DOCSLIB.ORG

Annual Report 2012

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2012 Annual report 2012 Registration document Table of contents Message from the Chairman and the Chief Executive Officer 2 Presentation Risk factors and Pillar 3 191 1 of Crédit Agricole S.A. 5 5 Risk factors 192 2012 key figures and stock market data 6 Basel 2 Pillar 3 disclosures 232 Significant events in 2012 13 Company history 14 Organisation of the Crédit Agricole Group Consolidated financial statements 269 and Crédit Agricole S.A. 16 6 General framework 270 The business lines of Crédit Agricole S.A. 17 Consolidated financial statements 278 Notes to the financial statements 284 Statutory Auditors’ report Economic, social and on the consolidated financial statements 399 2 environmental information 33 Economic responsibility 35 Social and societal responsibility 42 Parent company Environmental responsibility 67 7 financial statements 401 Cross-reference table 84 Parent company financial statements 402 Statutory auditor’s attestation Notes to the Parent and assurance report Company financial statements 405 on Human Resources, environmental and societal information 86 Statutory Auditors’ Report on the Parent Company financial statements 452 Corporate governance 91 General information 455 3 Report of the Chairman of the Board 8 of Directors 92 Memorandum and Articles of Association 456 Statutory Auditors’ report 119 Information on the Company 456 Compensation paid to Executive Information concerning the share capital 460 and non-Executive Corporate Officers 120 Statutory Auditors’ special report on Additional information on Executive related party agreements and commitments 463 and non-Executive Corporate Officers 128 Fees paid to Statutory Auditors 468 Management bodies at 12 March 2013 158 General Meeting of Shareholders of 23 May 2013 469 Persons responsible Operating for the registration document 482 4 and financial information 159 Cross-reference table 484 Presentation of Crédit Agricole S.A.’s consolidated financial statements 160 Information on parent company financial statements (Crédit Agricole S.A.) 182 Registration document Annual report 2012 GROUP PROFILE The Crédit Agricole Group is the market leader in France in Universal Customer-Focused Banking and one of the largest banks in Europe. As the leading financial partner of the French economy and a major European player, the Crédit Agricole Group supports its customers’ projects in France and around the world across the full spectrum of retail banking businesses and related specialised businesses: insurance, asset management, leasing and factoring, consumer finance, corporate and investment banking. Underpinned by firm cooperative and mutual foundations, 150,000 employees and the 29,000 directors of its Local and Regional Banks, the Crédit Agricole Group is a responsible and responsive bank serving 51 million customers, 6.9 million mutual shareholders and 1.2 million shareholders. In its efforts to support the economy, Crédit Agricole also stands out through its dynamic and innovative social and environmental responsibility policy. The Group features in the top 3 of Novethic’s rankings concerning corporate social responsibility and responsible reporting by Europe’s 31 largest banks and insurance companies. A bank serving 51 million customers (1) 11,300 branches in 11 countries (1) (including 9,000 in France and 900 in Italy); Present in almost 60 countries. A player committed to servicing the economy Signature of the United Nations Global Compact and the Climate Principles; Adoption of the Equator Principles by Crédit Agricole Corporate and Investment Bank; Signature of the Principles for Responsible Investment by Amundi, Crédit Agricole Cheuvreux and Crédit Agricole Assurances; Signature of the Charter of Responsible Purchasing between Large Order Givers and SMEs. (1) Including the Regional Banks and excluding Emporiki. Only the French version of the registration document has been submitted to the AMF. It is therefore the only version that is binding by law. This registration document was filed with the French Financial Markets Authority (Autorité des Marchés Financiers – AMF) on 15 March 2013 under number D.13-0141 , in accordance with Article 212-13 of the AMF’s General Regulations. It may be used in support of a financial transaction if accompanied by a transaction note approved by the AMF. This document was prepared by the issuer and its signatories are liable for its content. Crédit Agricole S.A. 3 2012 Registration Document 1 MESSAGE FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER Message from the Chairman and the Chief Executive Officer A year of transformation 2012 will have been a difficult year and required efforts all around. risks of losses we incurred, and for the Greek financial sector, which We are evolving in a weakened economic context, with growth is undergoing restructuring. revised downwards both in France and in Europe. Regulatory As we do every year, we conducted asset impairment tests in each changes affecting the banking sector are also forcing us to be agile of our business lines, using conservative economic and