Annual Report 2012

Transcription

Annual Report 2012

Annual Report 2012
Summary
1 ⎪ Presentation of the CMNE Group
Editorial The Medium-Term Plan 2012-2015 for the CMNE Group
Profile, Key Figures and Highlights
Financial Organisation Chart Locations
Recent trends and outlook
2 ⎪ Businesses structured into specific areas Bancassurance France Bancassurance Belgium Business Finance Insurance Third-Party Management Miscellaneous Services and Businesses 3 ⎪ Consolidated balance sheet
Total balance sheet Consolidated accounts at 31/12/2012 Equity Capital Risks Controls and audits
2
Crédit Mutuel Nord Europe
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4 ⎪ Corporate and Social Responsibility
Employment-related information Corporate and Social Responsibility Group CSR report Statement from one of the Company Auditors Correlation table – CM-CIC Group
5 ⎪ Governance and Internal Auditing
Composition of the Board of Directors and mandates
Composition of the Management Board and mandates
Report from the Chairman of the Board of Directors Report from the Company Auditors (about the Chairman’s report) Details of Group Companies 37
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Annual Repor t 2012
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The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
Presentation
of the CMNE Group
5
Editorial
6
The Medium-Term Plan 2012-2015 for the CMNE Group
7
8
Financial Organisation Chart
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Locations
10
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Annual Repor t 2012
1
Editorial
Characterised by lacklustre economic activity in a
eurozone plunged into recession and coupled with
increasing levels of regulatory changes, 2012 was a
difficult year.
It was against this complicated background that
the CMNE Group launched its new Strategic Plan
2012-2015, based on four main lines: Proximity,
Modernity, Profitability and Responsibility. The plan
places particular emphasis on customer satisfaction,
incorporating new technologies, a culture focused on
results and developing its mutualistic values.
Éric Charpentier
Despite operating in this uncertain environment, the CMNE
Group recorded good results in 2012. These results were
driven by the energy and commitment of the men and
women who work for the business. Last year, they were
joined by the teams of Citibank Belgium, taking the number
of staff in our Euroregional group to 4 600.
In 2012, Bancassurance France generated combined new
loans totalling € 1 902 million Production across all credit
lines was up compared to 2011, while still managing to
preserve a satisfactory margin level. In savings, deposits
excluding current accounts reached € 563 million. Positive
net deposits in company shares enabled the business’s
equity capital to be strengthened and demonstrated the
attachment that our shareholders have for their bank.
Throughout the year, CMNE also intensified its positioning
in personal insurance.
In Business Finance, overall levels of business were
satisfactory in 2012, despite a gradual slowdown at the
end of the first half of the year. Given this less-than-robust situation, the various structures in Business Finance
continued to help guide the projects of company managers
– so much so that total outstanding funds for the regional
economy rose by 12%, while remaining vigilant in terms of
quality of risks taken.
Insurance saw steady premium revenue, affected by a
depressed life insurance market (economic difficulties,
areas of uncertainty regarding tax matters and the rise in
accounting savings). By contrast, property insurance (ACMN
IARD) and prudential policies recorded good results thanks
to the work done by the distribution networks. At the end of
the period, the Insurance arm had almost € 11 billion under
management.
Bancassurance Belgium went through a year of change,
punctuated by the acquisitions of OBK Bank, the last
independent regional bank in the Crédit Professionnel
network, and Citibank Belgium, which specialises in bank
cards and consumer loans. The first of these acquisitions
was made by CP sa and the second by CMNE Belgium. Total
outstanding savings and loans managed by Bancassurance
Belgium were in excess of € 12 billion at the end of 2012.
The decision taken by the Group at the end of the year to
exercise the option to exit the Crédit Professionnel Act will
enable CMNE Belgium to simplify its governance.
Philippe Vasseur
In Third-Party Management, Française AM developed
very well in 2012, as demonstrated by the positive influx
of funds across all of its areas of expertise and over € 37
billion under management at the end of the year. During the
year, La Française AM, which was voted best management
company of the year 2012 by a panel of over 400 industry
professionals assembled by Agefi, continued its expansion
by introducing two new areas of business to manage real
estate debt and investment solutions.
Although facing the difficulties posed by a tense economic
environment, all of CMNE’s business areas made a good
contribution to the advances recorded in the Group’s results
through their commitment and ability to measure the risks
involved. This resulted in a consolidated NBI of € 918 million
and a consolidated net profit of € 153 million. These results
for 2012 strengthen the CMNE Group and enable it to pursue
its strategy of profitable development. With equity capital
now standing at € 1.95 billion, CMNE has a Basle II solvency
ratio of 14.12%, which further underlines the robust nature
of the Group.
In 2013, with its fundamental values strong and healthy,
CMNE will continue to enhance its image as a “different”
bank.
Our success means we have to keep adjusting to this unstable
environment. It also shows that we are capable of meeting
the challenge of delivering innovation and quality of service.
It is together that we will converge on this essential aim, by
focusing the efforts of all of the Group’s entities on finding
synergies that “create value”.
Philippe Vasseur
Chairman
Éric Charpentier
General Manager
Annual Repor t 2012
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1
The Medium-Term Plan 2012-2015 for the CMNE Group
1
The CMNE Group
2
JJ One aim:
Specific areas
CMNE: Euroregional bancassurance provider,
partner to its customers and shareholders
as part of a responsible approach
3
Consolidated
balance sheet
4
JJ Values:
Corporate & Social
Responsibility
PROXIMITY
5
Enhancing our customer relationship
MODERNITY
Governance and
Internal Auditing
Innovating in our services and branches
PROFITABILITY
Developing our profits-based culture
RESPONSIBILITY
Putting the talents of our Group to work
JJ Results:
>>
>>
>>
>>
6
A bank that is welcoming and modern
Customers and shareholders who are satisfied and loyal
Staff who are professional and motivated
Development that is profitable and effective
Annual Repor t 2012
1
JJ CMNE is…
• A pioneer and leader in bancassurance,
itself an original concept in the banking relationship.
• Federal departments located in Lille and Arras,
supporting the network of 156 local branches
and 9 business centres dedicated to companies.
• CMNE has a transparent cooperative status:
it is a participative organisation that associates its
directors closely with employees.
• CMNE operates in:
–7 départements in France spread across 3 regions:
Nord-Pas-de Calais, Picardy, Champagne-Ardenne,
–Belgium through BKCP and Citibank Belgium,
–Luxembourg
• A Group structured into five business areas:
Bancassurance France
Bancassurance Belgium
Business Finance
Insurance
Third-Party Management
JJ Key Figures (at 31/12/2012)
>> People
Customers and Shareholders (1)
Directors Salaried staff >> Networks
Local branches and business centres
ATMs (3)
1 635 989
1 650
4 607
(2)
346
529
>> Business (in millions of €) Outstanding accounting resources 16 019
Outstanding financial savings and Insurance 37 258
of which Insurance
11 482
Outstanding loans
15 367
Insurance policies (number)
321 034
JJ Group Highlights
>> Balance sheet (in millions of €)
Consolidated total
Statutory equity capital under Basle II
>> Results (in millions of €)
Consolidated net banking income Consolidated net accounting profit (share of group)
>> Ratios
39 099
1 952
918
153
Basle II solvency ratio (%) Basle II solvency ratio Tier One (%) (1) Customers of the networks in France and Belgium. (2) F rance: 254 bank branches and 9 BCMNE business centres
Belgium: 43 bank branches. Note that the Belgian network is also
supported by 194 authorised agents.
(3) 422 in France – 107 in Belgium
14,12
13,98
Belgium:
• Acquisition of OBK Bank and Citibank Belgium.
• Launch of various projects to reorganise and restructure
entities (credit process chain, IT migration, audit function).
• Introduction of various new products (BKCP Horizon,
Flexline, Isabel, etc.).
2012 saw the financial crisis in Europe deteriorate
and the tightening of banking constraints with
the introduction of new regulatory, fiscal and employment-related standards. It was in this difficult
environment that the CMNE’s Medium-Term Plan
2012-2015 took effect and numerous projects
were launched. Despite this, the first year of the
Plan ended with some solid achievements and
conspicuous overall progress.
Business Finance:
• Deployment of programme with medium-sized businesses.
• Launch of new market business aimed at Regional Institutionals.
• Start of the process to merge leasing companies.
Bancassurance France:
• Introduction of new customer segmentation.
• Opening of the Crédit Mutuel Direct platform dedicated
to non-local customers.
• New Branch Design and network meshing programme
continued (new branch creations, mergers, etc.).
• Launch of the “100% customers” programme, aimed at
improving processes and service quality for all internal
and external customers.
• Organisation of business line forums aimed at developing
internal mobility.
• Introduction of an online institutional site.
• Creation of the Crédit Mutuel Nord Europe Foundation.
Insurance:
• Revamp of the retirement savings range with BKCP.
• Strong rise in the property insurance business.
• Creation of a branch of ACMN Vie in Brussels.
Third-Party Management:
• Continued international development.
• Launch of two new management businesses: property
debt products and investment solutions.
• Voted Best Management Company of the Year at
AGEFI’s 11th Asset Management Forum.
Situation au 31/12/2012
Annual Repor t 2012
7
1
Financial Organisation Chart
156 Local Branches
of Crédit Mutuel
Nord Europe
1
100%
The CMNE Group
Caisse Fédérale
du Crédit Mutuel
Nord Europe
2
Specific areas
3
Consolidated
balance sheet
99%
4
CMNE BELGIUM
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
1%
1%
100%
86%
BCMNE
NORD EUROPE
ASSURANCES
Groupe La Française
Insurance
— Holding —
— Holding —
Finance Company
Business Bank
— Holding —
— Holding —
Crédit Professionnel sa 100%
96%
99%
Bail Actea
Bank
Personal property leasing
BKCP scrl
Bail Immo Nord
Retail bank
ACMN Vie
99%
99%
Property leasing
99%
Life insurance
OBK
99%
La Française AM
Finance Services
100%
ACMN IARD
51%
La Française
des Placements
99%
CPBK Ré
99%
Siparex
Proximité Innovation
46%
Courtage CMNE
100%
La Française AM
Private Bank
Life insurance
Batiroc Normandie
Retail bank
Citibank Belgium
Retail bank
Property leasing
99%
Nord Europe Partenariat 87%
Risk Capital
Damage insurance
Reinsurance – Luxembourg
Insurance broking
Pérennité Entreprises
Insurance broking
Vie Services
Broking
Business Finance
Situation at 31/12/2012
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Annual Repor t 2012
86%
Nord Europe Life
Luxembourg
99%
99%
La Française
Real Estate Managers
Property Asset Management
99%
77%
Insurance
Distribution of
investment products
Management of
INVESTMENT FUNDS
Management of
INVESTMENT FUNDS
Private bank
40%
60%
La Française AM International Claims Collection 100%
Debt recovery
La Française
Investment Solutions
Consultancy in structuring EMTN
& managt of INVESTMENT FUNDS
65%
1
Locations
Amsterdam
UK
Mer du Nord
NL
Bruges
Anvers
Gand
Louvain
Bruxelles
LILLE
Wavre
Mons
e
D
Hasselt
Liège
Namur
Arras
Amiens
CharlevilleMézières
Arlon
Laon
Beauvais
Luxembourg
Reims
Paris
Châlons en Champagne
50 kilometres
Crédit Mutuel Nord Europe branches
BKCP branches
Citibank branches
Situation at 31/12/2012
Annual Repor t 2012
9
1
JJ Improvement in growth indicators,
except in Europe
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
After a number of years mired in financial crisis, the world
economy in 2013 is more divided than ever, with a disparity
in growth curves. While the economy in China is showing
positive signs and the United States is getting back into its
stride, Europe continues to lag behind and the outlook is far
from encouraging: high level of unemployment, difficulties
in controlling public spending, and a growth rate that is
slowing down investment, political and financial instability.
The European Central Bank is forecasting growth to be
down by 0.5% in the eurozone for 2013, with the economy
showing no signs of recovery.
JJ ECB and banking supervision
After five years of predicting the worst, the Davos Forum in
2013 adopted a more positive attitude, believing the dangers
that hovered over Davos 2012 to have been eliminated.
Europe has not resumed growth, but the countries put at
risk by the crisis are conducting major reforms. The main
concern of the European Central Bank is the fragile nature
of the economy, which requires the right balance between
monetary support and budget consolidation. The reduction
of deficits needs to keep pace the economic situation at the
time. Despite poor indicators in the real world, the stock
markets bounced back at the end of 2012.
JJ France: stagnation and regulation
In France, the business climate remains unfavourable and this
period of business sluggishness seems to spread across most
sectors. In the area of banking and regulation, the parliament
in France passed the first reading of the draft “Separation
and Regulation of Banking Business” Act, which will require
financial establishments to place their more speculative
activities into separate, self-funded subsidiaries by 2015.
In March, the French MPs, K Berger and D Lefebvre, tabled
their report on long-term savings. The document makes 10
recommendations and 15 proposals aimed at “energising
the financial savings of households to fund investment and
competiveness”. One of the recommendations provides for
the creation of a new type of life insurance policy, called “Euro
Growth”. In the area of regulatory standards, including Basle
II (definition of equity capital, liquidity ratios, leverage ratio,
etc.) and Solvency 2 (date on which the new wording comes
into effect and its content), the thought process continues.
CMNE will maintain the direction taken in its
Medium-Term Plan 2012-2015, while remaining
vigilant and responsive to the never-ending economic,
regulatory and technological developments.
Faced with this uncertain economic and regulatory
environment, as well as with constant changes in
technology, the CMNE Group will need to keep on making
adjustments and if possible anticipate developments, as well
as remain pragmatic in its strategic choices. Continuing to
innovate in the area of services, products and methods of
communication will remain at the heart of all of the bank’s
projects. In the same way, the on-going quest for customer
satisfaction will be implemented through the quality of
the service provided. This service quality will include decompartmentalising various activities and strengthening
synergies within the Group.
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Annual Repor t 2012
For Bancassurance France, the focus will be on developing
outstanding funds, defending margins and expanding
banking services. The multi-access process will be at the
heart of strategy and all of the programmes undertaken will
be pursued along the main lines set out:
• With regard to Proximity, CMNE will continue to improve
its distribution channels (telephone, Internet, branches) by
further adjusting its relationship methods to customer expectations and to the various purchasing processes used by
customers in order to personalise the relationship and gain
the loyalty of customers.
• The approach to Modernity will consist of increasing the level
of equipment and use of distance banking, in particular by
optimising and adjusting the technological innovations used
at the cmne.fr website.
• In terms of Profitability, CMNE aims to improve its processes
in order to achieve flexibility and productivity. It will also make
use of its network and commercial efficiency while structuring
its levels of assistance aimed at generating customer satisfaction.
• As for Responsibility, CMNE will bring together everyone
involved at the company, both salaried staff and directors,
enabling the bank to underline its values through the
development of the CMNE Foundation, by enhancing its institutional site, introducing a new charter of commitments, and
making everyone aware of behaving in an ecologically sound
manner.
Bancassurance Belgium will consolidate its structure
through the incorporation of OBK and Citibank Belgium. From
an operating point of view, it will harmonise the way the
business is organised, look for intra-Group synergies and
introduce shared structures aimed at strengthening its
profitability. Citibank Belgium, which became
in
April 2013, will relaunch is commercial dynamism and migrate
its IT system to the one used by Crédit Mutuel.
For the Insurance arm of the business, the issues for 2013
are based on a three-pronged aim: to refocus on businesses
linked to the Group, to innovate and to grow areas of
recurrent profitability. To achieve those aims, Insurance
will develop its product offering (alternative to funds in
euros, UC policy, development of property and prudential
insurance, service pricing). It will strengthen the quality
of its customer relationships (migration of IT to the Euro
Information system, introduction of a new organisation,
opening of a branch in Belgium, etc.) and embark on a
programme to reduce its operating costs significantly, as
well as monitor regulatory changes carefully (Solvency 2).
The persistent environment of financial crisis is prompting
Third-Party Management to keep innovating and adjusting
the way the business is organised as well as its product
and service offering. Consequently, it will continue with
its strategic aims, such as strengthening the platform
of Cholet Dupont Partenaires, launching the investment
solutions business of La Française IS and developing investor
subscriptions on the platform for property debt products.
Third-Party Management will reorganise its development
business in the Benelux and Italy, as well as internationally on property assessment. Finally, it will operate under
commercial branding for each of its businesses under the
umbrella holding company “Groupe La Française”.
2
2
Businesses structured
into specific areas
12
16
18
Business Finance
20
Insurance
22
24
Miscellaneous Services and Businesses
Specific areas
Annual Repor t 2012
11
2
The aim of the Medium-term Plan 2012-2015 for Bancassurance France
revolves around 4 main lines:
JJ
JJ
JJ
JJ
To enhance our customer relationship (Proximity)
To innovate in our services and branches (Modernity)
To develop our results-focused culture (Profitability)
To mobilise all of the talents within the Group (Responsibility).
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
In 2012, against a complicated economic and financial background that made customers mistrustful of banks, Crédit
Mutuel Nord Europe still managed to retain the trust of over a million customers/shareholders, standing out as a bank
that focuses on its core business of being a retail bank. At the same time, CMNE conducted the first work on its new
Medium-Term Plan 2015.
JJ Business activity
A bank focusing on customers
Crédit Mutuel Nord Europe has dealt with this issue by taking a more targeted approach, providing a personalised offering and
communicating directly to its customers/shareholders and building with them a relationship over time, geared to the events
that take place in their lives. The Posternak-IFOP barometer ranked Crédit Mutuel in the country’s top 10 favourite companies.
In the same way, CMNE’s customer satisfaction score in the Ipsos survey was 7.8 out of 10.
In the face of technological developments and to maintain the link and quality of the relationship with its customers, regardless
of the communication tool they use, Crédit Mutuel has adjusted and harmonised its various channels, putting “multi-access”
to work on behalf of the way it manages its customer relationships. In particular, it created Crédit Mutuel Direct, a platform
designed for non-local customers.
A sustained commercial business
Bank savings benefited from the increased ceiling introduced for regulated passbook savings accounts from 1st October. CMNE’s
range of bank savings products is structured increasingly on a market-by-market basis. This has resulted in the introduction of
new Eurocomptes variants designed for Local Associations, Management Associations, Works Councils and Unions.
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Annual Repor t 2012
The three structured “Future Strategy” products for savings insurance investments, launched in June, October and December
2012, were successful. Revenue from “C” shares made up for the fall in revenue from “B” and “F” shares, enabling CMNE to
stabilise its share capital. On the commercial front, Bancassurance France performed well in the sale of high-end cards and
Afedim property programmes.
Despite the downward movement in the credit market, driven by the economic uncertainty affecting France, overall revenue
from loans at CMNE rose in 2012 across the board (housing, consumer and business loans), while at the same time maintaining
margins.
In insurance, the year was particularly successful for asset insurance, with the portfolio increasing by 3.2%, with 321 034
major policies at the end of December. In the same way, in personal insurance, the stock of policies increased over the year
by 13.4%. One noteworthy figure was in the production of Life Accident Guarantee policies, which rose by a factor of five
compared with 2011.
JJ Savings
At the end of December 2012, combined deposits (excluding current accounts) were € 563 million. Total savings were
€ 16.6 billion over one year.
