Crédit Immobilier de France
Its sole purpose
Incorporated as Société de Crédit Foncier (covered bonds issuer) under Article L.513.2 and seq. of France's Monetary and Financial Code, CIF Euromortgage was from 2001 to 2012 the main long term and medium term financing instrument of Crédit Immobilier de France (CIF). Since the CIF's Orderly Resolution Plan, 3CIF remains the sole long term to short term refunding instrument of CIF. Unless exception, CIF Euromortgage will not raise funds anymore through new covered bonds issues.
Pursuant to CMF § R.513-3 IV, as of 31 December 2017, SCFs will no longer be permitted to hold securities issued by securitization vehicles in amounts exceeding 10% of the face value of their covered bonds issued and other secured debt.
France's Parliament has passed a law concerning transparency, the fight against corruption, and the modernization of the economy (Sapin II Act). Section 154 of that Act, published on 10 December 2016, offers SCFs recourse to CMF § L.211-38, which allows SCFs to grant loans secured by financial assets transferred as absolute property. In order to comply with the new regulations, CIF Euromortgage is utilizing this possibility. On 15 February 2017 it reorganized its assets, which until recently consisted to a very large extent of senior bonds issued by its captive securitization vehicle ("FCT") CIF Assets.
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Credit Immobilier Group's results
The restructuring of Credit Immobilier de France continues in full compliance with the declared objectives.
Fitch plans to withdraw CIF Euromortgage's rating
2016 Results Show that Crédit Immobilier de France has Taken Up the Challenges
The Group's common equity Tier one ratio at year end 2016 increased and reached 13,8% exceeding the minimum mentioned in the Protocol signed by the Republic of France. Furthermore, at their Meeting held on 31 May, the shareholders voted to renew for another six year period the terms of the Board members (nine out of eleven) that had expired. At the close of the Meeting, the board of the Directors voted to reappoint Yannick Borde as its Chairman, and to reappoint for six year terms Jérôme Lacaille and Thierry Gillouin respectively as Chief Executive Officer and Deputy Chief Executive Officer.
On 15 February 2017 the Group dissolved CIF Assets and, accordingly, changed its financing procedure. It now raises funding by having CIF Euromortgage grant secured loans to the Group backed by contractually eligible receivables that have been transferred to it as absolute property, pursuant to CMF § L.211-38.
Eligibility of covered bonds issued by CIF EUROMORTGAGE
Eligibility of covered bonds issued by CIF EUROMORTGAGE for refinancing from the European central bank system.