growth and to constantly review the conditions in which we carry out our forecasts. This led us to recognise substantial impairments that had business. a significantly negative impact on our income. These measures, It is in this particularly difficult context that Crédit Agricole S.A. however, did not involve any cash outflow and they do not in any published a net loss Group share of - €6,471 million. The level way affect the Group’ s strength or its ability to provide financing to of income includes the accounting impacts of exceptional the economy. transactions. It also reflects strategic decisions made to build for Our choice of a growth model centred on universal retail banking the future, significant progress made over the past few quarters and justifies our decision to discontinue certain activities and dispose of Group restructuring. But this result should not conceal the recurring minority financial investments not considered as priorities. We are profits that our business lines can and do generate and above all in the process of carrying out structuring transactions with our exit the strength of our bank. 2012 must be seen as a turning point in from the brokerage business (merger of CA Cheuvreux and Kepler the history of Crédit Agricole, a turning point that will enable us Capital Markets, sale of CLSA to Citics by Crédit Agricole Corporate to reinforce the unique, sustainable model on which our banking and Investment Bank) and actively managing our investments: business is based. complete sale of BES Vida and Intesa Sanpaolo and disposal of In France, our retail banks maintained a high level of business, Bankinter below 10%. performing particularly well with inflows up 5.6%. Internationally, As another structuring measure, our adjustment plan was business was stable despite a tighter economic context in Italy. implemented with determination. Exceeding the targets that we In Insurance and Asset management, 2012 was an excellent had set, it testifies to the mobilisation of our teams and our Group’s year and the business line generated good results. Specialised ability to adapt to a new regulatory and economic environment. In financial services saw their contribution affected not only by new particular, we reviewed the economic model of our corporate and consumer credit legislation but also by our deleveraging targets, investment bank, Crédit Agricole CIB, the main objectives being which also impacted corporate and investment banking. One of the to support our customers and to discontinue the riskiest business significant advances made was of course the sale of Emporiki activities in the financial markets. We thus ceased equity derivatives to Alpha Bank, which was conducted in a rapid and orderly manner. activities and sold some loan portfolios. Designed to reduce our This transaction was a necessity both for Crédit Agricole, given the liquidity consumption – by €68 billion compared to the €50 billion 2 Crédit Agricole S.A. 3 2012 Registration Document MESSAGE FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER planned – and to lower our risk weighted assets – by €57 billion weakened environment; our outstanding loans thus grew in France, against the €35 billion announced – this plan reinforced our financial with the Regional Banks and LCL, to reach at €485 billion at the end strength, which is crucial to the carrying out of business. of the year. Crédit Agricole thus remains the leading financier of the French economy. Of course, the slowdown in lending was confirmed Crédit Agricole is a solid bank. In 2012, we improved our solvency as a direct result of the crisis that we are weathering. However, ratios mainly by reducing our risk weighted assets. Crédit Agricole our strong local presence is a major advantage when it comes Group’s Core Tier 1 ratio thus rose from 10.2% to 11.8% (pro forma to supporting the projects of our customers, be they individuals, of the sale of Emporiki) in one year, and that of Crédit Agricole farmers, SMEs, corporates, associations or local authorities. S.A. stood at 9.7% at 31 December 2012 (pro forma of the sale of Emporiki). As we had announced earlier, Crédit Agricole Group, We are driven by a strong awareness of our corporate social and formed of Crédit Agricole S.A. and the Regional Banks, will, under environmental responsibility. Employment is a key component of the new Basel 3 standards, have a Common Equity Tier 1 ratio this and we pay particular attention to training young people. In 2012 in excess of 10% at the end of 2013. Shareholders’ equity now we welcomed 3,000 students on work placement schemes, proof of stands at €72 billion for Crédit Agricole Group and €39.7 billion for our dynamism and commitment. Preservation of the environment Crédit Agricole S.A. We also strengthened our liquidity situation, also guides our conduct, both in terms of our organisation and as systematically reducing our dependence on the financial markets. regards the creation of green products: reduction in CO2 emissions, expansion of our SRI range, etc.
Load more

Recommended publications
  • Is Our Current International Economic Environment Unusually Crisis Prone?