In millions of €
Deposits 2012
Bank savings
Insurance savings
Financial savings
Shares
TOTAL
206
391
-88
54
563
Outstanding resources
end 2012
7 539
6 398
1 396
1 238
16 571
Changes to outstanding
resources 2011/2012
+4,7%
+3,0%
-0,6%
+4,6%
+3,6%
Bank savings: deposits at all-time highs in regulated passbook accounts
Faced with the effects of the financial crisis, the French favoured the prudential form of savings provided by regulated
passbook accounts. These passbook accounts, which also benefited from a number of official decisions (ceilings increased and
rate of 2.25% net of tax), attracted record deposits in 2012, to the detriment of other forms of investment. Consequently,
bank savings at CMNE recorded € 228 million of deposits for the Livret Bleu account, compared with € 130 million in 2011,
which was an increase of 75%, while term deposit accounts, at € 230 million, saw a 15-fold increase in production compared
to the previous year.
Expansion of the financial savings range
2012 saw many fiscal reforms. Outstanding financial savings were steady at € 1 396 million, which was down just 0.6%
compared with 2011. The number of PEA savings plans has risen by a factor of 9 in two years.
CMNE helped guide its customers through these changes: 3 new term funds for Asset Management were created in March
2012, while 2 wine-growing Property Groups were also sold, as well as an FIP and an FCPI investment fund. Also of note was
renewed interest from customers in REIT products.
Dip in life insurance
Struck by economic instability and tax-related uncertainties, as well as being adversely affected by the reforms to regulated
passbook accounts, net premiums on life insurance policies were down for the first time in France. As was the case across the
market, life insurance at CMNE also experienced a downturn compared with the previous year. Structured products were the
main contributors to revenue, which ended at € 391 million, compared with € 508 million in 2011, with the level of Account
Units at 15%, compared with 14% previously. Overall outstanding funds under management rose by 3%.
Décollecte en parts B et F, compensée par la collecte en parts C
Revenue from B and F shares, sales of which ceased on 1st June 2011, fell by € 238 million. This was offset to a large extent by
revenue from C shares representing € 292 million.
Total outstanding resources were up 4.6% compared with 2011 at € 1238 million.
Current accounts
Total funds in current accounts rose by 0.7% to € 2.1 million.
Annual Repor t 2012
13
JJ Loans
The economic environment may explain the loss of confidence in households, which were less inclined to borrow, as well as
the fall in revenue from consumer and housing loans. In the same way, investments and funding requirements in the Business
Finance sector were also slowed by the stagnating economy, which also placed their cashflow under pressure. Despite this,
CMNE still managed to achieve its targets, exceeding revenue from 2011.
In millions of €
Revenue 2012
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
Consumer
Housing
Business
TOTAL
550
1 012
341
1 902
Outstanding resources
end 2012
1 042
6 530
1 749
9 320
Changes to outstanding
resources 2011/2012
-2,0%
+2,4%
-0,8%
+1,3%
Combined revenue from loans € 1.9 billion
Outstanding loans at CMNE at the end of December 2012 were € 9 320, which was an increase of 1.3% over the previous
twelve months. Combined revenue from loans was € 1 902 million, a rise of 3.7% over the year. All lines of credit were up
compared with the end of December 2011 (housing loans +5.3%, non-private loans +3.8%, renewable loans +3.2%, consumer
loans +0.3%).
Consumer loans steady in an unproductive context
Consumer loans, including Credit Passport (€ 464 million / € 462 million), were steady, while renewable loans rose by 3.2%
(€ 86 million / € 83 million).
Housing loans: increase revenue and margins
2012 was an excellent year for property, both for property-backed loans and for direct Afedim property sales. Thanks to a
particularly dynamic start to the year, Housing loans (€ 1 012 million / € 960 million) ended 2012 up 5.3% compared with
2011. 91.9% of the housing loans granted were at fixed rates over the whole year (compared with 84.5% in 2011). Margins
were totally under control and stronger than in 2011.
3.8% increase in revenue from non-private loans compared with 2011
5
Governance and
Internal Auditing
Non-private loans (€ 341 million / € 328 million, or +3.8%), benefited from the excellent results in agricultural loans (€ 173
million / € 153 million, or +13.6%).
By contrast, Business Investment loans were down. The increasing sensitivity of businesses to the current economic climate
and the downturn in consumption was the most likely cause of investments being postponed, resulting in a 4.8% reduction in
revenue in 2012, compared to the year before (€ 167 million / € 175.8 million).
Excellent year for leasing
With figures up by 35.3%, the leasing business operated by the Bancassurance France network stood up well to the overall
environment (€ 33.5 million in 2012, compared with € 24.8 million in 2011).
14
Annual Repor t 2012
Retail banking results in France are measured within the scope of the Caisse Fédérale and the network of local branches. Added
to this is Immobilière du CMN, which with the associated SCI property investment partnerships, carry the operating property
business.
IFRS consolidated accounts in thousands of €
ASSETS
Financial assets by fair market value by result
Derivative cover instruments
Financial assets available for sale
Loans and debts on credit establishments
Loans and debts on customers
Difference in revaluation of portfolios covered on rates
Assets held to maturity
Accruals and miscellaneous assets
Holdings in equity companies
Tangible and intangible fixed assets
31/12/2012
428 787
89 769
3 306 062
6 027 960
9 537 152
51 310
1 320 109
332 799
151 107
31/12/2011
399 688
57 856
2 566 868
5 067 335
9 448 940
71 687
1 717 446
315 252
123 885
TOTAL
21 245 055
19 768 957
LIABILITIES
Financial liabilities by fair market value by result
Debts to credit establishments
Debts to customers
Debts represented by a security
Accruals and miscellaneous liabilities
Provisions
Subordinated debts
Minority interests
Equity capital excluding result (share of group)
Result for the period (share of group)
31/12/2012
213 467
165 012
3 462 723
9 541 705
5 433 526
461
350 379
16 000
150 321
408
1 810 495
100 558
31/12/2011
38 806
162 987
1 720 007
9 208 445
6 275 855
992
387 603
17 161
150 482
401
1 733 174
73 044
TOTAL
21 245 055
19 768 957
PROFIT-AND-LOSS ACCOUNT
NET BANKING INCOME
Overheads
GROSS OPERATING PROFIT
Cost of risk
OPERATING PROFIT
Share of companies consolidated using the equity method
Gains or losses on other assets
OPERATING PROFIT BEFORE TAX
Tax on profits
Net tax gains & losses
TOTAL NET PROFIT
Minority interests
31/12/2012
441 707
(300 781)
140 926
(17 941)
122 985
(2 692)
120 293
(19 718)
100 575
17
31/12/2011
404 673
(290 574)
114 099
(15 427)
98 672
(2 533)
96 139
(23 120)
73 019
(25)
100 558
73 044
NET PROFIT (share of group)
Notes and clarification:
Variations in outstanding funds in relation to customers are mainly the result of an increase in deposits on regulated passbook accounts. Following the creation of the
CMNE Home Loans joint securitisation fund, the entries for loans and debts on Credit Establishments are each the subject of an increase of € 1 billion vis-à-vis BFCM,
reflecting the receivable acquired by FCT and the loan underwritten by the Caisse Fédérale. Debts to Credit Establishments also include a loan of € 700 million from
the ECB, while debts represented by a security are reduced by the same amount. The items for assets and liabilities at fair market value by result were affected on both
the assets and liabilities side by the rise in the financial markets over 2012. The liabilities in this category also reflect the reclassification of the structured EMTNs issued
by the Caisse Fédérale (for a value of € 181 million). The increase in equity capital is explained partly by revenue from company shares (€ 50 million) and partly by the
allocation to the reserves of the undistributed result for 2011 (€ 42 million); the impact of the net variation in latent gains or losses is also positive (€ 13 million). In the
profit-and-loss account, customer activity generated an increase in NBI of € 10 million, essentially from commissions; the variation in value of the securities portfolio at
fair market value was up € 40 million, while dividends and results from disposals were down € 10 million. The variation in overheads is explained mainly by staffing costs,
in particular resulting from the increase in the social fixed payment and payroll tax, which now applies salary-based savings; the exceptional contribution to systemic risk
tax also explains the increase (+€ 1.6 million). Cost of risk is made up mainly of customer risk, which rose by € 2.7 million, to which is added an allowance on securities of
€ 1 million. The balance of the variation is explained by the establishment in 2011 of the net effect of the exit of Delubac (-€ 1 million).
Annual Repor t 2012
15
2
The aim of the Medium-term Plan 2012-2015 for Bancassurance Belgium is threefold:
JJ
JJ
JJ
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
To change from being a product bank to being a customer-focused bank
To move towards profitable and sustainable growth
To develop skills and change the commercial culture
2012: a year filled with events for the business in Belgium
CMNE Belgium continued to grow in 2012, with successive acquisitions of OBK Bank (head office in Ghent) and Citibank
Belgium. As the last independent regional bank in the Crédit Professionnel network, OBK Bank has a commercial
business that is comparable to that of BKCP, with € 1.4 billion under management and 39 000 customers. Citibank
Belgium, which operates mainly in bank cards and consumer loans, also offers its customers deposit and investment
products. Citibank Belgium has 442 000 customers, made up entirely of private individuals.
From a financial point of view, 2012 was impacted very significantly by a perimeter effect associated with the acquisition of
Citibank Belgium (profit of € 31.8 million over 8 months and OBK Bank, as well as non-recurring items such as the goodwill on
Citibank Belgium (+€ 44.6 million), the special contribution from exiting the law on Crédit Professionnel (-€ 42.7 million) and
the constitution of provisions for OBK (-€ 20 million).
IFRS 31/12/12
Outstanding funds under
management (billions of €)
Balance sheet (billions of €)
NBI (millions of €)
CMNE Belgium Group
BKCP (including OBK for 9 months) Citibank Belgium (8 months)
12,8
7,4
5,3
7,1
210
4,5
75,5
2,4
134,5
BKCP
The 2012 financial year was affected positively by a large increase in outstanding resources as the result of significant combined
revenue and the acquisition of OBK Bank.
Overall outstanding funds were € 7.3 billion. Revenue from loans rose from € 269 million to € 347 million, of which 63% was
on business loans alone. With OBK Bank, revenue from loans rose to € 411 million. Deposits (including off-balance sheet),
represented € 267 million. In 2012, Net Banking Income was € 75.5 million, including OBK, which was a rise of 16%. The cost
of risk remained relatively stable compared with 2011. At the end of 2012, the government took the initiative to change the
regulations for banks subject to the Business Credit Act, allowing them to depart from the regulations and release reserves.
This operation opens up development opportunities for CMNE Belgium and closer alignment with the other Group entities.
Citibank Belgium
After the acquisition of Citibank Belgium, the upturn in commercial business resulted in outstanding funds becoming steady.
Net Banking Income for the final eight months of 2012 was € 134.5 million.
The network of distribution branches was reorganised, the credit standards for credit cards and consumer loans were reviewed
and new multi-product marketing campaigns run. Elsewhere, a new agreement to work with the network of independent
agents was reached. Operating under a new name in 2013, Citibank will continue its commercial dynamic and migrate its IT
system to the shared Crédit Mutuel system.
16
Annual Repor t 2012
The Belgian banking business is made up of entities owned by the CMNE Belgium holding company and BKCP SCRL: Crédit
Professionnel SA, OBK, Citibank Belgium, BKCP Securities and the companies and groups that contribute to the operation of
this set of businesses. Its contribution to the consolidated accounts of the CMNE Group can be seen from the figures below.
ASSETS
Goodwill
31/12/2012
10 515
6 774
1 311 348
1 515 661
4 022 677
2 348
48 193
84 401
84 498
2 343
31/12/2011
9 580
4 452
473 108
1 334 337
1 408 061
84 502
29 319
68 413
2 343
TOTAL
7 088 758
3 414 115
LIABILITIES
Debts to customers
Provisions
Subordinated debts
Minority interests
31/12/2012
1 423
34 009
546 210
5 622 520
94 426
3 378
73 355
84 508
130 690
7 718
478 968
11 553
31/12/2011
472
23 639
232 542
2 711 661
91 803
17 161
3 864
90 092
9 724
231 374
1 783
TOTAL
7 088 758
3 414 115
NET BANKING INCOME
Overheads
Cost of risk
OPERATING PROFIT
Variations in value of goodwill
Tax on profits
TOTAL NET PROFIT
Minority interests
31/12/2012
210 001
(229 987)
(19 986)
(2 498)
(22 484)
92
44 655
22 263
(13 325)
(15)
8 923
(2 630)
31/12/2011
68 277
(64 018)
4 259
(2 169)
2 090
1 428
3 518
(1 983)
1 535
(248)
11 553
1 783
In 2012, this arm of the business was impacted mainly by the additions to the scope of consolidation of Citibank Belgium and OBK. Assets available for sale were also
affected by the investments of CP SA, which invests directly on the markets, reusing funds collected from customer deposits. The entries for Citibank Belgium and
OBK explain the significant increase in customer debts (+€ 2 097 million for Citibank Belgium and +€ 559 million for OBK). They are also the reason for the sharp rise
in accruals and miscellaneous assets. One of the significant elements for this line is deferred taxes for € 50 million (of which € 35 million with Citibank). All of the items
under liabilities vary mainly under the effect of the new entities. Provisions include in particular the provision for End-of-Career payouts (Citibank Belgium: € 44 million)
and provisions for litigation and restructuring set aside at OBK for a total of € 20 million. The profit-and-loss account is affected – as it is in the balance sheet – by the
entry into the scope for consolidations of OBK from 1st April 2012 and Citibank Belgium from 1st May 2012. General overheads also record an exit tax paid by BKCP scrl
of € 43 million, enabling it to exit the legislation on the Crédit Professionnel network. This tax, levied on the reserves of regional banks that were not the subject of tax
at the common law rate when they were established, will facilitate the rationalisation between the various entities attached to CMNE Belgium. Also, the provisions sets
aside by OBK for litigation and restructuring costs boost charges by € 17 million. Changes to the tax burden can only be seen in the net variation of deferred taxes for
Bancassurance Belgium.
Annual Repor t 2012
17
2
Business Finance
The aim of the Medium-term Plan 2012-2015 for Business Finance is based along three main lines:
JJ
JJ
JJ
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
To manage measured development
To achieve awareness for the business based on demanding and acknowledged professionalism
To reinforce its presence with Small and Medium-Sized Enterprises and Industries and with
Businesses of Intermediate Size (BIS)
Business Finance saw good business levels during the first half of 2012, followed by a more difficult second half linked to the
downturn in the economy. The year ended with businesses becoming more sensitive to the reduction in consumption, tighter
cashflow and results revised downwards. Against this background, Business Finance was alert to the worsening situation for
some customers. Overall, the slowdown in demand in the target core of SMEs was made up for by growth brought in by BIS.
Leasing companies also fared better.
Business Finance’s outstanding resources rose by 12% to € 1 800 million, with profit at € 12 million, which was an increase of 6%.
BCMNE
In 2012, BCMNE underlined its willingness to assist SMEs in difficult economic circumstances. Revenue from financing
investments rose by 5.3% to € 244 million, despite lower demand for credit from SMEs in the second half of the year.
Outstanding medium-to-long-term loans granted to customers increased by 27% to € 528 million by the end of 2012. Targets
to fund the operating cycle were continued, with a rise in outstanding short-term loans of 13.6%, excluding factoring, where
outstanding funds increased significantly. Commitments by signature were up 7%, driven mainly by the effect of guarantees
issued to customers. Banking resources linked to SME customers saw a 24.2% rise, while salary savings remained heading in
the right direction. Financial savings for SMEs fell by 9.2% as the result of redirecting part of deposits towards term accounts.
Overall resources received from SMEs increased by 4.1% over the year.
En millions d’euros
APPLICATION OF FUNDS
(average outstanding)
Short-term
Medium and long-term
loans
Total loans
Commitments by signature
TOTAL APPLICATION OF FUNDS
2012
2011
Change 2011/2012
123
116
+6%
528
415
+27%
651
116
767
531
108
639
+23%
+7%
+20%
New business development
72 projects were examined in Financial and Assets Management, representing € 21 million of revenue from investment
financing. The business conducted with Businesses of Intermediate Size (BIS), which began during the second half of 2011,
continued to grow satisfactorily, with average outstanding loans of € 175 million (+ 23.8%). The market activity aimed at
Regional Institutionals introduced at the end of 2011 developed further and the commercial projects undertaken (PEE/PERCO
company savings, End-of-Career payouts and “key-man” policies) resulted in the number of policies increasing significantly,
as did outstanding funds.
Results
Excluding dividends from securities, NBI at BCMNE rose by 12% driven by increases in margin (8.5%) and commission (21%).
The cost of risk rose to € 3.36 million, reflecting the vulnerability of the market. Given these conditions, the pre-tax operating
result was € 5.6 million, compared with € 5.9 million in 2011.
Bail Actéa
Bail Actéa generated € 359 million in 2012, compared with € 331 million in 2011 (+8%), coupled with a financial margin that
stood up well to the pressure. Net outstanding financial funds rose by 6% to € 796 million, compared with € 750 at the end of
December 2011. NBI stabilised beyond the € 19 million mark. The cost of risk was down slightly at -€ 1.6 million, which was
0.21% of the average outstanding funds under management. In the end, the net book profit was € 5.3 million, up by 12% to
the best level yet achieved.
Bail Immo Nord and Batiroc Normandie
The volume of new business signed during the period across the two entities of Crédit-Bail Immobilier was € 53.6 million,
compared with € 68 million in 2011. There is a regular flow of business, with a good proportion of investors offering good
grounds for growth. The net financial funds under management from grants and tenant advances rose by 11% to € 332 million.
Parallel to the financial margin, NBI increased by 14% to € 7.2 million. The “positive” cost of risk reflected the good outcome to
disputed matters. Taken together, these elements generated a net result that was up 28%.
18
Annual Repor t 2012
Business Finance
Business Finance is part of the BCMNE holding company which, in addition to its banking business for SME-SMIs, owns shares
in companies that specialise in property leasing transactions: Bail Actéa, Bail Immo Nord, Batiroc Normandie and Normandie
Partenariat. The accounts for SDRN (which handles the extinctive management of debts recorded in its assets) round to this
group of companies.
ASSETS
31/12/2012
675
15 609
146 393
1 893 352
4 672
17 439
3 369
31/12/2011
96
26
16 872
133 525
1 675 243
3 132
13 106
2 863
TOTAL
2 081 509
1 844 863
LIABILITIES
Debts to customers
Provisions
Minority interests
31/12/2012
675
6 360
1 454 738
322 880
4 087
102 873
4 444
44
173 170
12 238
31/12/2011
94
4 326
1 269 377
285 537
99 649
5 389
44
168 857
11 590
TOTAL
2 081 509
1 844 863
NET BANKING INCOME
Overheads
Cost of risk
OPERATING PROFIT
Tax on profits
TOTAL NET PROFIT
Minority interests
31/12/2012
45 178
(24 283)
20 895
(1 633)
19 262
18
19 280
(7 038)
(5)
12 237
(1)
31/12/2011
44 322
(22 932)
21 390
(3 435)
17 955
6
17 961
(6 369)
11 592
2
12 238
11 590
Customer activity developed by 25% for loans and 7% for the finance lease business (+6% in leasing, +9% in operating leasing). Debts to credit establishments, which
represent funding by CFCMNE, developed symmetrically with customer business. Debts to customers recorded an increase in term deposits (partly linked to a reduction
in at-call deposits).
