reserves previously declared with the Banque de France are deemed to be transactions with the ECB and, in this respect, are classif
Slide 70: Exposure to sovereign debts of peripheral European countries
Annex - Risks Exposure to the sovereign debts of peripheral European countries Net direct exposure of credit institutions in the banking portfolio1 (in €m) 2 Net exposures of insurance companies3 (in €m) 1 Calculated using the methodology drawn up in October 2012 within the framework of capital requ
Slide 71: Exposure to European sovereign risks
Annex – Groupe BPCE Exposure to European sovereign risks1 (in €m) as at September 30, 2012 based on the model drawn up by the EBA2 Indirect Direct sovereign sovereign Provisions and Net direct exposure, excluding derivatives, at exposure in Gross direct exposures in the write-off on Net direct posit
Slide 72: Exposure to countries subject to a rescue plan
Annex - Risks Exposure to countries subject to a rescue plan Exposure1 to countries subject to a rescue plan at September 30, 2012 (in €bn) Of which Total banking Of which Of which in billions of euros sovereign portfolio corporates "others" debt Greece 0.4 0.0 0.4 0.0 Ireland 1.5 0.2 0.6 0.7 Portug
Slide 73: FSF report: summary of sensitive exposures
Annex - Groupe BPCE FSF report at September 30, 2012 Summary of sensitive exposures Total Groupe BPCE Total in millions of euros Natixis September 30, (excl. Natixis) June 30, 2012 2012 Net exposure CDOs of ABS (Asset-backed Securities) US residential market 0 141 141 187 Net exposure 1,164 3,508 4,
Slide 74: Results for the 3rd quarter and first 9 months of 2012
November 14, 2012 Results for the 3rd quarter and first 9 months of 2012 74