    Is Our Current International Economic Environment Unusually Crisis Prone? Michael Bordo and Barry Eichengreen1 August 1999 1. Introduction From popular accounts one would gain the impression that our current international economic environment is unusually crisis prone. The European of 1992-3, the Mexican crisis of 1994-5, the Asian crisis of 1997-8, and the other currency and banking crises that peppered the 1980s and 1990s dominate journalistic accounts of recent decades. This “crisis problem” is seen as perhaps the single most distinctive financial characteristic of our age. Is it? Even a cursory review of financial history reveals that the problem is not new. One classic reference, O.M.W. Sprague’s History of Crises Under the National Banking System (1910), while concerned with just one country, the United States, contains chapters on the crisis of 1873, the panic of 1884, the stringency of 1890, the crisis of 1893, and the crisis of 1907. One can ask (as does Schwartz 1986) whether it is appropriate to think of these episodes as crises — that is, whether they significantly disrupted the operation of the financial system and impaired the health of the nonfinancial economy — but precisely the same question can be asked of certain recent crises.2 In what follows we revisit this history with an eye toward establishing what is new and 1 Rutgers University and University of California at Berkeley, respectively. This paper is prepared for the Reserve Bank of Australia Conference on Private Capital Flows, Sydney, 9-10 August 1999. It builds on an earlier paper prepared for the Brookings Trade Policy Forum (Bordo, Eichengreen and Irwin 1999); we thank Doug Irwin for his collaboration and support.
    [Show full text]
  • THE ECONOMIC CONSEQUENCES of FINANCIAL REGIMES: a NEW LOOK at the BANKING POLICIES of MEXICO and BRAZIL, 1890-1910 América Latina En La Historia Económica
    América Latina en la Historia Económica. Revista de Investigación ISSN: 1405-2253 [email protected] Instituto de Investigaciones Dr. José María Luis Mora México Gerber, James; Passananti, Thomas THE ECONOMIC CONSEQUENCES OF FINANCIAL REGIMES: A NEW LOOK AT THE BANKING POLICIES OF MEXICO AND BRAZIL, 1890-1910 América Latina en la Historia Económica. Revista de Investigación, vol. 22, núm. 1, enero-abril, 2015, pp. 35-58 Instituto de Investigaciones Dr. José María Luis Mora Distrito Federal, México Available in: http://www.redalyc.org/articulo.oa?id=279133751002 How to cite Complete issue Scientific Information System More information about this article Network of Scientific Journals from Latin America, the Caribbean, Spain and Portugal Journal's homepage in redalyc.org Non-profit academic project, developed under the open access initiative THE ECONOMIC CONSEQUENCES OF FINANCIAL REGIMES: A NEW LOOK AT THE BANKING POLICIES OF MEXICO AND BRAZIL, 1890-1910 CONSECUENCIAS ECONÓMICAS DE LOS REGÍMENES FINANCIEROS: UNA NUEVA PERSPECTIVA DE LAS POLÍTICAS BANCARIAS DE MÉXICO Y BRASIL, 1890-1910 James Gerber and Thomas Passananti San Diego State University, San Diego, Estados Unidos de América [email protected]; [email protected] Abstract. This paper compares the consequences of different financial policies adopted in Mexico and Brazil in the decades before World War I. In the 1890s, the national governments of Mexico and Brazil pursued strikingly different policies toward banking regulation. In Brazil, after the fall of the monarchy, authorities briefly experimented with financial liberalization. In Mexico, in the same era, public officials created a banking system with more constraints and regulations. We compare the costs and benefits to the financial systems and the macroeconomic effects of these different banking regimes, thereby revisiting two classic concerns of financial historians, the costs of financial fragility versus the benefits of financial liberalization.