The good business conditions, both in terms of margin and volumes and flows, enabled NBI to increase both at BCMNE and in the leasing entities. General operating
overheads increased mainly due to staffing costs. These latter costs were impacted in particular by the rise in headcount, but also by the growing weight of taxes and
levies on remuneration. The cost of risk remained well under control, with the write-backs made in property leasing covering the growth in risk at BCMNE (+€ 1.1 million).
Annual Repor t 2012
19
2
Insurance
The aim of the Medium-term Plan 2012-2015 for Insurance is based along three main lines:
JJ
JJ
JJ
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
To consolidate the company’s strengths (responsiveness, innovation, motivation)
To strengthen the organisation to adapt to the requirements of Solvency II
To control the profitability of business areas while developing them at the same time
The financial environment in 2012, uncertainty about the date Solvency 2 will be introduced and highly favourable
tax measures for accounting savings affected the life insurance market, which retreated markedly. Against this
background, net revenue from life insurance at NEA fell sharply. By contrast, property insurance (ACMN IARD) and
prudential cover recorded good results.
NEA
Turnover in 2012 was € 1.1 billion, down 19% on account of the falling market in savings. By contrast, IARD and prudential
business continued to grow.
54% of revenue came from the CMNE network, whose contribution grew by 3 points over the year. The share of the BKCP
network rose by 8% to 11% and La Française increased by 4% to 6%. The balance of revenue was generated by the CMNE
Group’s external networks.
Total mathematical and technical provisions rose by 3% to € 11.2 billion.
Outstanding savings contracts represent € 10.86 billion, of which 13.5% is invested in account units.
The net consolidated result for Insurance – share of group – was € 40 million (IFRS standards) at 31st December 2012.
In millions of €
Outstanding funds under management
NELL
ACMN Vie
TOTAL
612
10 248
10 860
ACMN Vie
Under conditions that were unfavourable for life insurance, ACMN Vie recorded a turnover of € 878.7 billion, which was down
24%. Revenue from savings was € 807.3 million, a fall of 26%. The share of account units rose by 14.9%, compared with 12.3%
in 2011. Net revenue was down very slightly at € 39 million.
Revenue in prudential policies continued to rise to € 71.4 million (6%).
The share held by the historical partners (CMNE, BKCP and La Française) represented 73% of revenue.
The net result, which was impacted by favourable financial markets and solid results in prudential, ended at € 39.9 million
(compared with a loss of € 19.7 million in 2011).
ACMN IARD
Revenue of € 134.3 million was up 7% and accounted for 12% of all revenue for Insurance. Prudential and health products
represented 21% of annual revenue, with a total of € 28.1 million. These were up 8%, driven by the development of the Life
Accident Insurance (AAV) product. Turnover in property insurance products (Car – Multirisk) was € 97.4 million, up 7%.
The result of € 8.9 million was an increase of 10% compared with the figure at 31/12/2011. This good performance was linked
on the one hand to the increase in commercial activity and, on the other, to favourable claim rates in Car and Multi-Risk Home.
NELL
Turnover was € 84.2 million, an increase of 11%. The revenue generated by BKCP was € 8.6 million. The Myriad product, aimed
at Belgian brokers, recorded revenue of € 73.9 million (compared with € 64.3 million in 2011). Overall, NELL returned positive
net premium revenue of € 3 million. The company’s result was € 1.5 million (compared with € 0.2 million in 2011.
20
Annual Repor t 2012
Insurance
CMNE’s Insurance business is made up of entities owned by the Nord Europe Assurances holding company (NEA): ACMN IARD,
ACMN Vie, CPBK Re, Nord Europe Life Luxembourg, Courtage Crédit Mutuel Nord Europe, Pérennité Entreprises and
Vie Services. The contribution from Insurance to the consolidated account of the CMNE Group is shown by the figures below.
ASSETS
Goodwill
31/12/2012
9 625 761
3 318 402
31 147
50 778
71 811
4 433
5 640
31/12/2011
8 881 556
2 834 774
69 686
44 022
541 053
5 754
5 640
TOTAL
13 107 972
12 382 485
LIABILITIES
Debts to customers
Technical provisions from insurance policies
Provisions
Subordinated debts
Minority interests
31/12/2012
38 905
62 434
794 885
11 483 756
4 080
53 017
22 395
608 582
39 918
31/12/2011
39 924
58 020
866 424
10 757 476
4 422
53 024
19 571
581 020
2 604
TOTAL
13 107 972
12 382 485
NET BANKING INCOME
Overheads
Cost of risk
OPERATING PROFIT
Tax on profits
TOTAL NET PROFIT
Minority interests
31/12/2012
133 170
(59 854)
73 316
253
73 569
73 569
(27 507)
46 062
6 144
31/12/2011
76 499
(58 442)
18 057
(10 252)
7 805
7 805
(1 925)
5 880
3 276
39 918
2 604
The growth in outstanding resources on the balance sheet reflects business for the period and the positive effects of the financial markets on the valuation of the
portfolios held by the companies, in particular by ACMN Vie. Movements in the market also made it possible to cancel deferred participation in profits and to record a
debt on this item (offset by the gains recorded on the securities held in the various portfolios), impacting the profit-and-loss accounts. Business conditions, management
choices and the favourable effect of the markets on the valuation of securities at fair value by result resulted in an increase in NBI. In 2011, the cost of risk reflected the
impact of the downgrade in Greek securities, net of beneficiary participation.
Annual Repor t 2012
21
2
The aim of the Medium-term Plan 2012-2015 for Third-Party Management is based along
four main lines:
JJ
JJ
JJ
JJ
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
To enhance value through a single brand
To position the business on core business expertise
To develop the retail customer business
To ensure self-funded international growth
in the areas of moveable and immoveable assets and overall investment solutions. La Française is also a major player
in minority holdings. The company constitutes the asset management arm for its main shareholder, CMNE. At the end
of 2012, La Française Group had over € 37 billion of assets under management on behalf of a diversified client base
(institutionals, banking networks, etc.).
Best Management Company of the Year 2012
La Française AM was voted Best Management Company of the Year 2012 by a panel of over 400 industry professionals
meeting for the 11th edition of the AGEFI Asset Management Forum. This award strengthens the positive image of La Française
AM among investors. It also comes in addition to the M2 rating of LFP’s management business given by Fitch Ratings, as well
as various other awards received during the year, including ones rewarding the quality of LFP’s Shares and Rates products.
Revenue: confirmation of an unusual development model
While 2011 saw a decline in revenue from transferable securities and an increase from property securities, the 2012 financial
year resulted in positive revenue across all of La Française AM’s areas of expertise. This took net revenue for 2012 to € 1.6
billion, compared with only € 0.3 billion in 2011. Excluding matters monetary, net revenue was € 0.35 billion.
Outstanding funds at historic high
Given the positive net revenue and favourable market effect, the outstanding funds managed by La Française AM on behalf
of its clients were up compared with the previous period, reaching a historic high of € 37.3 billion. Internationally, outstanding
funds represented over € 1.5 billion at the end of 2012, compared with less than € 0.9 billion a year previously.
In millions of €
Net revenue
Governance and
Internal Auditing
2011
Transferable
securities
Property
Other
Total
Outstanding funds under management
2012
2011
2012
-805
803
25 814
27 625
1 138
-19
314
811
26
1 641
7 001
1 951
34 766
7 765
1 880
37 270
Two new partnerships and international development
In 2012, the search for new clients continued in the Corporate segment, in particular through monetary management and
international development, with net revenue of € 421 million and the acquisition of top-quality clients in property, with
dedicated OPCI products, as well as in transferable securities. The year saw the end of the period for selling OPCI Immo SR,
France’s first “SRI” property fund and the IC1 fund, the first international debt recovery fund recommended by La Française AM
ICC, for which the respective revenues were € 120 million and € 50 million. The first cross-border master/feeder Investment
Funds were created in 2012.
Investments in new areas of business to prepare for future growth
La Française AM decided to introduce two new areas of business capable of meeting the needs of its clients, who are always
looking for solutions that offer a certain degree of security, as well as a potential for growth or the delivery of regular cashflow:
–a business for managing property debt, initially based round a mutual securitisation fund under French law and a securitisation body under Luxembourg law;
–an investment solution business, aimed at offering a range of tailored products using management techniques developed
thus far only in investment banks, while at the same time providing appropriate risk management. This business will
be housed in a new Group subsidiary called La Française Investment Solutions, backed by La Française AM Bank in
Luxembourg.
22
Annual Repor t 2012
Pôle Gestion
pour compte de tiers
The Third-Party management business is now part of La Française holding company, which in the main owns La Française AM
Real Estate Managers, La Française AM Finance Services, La Française des Placements, La Française AM GP, LFP Sarasin AM,
the Cholet Dupont holding company, Convictions Asset Management, NExT AM, LFAM Ibéria, Siparex Proximité Innovation
and UFG Courtages.
Its contribution to the consolidated accounts of the CMNE Group can be seen from the figures below.
ASSETS
Derivative hedging instruments
Goodwill
TOTAL
LIABILITIES
Debts to customers
Provisions
Minority interests
TOTAL
NET BANKING INCOME
Overheads
Cost of risk
OPERATING PROFIT
Share of profits from equity companies
Variations in the value of goodwill
Tax on profits
TOTAL NET PROFIT
Minority interests
31/12/2012
95 533
37 063
31 685
55 680
36 911
29 043
168 916
31/12/2011
84 384
67 108
24 373
63 790
35 878
29 337
168 916
454 831
473 786
31/12/2012
65 209
47 622
72 871
2 527
8 688
230 867
27 047
31/12/2011
52 540
72 917
92 353
1 991
8 695
205 649
39 641
454 831
473 786
31/12/2012
135 279
(96 026)
39 253
(195)
39 058
1 567
(138)
40 487
(13 077)
27 410
363
31/12/2011
139 217
(95 145)
44 072
25
44 097
1 882
9 096
1 966
57 041
(15 048)
41 993
2 352
27 047
39 641
The balance sheet total was impacted by a reduction in customer deposits in the banking subsidiary and, correlatively, by the reimbursement of a term loan. The
revaluation of securities, in particular equity securities, also resulted in a net gain of approximately € 8 million. NBI was relatively stable, as were general overheads. The
variation in result stems mainly from the accounting of exceptional elements in 2011 (disposal gain and goodwill).
Annual Repor t 2012
23
2
This area of the business encompasses all activities that are not part of the Group’s strategic business lines: NEPI (consolidated
base includes the real estate non-operating business), CMN Tél, Euro Information, Financière Nord Europe, Sicorfé Maintenance,
Transactimmo, Actéa Environnement and CMNE Environnement.
1
The CMNE Group
ASSETS
Goodwill
TOTAL
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
LIABILITIES
Financial liabilities at fair market value by result
Derivative hedging instruments
Debts to customers
Provisions
Subordinated debts
Minority interests
TOTAL
NET BANKING INCOME
Overheads
Cost of risk
OPERATING PROFIT
Share of profits from equity companies
Tax on profits
TOTAL NET PROFIT
Minority interests
136 710
133 210
31/12/2012
10 550
1 228
77
113 847
11 008
31/12/2012
6 315
(1 735)
4 580
(50)
4 530
7 813
12 343
(1 335)
11 008
11 008
The variation in the result is due mainly to the increase in the contribution from Euro-Information
31/12/2011
23 836
241
22
5 584
74 889
27 914
724
136 710
24
31/12/2012
26 352
241
22
1 644
81 110
26 617
724
Annual Repor t 2012
31/12/2011
11 964
1 108
5
111 496
8 637
133 210
31/12/2011
6 134
(1 411)
4 723
(36)
4 687
5 008
127
9 822
(1 185)
8 637
8 637
3
Consolidated balance sheet
26
Total balance sheet
27
Consolidated accounts at 31/12/2012
28
Equity Capital
28
Risks
36
Controls and audits
3
Consolidated
balance sheet
Annual Repor t 2012
25
3
Total balance sheet
Shares in the local branches, constituting the capital of the CMNE Group, are held exclusively by the shareholders.
Nature and remuneration of company shares
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Capital (‘A’, ‘B’, ‘C’ and ‘F’ company shares)
(in millions of €)
There are four types of share: • ‘A’ shares, non-transferable, with a par value of € 1, • ‘B’ shares, which may be traded, with a par value of € 1,
• ‘C’ shares, which may be traded giving a notice period of
5 years, with a par value of € 1, • ‘F’ shares, which may be traded giving a notice period of
5 years, with a par value of € 500.
‘A’ shares receive no remuneration. ‘B’, ‘C’ and ‘F’ shares
receive an amount of remuneration set by the general
meeting of shareholders of each local branch, within
the limits laid down by the articles of association of the
Cooperation and in line with the directives set by the Federal
Board of Directors.
In 2012, the annual yield of ‘B’ shares was 2.30%, for ‘C’
shares and ‘F’ shares 2.78%, legally capped at the average
bond rate.
1 500
1 363
1 250
1 339
1 268
1 318
1 000
750
500
250
0
2009
2010
2011
2012
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
Total balance sheet
Equity capital – share of group excluding result
2 000
40 000
2 004
39 099
35 000
1 800
32 849
30 000
1 838
1 871
1 864
2010
2011
33 570
31 105
1 600
25 000
1 400
20 000
1 200
15 000
10 000
26
2009
2010
2011
2012
Annual Repor t 2012
1 000
2009
2012
3
Consolidated accounts at 31/12/12
After offsets between businesses, in thousands of €
Contribution
NBI
Areas
2011
Business Finance
Insurance
Miscel. Services and Businesses
TOTAL
351 964
68 277
42 584
76 266
139 217
5 900
684 208
GOP
Consolidated result
2012
2011
2012
2011
391 049
209 232
44 417
131 336
135 271
6 315
917 620
60 267
4 259
21 390
17 824
44 072
4 723
152 535
91 098
-19 986
20 895
70 562
39 245
4 580
206 394
2012
20 293
1 930
11 590
2 442
40 869
8 636
85 760
Total balance sheet
2011
2012
51 087 16 863 163 17 740 613
13 193 2 181 128 5 899 733
12 238 1 718 905 1 933 088
37 952 12 276 251 12 982 064
27 040
397 731
408 424
11 008
133 210
135 179
152 518 33 570 388 39 099 101
After reprocessing 2011, variations in actuarial gains and losses on IFC provision for Bancassurance France: +€3 506 000 in GOP; €2 240 000 in consolidated result
in thousands of €
Contribution to results (after offsets between businesses)
60 000
51 087
50 000
40 000
37 952
40 869
30 000
27 040
20 293
20 000
13 193
11 590
12 238
8 636
10 000
2 442
1 930
0
2011
11 008
Business Finance
Insurance
2012
in thousands of €
Contribution to balance sheet total (after offsets between businesses)
20 000 000
16 863 163
17 740 613
15 000 000
12 276 251
12 982 064
10 000 000
5 899 733
5 000 000
2 181 128
0
1 718 905 1 933 088
397 731
2011
Business Finance
Insurance
408 424
133 210
135 179
2012
Annual Repor t 2012
27
3
Equity capital and risk management
JJ Equity capital
JJ Risks
Under the provisions of CRBF regulation n° 2000-03,
networks of establishments with a central body must
comply with management ratios on a consolidated
base (market risks and credit risk, major risks,
shareholdings, internal auditing).
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
The consolidating entity and Crédit Mutuel Nord Europe’s
scope of prudential monitoring are identical to those used
for the Group’s consolidated accounts. Only the method
of consolidation changes, in particular for the insurance
companies, whose accounts are consolidated by total
integration and prudentially using the equity method. This
principle is identical to the one applied by the other entities
in the Crédit Mutuel – CIC Group.
The overall cover ratio defines the amount of equity capital
needed to cover credit and market risks. Overall equity
capital corresponds to the sum of the base equity capital
(a hard core that includes super-subordinated securities of
unspecified duration) and additional equity capital (including
TSR and TSDI) products, as well as regulatory deductions
(certain holdings in financial establishments that are not
consolidated or accounted for using the equity method).
CMNE calculates the overall cover ratio for equity capital on
the basis of IFRS consolidated accounts, using the prudential
method. Book equity capital is withdrawn to take account of
the effect of prudential filters, which are designed to reduce
the volatility of equity capital induced by international
standards, in particular through the introduction of fair
market value. CMNE also complies with the declaratory
obligations created by the European Directive that applies
to conglomerates. One of the results of this is the additional
monitoring of cover by equity capital consolidated from
the combination of the requirements of banking equity
capital and the solvency margin of insurance companies.
This monitoring also has an effect on measuring other
management standards, with the difference of accounting
for the consolidated entities in the insurance sector using
the equity method being eliminated from base equity capital.
CMNE complies with all of the regulatory ratios to which it
is subject.
In millions of €
Regulatory ratios
31/12/2012
Basle I
Basle II
31/12/2011
Basle I
Basle II
Basic equity capital
1 948 1 932 1 793 1 782
(Tier One)
Additional equity capital
36
20
42
35
Further additional
0
0
0
0
equity capital
Weighted risks
15 671 13 821 12 666 10 518
Overall ratio
12,66% 14,12% 14,49% 17,27%
Tier One ratio
12,43% 13,98% 14,16% 16,94%
28
Annual Repor t 2012
The CMNE Group has established a risk support line
by grouping the departments for ongoing audits,
compliance and risk control within the General
Secretariat. These three departments have a direct
operating responsibility within Bancassurance France
and a functional responsibility to their counterparts in
the Group’s subsidiaries.
The risk support line handles implementation of the
systems used to measure and monitor risk, as well as the
compatibility of the risks taken with directions set by the
deliberating body. The regular examination of the way Level
1 audits operate makes it possible to monitor the system
on an ongoing basis. In particular it takes account of the
analysis of the main incidents recorded and the results of
checks conducted remotely. The risk support line also
actively monitors best practices and constantly suggests
adjustments to the auditing tools and procedures.
For its part, the Inspectorate General, which is responsible
for the periodic business line and network audits, remains a
strictly autonomous structure.
The headcount allocated to audit duties continued to rise
in 2012, reaching 87 individuals in the audit business lines
that report hierarchically or functionally to the General
Secretariat, and 45 staff for those that report to the
Inspectorate General. Approximately 2.8% of the Group’s
total headcount is now assigned to Level 2 and 3 auditing
duties.
This increase is due mainly to the purchase of Citibank
Belgium 2012, as well as increases in headcount in the
Third-Party Management business and, to a lesser extent, in
the General Secretariat.
The Federal Board of Directors, or its offshoots in the form of
the Audit Committee and Risk Committee are kept informed
regularly of the management and monitoring of risks. The
summary reports presented deal mainly with the monitoring
and control of credit risk, financial risks and operating risks,
as well as measuring the requirement of equity capital linked
to the Group’s various business lines. They approved the
Group’s internal audit charter, as well as the annual updating
of the policy on risk management.
The quality of CMNE’s consolidated balance sheet contributes
to the rating of the whole of the Crédit Mutuel – CIC Group
by Standard & Poor’s: “A+, outlook stable” for the long term,
and “A1” for the short term, confirmed in December 2012.
