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2017 EU-wide Transparency Exercise Summary - SFIL (Société de Financement Local)

Core Content

The document provides a detailed summary of the financial position and risk exposures of SFIL (Société de Financement Local) as part of the 2017 EU-wide Transparency Exercise. It includes information on own funds, capital ratios, risk exposure amounts, and profit and loss (P&L) data, categorized under different regulatory frameworks.

Key Financial Information

Own Funds (Transitional Period)

• Own Funds: 1,357 mln EUR (31/12/2016) to 1,356 mln EUR (30/06/2017)
• CET1 Capital:
  • 1,314 mln EUR (31/12/2016) to 1,310 mln EUR (30/06/2017)
  • Includes capital instruments eligible as CET1 Capital, retained earnings, accumulated other comprehensive income, and other reserves.
• Additional Tier 1 Capital: 26 mln EUR (as of both dates)
• Tier 2 Capital: 17 mln EUR (31/12/2016) to 20 mln EUR (30/06/2017)
• Capital Ratios (Transitional Period):
  • Common Equity Tier 1 Capital Ratio: 24.22% (31/12/2016) to 23.33% (30/06/2017)
  • Tier 1 Capital Ratio: 24.70% (31/12/2016) to 23.80% (30/06/2017)
  • Total Capital Ratio: 25.01% (31/12/2016) to 24.15% (30/06/2017)
• Fully Loaded CET1 Capital:
  • 1,235 mln EUR (31/12/2016) to 1,268 mln EUR (30/06/2017)
  • CET1 Capital Ratio (Fully Loaded): 22.75% (31/12/2016) to 22.59% (30/06/2017)

Leverage Ratio

• Tier 1 Capital - Transitional Definition: 1,340 mln EUR (31/12/2016) to 1,336 mln EUR (30/06/2017)
• Leverage Ratio (Transitional Definition): 1.8% (both dates)
• Tier 1 Capital - Fully Phased-in Definition: 1,261 mln EUR (31/12/2016) to 1,294 mln EUR (30/06/2017)
• Leverage Ratio (Fully Phased-in Definition): 1.7% (31/12/2016) to 1.8% (30/06/2017)

Risk Exposure Amounts

• Total Risk Exposure Amount: 5,426 mln EUR (31/12/2016) to 5,614 mln EUR (30/06/2017)
• Credit Risk Exposure: 4,693 mln EUR (31/12/2016) to 4,976 mln EUR (30/06/2017)
• Market Risk Exposure:
  • VaR (Memorandum Item): 0 mln EUR (both dates)
  • Stressed VaR (Memorandum Item): 0 mln EUR (both dates)
  • Incremental Default and Migration Risk Capital Charge: 0 mln EUR (both dates)
  • All Price Risks Capital Charge for CTP: 0 mln EUR (both dates)
• Operational Risk Exposure: 188 mln EUR (both dates)

P&L Summary

• Interest Income: 3,340 mln EUR (31/12/2016) to 1,389 mln EUR (30/06/2017)
• Interest Expenses: 3,199 mln EUR (31/12/2016) to 1,298 mln EUR (30/06/2017)
• Net Fee and Commission Income: 0 mln EUR (31/12/2016) to 4 mln EUR (30/06/2017)
• Gains or Losses on Derecognition: 13 mln EUR (31/12/2016) to 1 mln EUR (30/06/2017)
• Gains or Losses from Hedge Accounting: -15 mln EUR (31/12/2016) to 5 mln EUR (30/06/2017)
• Exchange Differences: -1 mln EUR (31/12/2016) to 0 mln EUR (30/06/2017)
• Net Operating Income: 139 mln EUR (31/12/2016) to 101 mln EUR (30/06/2017)
• Administrative Expenses: 102 mln EUR (31/12/2016) to 58 mln EUR (30/06/2017)
• Depreciation: 5 mln EUR (31/12/2016) to 3 mln EUR (30/06/2017)
• Provisions or Reversal of Provisions: 0 mln EUR (both dates)
• Profit or Loss Before Tax from Continuing Operations: 49 mln EUR (31/12/2016) to 41 mln EUR (30/06/2017)
• Profit or Loss After Tax from Continuing Operations: 18 mln EUR (31/12/2016) to 25 mln EUR (30/06/2017)
• Profit or Loss for the Year: 18 mln EUR (31/12/2016) to 25 mln EUR (30/06/2017)

Credit Risk - Standardised Approach

• Standardised Total:
  • 13,587 mln EUR (31/12/2016) to 13,800 mln EUR (30/06/2017)
• Country-Specific Data:
  • France:
    • Central Governments: 29 mln EUR (31/12/2016) to 304 mln EUR (30/06/2017)
    • Regional Governments: 4,761 mln EUR (31/12/2016) to 4,685 mln EUR (30/06/2017)
    • Public Sector Entities: 1,110 mln EUR (31/12/2016) to 1,153 mln EUR (30/06/2017)
    • Other Exposures: 18 mln EUR (31/12/2016) to 14 mln EUR (30/06/2017)
  • Italy:
    • Regional Governments: 256 mln EUR (31/12/2016) to 235 mln EUR (30/06/2017)
    • Other Exposures: 0 mln EUR (both dates)
  • Switzerland:
    • Regional Governments: 1,416 mln EUR (31/12/2016) to 1,306 mln EUR (30/06/2017)
    • Corporates: 208 mln EUR (31/12/2016) to 196 mln EUR (30/06/2017)
    • Other Exposures: 0 mln EUR (both dates)

Main Points and Key Information

• The document outlines SFIL's financial position and risk exposure under the transitional and fully phased-in definitions of capital.
• CET1 Capital decreased slightly from 1,314 mln EUR (31/12/2016) to 1,310 mln EUR (30/06/2017).
• Capital Ratios (CET1, Tier 1, Total) showed a decline in both periods, indicating a reduction in capital relative to risk exposure.
• Leverage Ratios remained stable at 1.8% for the transitional definition and increased slightly to 1.8% for the fully phased-in definition.
• Risk Exposure Amounts increased from 5,426 mln EUR (31/12/2016) to 5,614 mln EUR (30/06/2017), with credit risk being the largest component.
• P&L showed a decrease in interest income and expenses, with a net operating income decline from 139 mln EUR to 101 mln EUR.
• Credit Risk under the standardised approach was detailed by country, with France having the highest exposure.
• The document includes information on value adjustments and provisions, which are part of the risk exposure calculation.
• Securitisation and Operational Risk were not significant in the data provided.