    [Show full text]
  • The Financial Crisis of 1825 and the Restructuring of the British
    MAY/JUNE 1998 Larry Neal is a professor of economics at the University of Illinois at Urbana-Champaign.* 1815 had prolonged and deepened unnec- The Financial essarily the economic troubles accompany- ing the transition from a wartime to a Crisis of 1825 peacetime economy. Nevertheless, the British government and the Bank of Eng- and the Restruc- land pursued much the same strategy after World War I, again taking six years after the turing of the peace treaty to resume convertibility—and at the prewar standard. Again, monetary British Financial ease that followed resumption led to a surge of prosperity, speculative ventures in System the capital markets, and eventual collapse of the financial system. The difference was that in 1825-26, there was a systemic stop- Larry Neal page of the banking system, followed by widespread bankruptcies and unemploy- oday’s financial press reports regularly ment, while in 1931 there was abandon- on evidence of systemic risks, financial ment of the gold standard, followed by Tfragility, banking failures, stock market imperial preference and worldwide move- collapses, and exchange rate attacks through- ments toward autarky. So much for the out the global financial network of the lessons of history! 1990s. To a financial historian, these As pessimistic as Acworth was in asses- reports simply reprise similar concerns and sing the consequences of Britain’s first return * The author acknowledges with risks in numerous episodes of financial to the gold standard in 1821, the conse- gratitude the support of the innovation and regime change in the past. quences of the ensuing monetary expansion University of Illinois during his True, the 1990s have the peculiar feature of and speculative boom that ended in the sabbatical leave of 1996-97 emerging markets among newly indepen- spectacular collapse at the end of 1825 as well as the Guggenheim dent states that are trying to market either proved to be not so dire in the long run for Foundation and the British their government debt or securities issued the British economy.
    [Show full text]
  • Operating and Financial Information 4
    OPERATING AND FINANCIAL INFORMATION 4 PRESENTATION OF CRÉDIT AGRICOLE S.A.’S CONSOLIDATED FINANCIAL STATEMENTS 202 Presentation of Crédit Agricole S.A.’S Consolidated Accounts 202 Economic and Financial Environment 202 Crédit Agricole S.A. Operations and Consolidated Income Statements 203 Crédit Agricole S.A. Consolidated Balance Sheet 216 Related-Party Transactions 218 Internal Control 218 Recent Trends And Outlook 219 INFORMATION ON PARENT COMPANY FINANCIAL STATEMENTS (CRÉDIT AGRICOLE S.A.) 228 Analysis of Crédit Agricole S.A. (parent company) results 228 Five year financial summary 229 Information on accounts payable 229 Crédit Agricole S.A. 2013 REGISTRATION DOCUMENT 201 OPERATING AND FINANCIAL INFORMATION 4 Presentation of Crédit Agricole S.A.’s consolidated financial statements Presentation of Crédit Agricole S.A.’s consolidated financial statements 3 PRESENTATION OF CRÉDIT AGRICOLE S.A.’S CONSOLIDATED ACCOUNTS Changes to accounting principles Changes in the scope of consolidation and policies Changes in the scope of consolidation are described in Note 2.1.1 Changes to accounting principles and policies are described in and in Note 12 to the consolidated financial statements for the year Note 1 to the consolidated financial statements for the year ended ended 31 December 2013. 31 December 2013. 3 ECONOMIC AND FINANCIAL ENVIRONMENT Global growth declined in 2013. In emerging markets it was stable between 1.28 and 1.38,USD/EUR, trending generally upwards to at 4.5%, although markedly down on the average of 10.7% over the close on a high. A number of factors underpinned the strength preceding decade. Developed markets managed 1.1%, down from of the euro, despite market concerns regarding the European 1.4% in 2011 and in 2012.
    [Show full text]
  • Update of the 2011 R Egistration Document - A01 Crédit Agricole Group fi Nancial Statements 2011 3 Table of Contents
    Update of the 2011 R egistration document - A01 Crédit Agricole Group fi nancial statements 2011 3 Table of contents Organisation of Crédit Agricole Group and Crédit Agricole S.A. 2 Crédit Agricole Group key figures 3 The six business lines of Crédit Agricole Group 4 1 Management report 7 Operating and financial information 8 Risk factors 45 Basel 2 Pillar 3 disclosures 87 2 Crédit Agricole Group consolidated financial statements 121 General framework 122 Consolidated financial statements 126 Notes to the financial statements 134 Statutory Auditors’ report on the consolidated financial statements 247 Persons responsible for the registration document 3 and its updates 249 Responsibility statement 249 Statutory Auditors 250 This update supplements the information published in the registration document of Crédit Agricole S.A. under heading 7. “Organisational structure”, sub-heading 7.1 “Group Description” in accordance with Annex 1 of European Regulation 809/2004, as shown in the cross- reference table on pages 487-489 of the 2011 registration document. It presents the Crédit Agricole Group financial statements for 2011. Update of the 2011 R egistration document -A01 Financial review 2011 of Crédit Agricole Group Group profile Crédit Agricole Group is the leading full-service retail bank in France and one of the major banking groups in Europe. Serving the real economy, Crédit Agricole Group supports the projects of its customers in all retail banking business lines and associated specialised businesses. The new slogan, “Le bon sens a de l’avenir” (the bank of common sense ), reaffirms Crédit Agricole’s values and commitment. It places the satisfaction and interests of its 54 million customers, 1.2 million shareholders, 6.5 million mutual shareholders and 160,000 employees at the heart of its activities.