>> Credit risks
The granting of loans is required to pass through a specific
procedure at Crédit Mutuel Nord Europe. Beyond the
delegation of powers granted to the managers of local
branches, the Loans Committee for each branch, made
up of directors and the manager, meets weekly to rule on
applications.
Risks
If an application exceeds the threshold of € 500 000 or is
subject to special terms, it must be analysed by the Caisse
Fédérale’s Credit Department and is submitted to the
Federal Loans Committee.
Farmers (€ 787 million)
In Belgium, loan applications in excess of € 750 000 are
granted by the group’s Management Committee only.
For Business Finance, an overall limit per counterparty
or group of counterparties has been set at € 30 million.
Applications with a unit value higher than € 150 000 require
a decision from the Committee.
For Bancassurance France and Business Finance, internal
ratings in line with the principles set by Basle II are in place
for customers from the various markets. These ratings are
taken fully into account in the process of customer follow-up.
Alongside the usual criteria, the rating is now incorporated
as part of the parameters used to set the pricing for loans.
The rating is also a determining component for the system
of assignment when it comes to granting support.
In Belgium and within the scope for BKCP, there was the
completion of the deployment of a generation of customer
rating algorithms identical to France, ensuring rating
homogeneity with the Crédit Mutuel – CIC Group in its
entirety. OBK bank, which was purchased in March 2012, is
scheduled to incorporate the same rating system in 2014. For
its part, Citibank Belgium is part of the process conducted
by Crédit Mutuel – CIC Group on consumer credit.
Individual Business Persons (€ 716 million)
Legal Entities and Corporate (€ 2 624 million)
For the banking business in France, which represents 70%
of the Group’s outstanding loans (Bancassurance France and
Business Finance), the way in which outstanding loans are
broken down by rating category and rating algorithm is as
follows:
–ratings equal to or above C-,which represents the best
customers, total 81% to 91%,
–Ratings between D+ and E+, which represent healthy
loans with a fairly high risk profile, total 7% to 16%,
–Doubtful (E-), compromised doubtful (E=) and bad
loans (F), total 1% to 4%.
This breakdown remained stable in comparison with
previous years for the better classes of rating, but there
was an appreciable downturn in the risky profiles of Business
Finance customers, even if the average rating of these
outstanding resources remained very satisfactory.
Non-trading property companies SCI (€ 838 million)
Private individuals (€ 7 490 million)
Associations (€ 39 million)
Annual Repor t 2012
29
Risks
The overall breakdown of credit risk by business sector for
the same perimeter was as follows:
Industry+BTP
Transport
Other
Agro-Agri
Private housing
Profesionals
+services+retail
4%
in thousands of €
Quality of risks
31/12/2012 31/12/2011
Debts written down
individually
Provision for individual
writedowns
Collective provision for debts
1
Overall level of cover
Level of cover
983 459
396 924
-643 610
-257 021
-27 769
-17 210
68,3%
69,1%
65,4%
(individual provision only)
3%
6%
3%
17%
56%
Household
consumption
64,8%
10%
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
Follow-up of credit risks
Loans and debts
Credit establishments
Customers
Gross exposure
Provisions for writedowns
Customers
Net exposure
Financial commitments given
Customers
Guarantee commitments given
Customers
Provisions for risks on customer commitments
Net exposure
Debt securities
Government securities
Bonds
Derivative instruments
Pensions & loans of securities
Gross exposure
Provision for writedown of securities
Net exposure
31/12/12
31/12/11
Variation
4 196 459
15 980 485
20 176 944
-671 379
-671 379
19 505 565
3 438 859
12 666 884
16 105 743
-274 231
-274 231
15 831 512
757 600
3 313 601
4 071 201
-397 148
22%
26%
25%
145%
-397 148
3 674 053
145%
23%
67 921
2 233 257
64 960
1 110 812
2 961
1 122 445
5%
101%
188 968
136 282
-936
2 625 492
19 470
123 409
-1 051
1 317 600
169 498
12 873
115
1 307 892
871%
10%
-11%
99%
602 102
10 840 926
80 052
11 523 080
-7 582
11 515 498
186 870
9 555 700
37 987
0
9 780 557
-64 572
9 715 985
415 232
1 285 226
42 065
222%
13%
111%
1 742 523
56 990
1 799 513
18%
-88%
19%
in thousands of €
31/12/12
Less than
3 months
3 months
to 6
months
6 months
to 1 year
0
666 964
0
50 702
0
16 140
56 505
7 791
3 082
610 436
666 964
42 911
50 702
13 058
16 140
21 619
3 676
1 870
Payment arrears
Equity capital instruments
Debt instruments
Loans and advances
of which large corporations
and similar
of which retail customers
TOTAL
of which actual non-payment on due
date
30
Annual Repor t 2012
More
than 1
year
Total
0
0
1 106 734 912
35
NBV of assets
written down
5 098
10 603
339 895
Total assets that
are the subject of
payment arrears
and assets written
down
5 098
10 603
1 074 807
Guarantees and
other credit
raisings received
relative to assets
written down
0
0
424 003
67 413
31 822
99 235
61 773
1 071 667 476
1 106 734 912
308 027
355 596
975 503
1 090 508
362 230
424 003
196
27 360
Risks
>> Market risks
>> Counterparty risk
Management of the CMNE group’s refinancing is centralised
at the Caisse Fédérale, for transactions by the French,
Belgian and Luxembourg entities. The back-office side of
these transactions is centralised in Lille.
At the proposal of the Risk Department, counterparty
limits are agreed by the Group’s Finance Committee. The
methodology used to define risks is based on the internal
rating of major counterparties, as redefined by Crédit
Mutuel’s National Confederation within the context of Basle
II ratification.
The centralisation of CMNE’s risk through the overall control
of risk in turn feeds the centralised counterparty risk
management for the whole Crédit Mutuel – CIC Group.
There are two types of transaction handled by the Group
Treasury Department:
• One: the Group’s medium and long-term refinancing transactions and, more generally, assets-liabilities management
transactions designed to control the margin of intermediation based on the figures for the risk rate and liquidity
analysed by the Finance Committees for each entity in the
Group.
• Two: own account transactions conducted on behalf of
the Caisse Fédérale, Crédit Professionnel SA or Citibank
Belgium.
These transactions fall into two groups:
–arbitrage transactions structured to generate only a
marginal rate risk while still extracting their profitability from counterparty risk and liquidity risk. This type
of transaction only concerns the Caisse Fédérale and
comes under the direct responsibility of the Group
treasurer, who receives an allocation of equity capital,
an overall limit on outstanding funds and a standard
framework for authorised transactions for the purpose.
–Investments in dedicated Investment Funds managed
by UPG in SCPIs, shares, bonds and negotiable debt
securities or structured products. These are always
implemented in the context of the finance committees
of the entities concerned and hence are the result of
a collective decision. Investments in bonds and similar
securities are particularly important for BKCP on
account of its high level of deposits collected through
passbook deposit accounts.
Structural management transactions on the balance sheet,
as well as transactions as conducted as principal, come under
the tight control of the Group’s Finance Committee and are
the subject of individual reports that are then merged to
measure the liquidity risk.
Since June 2011, the ceiling for unit risks and has referred to
the equity capital of the Caisse Fédérale, Crédit Professionnel
SA, Citibank Belgium and Nord Europe Assurances, rather
than the Group’s consolidated equity capital. Thus, while
still remaining within the national reference framework
for banking limited imposed by Crédit Mutuel’s National
Confederation, each part of the overall business has rules
that are consistent with the development of its outstanding
funds and its equity capital.
As a result, the overall limits are:
–State risk: 100% of the equity capital of each part of
the business,
–Bank risk: minimum amount between 100% of the
equity capital of each part of the business and a
proportion of the national guideline set by the CNCM,
–Corporate risk: 10% of the equity capital of each part
of the business for risks taken in the context of market
activities.
These limits are intended for A+ risks (Crédit Mutuel – CIC
internal rating) and are then scaled down based on the rating
of the counterparties. For corporate risk taken as part of market activities, the
Federal Board of Directors approves the rules, taking account
of the issuer’s rating, the volume of bonded debt issued, the
business sectors of the issuers and the outstanding funds of
the insurance company. For most corporate counterparties,
this restricts the unit risk to € 50 million.
On an exceptional basis and for investments by the insurance
company, the unit risk may rise to as much as € 250 million for
a very limited number of public or quasi-public companies.
Annual Repor t 2012
31
Risks
For the whole of the CMNE Group, banking and insurance combined, the counterparty risk is broken down as follows:
Financial institutions (77%)
Corporates and insurance (11%)
€ 9 163 million
€ 1 178 million
D+
C-
B-
D-
4% 1% 2%
C+
5%
A+
D-
8%
5%
4%
3%
9%
A-
2%
B+
8%
D+
A-
13%
49%
1
B-
24%
The CMNE Group
C-
20%
B+
2
A+
N.R.
27%
C+
16%
Specific areas
Sovereign (13%)
Total outstanding
€ 1 505 million
€ 11 960 million
C+
3
8%
B+
2%
E+
D+
1%
0,3%
C-
C+
A+
N.R.
D- 2%
5% 2% 2%
A+
11%
7%
38%
Consolidated
balance sheet
D+
B-
6%
4
A-
44%
Corporate & Social
Responsibility
B+
21%
A-
5
Governance and
Internal Auditing
49%
Market risk
All of the transactions conducted by the Treasury
Department as part of its own management as principal,
or entrusted to La Française AM as part of dedicated
management, are carried out in a specific context defined
by the Group’s Finance Committee and are the subject of a
report submitted monthly to the Committee, which includes
five of the seven members of the management committee.
Twice each year, a presentation is made to the Board of
Directors of the whole of the financial risks carried by the
Caisse Fédérale.
In addition, the meeting of the Board of Directors in January
2013 confirmed the overall allocation of equity capital to
market activities of up to € 185 million for the banking book
and € 95 million for the trading book.
Business where the Group acts as principal is divided into two
parts. One: an arbitrage business on European money market
securities (eurozone), conducted exclusively by the CMNE
Caisse Fédérale; and two: medium or long-term investments
in dedicated Investment Funds, direct shares, bonds and
negotiable debt securities or structured bonds. These
medium and long-term investments are accommodated
both within the Caisse Fédérale, at Crédit Professionnel
SA and at Citibank Belgium. There is also a CDO portfolio
of € 6 million, but the purchase of OBK bank also involved
taking over an investment portfolio run on its own account
containing a significant proportion of CDOs.
32
Annual Repor t 2012
Based on assumptions common to the whole of the Crédit
Mutuel – CIC Group, CMNE conducts a stress impact
measurement test each quarter. Five stress tests from the
past (1994 rate rise, 1997 Asia crisis, 1987 Black Monday,
11th September 2001, subprime crisis) and four hypothetical
stress events (fall in share prices of 25%, rise in credit
spreads of 100 bps, increase in rates of 50 bps, rate cut of
50 bps) are measured in the tests. The three most punitive
of these are Black Monday, the subprime crisis and the 25%
fall in the share market, with a negative varying between € 7
and 21 million on the profit-and-loss account and between
€ 20 and 43 million on equity capital.
Arbitrage
Arbitrage transactions, which are carried out based on terms
of between three months and three years, consist of buying
negotiable credit instruments or variable-rate or fixed-rate
bonds converted into variable rates through rate swaps,
financed by the regular issue of investment certificates with
terms at the outset of between one and six months. The
maximum outstanding amount in this arbitrage portfolio,
set by the Group’s Finance Committee, is € 1.2 billion, while
its actual outstanding remained stable is around € 1.1 billion.
Its average consumption of equity capital for credit risk was
€ 21 million, significantly less than the allotted limit of € 30
million. Arbitrage generated a result estimated at € 7 million.
Risks
The duration of securities purchased (75% are equal to or less
than two years), as well as the bulk of securities at indexed
rates, provides very strong insurance against market risks in
the sense of regulation 95-02, since the NPV sensitivity of
this portfolio is approximately 1%. The rate risk is practically
zero and the liquidity risk is monitored very closely as part of
overall liquidity risk management procedure.
Bonds portfolio
The following table summarises the gains and losses at 31st
December 2012 on bond portfolios affected in accounting
terms by “marked to market”.
In millions of €
Capital valued at
31/12/2012
AFS
portfolio
France:
arbitrage
France:
invested
CPSA:
invested
Citibank
Belgium:
invested
OBK
invested
TOTAL
JVOR
portfolio
970,7
Total
Variation in value compared with 31/12/2011
Equity
capital
Profitand-loss
account
Total
970,7
17,0
1,5
18,5
63,4
137,5
200,9
1,0
12,7
13,7
715,6
10,3
725,9
68,6
0,9*
68,6
115,5
115,5
1,1
1,1
332,8
332,8
14,7
14,7
2 198,1
147,7 2 345,8
102,3
14,2
116,6
* including impact of cover swaps from securities classified in AFS
Dedicated Investment funds
CMNE’s Caisse Fédérale now holds three dedicated funds,
managed on its behalf by La Française AM. The total
outstanding amount of these funds at 31st December 2012
was € 252 million and their overall performance was positive
to the tune of € 10.2 million.
The Richebé fund represents an outstanding amount of € 207
million. It is dedicated to dynamic cashflow management,
generating a positive yield of 4.25%.
BKCP also holds € 9.6 million of this fund.
as is the case with the other entities in the Crédit Mutuel
Group affected by holdings of CIC shares, the methodology
known as the “sum of the parts”, which consists of an
analysis valuing each of the CIC’s business lines. This value
is approximately 50% greater than the acquisition price and
any variation in value has an effect on equity capital.
Excluding CIC shares and the proportion of shares contained
in dedicated investment funds (trading book), the share
risk was € 63 million at 31st December 2012, in market
value. This is made up of the share component of the funds,
representing the investments made on behalf of CMNE and
BKCP (banking book).
CDO portfolio
CMNE’s portfolio of CDOs now consists only of “Regent
Street” and “New Court” vehicles from KBC Bank with a par
value of € 12 million and a net book value of € 6 million.
In actual fact, the “Regent Street” securities are now fully
funded as the result of the receipt of a “credit event”, taking
the value of the securities in the fund back to zero. As a
result, the profit-and-loss account for the Caisse Fédérale
was impacted negatively by € 1.6 million in 2012. For their
part, the “New Court” securities produced a latent loss of €
2.2 million as of 31st December 2012, which was a significant
reduction over the period. They are recorded as security held
to maturity, with their variation in value affecting neither
equity capital nor the profit-and-loss account.
Other investments
Other investments on the bank’s own behalf realised
from collective undertakings (rate products, alternative
management or SCPI stocks), represented a total of € 465
million in market value, of which € 301 million is in a cash
Investment Fund that was disposed of in March 2013.
CMNE also holds a portfolio of structured securities valued
at € 296 million, which carries € 10 million of latent losses.
There were no speculative foreign exchange transactions.
Downgraded securities
CMNE’s downgraded securities now consist only of ‘C’ and ‘A’
in the Regent Street securitisation, representing € 2 million
and € 4 million of par value respectively, now funded 100%.
The Nord Europe Gestion fund represents an outstanding
amount of € 37.2 million and acts as counterparty to
CMNE customers on a number of funds skewed towards
equities. The fund has no specific management orientation.
It generated a negative yield of minus 0.2%. The outstanding
funds within this fund are guaranteed in capital up to € 21
million.
Outstanding funds on countries at risk in the eurozone
The Richebé Recovery Fund was created in April 2009 to
take advantage of the recovery of certain alternative funds
affected badly by the financial crisis. The market value of the
fund, which saw no movements in securities in 2012, rose
28.7% during the period. The outstanding resources were
€ 8.3 million.
With regard to the other European countries that benefited
from the EU-IMF aid programme, their securities continue
to be recorded as assets available for sale. Their variation in
value has a negatively effect on equity capital of € 430 000
for Portugal and € 990 000 for Italy. The outstanding funds
on Ireland and Spain produced a slight latent gain.
Within the CMNE Group, only the Insurance business held
Greek sovereign debt to any significant extent (€ 75.6
million in par value). These securities were brought in with
the exchange of March 2012 and the securities obtained
have been sold. This means that the CMNE Group has no
further outstanding funds on Greece.
Shares
The Caisse Fédérale holds approximately 1% of CIC shares
directly acquired for an average historic value of € 50
million. These shares represent a holding in a common entity
of the Crédit Mutuel – CIC group. Taking account of the low
volume of activity handled on the market, the market value
has not been used to value this holding and the CMNE applies,
Annual Repor t 2012
33
Risks
Liquidity risk
In terms of refinancing, the CMNE’s Caisse Fédérale, which
has two programmes approved by the Bank of France or
the AMF to issue deposit certificates (€ 3.8 billion) and
BMTN (€ 2.5 billion) and EMTN (€ 4 billion) as well as a
programme approved by the AMF to issue bonds (€ 4 billion),
maintains outstanding securities eligible with the ECB for
approximately € 1.4 billion. Crédit Professionnel SA rounds
out this device with outstanding funds of approximately €
500 million.
CMNE measures its liquidity risk based on three time
parameters:
1
• In the long term by applying the national provisions
of the Crédit Mutuel – CIC Group aimed at managing
the conversion of liquidity. The general principle here
consists of disposing of all assets and liabilities based on
the conventions already used in the context of rate risk
measurement and also measuring a ratio of the application
of funds equivalent to different maturity terms. This
measurement is carried out on a static base and the 5-year
ratio must be greater than or equal to 87%. Measured
each quarter, it is regularly in excess of 100%.
The CMNE’s Caisse Fédérale also holds market assets that
can be disposed of in the short term, worth approximately €
800 million. It also has a refinancing facility of around € 850
million with the Housing Refinancing Funds.
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
Finally, in 2012, CMNE established a Colllective Securitisation
Fund (CSF) for its mortgage debts of € 1 billion. This enabled
two 4-year and 7-year bond issues to be made, each for €
500 million during the summer of 2012.
• In the short term, also by applying a national scenario
for liquidity stress aimed at measuring the impact over a
time period of 3 months of the sudden disappearance of
10% of customer at-call resources. The resulting cashflow
requirement must remain below the ECB’s repurchase
capability.
• In the very short term by calculating the regulatory
liquidity ratio at 1 month, which must be greater than
100%. In 2012, this figure remained stable at around
200%.
4
Corporate & Social
Responsibility
Liquidity risk
5
Governance and
Internal Auditing
in thousands of €
31/12/12
Residual contractual maturities
≤ 1 month
> 1 month
≤ 3 months
> 3 months
≤ 1 year
> 1 year
≤ 2 years
> 2 years
≤ 5 years
> 5 years
Unspecified
Total
Assets
Financial assets held
for transaction purposes
263 175
0
670
242
2 188
16 891
7 768
290 934
258
0
45 200
30 017
35 843
37 570
113
149 001
78 820
82 939
225 706
426 333
847 087
457 117
1 089 982
3 207 984
1 037 279
384 684
1 788 398
1 858 413
4 541 184
9 677 285
56 495
100 758
251 358
671 104
277 986
10 000
601
1 368 302
0
0
0
0
0
0
0
0
Financial liabilities held for
transaction purposes
4 103
1 148
7 160
18 277
478
3 031
0
34 197
Financial liabilities designated
at fair value through the profit-andloss account
2 001
0
0
0
0
178 974
0
180 975
14 617 218
926 481
1 708 430
1 781 106
2 630 750
1 839 268
Financial assets designated
at fair value through the profit-andloss account
Loans and debts
(including finance lease contracts)
Investments held to maturity
239 843 19 527 086
Liabilities
Deposits from central banks
Financial liabilities valued at
depreciated cost
34
Annual Repor t 2012
50 434 23 553 687
Risks
Rate risk
Within CMNE, the main points of this process are as follows:
The aim of risk rate management is to control the
intermediation margin generated by the various activities of
the banking arm of the group.
Each company within this area of business has its risk
analysed by a specific Finance Committee on a quarterly or
six-monthly basis, depending on the size of the company or
the inertia of its balance sheet structure. The Committee for
each company decides on the implementation of rate cover,
such as liquidity.
•
The CMNE Group measures the rate of risk using the
sensitivity of the net interest margin (NIM) and the sensitivity
of the net present value (NPV). The latter of these makes it
possible to measure overall risk in the sense of regulation
97-02 and the Basle II regulations.
These measures are subject to regulatory limits (NPV) or
management limits (NIM) in accordance with the recommendations of Crédit Mutuel’s National Confederation and
the Prudential Monitoring Authority.
The following limits apply identically to all of the Group’s
banking subsidiaries.
• NPV: a linear movement in the rate curve of 200bps may
not represent more than 20% of equity capital. The equity
capital retained must be consistent, in terms of consolidation, with the risk rate basis analysed.
• NIM: a linear movement in the rate curve of 100bps must
not induce sensitivity in excess of 5% of net banking
income for the consolidation being analysed for the year
underway and for the two subsequent years. Added to this
limit is a risk indicator equivalent to 10% of the NIM for
the consolidation being analysed for the year underway
and for the three subsequent years.
These limits were complied with in 2012 with an NPV
sensitivity below 10% and a NIM sensitivity below 5% at all
times for each quarter observed. CMNE also supplemented
its NPV sensitivity analyses with curve distortion simulations
(rate variations at 3 months, 3 years and 7 years, based
on stress of +1% or -1%). The process used was aimed at
identifying scenarios featuring elevated NPV variations. This
work showed up only minor variations in NPV, consistent
with the results already observed.
>> Operating risks
The aim of managing operational risks at CMNE is to avoid
a major claim, or series of claims, creating a threat to the
Group’s financial results and hence its future development.
To achieve this aim, CMNE applies the operating risks
management system developed by Crédit Mutuel – CIC,
which meets the requirements laid down in the Basle II
regulations. The Crédit Mutuel – CIC Group has drawn up a
reference document entitled “Sustainable Mode Procedure”,
which sets out the responsibility of the management bodies
and periodic auditing, both nationally and regionally, as well
as the role and positioning of the management function
of operating risks, the method used for measuring and
controlling operating risks, reporting and overall guidance.
Organisation for managing operating risks
within the Group:
The job of the Risk Control Function is to manage operating
risks. It implements the methods and tools developed by
Crédit Mutuel – CIC. It logs any operating incidents and lists
them in the risk management tool. The Risk Control Function
instigates the work of the operating risk managers in the
Group’s subsidiaries. It also takes part in work carried out
nationally, as well as by CMNE’s Operating Risks – Business
Continuity Plan Committee. This Committee also takes
part in the work carried out nationally and directs CMNE’s
Operating Risks Committee. This latter committee meets
regularly and enables coordination, communication and
reporting on the work carried out within Bancassurance
France for General Management (business continuity plan,
crisis management).
•
Information system and operating risk
management tool:
The operating risk management tool incorporated into
the IT system has logged all claims and incidents that have
occurred since 2001. The documentary databases relating
to the tool, risk mapping and modelling and the business
continuity plan process are shared by the whole of Crédit
Mutuel – CIC. The aim of this mapping is to identify the risk
areas in a consistent manner, by type of business line and by
event (in the sense of Basle II) and to assess the overall cost
of risk. A general procedure for gathering claims has been
established at a Crédit Mutuel – CIC level. This document
sets out the general definition of the operating risk produced
by the Basle Committee and sets standards for the data to
be entered in the Riskop tool relative to claims for a unit
amount in excess of € 1 000.
•
Programmes to reduce and fund risks:
The reduction of risks is based on effective preventative
programmes identified in particular when carrying out risk
mapping and implemented directly by operating staff via
internal audits. Protection programmes are aimed mainly at
disseminating and regularly updating the continuity plans
for the “business lines” and “support” activities. A crisis
management procedure has been defined to deal with the
two potentially most serious crises: a total crash of the
entire computer system and the major destruction of head
office premises.
The funding of risks is based mainly on an appropriate
insurance policy. CMNE Group insurance covers the three
main risk areas: people, liability and assets.
In terms of operating risk and net of any insurance recovery,
the CMNE Group recorded € 2 million of losses in 2012. In
addition, the provision stock at 31st December 2012 was
€ 23.8 million, which included € 10 million in relation to
an exceptional case of fraud within OBK bank prior to its
acquisition by CMNE.
Annual Repor t 2012
35
3
Controls and audits
The way Level 2 internal audits are organised is based around central structures that handle ongoing audits and
compliance, and dedicated structures put in place within each of the Group’s business areas. The actions of these
structures are coordinated by the Ongoing Audits and Compliance Control Committee, placed under the authority of
the General Secretary, responsible for the CMNE Group’s risk support line.
Between the three departments at a Caisse Fédérale level
and the staff seconded operationally in the subsidiaries,
there are now nearly 90 staff working on Level 2 internal
auditing.
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
>> Compliance control
The Compliance Control Department covers three areas:
compliance per se, anti-money-laundering and auditing
investment services.
In 2012, the main topics dealt with by this department were
as follows:
• Extension of the procedure for centralising malfunctions
in the leasing companies.
• Completion of mapping the major risks associated with
accounting savings and payment methods.
• Checks conducts on the activities of the credit support
line on compliance with the regulations on wear rates.
• Assessment of writing the main regulatory developments into internal procedures, in particular in the area of
consumer credit.
>> Ongoing audits
The role of the Ongoing Audit Department is to define
the nature and frequency of the points of audit that have
to be followed by operating managers. The Ongoing Audit
Department is also required to organise the reporting side
and conduct quantitative and qualitative checks on the
content of these audits. This role is carried out in the three
major areas of operating risks, credit risks and market risks,
as well as in non-compliance risk and the risk associated with
information systems (SMSI).
In 2012, the main programmes conducted by this department
were as follows:
• Level 2 audits into the procedures of the network, market
activities, credit, accounting, operating risk management
and security of the information systems. These checks
enable regular exchanges with the structures in question
and the implementation of any corrective action required.
• Continued
dissemination
of
the
major
risks
reference system for the various Group companies.
• Deployment of an action plan to reduce risks relating to
information systems, in particular through staff training
programmes, the conducting of intrusion tests and the
annual monitoring of the IT recovery plan.
36
Annual Repor t 2012
>> Risk control
The purpose of the Risk Control Department is to deal with
questions relating to the back-office side of deals, as well as
issues relating to risk monitoring.
The back-office checks the transactions carried out by the
dealing room and then ensures they are completed, both for
the Caisse Fédérale, as well as for Crédit Professionnel SA
and Citibank Belgium (Belgium) and La Française AM Private
Bank (Luxembourg).
Risk monitoring is responsible for checking rate, liquidity and
market risks in dealing room activities, Basle II reporting and
reports on the credit dimension and equity capital intended
for the finance committee. It also deals with qualifying
claims reported by the various correspondents in the
RISKOP tool and maintains business continuity plans (BCPs)
for Bancassurance France and Business Finance, as well as
supervising the BCPs of the Group’s other business areas.
>> Periodic audits
Audits of the local branch network
37 sales outlets, 5 Business Advice Spaces and 3 BCMNE business
centres were the subject of an audit assignment. In addition, 26
assignments to monitor recommendations were conducted, as
well as a topic-based assignment into the proper application of
professional standards and a cross-entity assignment into fraud
prevention and abuses of weakness, commercial practices and
internal audits into the investment department.
The topic-based assignment gave rise to 90 recommendations,
while the cross-entity assignment led to 22 recommendations.
Audits of “business line” entities
The Periodic Audit Department for the CMNE Group’s
business lines conducted 20 audit assignments, including
16 in the subsidiaries. These assignments, which affect all
Group entities, may have been topic-based, such as the audit
into the management processes of operating risks, or may
have been specific, such as the audit of the management
process for payment methods conducted in Bancassurance
France, the internal audit of the Cholet Dupont Partnenaires
platform in Third-Party Management, the audit of the
processes used to market and sell insurance products
in the Insurance business, or the audit of balance sheet
management in Business Finance.
Audits of branches and business lines in Belgium
Since the acquisition of OBK and Citibank Belgium in March
and May 2012, the scope of audit in Belgium has more
than doubled. It now covers a total of 83 branches, 194
authorised agents and over 1 000 staff.
In this context, 18 audit assignments were conducted in the
central departments of Crédit Professionnel SA and 18 other
in Citibank Belgium. These assignments were supplemented
by almost 100 inspections in the Citibank Belgium network
and 40 in the Crédit Professionnel network.
4
Corporate and Social Responsibility
38
Employment-related information
43
Corporate and Social Responsibility
49
Group CSR report
53
Statement from one of the Company Auditors
55
Correlation table – CM-CIC Group
4
Corporate & Social
Responsibility
Annual Repor t 2012
37
4
Employment-related information
JJ Structure of staff within the Group
>> Breakdown by business area
31/12/2011
Open-ended
contracts
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
Corporate & Social
Responsibility
5
Total
Open-ended
contracts
Fixed-term
contracts
Total
Business Finance
Insurance
2 735
331
158
241
423
9
105
2
3
3
17
1
2 840
333
161
244
440
10
2 710
1 045
158
242
444
8
131
9
2
10
18
0
2 841
1 054
160
252
462
8
TOTAL GROUP HEADCOUNT
3 897
131
4 028
4 607
170
4 777
Overall, Group staff numbers rose by 18.6% as of 31/12/2012, which is explained mainly by the incorporation of Citibank
Belgium (714 staff).
Bancassurance France represents more than 60% of total headcount, Belgium 22%, Third-Party Management nearly 10%,
Insurance 5.3% and Business Finance 3.3%.
>> Breakdown of staff on open-ended contracts by gender and status
31/12/2011
Men
4
31/12/2012
Fixed-term
contracts
Women
31/12/2012
Total
Men
Women
Change
Total
2012/2011
Managers
Bank officers or Supervisors
Employees
1 031
727
326
430
639
744
1 461
1 366
1 070
1 311
712
367
734
659
824
2 045
1 371
1 191
40%
0,4%
11,3%
TOTAL OPEN-ENDED CONTRACTS
2 084
1 813
3 897
2 390
2 217
4 607
18,2%
Women with open-ended contracts represented 48% of headcount.
Managers represented 44.4% of headcount with open-ended contracts within the Group, with Bank Supervisors representing
29.8% and employees 25.8%.
Governance and
Internal Auditing
>> Breakdown by age
Under 25
26
53
25 to 30
155
31 to 35
318
309
452
36 to 40
438
41 to 45
331
420
46 to 50
294
348
51 to 55
278
316
56 to 60
223
326
Over 60
52
251
17
0
200
400
600
800
Men Women
The average age of employees with open-ended contracts at the end of 2012 was approximately 42.
12% of employees with open-ended contracts were aged under 31, 33% were between 31 and 40, 41% between 41 and 55
and 14% were aged over 55.
38
Annual Repor t 2012
Employment-related
information
>> Breakdown by years of service at 31/12/2012
Less than 1 year
70
83
373
1 to 5 years
447
358
6 to 10 years
457
456
11 to 15 years
436
282
16 to 20 years
139
247
21 to 25 years
204
212
26 to 30 years
136
392
Over 30 years
0
200
315
400
600
800
1000
Men >> Working hours
Women
Part-time
31/12/2011
Men
31/12/2012
Women
Total
Men
Women
Total
Managers
Bank Officers or Supervisors
Employees / Non-Managers
Staff on fixed-term contracts
9
8
20
2
47
169
162
4
56
177
182
6
19
7
13
1
145
172
222
4
164
179
235
5
NUMBER OF PART-TIME EMPLOYEES
39
382
421
40
543
583
The main reasons for working part-time were parental leave and leave for personal convenience. The number of part-time
workers in 2012 rose by 38% (associated with the incorporation of Citibank Belgium as part of Group headcount, with 159
part-time staff).
Part-time staff represent approximately 12% of total Group headcount (compared with 10.5% in 2011).
>> Employment management
Recruitments on open-ended contracts
31/12/2011
Men
Managers
Employees / Non-Managers
NUMBER OF STAFF RECRUITED ON OPEN-ENDED CONTRACTS
Women
31/12/2012
Total
Men
Women
Total
67
7
33
34
13
93
101
20
126
55
9
30
40
14
57
95
23
87
107
140
247
94
111
205
In 2012, over 46% of new employees hired were for management positions. The employment rate for women was approximately 54%.
Annual Repor t 2012
39
Employment-related
information
>> Departures of staff on open-ended contracts
2011
Managers
1
The CMNE Group
2
Severance of contracts
Resignations
Redundancies for economic reasons
Redundancies for other causes
Departures during trial period
Departures for pension or early retirement
Death
Disability
17
40
0
13
5
15
2
0
NUMBER OF DEPARTURES FOR STAFF ON
OPEN-ENDED CONTRACTS
92
Officers
Managers
Officers
Employees
Total
10
33
0
23
9
8
2
0
28
87
0
45
15
39
7
0
14
55
0
17
5
25
3
0
1
8
0
5
0
19
4
0
2
16
0
16
6
14
4
0
17
79
0
38
11
58
11
0
44
85
221
119
37
58
214
>> Transfers
2011
Managers
3
Total
1
14
0
9
1
16
3
0
Specific areas
Consolidated
balance sheet
2012
Employees
1
Group transfers
Officers
0
2012
Employees
Total
5
4
Managers
Officers
Employees
3
26
Total
6
35
>> Promotions within the Group
2012
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
Men
Women
Total
Employees promoted to Bank Officers/Supervisors
Bank Officers/Supervisors promoted to Managers
Employees to Managers
13
13
4
26
6
8
39
19
12
TOTAL
30
40
70
JJ Individual and collective remuneration
>> Average individual remuneration
in €
2012
Men
All areas
Women
Total
Managers
Employees / Non-managers
58 063
38 590
29 499
52 673
37 224
28 006
57 029
38 062
28 505
TOTAL
45 683
36 382
42 128
48 252
>> Collective remuneration
in €
2012
Shareholding
Incentive
Employer contribution to savings scheme
40
Annual Repor t 2012
Amount
4 621 055
16 083 480
4 674 481
Average
amount
1 321
4 618
1 610
Employment-related
information
JJ Absenteeism
in calendar days
2012
Men
Managers
Illness
Accident at work or travelling to/
from work
Maternity/Nursing/Paternity
Unpaid leave (*)
Other absences (**)
TOTAL DAYS
Officers
Women
Employees
8 682
6 047
59
40
100
531
784
1 803
358
597
512
11 859
7 554
Total
4 859 19 588
Managers
Officers
9 505
11 223
199
580
1 395
154
124
471
1 043
1 505
2 786
3 180
3 691
7 668
3 978
1 672
519
5 708
25 121
24 624
Employees
Total
Total
18 512 39 240 58 828
428
2 403
2 602
9 521 16 679 17 722
4 731 10 094 11 599
1 188
9 375 12 161
18 787 34 380
77 791 102 912
(*) Unpaid leave is understood to mean parental leave, sabbaticals, business creation, etc. (**) Other absences, paid or unpaid: birth, marriage, sick child, house move, or any other family event provided for under the Collective Agreement
Absence on account of illness represented 57% of the total number of days of absence, with maternity/paternity leave
accounting for 17%, unpaid leave 11%, other absences (under contract) 12%.
The Group’s rate of absence for illness in 2012 was up, with a rate of 3.4%, compared with 3.2% in 2011.
JJ Training
Number of trainees attending at least one course during the year:
2012
Men
Women
Total
Managers
Employees
1 147
649
270
656
559
677
1 803
1 208
947
TOTAL
2 066
1 892
3 958
The average percentage of the wages bill devoted to training was 3.9%.
Annual Repor t 2012
41
Employment-related
information
JJ Enterprise agreements or amendments signed in 2012
Bancassurance France (agreements applying to both CFCMNE and BCMNE) :
• 01/02/2012 : Amendment to the agreement relative to the Group Committee, signed by the CFTC and the SNB
• 01/04/2012 : Amendment to the PERCO agreement, signed by the CFDT, CFTC and SNB
• 22/05/2012 : Amendment to the agreement on IRP (staff representation institutions), signed by CFDT, CFTC and SNB
• 29/06/2012 : Incentive agreement signed by the CFTC and SNB
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
Business Finance (Bail Actéa) :
• 28/03/2012 : NAO (Mandatory Annual Negotiations)
• 28/03/2012 : Amendment n° 2 to the PERCO agreement • 25/09/2012 : Amendment n° 6 to the Company Savings Plan
Insurance:
• 28/06/2012 : Incentive amendment • 16/07/2012 : Action plan on Equality for Men and Women
• 12/04/2012 : NAO agreement
• 21/12/2012 : Amendment to the Company Savings Plan
Third-Party Management:
The agreements and amendments were signed by the CFTC or authorised member
• 17/01/2012 : Protocol Agreement regarding elections for the Works Council and Staff representatives
• 19/02/2012 : Protocol Agreement regarding the mandatory annual negotiation
• 18/05/2012 : Amendment n° 2 to the Incentive Agreement dated 29th June 2010 for UES LFAM, stating the terms for
dividing the remaining incentive
• 18/05/2012 : Amendment nº 7 to the Company Savings Plan for UES LFAM, amending article 3.6 Buyback Application
of amendment nº 5 of the Company Savings Plan dated 10th August 2010
• 15/10/2012 : Amendment nº 7 to the Company Savings Plan for UES LFAM, amending the name of the register holder
• 15/10/2012 : Collective agreement on the establishment of a profit-sharing bonus in La Française AM Finance Services
• 04/12/2012 : Amendment nº 1 to the Pre-Electoral Agreement of 17th January 2012 of UES LFAM to include LFIS
• 19/12/2012 : Amendment nº 2 to the Participation Agreement of UES LFAM to include LFIS
• 19/12/2012 : Amendment nº 9 to the Company Savings Plan for UES LFAM to include LFIS
• 19/12/2012 : Amendment nº 4 to the ARRT-CET Agreement of UES FLAM to include LFIS
• 31/12/2012 : Amendment nº 5 to the ARRT-CET Agreement to extend the terms of use for set days at CET
• 31/12/2012 : Exceptional Leave Agreement for family events
• 31/12/2012 : Agreement in favour of Professional Equality between men and women
• 31/12/2012 : Amendment to extend the enterprise agreement in favour of seniors dated 23/12/2009 while awaiting
transposition of the national interprofessional agreement into law
Miscellaneous Services and Businesses  (CMNTEL) :
• 23/03/2012 : Agreement regarding annual pay negotiations
42
Annual Repor t 2012
4
Corporate Social Responsibility
As a local bank working on behalf of local economic development, the Crédit Mutuel Nord Europe Group has a
presence, traditionally and by vocation, in the various areas of action that form the scope of CMNE’s Corporate
Social Responsibility.