    [Show full text]
  • From Financial Crash to Debt Crisis†
    American Economic Review 101 (August 2011): 1676–1706 http://www.aeaweb.org/articles.php?doi 10.1257/aer.101.5.1676 = From Financial Crash to Debt Crisis† By Carmen M. Reinhart and Kenneth S. Rogoff* Newly developed historical time series on public debt, along with data on external debts, allow a deeper analysis of the debt cycles underlying serial debt and banking crises. We test three related hypotheses at both “world” aggregate levels and on an individual country basis. First, external debt surges are an antecedent to bank- ing crises. Second, banking crises domestic and those in financial centers often precede or accompany( sovereign debt crises; we find they help) predict them. Third, public borrowing surges ahead of external sovereign default, as governments have “hidden domestic debts” that exceed the better documented levels of external debt. JEL E44, F34, F44, G01, H63, N20 ( ) The economics profession has an unfortunate tendency to view recent experience in the narrow window provided by standard datasets.1 It is particularly distressing that so many cross-country analyses of financial crises rely on debt and default data going back only to 1980, when the underlying cycle can be a half century or more long, not just 30 years.2 This paper attempts to address this deficiency by employing a comprehensive new long-term historical database for studying debt and banking crises, inflation, and currency crashes.3 To construct our dataset, we build on the work of many scholars as well as a considerable amount of new material from diverse primary and second- ary sources. The data covers 70 countries in Africa, Asia, Europe, Latin America, North America, and Oceania.4 The range of variables encompasses external and domestic debt, trade, GNP, inflation, exchange rates, interest rates, and commodity prices.5 Our analysis spans over two centuries, going back to the date of indepen- dence or well into the colonial period for some countries.
    [Show full text]
  • MAJOR FINANCIAL CRISIS from Great Depression to Great Recession
    MAJOR FINANCIAL CRISIS From Great Depression to Great Recession V.SRINIVAS, IAS CHAIRMAN BOARD OF REVENUE FOR RAJASTHAN MAJOR FINANCIAL CRISIS FROM GREAT DEPRESSION TO GREAT RECESSION • This paper is dedicated to the doyens of Indian Banking, Dr. M.Narasimham, Dr. C.Rangarajan, Dr. Bimal Jalan, Dr. Y.V.Reddy and Dr. Duvvuri Subbarao. These great men handled the macroeconomic policies of the Nation as Governors of the Reserve Bank of India with steely resolve and foresight steering the Nation’s economy through many turbulent waters while the world economy weathered a number of storms. ABSTRACT • Economic histories of Nations contain several success stories of economic reforms undertaken by them, but what are remembered most are the years of hardship suffered by millions of populations at times of economic crisis. • The lecture on World Economic History - Major Financial Crisis will cover 7 major financial crisis that the world witnessed in the last 100 years. The 7 crises that will be presented are the Great Depression 1932; the Suez Crisis 1956; the International Debt Crisis 1982; the East Asian Economic Crisis 1997-2001; the Russian Economic Crisis 1992-97, the Latin American Debt Crisis in Mexico, Brazil and Argentina 1994-2002, and the Global Economic Recession 2007-09. ABSTRACT • The Great Depression, the Suez Crisis, the International Debt Crisis, the East Asian Crisis, the Latin American Debt Crisis and the Great Recession were episodes in which a large number of countries simultaneously experienced crisis. In each instance, the global crisis was preceded by elevated growth rates and collapses in the year of financial turmoil.
    [Show full text]
  • Hedge Funds - People and Strategies
    Hedge Funds - People and Strategies A quick historical tour Pierre Brugière brugiere@ceremade:dauphine:fr (DRAFT) April 2021 2 Introduction The objective of these few pages is to present a few profiles of hedge fund industry pioneers and through these profiles to understand the strategies that have been developed and the market opportunities that have been looked after. A lot of information is taken from Sebastian Mallaby’s book "More money than God". Table of Contents 1 A few portraits 5 1.1 1949 - Alfred Winslow Jones (1900-1989) . .5 1.2 1957 - Warren Buffet (1930-) . .8 1.3 1967 - Mickael Steinhdart (1940-) . 10 1.4 1969 - Georges Soros (1930-) . 12 1.5 1975 - Ray Dialo (1949-) . 14 1.6 1980 - Paul Tudor Jones (1954-) . 16 1.7 1980 - Julian Robertson (1932-) . 18 1.8 1988 - Jim Simons (1938-) . 20 1.9 1994 - John Meriwether (1947-) . 22 1.10 1990 - Kenneth C. Griffin (1968-) . 25 1.11 1997 - Cliff Asness (1966-) . 27 2 Investments 29 2.1 A few strategies . 29 3 4 TABLE OF CONTENTS 2.2 A few classical pitfalls . 31 Bibliography 32 Chapitre 1 A few portraits 1.1 1949 - Alfred Winslow Jones (1900-1989) In 1949, Alfred Winslow Jones founded the first hedge fund and is regarded as the "father of the hedge fund industry". He is the one who coined the term "hedged fund" in a 1966 Fortune interview. He graduated from Harvard University in 1923 and after various non-financial jobs got a doctorate in sociology at Columbia University in 1941. He started his hedge fund after investigating technical methods of market analysis for an article titled "Fashions in Fore- casting", in Forbes magazine in March 1949.
    [Show full text]
  • An Incipient Banking System and Financial Crisis: Banking During the Brazilian Encilhamento, 1890-1892
    An Incipient Banking System and Financial Crisis: Banking during the Brazilian Encilhamento, 1890-1892 Gail D. Triner Department of History Rutgers University New Brunswick NJ 08901-1108 [email protected] Session #50 Los sistemas bancarios de América Latina, 1870-1940: Estructura, regulación y crisis XIII International Economic History Congress Buenos Aires July 2002 (version of 10 June, 2002) An Incipient Banking System and Financial Crisis: Banking during the Brazilian Encilhamento, 1890-1892 Crises of the currency, banking and domestic securities markets battered the Brazilian economy in 1891. Efforts to build a dynamic banking system suffered serious disruption in the midst of these crises. Existing historiography considers the banking and securities markets separately, and almost completely neglects the domestic effects of the currency crisis. The fullest considerations of the crisis available, Levy (1980) and Franco (1987), recognize shortcomings of traditional explanations of the domestic money markets to explain fully the timing, depth and duration of the crisis.1 This paper looks at the effects of crisis in two other important financial markets to amplify our understanding of the banking crisis of the early 1890s. First, it explores domestic equities markets (in Rio de Janeiro) during this tumultuous period in more detail than has been possible previously. Despite the reputation of the Rio de Janeiro Bolsa de Valores for having contributed to financial instability, this belief has not been rigorously tested. Data presented here illuminate important aspects of the crises, while they also diminish the conclusion that the equities market was a source of fundamental economic crisis at this time. Securities’ prices, a re-evaluation of the level of activity and institutional constraints to domestic financial market development provide the underpinnings of this argument.
    [Show full text]
  • Registration Document Annual Report 2008
    2008 registration document (D.09-0163) UUppddaattee AA..0011 22000088 ffiinnaanncciiaall rreevviieeww CCrrééddiitt AAggrriiccoollee GGrroouupp EDIT AGRICOLE – Update A.01 of the R C Update A.01 : Crédit Agricole Group 2008 Financial Review This update document supplements the information published in Crédit Agricole S.A.’s registration document, in accordance with section 7 “organisational structure”, sub-section 7.1 “description of the Group” of appendix 1 to European regulation 809/2004. It presents the Crédit Agricole Group’s 2008 financial review. Contents CRÉDIT AGRICOLE GROUP A EUROPEAN LEADER P. 3 CRÉDIT AGRICOLE GROUP 2008 MANAGEMENT REPORT P. 8 CRÉDIT AGRICOLE GROUP FINANCIAL STATEMENTS P. 118 STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS P. 242 PERSONS RESPONSABLE FOR THE REGISTRATION DOCUMENT AND ITS UPDATES P. 244 STATUTORY AUDITORS P. 245 AMF Only the French version of this update has been submitted to the Autorité des Marchés Financiers (AMF). It is therefore the only version that is binding in law. The original French version of this document was registered with the AMF on 12 May 2009 in accordance with article 212-13 of the AMF General Regulation. It supplements the registration document registered with the AMF on 27 March 2009 under number D.09-0163. It may be used in support of a financial transaction if accompanied by a transaction circular approved by the AMF. 2 Crédit Agricole Group, a European Leader No. 1 in retail banking in France, Crédit Agricole is the leading financial partner to the French economy and one of the largest retail banks in Europe1. Its ambition: to create a world-class European leader in banking and insurance, in accordance with the principles of the United Nations Global Compact.