In an economy in crisis, CMNE leans heavily on the cooperative
structure it uses to work on behalf of its customers and
shareholders. The group works every day to reconcile
business performance with its Corporate Social Responsibility
(CSR). The new economic and social framework strengthens
the legitimacy of CMNE’s mutualistic values, making every
sense of the principles of CSR.
On 7th December 2012, at the meeting of the Local Branch
Chairmen and senior management, Philippe Vasseur,
chairman of CMNE reiterated the company’s aims in terms
of CSR: “To ensure our responsibility to be a profitable bank
that is close to its customers and shareholders, one that
creates values and listens to the people around it.”
He added that, “as bankers, we pay particular attention to
the social, environmental and economic effects of all of our
business activities”.
CMNE has steadily built up and added to the reporting
process for the various undertakings and actions of its
establishments. This work extends from the Local Branches
to the subsidiaries and the bank’s collective expertise has
grown stronger. In particular, 2012 was the year in which
CMNE’s first greenhouse gas balance sheet was drawn up.
JJ A robust governance model
At CMNE, the company’s property is own collectively and
power is exercised democratically: governance that forms
part of a model for sustainable development.
Shareholders form the foundation of the mutualistic movement.
As associates and co-owners of their Local Branch, they own
shares that are remunerated at a rate set by the Branch’s general
meeting of shareholders. Unlike shareholders who have a voting
right that is in proportion to the number of shares they hold,
CMNE shareholders are equal at general meetings, based on the
principle of “one person, one vote”.
Highlights of Group life, the general meetings in 2012
hosted over 28 000 shareholders. The “Open Door” system
that enables shareholders to be received throughout the day
is one used by over a third of Local Branches. At these general
meetings, more than 250 written or verbal questions were
posed by our shareholders and in 2012, significant place was
given to explaining about the sovereign debt crisis.
Annual Repor t 2012
43
Corporate Social
Responsibility
At these general meetings, shareholders approved the
accounts for their Branch and elected their representatives.
The representativeness of having 1 650 voluntary directors
sitting on 156 Boards of Directors is, from that point of
view, an essential factor for CMNE’s unusual method of
governance. The changes brought about in recent years have
seen the Boards become younger (average age 56) as well as
add more women to their ranks. It should be noted that 40%
of new members and 44% of the chairpersons of the Local
Branches are now women.
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
The training of members is another good way of helping
directors to play their role better. The training plan is based
along three main lines: understanding the way banks operate
and the direction taken by CMNE, exercising their role to
the full and understanding the modern-day world. These
training sessions support elected directors in developing
their technical, financial, presentation and decision-making skills. They also help them in their role as spokesmen for
the shareholders and contributors to the image of the Local
Branch. 2 400 hours of training were dispensed this year.
As part of the training plan for 2012 and to respond
to current topics, a conference on the sovereign debt
crisis brought together 300 directors to Lille and ReimsTinqueux. In addition, presentation-debates on the major
contemporary issues are held each year for members. These
meetings hosted Axel Kahn on genetics in 2010, Elie Cohen
on the world economy in 2011 and Jean-Christophe Rufin on
humanitarian commitment in 2012.
In November 2012, all members took part in the thought
process for a new “Commitment Charter”, based around
the four main themes of the Medium-term Plan 2015
(proximity, modernity, profitability and responsibility). This
Charter will come into being in 2013.
As a bank that is both responsible and modern, CMNE placed a
new website online in December 2012, which modernises the
way the bank communicates about its values and differences.
This new institutional website presents the CMNE Group, its
organisation and commitments through areas such as the
Foundation or sustainable development.
JJ Fair practices:
CMNE’s ethical approach
Open to all, CMNE undertakes to build a personalised
relationship with its shareholders and customers based on
listening, trust and transparency, while remaining attentive
to the needs and situation of everyone.
The Code of Ethics brings together the bank’s undertakings
in the areas of conduct, morals and ethics. It also encompasses
general rules of proper behaviour and the individual duties
of CMNE staff.
The code of the “Rights and Duties of Elected Members”
points out that members represent the shareholders of their
Branch and that they should defend their interests. Working
without additional remuneration, they are bound by banking
secrecy. In terms of suggestions, they listen to the people
around them, pass on the information emanating from
shareholders and bring in their knowledge of the local market.
44
Annual Repor t 2012
Committed to a process of transparency in the relationship
with its customers and shareholders, CMNE underlines
its desire to put information and practical advice at the
disposal of everyone. “Clarity” sheets and “agreements
on the pricing of transactions and services” are published
regularly.
In addition, a process to fight against the money-laundering of funds and the financing of terrorism, in line with
regulatory requirements, in in place within the Group.
This process is based in particular on the money-laundering correspondents employed in each entity in France and
abroad. The application of audits (periodic, ongoing and
compliance) is aimed at ensuring that risks are covered and
that there is consistency in the procedures put in place.
JJ An accessible bank
Banking accessibility 
As a local bank, the territorial mesh of the location of the
various CMNE outlets remains diverse and is being strengthened further. The bank offers its products and services in
346 contact points in France and Belgium, consisting of 254
sales outlets and 9 BCMNE business centres in France and 83
branches in Belgium, plus 194 authorised agents.
Although mainly present in outlying urban areas, the bank
still covers all residential areas. For example, in 2012, a
quarter of CMNE locations were in rural areas employment
zone (ZAUER) and all urban areas were serviced by a Group
outlet.
Guaranteeing everyone the ability to open a bank account
at an affordable rate: beyond providing basic banking
services as part of the charter of the National Credit
Council, CMNE has also provided its “Facil’Accès” (Easy
Access) service since 2006. This service provides alternative
methods of payment to customers who are not allowed to
have a chequebook, giving them access to secure interbank
withdrawal cards with mandatory advance authorisation.
Finally, CMNE is investing to enable disabled people to access
banking services meaning, for example, that customers with
reduced mobility can be accommodated in our refurbished
branches, ahead of the standards that will apply from 1st
January 2015.
Complaints handling 
With consumerism increasing all the time, CMNE pays
particular attention to the way customer complaints are
handled. Wherever possible, justified requests are granted,
any malfunctions are identified and resolved and the bank
works hard on gaining and retaining the loyalty of its
customers.
JJ A responsible bank
Structures range of responsible banking
products
CMNE offers solutions that enable customers to save and
invest differently. In particular, there is the Savings Passbook
for Others (LEA), which is a social solidarity account that
Corporate Social
Responsibility
PROMOTING SRI
Socially Responsible Investment (SRI) means taking account of criteria other than purely financial performance when
investing: ethical, social, environmental and governance-related criteria. The companies that make up SRI funds are
very carefully selected.
La Française AM, the CMNE Group’s management company, applies a responsible process when offering products. It
also provides practical and sustainable answers to the objectives and constraints of investors. SRI is an integral part
of the strategy used by La Française Group. The coordination, running and valuing of these matters are in the hands
of an SRI analysis and development manager.
Closely involved in SRI since March 2009, with the launch of the first SRI OPCI product on the market, La Française
Group reaffirmed its commitment and beliefs by signing the PRI (Principles for Responsible Investment) in October
2010. It has also drafted a charter for its debt recovery activities (La Française AM International Claims Collection),
a charter for “Be Green” property and was involved in the launch of the Sustainable Property Observatory, in which
La Française Real Estate is a founder member).
At the present time, over € 772 million of outstanding SRI funds are managed by La Française AM, representing 5%
of its outstanding property assets under management.
enables customers who open one to allocate all or part of
the interest they earn to a humanitarian association. This
LEA Passbook account has the Finansol Label, a distinction
that has been awarded to socially-oriented savings since
1997.
Today, the associations benefiting from the LEA include: Vaincre
la Mucoviscidose, Ligue Contre le Cancer, Association Paralysés
de France, Secours Populaire, Croix Rouge Française, Secours
Catholique, Habitat Humanisme, Association Petits Princes,
Ludopital (regional association), Aderma (regional association)
and Médecins Sans Frontières.
JJ A business and society-based
approach in the local area
Support for non-profit organisations
With over 30 000 non-profit organisations as customers,
CMNE has become the leading partner of associations
and works councils by guiding them at every stage of
their projects and providing expertise backed by a team
that specialises in this market. CMNE seeks to develop
partnerships with the leading community support
organisations. Prominent among these are CRESS (Regional
Chambers for the Social and Support Economy) and URIOPSS
(Regional Interfederal Unions of Private Sanitary and Social
Works and Organisations).
Solid support
As part of its cooperative and mutualistic commitments,
Crédit Mutuel provides solutions for supporting the
economic and social integration of people in difficulty.
Microcredits help relieve situations where individuals are
vulnerable, enabling them to access employment or return
to the workforce.
CMNE’s culture and awareness have always led the Group
to look at the company beyond its business role, to see it in a
social and supporting light. CMNE has supported local social
and business programmes since 2002, calling them Mutualistic
Support Initiatives (IMS).
In 2012, CMNE continued its work with various institutions
and associations through 31 different projects. Through
CRÉDIT MUTUEL NORD EUROPE’S ‘CAISSE SOLIDAIRE’
Created in 2005 as part of the development of initiatives to provide business support and to fight against banking
exclusion, the Caisse Solidaire (Support Fund) aims to integrate back into the banking system individuals who are
excluded from it. It also seeks to offer a basic financial service to people in difficulty and to grant microcredits to
enable them to access essential capital goods.
After eight years of operation, the Caisse Solidaire has confirmed its reason for existing by boosting its work to
support personal microcredits. More than 170 partnership agreements have been signed with local communities,
associations and businesses providing social support and guidance.
The average loan granted is € 2 100, with a repayment term of 6 to 36 months. The majority of these loans are to
fund mobility projects (driving licences, vehicle purchases, etc.) and to help people get back into the workforce. In
2012, CMNE’s Caisse Solidaire granted 413 microcredits and signed 23 new partnership agreements.
The Caisse Solidaire is represented in every Local Branch by one or two ambassadors who are taken from the Board
of Directors. In all, there is a network of 183 of these ambassadors. Their role is to keep Board members and the
Caisse Solidaire business manager fully informed, as well as to act as the point of contact for support structures
(CCAS social action centres, local missions, etc.). Information meetings about microcredits are held regularly for
these ambassadors so that they can carry out their function to best effect.
Annual Repor t 2012
45
Corporate Social
Responsibility
On 17th December 2012, Philippe Vasseur and Éric
Charpentier presented the Fondation d’Entreprise (Business
Foundation) to the media. Based on mutualistic values, the
Foundation aims to strengthen CMNE’s commitment across
the whole of its territory in three main areas: culture and
knowledge, social and environmental action, and the spirit
of enterprise. The Foundation has been operating since 1st
January 2013 (website: www.fondation.cmne.fr).
1
As founding patron of the Louvre Lens Business Circle, CMNE
also contributed to the enhancement of the collections at
the Museum of Fine Arts in Lille. It continues its work alongside the Imperial Theatre of Compiègne, the Opera in Lille
and the Lille National Orchestra.
The CMNE Group
A partner of EDHEC and Lille 2, the Foundation seeks to strengthen the presence of CMNE in the world of education,
helping and supporting vulnerable young people to attend higher education studies.
2
In the area of business, CMNE provides assistance for creators of businesses through partnerships with organisations
such as the Réseau Étincelle, Créativallée, France Initiative, Réseau Entreprendre and others. The Foundation aids
local business initiatives by supporting projects aimed at acquiring or creating businesses. It is also involved in guiding
young people wishing to establish links with the world of business.
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
The Foundation will encourage the involvement of CMNE staff in its projects. To enable staff to become involved,
financial support will be supplemented wherever possible by the contribution of skills or in the form of sponsorship
between salaried staff and individuals bringing in projects.
annual or ad hoc grants, it supports health (support for the
hospitals in Amiens and Lille, Anti-Cancer League, etc.), social
causes (purchase of a vehicle required for social aid at the
social support centre in Douai, La Marne food bank, etc.)
and integration (fit-out of the French People’s Assistance
premises in Épernay, purchase of a vehicle for the Job Support
Group in Fruges, etc.).
Attracting talent is a major issue for the future of CMNE.
It is for this reason that the Group continues to invest in
strengthening its brand awareness and developing its
relationships with schools and universities. In November
2012, the bank took part in the “Forum of Banking
Professions” for Nord/Pas-de-Calais, held at the Catholic
University of Lille in partnership with Lille University 2.
A business foundation
Staff training is a priority investment for Crédit Mutuel,
giving guidance to developments in the organisation and
keeping control of advances in technology so that skills and
knowledge can be transferred and shared. Staff training
represents some 4% of the wages bill. This is a level at
the upper end of the industry scale and well above the
statutory minimum of 1.6% for companies with more than
10 employees.
By launching its foundation to support local development (in
the 7 départements in the north of France) in 2013, CMNE is
looking to give a new dimension to its commitments. The aim
is to structure and strengthen its involvement in projects of
general interest.
JJ An employment policy
guided by mutualistic values
CMNE firmly believes that the men and women in the Group
represent the principal tool for its development. CMNE is
a company where the pride of belonging is important. The
Medium-Term Plan based around our mutualistic values
unites staff in a common goal: to provide satisfaction for
customers and shareholders.
As the 15th-largest employer in the Nord/Pas-de-Calais
region (source: CCI Région Nord de France 31st December
2011), CMNE also has a presence in Picardy and in
Champagne Ardennes. The company offers ongoing and
stable employment (96% of salaried staff have open-ended
contracts), with a very low level of job turnover (1.58%).
This is due to CMNE’s career management and its support
for geographical and professional mobility. It also makes
all employees aware of the Group’s strategy and culture,
thereby enabling them to contribute better to the overall
performance of the company.
46
Annual Repor t 2012
The Annual Assessment Discussion (EAA) enables training
needs to be examined each year. Whether it is across the
various business lines (private customer advisers, business
advisers, development managers, etc.), for diploma-level
training or the validation of acquired experience (VAE),
CMNE staff are helped and guided throughout their career
with the bank. The courses provided cover all areas (technical
banking issues, individual professions and management). The
distance-training tool, Athéna, rounds out the range of staff
training opportunities.
Mobility is also a method of developing the level of staff
employability, enabling them to work in several different
professional areas during their working lives. To encourage
mobility, a description of all of the professions and business
lines in the company was published in October 2012,
along with a leaflet entitled “Mobility Pathways”. The first
Profession Forum was held in Lille on 19th November 2012,
followed by a second in Arras on 10th December. These
forums were very successful, with 140 employees from the
federal departments learning about the main professions
conducted within the company. The event included dedicated
stands and the screening of a film featuring testimonials,
Corporate Social
Responsibility
CMNE also encourages equality between men and women.
Achieving parity between males and females is a priority.
The proportion of women managers and directors is on the
rise, with the rate of female managers at 35.9% in 2012.
Aware of the fact that having diversity in age is also an asset
and a source of performance, CMNE runs specific programmes
relating to the employment of young people and seniors. In
particular, staff aged over 45 are offered an interview to discuss
the second half of their career. The aim is to take stock of the
professional pathway, skills and wishes of each employee in
terms of developing and continuing their career. Information
devices about retirement have also been put in place.
After signing an agreement about the employment and
integration of disabled workers on 13th July 2011 with
the social partners, CMNE has implemented a number of
programmes: participation in Handicap Week in November
2012 (Handi’lill’ympics, recruitment forum and Handicafé),
guidance towards the recognition of employees with a
disability, encouragement to work with the sheltered sector,
etc.
An agreement relating to the prevention of stress in the
workplace and psychosocial risks was signed on 14th
December 2011. In 2012, CMNE also introduced a green
phone number. This is a listening, support and psychological
guidance service that is available to all staff. CHSCT members
and HR managers have been trained together to identify and
prevent situations involving psychosocial risk.
Finally, with an eye to staff commitments in the outside
world, CMNE has opted to enhance support programmes.
The Emergency Planet initiative enables volunteering staff
to apply for support leave to take their skills out into the field
(school support, training for adults or protecting nature).
A partnership with Réseau Alliances enables employees
to support and monitor individual young graduates
experiencing difficulties with integration in the form of the
Group Recruitment Dynamic.
JJ Structured environmental process
For CMNE, providing a response to today’s ecological
challenges is another way of expressing the responsibility felt
by a cooperative bank. Reducing our environmental footprint
and encouraging behaviour that protects the environment
within the Group is a form of investing sustainably for the
planet. It also provides a practical response to the aims of
the Grenelle Environment initiative and the major summits
on climate warming.
CMNE is able to restrict its impact on the environment
through its service and non-industrial activity. Nevertheless,
some areas of progress have been identified and targets
have been set for improvements taking account of the type
of business involved (reduction in paper consumption, more
control over travel and energy consumption in terms of
lighting, heating, putting computers into sleep mode, etc.).
The work commenced in 2009 with the New Branch Design
has a sustainable development dimension to it. This is based
in particular on the use of low-energy light bulbs (backlit
poster lightboxes, façade signs, flag signs), limiting the
lighting of signs during the night, replacing air-conditioning
units that emit greenhouse gases and the thermal insulation
of windows (double-glazing and new window frames).
CMNE encourages the introduction of responsible behaviour
in terms of consuming energy or paper. The dematerialisation
of account statements, the distribution of documents via
the Internet (DVI), the development of electronic document
management (EDM) and printing internal communication
documents on recycled paper are just some examples of
more ecologically aware behaviour.
CARBON FOOTPRINT
The production of a greenhouse gas emissions audit has prompted thought about the targets for reducing greenhouse
gases and the tools to put in place. Bancassurance France has conducted such an audit and is the only entity in the
CMNE Group that meets the criteria set out in decree 2011-829 issued on 11th July 2011. The information gathered
was reported and published before 31st December at the bank’s website: cmne.fr.
For the years 2012-2014, CMNE is aiming to reduce its emissions of greenhouse gases across three areas:
Energy consumption: launched at the beginning of 2013, an energy audit will make it possible to analyse energy
consumption curves and establish a strategy for head office.
To make staff aware, CMNE’s intranet will offer a range of ‘eco-gestures’ on the topics of energy, water, paper,
travel and recycling.
• Emissions linked to the business-related use of vehicles: the programmes undertaken in 2012 included CMNE’s
“Staff Business Travel Charter”, created to encourage responsible and optimised travel (such as car-sharing, public
transport, videoconferencing rooms, etc.).
The consumption of white paper: CMNE aims to continue its policy of dematerialising documents, both in terms of
staff and customers/shareholders.
All of the computer equipment in the sales outlets and federal departments has been upgraded to print on both
sides of the paper.
Annual Repor t 2012
47
Corporate Social
Responsibility
JJ Note about our methodology
This standardised data-gathering and reporting process is
shared across all entities in the CMNE Group.
The requirements of article 225 of the Grenelle 2 Act cover
three areas in particular:
The data-gathering side includes almost 400 items that are
regularly reviewed, enabling 39 of the 42 relevant items of
information required by article 225 of the Grenelle 2 Act
to be reported on, as well as numerous indicators about the
Group’s cooperative and democratic life.