    [Show full text]
  • Banking Crises Without Panics Matthew Baron, Emil Verner, and Wei Xiong
    ONLINE APPENDIX Banking Crises Without Panics Matthew Baron, Emil Verner, and Wei Xiong August 2020 I. Data A. Narrative Crises Table A1 reports the list of Narrative Crises, defined as the union of all banking crises from six prominent papers: Bordo et al. (2001), Caprio and Klingebiel (2003) Demirgüç-Kunt and Detragiache (2005), Laeven and Valencia (2013), Reinhart and Rogoff (2009, and online spreadsheets updated 2014)1, and Schularick and Taylor (2012, online update 2017). We use the most recent update of each paper. The years listed correspond to the starting year of the banking crisis, according to each paper. The starting year of the Narrative Crisis list (reported in column (8)) is the earliest year across all six papers. In the table, a “0” means that the source reports no banking crisis in a given year, while a blank cell means that the crisis is not covered in the sample period (i.e. no information provided either way as to whether a banking crisis occurred). B. Master List of Episodes Table A2 reports the master list of episodes, which is intended to be a very broad list of potential crises, many of which may not necessarily be “banking crises” according to any definition. The master list of episodes is the union of: i) the Narrative Crises list defined in Table A1, and ii) years in which the bank equity real total return index cumulatively declines by more than 30% relative to its previous peak.2 The year of each episode, reported in column (2), is defined 1 Reinhart and Rogoff (2009) present three slightly different banking crisis lists: in their Appendix A3, Appendix A4, and online spreadsheets (we use the latest 2014 update).
    [Show full text]
  • Registration Document Annual Report 2011 3 Table of Contents
    Registration document Annual report 2011 3 Table of contents Message from the Chairman and the Risk factors and Pillar 3 185 Chief Executive Officer 2 4 Risk factors 186 Basel 2 Pillar 3 disclosures 225 Presentation 1 of Crédit Agricole S.A. 5 Consolidated financial 2011 key figures and stock market data 6 statements 255 Significant events in 2011 13 5 Company history 14 General framework 256 Organisation of Crédit Agricole Group Consolidated financial statements 263 and Crédit Agricole S.A. 16 Notes to the financial statements 270 The business lines of Crédit Agricole S.A. 17 Statutory Auditors’ report on Economic, social the consolidated financial statements 383 and environmental information 32 Parent company Corporate governance 79 6 financial statements 385 2 Report of the Chairman of the Board Financial statements 386 of Directors 80 Notes to the financial statements 389 Statutory Auditors’ report 107 Statutory Auditors’ Report on the Parent Compensation paid to Executive Company financial statements 435 and non-Executive Corporate Officers 108 Additional information on Executive and non-Executive Corporate Officers 116 Management bodies 145 General information 437 7 Memorandum and Articles of Association 438 Information on the Company 455 Operating and financial Information concerning the share capital 463 3 information 147 Statutory Auditors’ special report on related party agreements and commitments 466 Presentation of Crédit Agricole S.A.’s consolidated financial statements 148 Fees paid to Statutory Auditors 470 Information on parent company financial General Meeting of Shareholders statements (Crédit Agricole S.A.) 175 of 22 May 2012 471 Persons responsible for the registration document 485 Cross-reference table 487 Registration document 2011 annual report Group profile Crédit Agricole Group is the leading full-service retail bank in France and one of the major banking groups in Europe.
    [Show full text]