The environment 
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance
Gouvernanceand
et
Internal
ContrôleAuditing
Interne
General policy on environmental matters
Pollution and waste management
Sustainable use of resources
Energy consumption, measures taken to improve energy
efficiency
Climate change
Protection of biodiversity
Community
The social and economic territorial impact of the company’s
activities
Relations with people or organisations involved with the
business
Subcontracting and suppliers
Honest practices
Other programme supporting human rights
Social
Employment
Organisation of working hours
Social relations
Health and safety
Training
Diversity and equal opportunity
The promotion of and compliance with the terms of relative
fundamental ILO agreements
The methodology used at CMNE for measuring and
reporting CSR indicators has been developed since 2006.
Spread gradually to the whole of the Group’s Bancassurance
business, it is regularly updated by a national working group
for Corporate Social Responsibility that brings together the
various regional federation of Crédit Mutuel and the Group’s
main subsidiaries.
This methodology sets out the rules used for gathering,
calculating and consolidating indicators, their scope and the
audits carried out. It is aimed at the individuals responsible
nationally for gathering data in the Crédit Mutuel Federations
and subsidiaries that contribute to reporting and may involve
various experts. It also formalises the audit trail used for
internal and external checks.
The CSR indicators used take account of the various existing
reference systems and are based in particular on:
• article 225 of the Grenelle 2 Act,
• the generation of audits for greenhouse gas emissions
(decree 2011-829 issued on 11th July 2011),
• the principles of the International Cooperative Alliance
(ICA),
• the CoopFR Cooperative Identity Charter,
• the ILO (recommendation 193 relative to cooperatives),
• the OECD (leading principles),
• the World Pact (member since 2004),
• the Global Reporting Initiative (version 3),
• he transparency code for the French Association of
Financial Management – Forum for Responsible Investing
(AFG-FIR),
• the label of the Inter-Union Salary Savings Committee
(CIES),
• regular exchanges with stakeholders (general meetings of
shareholders, NGOs, non-financial ratings agencies, etc.),
• collective thinking on CSR practices in European
cooperative banks and other cooperative sectors, etc.
Some indicators defined by the Grenelle Act 2 and the
Commercial Code do not appear in this reference document,
but are available in the CSR report published by the Crédit
Mutuel – CIC Group. Any non-applicable criteria in the
CMNE Group’s business have been left out of the report
(noise nuisance or any other form of pollution specific to
the business, measures taken to preserve biodiversity, the
amount of any provisions and guarantees set aside to cover
environmental risk, the use of soil as well as adjustments to
the effects of climate change).
With regard to subcontracting (see CSR report published
by the Crédit Mutuel – CIC Group, SOT 81 indicator),
CMNE does not currently have a purchasing policy that
incorporates environmental or social criteria. Nevertheless,
these elements can be taken into account in assessing price
quotes submitted by subcontractors or suppliers.
The overall scope used includes the Group’s banking and insurance businesses, or 100% of headcount.
Area
48
Measurement indicator Level of cover
Governance
Number of shareholders
100%
Community, Social and Environmental
Number of FTE
salaried staff
100%
Annual Repor t 2012
Exclusions from scope
The whole of the cooperative core
is included in the scope
The whole Group
4
Group CSR Report
JJ CSR reporting 2012 / Governance
CSR
indicator
INDICATORS
references
DIRECTORS
GOUV3
Number of Local Branches
GOUV4
Number of elected members – Local Branches
GOUV5
Number of elected members – Federation
Total number of elected members
Participation
GOUV9
Participation rate at Board meetings of Local Branches
GOUV13
Participation rate at Federation Board meetings
Renewal
Renewal rate of elected members
GOUV27
Local Branches
GOUV28
Federations
Representativeness and parity
GOUV33
% of women among directors (Local Branches and Federations combined)
GOUV34
% of women among new directors
GOUV35
% of women among Chairmen
Training
GOUV58
% of directors trained
GOUV59
Amount of training for each trained director (in hours)
SHAREHOLDERS-CUSTOMERS
GOUV61
Number of customers of Local Branches
GOUV62
of which private individuals
GOUV63
Number of shareholders (base 2012)
GOUV64
Change in shareholder numbers over the year
GOUV65
% number of shareholders among private individual customers
Participation at General Meetings (local)
GOUV67
Number of shareholders summoned to meetings (base 2011)
GOUV68
Number of shareholders present and represented
GOUV70
% participation in votes
CMNE2012
GRENELLE 2
(2012)
art R 225-105
156
1 632
18
1 650
n. a.
90%
3,55%
0,00%
28%
40%
44%
38,73%
3,76
1 038 947
950 195
588 532
0,8%
62%
583 737
28 971
4,96%
Annual Repor t 2012
49
Group CSR Report
JJ CSR reporting 2012 / Employment-related information
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
50
CSR
GRENELLE 2
indicator
INDICATORS
CMNE2012
(2012)
references
art R 225-105
EMPLOYMENT
Headcount (FTE)
SOC1
Total headcount
4 621
al1-1-a-1
SOC2
of which France
3 597
al1-1-a-1
SOC5
of which non-managers
2 611
al1-1-a-1
SOC7
of which women
2 192
al1-1-a-1
SOC12
% of employees with open-ended contracts
96%
Recruitment
SOC13
Total number of recruitments
432
al1- 1-a-2
SOC14
of which men
178
al1- 1-a-2
SOC16
of which open-ended contracts
205
al1- 1-b-1
Number of employees on open-ended contracts who left the organisation
249
SOC20
of which dismissals/redundancies
38
al1- 1-a-2
SOC22
Are there plans to reduce headcount and save jobs?
No
al1- 1-a-2
ORGANISATION, WORKING TIMES AND ABSENTEEISM
Organisation of working time (staff on open-ended contracts)
SOC28
Part-time/full-time
SOC29
Number of full-time staff
4 029
al1- 1-b-1
SOC30
Number of part-time staff
578
al1- 1-b-1
SOC31
% of employees working full-time
88%
SOC32
% of employees working part-time
12%
Absenteeism and reasons
SOC38
Number of days of illness
102 911
al1- 1-b-1
SOC39
of which Illness
58 828
al1- 1-b-1
SOC40
of which Accidents at Work
2 602
al2-1-d-1
SOC43
Number of occupational illnesses
0
al1- 1-b-1
Hygiene and safety conditions
SOC44
Number of accidents at work reported, causing a work stoppage
24
al2-1-d-1
Training and professional integration
SOC50
Number of hours spent on training salaried staff
102 399
al1-1-e-2
EQUAL OPPORTUNITY
Professional equality between men and women
SOC60
% of women among managers
35,90%
SOC63
% of women among promotions to management
45%
Promotion and compliance with the stipulations of the fundamental agreements of the International Labour Organisation
SOC67
Number of convictions for offences (in France
0
al2-1-g 2
Employment and integration of handicapped workers
SOC68
Number of handicapped workers
82
al1-1-f-2
SOC71
% of handicapped workers in total headcount
1,72%
SOCIAL DIALOGUE
Remuneration and changes
SOC73
Gross payroll (in €)
229 278 854
al1-1-a 3
SOC74
Average annual gross remuneration (in €) – all statuses
48 252
al1-1-a 3
SOC75
Average annual gross remuneration (in €) – non-manager status
36 290
al1-1-a 3
SOC76
Average annual gross remuneration (in €) – manager status
62 170
al1-1-a 3
SOC79
Number of consultations with staff representatives (WC, CHSCT, DPE)
125
al1-1- c -1
Employment-related charges
SOC80
Total amount of social charges paid (in €)
112 493 632
Professional relations and collective agreements
See body
SOC83
Agreements signed in 2012
al1-1- c -1
of report
Annual Repor t 2012
Group CSR Report
JJ CSR reporting 2012 / Community-related information
CSR
indicator
INDICATORS
references
TERRITORIAL, ECONOMIC AND COMMUNITY-RELATED IMPACT
Territorial impact
SOT1
Number of sales outlets for Crédit Mutuel Group
SOT7
% of sales outlets in rural areas
SOT8
% of urban areas covered by sales outlets
Microcredits
Supervised personal microcredit (partnership)
SOT10
Number of microcredits granted during the year
SOT13
Total of microcredits funded over the year (in €)
SOT11
Average amount of microcredits financed (in €)
Business microcredits intermediated
SOT15
Support for Adie
SOT16
Number of applications dealt with
SOT17
Total for lines of credit made available (in €)
SOT18
Support for France Active Garantie
SOT19
Number of new microcredits funded
SOT20
Amounts guaranteed (in €)
SOT18
Support for France Active Garantie: NACRE
SOT19
Number of Nacre loans disbursed with an additional loan from the Group
SOT20
Amounts lent (in €)
Support for France Initiative Réseau (FIR)
SOT23
Number of additional bank loans granted
SOT24
Total amount of additional bank loans granted (in €)
Total number of microcredits in partnership
Total amount of microcredits in partnership (in €)
SRI
SOT28
Outstanding SRI funds (in €)
SOLIDARITY SAVINGS
Savings Passbooks for Others (LEA)
SOT33
Outstanding funds ex capitalisation (in €) Savings Passbooks for Others (LEA)
Solidarity salary savings
SOT37
Outstanding funds (in €) in solidarity salary savings
Associations
Number of customer non-profit organisations
SOT40
(associations, unions, works councils, etc.)
Patronage and sponsorship
Budget for the Crédit Mutuel Foundation (national level) or number of
SOT49
budgets approved (in €)
FUNDING PROJECTS OF AN ENVIRONMENTAL NATURE
Zero percentage Eco-Loans
SOT65
Total amount of loans granted (in €)
SOT64
Average amount of loans granted (in €)
Loans for renewable energy and energy efficiency
Number of projects funded
SOT69
(Business and Farming)
PRODUCTS AND SERVICES OF A SOCIAL NATURE
SOT71
CMNE2012
254 al1- 3-a-1 et 2
25% al1- 3-a-1 et 2
100% al1- 3-a-1 et 2
413 al1- 3-a-1 et 2
868 465
2103 al1- 3-a-1 et 2
0 al1- 3-a-1 et 2
0 al1- 3-a-1 et 2
29
849 987
n. a. al1- 3-a-1 et 2
n. a. al1- 3-a-1 et 2
n. a. al1- 3-a-1 et 2
n.a. al1- 3-a-1 et 2
ns
ns
772 748 517 al1- 3-a-1 et 2
946 304 al1- 3-a-1 et 2
216 327 al1- 3-a-1 et 2
30 271 al1- 3-a-1 et 2
20 000
al1-3-b 2
4 126 979
17 195
al1-3-b 2
al1-3-b 2
70, of which
59 for OBK
al1-3-b 2
not sold
al1-3-b 2
173
al1- 3-b-1
48,0%
al1- 3-b-1
14 144 245 000
7 379 658 000
2 712 741 000
1 908 754 000
al1-3-b 2
al1-3-b 2
al1-3-b 2
Outstanding social loans settled (PLS, PSLA)
QUALITY OF SERVICE
Mediation
SOT75
Number of applications eligible
Percentage of decisions favourable to the customer and applied
SOT78
systematically
ECONOMIC IMPACT INDICATORS AVAILABLE IN MANAGEMENT REPORTS
SOT83
Outstanding credit to customers (in €)
SOT84
- Housing loans (in €)
SOT85
- Consumer loans (in €)
SOT86
- Equipment loans (TPE) (in €)
GRENELLE 2
(2012)
art R 225-105
Annual Repor t 2012
51
Group CSR Report
JJ CSR reporting 2012 / Environmental information
1
The CMNE Group
2
Specific areas
CSR
indicator
INDICATORS
references
CONSUMPTION OF RESOURCES
Water (m3)
ENV4
Consumption of water (m3)
Energy (MWh)
ENV5
Total consumption of energy (MWh)*
Paper (tons)
ENV9
Consumption of paper (tons)
PROGRAMMES TO REDUCE ENVIRONMENTAL IMPACT AND GREENHOUSE GAS EMISSIONS
Initiatives for reducing greenhouse gas emissions
ENV31
Number of items of videoconferencing equipment
ENV34
Number of documents and pages digitised (in millions)
Awareness campaigns
Campaigns implemented to inform and train staff about protecting the
ENV43
environment
ENV44
Human resources devoted to CSR
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
52
Annual Repor t 2012
CMNE2012
GRENELLE 2
(2012)
art R 225-105
37 385
al1- 2-c-1
34 122
al1 - 2-c
211
al1- 2-c-2
3
n. a.
al1- 2-b-1
al1- 2-b-1
See body
of report
2
al1- 2-a-2
al1- 2-a-1
4
Statement from one of the Company Auditors
MAZARS
61 rue Henri Regnault
92400 La Défense - France
Société Anonyme d’Expertise comptable et de Commissariat aux comptes
Capital de 8 320 000 EUROS - RCS NANTERRE 784 824 153
CRÉDIT MUTUEL NORD EUROPE GROUP
4, Place Richebé
59800 Lille
Cooperative Open-End Public Limited Credit Company
Statement of presence
from one of the company auditors
of the employment-related, environmental
and community information featured
in the management report
Period ending 31st December 2012
Annual Repor t 2012
53
Statement from one
of the Company Auditors
Statement of presence by one of the company auditors of the employment-related,
environmental and community information featured in the management report.
Period ending 31st December 2012
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
Ladies and Gentlemen,
Responsibility of the company auditors
Following the request made to us in our capacity as Company
Auditors for Caisse Fédérale du Crédit Mutuel Nord Europe,
we have drawn up this statement on the consolidated employment-related, environmental and community information
presented in the management report established for the
period ending on 31st December 2012 pursuant to the
provisions of article L. 225-102-1 of the Commercial Code,
cross-referenced with article 8 of the Cooperation Status
Act nº 47-1775 of 10th September 1947.
It is our responsibility, based on our work, to certify that the
Information required is contained in the management report
or, in the event of omission, is the subject of clarification
pursuant to paragraph three of article R. 225-105 of the
Commercial Code and decree nº 2012-557 issued on 24th
April 2012. However, it is not our responsibility to verify the
relevance of this information.
To assist us in carrying out our work, we have called on the
services of our specialists in corporate responsibility.
Responsibility of management
Nature and extent of the work
It is the responsibility of the Board of Directors to draw up a
management report that includes the consolidated employment-related, environmental and community information
provided for in article R. 225-105-1 of the Commercial
Code (referred to below as the “Information”) produced in
accordance with the reference systems used by the Group
and available on request from head office.
Independence and quality control
Our independence is defined by the regulatory texts and
code of ethics for the profession, as well as by the provisions
of article L. 822-11 of the Commercial Code. We have
also implemented a quality control system that includes
documented policies and procedures aimed at ensuring
compliance with ethical rules and professional standards, as
well as the applicable statutory and regulatory texts.
We have carried out the following work in accordance with
the standards of professional exercise that apply in France:
–we have compared the information presented in the
management report with the list provided under article R.
225-105-1 of the Commercial Code;
–we have verified that the Information covers the consolidated scope, i.e. the consolidating entity, as well as
its subsidiaries, in the sense of article L. 233-1 and the
companies it controls in the sense of article L. 233-3 of the
Commercial Code with the restrictions stated in our note
on methodology presented in the section on Corporate
Social Responsibility in the management report;
–where any consolidated information has been omitted,
we have checked that explanations have been provided
in accordance with the provisions of decree nº 2012-557
issued on 24th April 2012.
Conclusion
Based on this work, we hereby certify the presence of the
required Information in the management report.
La Défense, 25th April 2013
The Company Auditors
MAZARS
Michel Barbet-Massin
54
Annual Repor t 2012
Emmanuelle Rigaudias
4
Table of correlation – CM – CIC Group
I. S
ubject to the provisions of paragraph three of article R. 225-105, the Board of Directors or Executive Board of the company
which complies with the terms set out in paragraph one of article R. 225-104 is required state in its report, pursuant to the
provisions of article L. 225-102-1, the following information:
The indicators of the CM – CIC Group contained in the CSR report:
1° EMPLOYMENT-RELATED INFORMATION
a) Employment:
total headcount and breakdown of salaried staff by age and by geographical area
recruitments and dismissals/redundancies
remuneration and changes in remuneration
SO 1 to SO 12
SO 13 to SO 26
SO 73 to SO 77
and SO 80
to SO 82
b) Organisation of work:
organisation of working time
SO 27 to SO 37
c) Employment relations:
organisation of social dialogue, particularly the procedures for providing information and for staff consultation and negotiations with
SO 67 ; 78 ; 79 ; 87
staff
summary of collective agreements
SO 83 to SO 86
d) Health and safety:
health and safety conditions in the workplace
SO 38 to SO 44
summary of agreements signed with union organisations or staff representatives on matters of health and safety in the
SO 45
workplace
e) Training:
the policies implemented in the area of training
SO 46 to SO 55
the total number of training hours
SO 50
f) Equality of treatment:
the measures taken in favour of equality between men and women
SO 56 to SO 63
the measures taken in favour of the employment and integration of handicapped workers
SO 68 àtoSO 72
the policy to fight against discrimination
SO 64
2° ENVIRONMENTAL INFORMATION
a) General policy on environmental matters:
the company’s organisation for taking account of environmental issues and, where appropriate, the processes applied for assessment ENV 1 to ENV 3 et
ENV 40 to 41
or certification on environmental issues
training and information programmes for staff, conducted to protect the environment
ENV 43
resources devoted to the prevention of environmental risks and pollution
ENV 44
b) Pollution and waste management:
measures for the prevention, reduction or remedying of emissions into the air, water and ground that seriously affect the
ENV 31 to ENV 38
environment
measures to prevent, recycle and eliminate waste
ENV 39
taking account of noise nuisance and all other forms of pollution specific to a business activity
ENV 45*
c) Sustainable use of resources:
the consumption of water and the supply of water based on local constraints
ENV 4
the consumption of raw materials and the measures taken to improved efficiency in their use
ENV 5 to ENV 8
the consumption of energy, the measures taken to improve energy efficiency and the use of renewable energies
ENV 51 to ENV 75
d) Climate change:
greenhouse gas emissions
ENV 31 to ENV 45
Protection of biodiversity:
the measures taken to preserve or develop biodiversity
*
3°INFORMATION RELATIVE TO COMMUNITY-RELATED COMMITMENTS IN FAVOUR OF SUSTAINABLE DEVELOPMENT
a) Territorial, economic and social impact on the company’s activity:
SOT 1 to SOT 9 and
in the area of employment and regional development
SOT 59 to SOT 69
SOT 10 to SOT 42
on resident or local populations
and SOT 70
to SOT 78
b) R
elations maintained between individuals and organisations with an interest in the company’s activities,
in particular integration associations, educational establishments, associations for the defence of the
environment, consumer associations and local populations:
the terms for dialogue with these individuals or organisations
SOT 43 to SOT 47
partnership or patronage programmes
SOT 48 to SOT 58
c) Subcontracting and suppliers:
taking account of social and environmental issues in the purchasing policy
SOT 81
* Indicators not appropriate to the Banking and Insurance activity of the CM – CIC Group
Annual Repor t 2012
55
Table of correlation
CM – CIC Group
II. Subject to the provisions of paragraph three of article R. 225-105, and in addition to the information provided for in I, the
Board of Directors or Executive Board of the company whose titles are admitted to negotiations in a regulated market, is
required state the following information in its report:
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
The indicators of the CM – CIC Group contained in the CSR report:
1) EMPLOYMENT-RELATED INFORMATION
b) Organisation of work
absenteeism
SO 38 to SO 43
c) Health and safety:
accidents at work, in particular their frequency and seriousness, as well as occupational illnesses
SO 44
g) Promotion and compliance with the stipulations of the fundamental agreements of the International Labour Organisation relative to:
SO 67 ; SO 78
compliance with the freedom of association and the right to collective bargaining
and SO 79
the elimination of discrimination in terms of employment and profession
SO 64
the elimination of forced or compulsory labour
SO 65
the effective abolition of child labour
SO 66
2° ENVIRONMENTAL INFORMATION:
a) General policy on environmental matters:
the amount of provisions and guarantees for risks on environmental matters, subject to this information not being of a nature to
ENV 48*
cause serious prejudice to the company in a pending dispute
c) Sustainable use of resources:
the use of ground and soil
ENV 49*
d) Climate change:
adjustment to the effects of climate change
*
3° INFORMATION RELATIVE TO COMMUNITY-RELATED COMMITMENTS IN FAVOUR OF SUSTAINABLE DEVELOPMENT:
c) Subcontracting and suppliers:
the importance of subcontracting and taking account of their corporate social responsibility in relations with suppliers and
SOT 81
subcontractors
d) Fair practices:
programmes undertaken to prevent corruption
SOT 79
measures taken to promote the health and safety of consumers
SOT 80
e) Other programmes undertaken under 3) in favour of human rights.
* Indicators not appropriate to the Banking and Insurance activity of the CM-CIC Group
Governance and
Internal Auditing
56
Annual Repor t 2012
5
Governance
and Internal Auditing
58
60
62
Report from the Chairman of the Board of Directors
70
Report from the Company Auditors (about the Chairman’s report)
71
Details of Group Companies
5
Governance and
Internal Auditing
Annual Repor t 2012
57
5
JJ Fédération du Crédit Mutuel Nord Europe
Situation at 30th May 2013
Chairman: Philippe VASSEUR [1]
Directors: Vice-Chairmen: Jacques CHOMBART [2]
André HALIPRE [2]
Francis QUEVY [2]
Maurice TOME [2]
1
The CMNE Group
2
Secretary: Michel HEDIN [4]
Treasurer: Catherine LETELLIER [3]
Honorary Chairmen: Gérard AGACHE [5]
Elie JONNART [5]
J ean Louis BOUDET [3]
Jean Marc BRUNEAU [3]
Christine DEBOUBERT [3]
Philippe LELEU [3]
Patrick LIMPENS [3]
Bertrand OURY [3]
Jacques PETIT [3]
Nathalie POLVECHE [3]
Fabienne RIGAUT [3]
Christine THYBAUT [3]
Jacques VANBREMEERSCH [3]
Also at the Caisse Fédérale du Crédit Mutuel Nord Europe: [1] chairman - [2] vice-chairman - [3] director - [4] secretary - [5] honorary chairman
Specific areas
3
Consolidated
balance sheet
JJ Mandates of the Directors of the Caisse Fédérale du Crédit Mutuel Nord Europe
4
Philippe VASSEUR
Corporate & Social
Responsibility
Permanent representative
Director
Chairman
CAISSE FÉDÉRALE DU Crédit Mutuel NORD EUROPE (Cooperative SA) Lille
CAISSE DE Crédit Mutuel in Fretin (Cooperative company)
Chairman of the Board of Directors
5
Governance and
Internal Auditing
CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Cooperative SA) Lille
CAISSE DE CRÉDIT MUTUEL LILLE LIBERTÉ (Cooperative credit company with variable capital) Lille
SOCIÉTÉ DE DEVELOPPEMENT RÉGIONAL DE NORMANDIE (SA) Rouen
CHAMBRE DE COMMERCE ET D’INDUSTRIE RÉGION NORD-PAS-DE-CALAIS (EP) Lille
BANQUE COMMERCIALE DU MARCHÉ NORD EUROPE (SA) Lille
GROUPE LA FRANÇAISE AM (SA) Paris
NORD EUROPE ASSURANCES (SA) Paris
CIC (SA) Paris
GROUPE EUROTUNNEL (SA) Paris
CAISSE SOLIDAIRE DU Crédit Mutuel NORD EUROPE (Cooperative credit company with variable capital) Lille
BONDUELLE (SA) Paris
NORD EUROPE PARTENARIAT (SA) Rouen
GROUPE DES ASSURANCES DU CRÉDIT MUTUEL (SA) Paris - RP de CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD
EUROPE (Director)
LOSC LILLE METROPOLE (SA) Lille - RP de CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Observer)
CRÉDIT MUTUEL NORD EUROPE BELGIUM (SA) Belgique
CRÉDIT PROFESSIONNEL SA - Belgique
CITIBANK BELGIUM (SA) Belgique
LA FRANÇAISE AM PRIVATE BANK (SA) Luxembourg
BKCP (SCRL) Belgique
MOBILEASE (SA) BELGIQUE – RP DE CMNE BELGIUM (Director)
Chairman of the Monitoring
Committee
France
Director
Abroad
Director
Jean Louis BOUDET
France
Jean Marc BRUNEAU
France
Director
Member of the Monitoring Committee
CAISSE DE Crédit Mutuel in Saint-Amand-Les-Eaux (Cooperative company) –Vice-Chairman
Jacques CHOMBART
France
Director
CAISSE FÉDÉRALE DU Crédit Mutuel NORD EUROPE (Cooperative SA) Lille – Vice Chairman
CAISSE DE Crédit Mutuel in Weppes (Cooperative company) – Vice Chairman
France
Director
Chairman
CAISSE DE Crédit Mutuel in Tourcoing République (Cooperative company)
Christine DEBOUBERT
58
Annual Repor t 2012
Composition of the Board
of Directors and mandates
André HALIPRE
Director
France
Member of the Management Board
Chairman
Member of the Monitoring
Committee
Abroad
GENE + A ERIN (SAS)
CIRHYO in Montluçon (Cooperative company)
MULTIGENE in Dijon (SA)
CAISSE DE Crédit Mutuel in Vitry Le François (Cooperative company)
SCAPAAG in Dijon (Cooperative company)
BANQUE COMMERCIALE DU MARCHÉ NORD EUROPE (SA) Lille – Vice Chairman
GROUPE LA FRANÇAISE (SA) Paris
Crédit Mutuel NORD EUROPE (SA Belgium) – PR of CAISSE FÉDÉRALE DU Crédit Mutuel NORD EUROPE - Director
Michel HEDIN
Director
France
CAISSE DE Crédit Mutuel in Étaples (Cooperative company)
GROUPE LA FRANÇAISE (SA)
LA PROSPERITÉ FERMIÈRE (Cooperative Company) PR of GAEC DES DEUX VALLÉES – Director
PROJEFI (SA) PR of LA PROSPERITÉ FERMIÈRE – Director
Philippe LELEU
France
Director
Chairman
CAISSE DE Crédit Mutuel in Desvres (Cooperative company)
France
Director
Chairman
CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (SA coopérative) Lille
NORD EUROPE ASSURANCES (SA) Lille
CAISSE DE CRÉDIT MUTUEL DE MERU (Société Coopérative)
France
Director
Chairman
Joint Manager
CAISSE DE Crédit Mutuel in Saint Quentin
SCI RESIDENCE DE REMICOURT (SCI)
Director
Chairman
Director
CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (SA Coopérative) Lille
CAISSE DE CRÉDIT MUTUEL DE CREPY EN VALOIS (Société coopérative)
BANQUE COMMERCIALE DU MARCHE NORD EUROPE (SA) Lille
CRÉDIT MUTUEL NORD EUROPE BELGIUM (SA) Belgique
Director
Chairman
CAISSE DE Crédit Mutuel in Marquion (Cooperative company)
SCI FLANDRES ARTOIS (SCI) Arras
SCI BOLDODUC (SCI) Arras
SCI PETIT (SCI) Arras
Catherine LETELLIER
Patrick LIMPENS
Bertrand OURY
France
Abroad
Jacques PETIT
France
Business Manager
Nathalie POLVECHE
France
Director
Chairman
CAISSE DE Crédit Mutuel in Avion (Cooperative company)
Director
Chairman
Business Manager
CAISSE DE Crédit Mutuel in Friville Escarbotin (Cooperative company)
GROUPE LA FRANçAISE (SA) Paris
SCI IKD CENTRE DE SOINS (SCI
SCI IKD CENTRE DE SOINS (SCI)
Director
Chairman
CAISSE DE Crédit Mutuel in Le Quesnoy (Cooperative company)
Director
CAISSE SOLIDAIRE DU Crédit Mutuel NORD EUROPE (Cooperative company) Lille – Chairman
CAISSE DE Crédit Mutuel in Hazebrouck (Cooperative company)
Francis QUEVY
France
Fabienne RIGAUT
France
Christine THYBAUT
France
Chairman
Maurice TOMÉ
France
Abroad
Director
Chairman
CAISSE DE Crédit Mutuel in Cambrai (Cooperative company)
CM PIERRE 1 (SCPI)
Chairman of the Monitoring Committee
LFP PIERRE (SCPI)
Member of the Monitoring Committee BANQUE COMMERCIALE DU MARCHÉ NORD EUROPE (SA)
Director
Crédit Mutuel NORD EUROPE BELGIUM (SA) Belgium
Jacques VANBREMEERSCH
France
Director
Chairman
CAISSE DE Crédit Mutuel in Steenvoorde (Cooperative company)
Annual Repor t 2012
59
5
JJ Management Board
Situation at 30th April 2013
1
The CMNE Group
2
General Manager: Éric CHARPENTIER Deputy General Manager
with responsibility for operations: Christian NOBILI
Deputy General Manager Resources: Denis VANDERSCHELDEN
Secretary-General: Nicolas SALMON
Central Director Accounting and Management Auditing: Florence DESMIS
Finance Director: Christian DESBOIS
Secretary
of the Management Committee: Jérôme PAVIE
Inspector-General: José DRUON
Company Auditors: DELOITTE et MAZARS
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
The Management Committee is chaired by the General Manager, who has the most extensive powers to manage the CMNE
Group within the context of the strategy decided by the Federal Board of Directors.
The Committee meets once a week as well as once every quarter in an extended form, when it also hosts the managers of
Insurance, Bancassurance Belgium, Business Finance and La Française AM.
It bases itself on the work carried out by a number of specialist committees: • The Group Finance Committee manages rate and liquidity risks. It is supported by quarterly or six-monthly finance committee
meetings with the financial entities within the Group.
• The Major Risks Committee examines any risks every quarter that are greater than a threshold set by General Management
per entity and in a consolidated fashion.
• The Development Committee proposes changes to pricing, as well as managing the range of products and services and
providing guidance for sales campaigns.
• The Performance Improvement Committee is responsible for developing and monitoring the budget, as well as proposing
cost cuts. JJ Mandates and functions of the company trustees
Éric CHARPENTIER
General Manager
Chairman of the Monitoring Board
France
Director
Member of the Monitoring Board
60
ACMN Vie (SA) Paris
LA FRANÇAISE AM Finance Services (SAS) Paris
LA FRANÇAISE Real Estate Managers (SAS) Paris
BATIROC NORMANDIE (SA) Rouen
SDR DE NORMANDIE (SA) Rouen
BANQUE COMMERCIALE DU MARCHE NORD EUROPE (SA) Lille
GROUPE LA FRANÇAISE (SA) Paris
LA FRANÇAISE DES PLACEMENTS (SAS) Paris
NORD EUROPE ASSURANCES (SA) Paris (Vice-Chairman)
LFP PIERRE (SCPI) Paris
UFG PIXEL 1 (SCPI) Paris
Annual Repor t 2012
Composition of the Management
Board and mandates
Éric CHARPENTIER (continued)
France
Abroad
Director
Deputy General Manager
Chief Executive Officer
Chairman
Director
Member of the monitoring committee
Member of the management board
France
Non-associate manager
Director
Abroad
ACM IARD (SA) Strasbourg – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Director)
CCCM PARIS (Cooperative SA) Paris – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Director)
ACMN IARD (SA) Lille – PR of NORD EUROPE ASSURANCE (Director)
BAIL ACTÉA (SA) Arras – PR of BANQUE COMMERCIALE DU MARCHÉ NORD EUROPE (Director)
BAIL IMMO NORD (SA) Lille – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Director)
CMNTEL (SAS) Lille – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Member of the Management Board)
COURTAGE Crédit Mutuel NORD EUROPE (SAS) Lille – PR of NORD EUROPE ASSURANCE (Member of the
Chairman’s Committee)
Crédit Mutuel PAIEMENT ÉLECTRONIQUE (SAS) Paris – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD
EUROPE (Director)
EURO INFORMATION (SAS) Strasbourg – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Member
of the Management Board)
MULTIHABITATION (SCPI) Paris – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Member of the
Monitoring Committee
LA Française INVESTMENT SOLUTIONS (SAS) Paris – PR GROUPE LA Française (Member of the Monitoring
Committee)
PÉRENNITÉ ENTREPRISES (SA) Paris – PR of NORD EUROPE ASSURANCE (Director)
LFP PIERRE (SCPI) Paris – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Member of the
Monitoring Committee)
VIE SERVICES (SAS) Paris – PR of NORD EUROPE ASSURANCE (Member of the Management Board)
CITIBANK BELGIUM (SA) Belgium
CRÉDIT PROFESSIONNEL SA (SA) Belgium
BKCP (SCRL) Belgium
NORD EUROPE LIFE Luxembourg (SA) Luxembourg
Crédit Mutuel NORD EUROPE BELGIUM (SA) Belgium
LA Française AM PRIVATE BANK (SA) Luxembourg
SOFIMPAR (SA) Belgium)– PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Director)
MOBILEASE (SA –Belgium) – PR of BANQUE COMMERCIALE DU MARCHÉ NORD EUROPE (Director)
OBK BANK Belgium – PR of CRÉDIT PROFESSIONNEL SA (Director)
Christian NOBILI
L'IMMOBILIÈRE DU C.M.N. (SA) Lille
ACTÉA ENVIRONNEMENT (SAS) Arras
NORD EUROPE PARTICIPATIONS ET INVESTISSEMENTS (SAS) Lille
SOFIMMO III (SAS) Lille
TRANSACTIMMO (SAS) Lille
BAIL ACTÉA (SA) Arras
CMNTEL (SAS) Lille
ACMN IARD (SA) Lille – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Director)
ACMN VIE (SA) Paris – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Director)
COURTAGE Crédit Mutuel NORD EUROPE (SAS) Lille – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD
EUROPE (Member of the Chairman’s Committee)
GROUPE LA FRANÇAISE (SA) Paris – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Member of the
Monitoring Committee)
NORD EUROPE ASSURANCES (SA) Paris – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (Member
of the Monitoring Committee)
PÉRENNITÉ ENTREPRISES (SA) Paris – PR of ACMN VIE (Director)
LA FRANÇAISE DES PLACEMENTS (SAS) Paris – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE
(Member of the Monitoring Committee)
LA FRANÇAISE AM Finance Services (SAS) Paris – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE
LA FRANÇAISE Real Estate Managers (SAS) Paris – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE
SCI C.M.N. (SCI) Lille – PR of L’IMMOBILIERE DU CMN (Business Manager)
SCI C.M.N.1 (SCI) Lille – PR of L’IMMOBILIERE DU CMN (Business Manager)
SCI C.M.N. LOCATIONS (SCI) Lille – PR of L’IMMOBILIERE DU CMN (Business Manager)
SCI C.M.N. LOCATIONS II (SCI) Lille – PR of L’IMMOBILIERE DU CMN (Business Manager)
SCI CENTRE GARE (SCI) Lille – PR of NORD EUROPE PARTICIPATIONS ET INVESTISSEMENTS (Business Manager)
SCI RICHEBE INKERMANN (SCI) Lille – PR of L’IMMOBILIERE DU CMN (Business Manager)
CMN ENVIRONNEMENT (SNC) - Lille
CITIBANK BELGIUM (SA) Belgium
CMNE BELGIUM (SA) Belgium
NORD EUROPE LIFE Luxembourg (SA) Luxembourg) – PR of CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD
EUROPE (Director)
SOFIMPAR (SA) Belgium – PR of NORD EUROPE PARTICIPATIONS ET INVESTISSEMENTS (Director)
Annual Repor t 2012
61
5
Report from the Chairman of the Board of Directors
In accordance with the provisions of article L.225-37 of the Commercial Code, the Chairman of the Board of Directors
submits a report dealing with:
• the terms for preparing and organising the work carried out by your Board of Directors,
• the internal auditing procedures implemented,
• any restrictions placed on the powers of the General Manager.
1
It is my privilege to present this report to you, which has been finalised under my authority, based on the work carried
out by the persons with responsibility for the matter at the Inspectorate General, Ongoing Audits and Compliance
Control. In accordance with article 26-5 of the Act of 3rd July 2008, this report was submitted for the approval of
the Board of Directors on 25th March 2013.
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
I – Terms for preparing and
organising the work carried
out by the Board of Directors
1 – Presentation of the Board of Directors
On the closing date for the 2012 financial year, the
composition of the Board of Directors of the Caisse Fédérale
du Crédit Mutuel Nord Europe was as follows:
Chairman:
Vice-Chairmen:
Secretary:
5
Governance and
Internal Auditing
Directors:
Honorary
Chairmen:
Philippe VASSEUR
Jacques CHOMBART,
André HALIPRE,
Francis QUEVY
and Maurice TOME
Michel HEDIN
Jean-Louis BOUDET,
Jean-Marc BRUNEAU,
Christine DEBOUBERT,
Philippe LELEU,
Catherine LETELLIER,
Patrick LIMPENS,
Bertrand OURY,
Jacques PETIT,
Nathalie POLVECHE,
Fabienne RIGAUT,
Christine THYBAUT
and Jacques VANBREMEERSCH
Gérard AGACHE
and Elie JONNART
2 – Organisation and preparation of the work
carried out by the Board of Directors
The Board of Directors:
The Board of Directors derives its powers from the articles
of association and the general operating regulations. Where
required, codes of ethics and proper conduct regarding in
particular preventing and dealing with irregular situations
involving elected officers round out the operating rules that
apply to the Group’s deliberating body.
The Board of Directors lays down the Group’s strategy based
on proposals put to it by General Management. It also controls
their implementation. The Board is elected by the 156 Local
Branches, each of which also has its own Board of Directors,
made up of members elected by the shareholders at a general
meeting, in accordance with the cooperative statute of “one
person, one vote”. Some of its members also sit on the Boards
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Annual Repor t 2012
of the Group’s holding companies: BCMNE, CMNE Belgium,
Nord Europe Assurances and La Française Group.
An Executive Committee:
The Executive Committee is made up of 7 members, met on
11 occasions during the year. The Executive Committee is a
consultative body that examines items that are subsequently
submitted to the Board of Directors.
The Board of Directors has delegated powers to four
specialist committees:
• The Audit Committee, chaired by the Chairman of the CMNE
Federation, the Audit Committee is made up of four other
federal directors. The General Manager, the Deputy General
Manager, the Inspector-General, the Secretary-General and members of the Management Committee also attend
Committee meetings. The Company Auditors also attend
the Audit Committee when it is examining the company’s
individual and consolidated financial statements.
Internal policies and procedures define the Audit
Committee’s operations and purpose. The Committee met
on 9 occasions and its work focused in particular on:
–monitoring changes to the regulations,
–approving the annual audit programme of the General
Inspectorate,
–the overall monitoring of risks,
–the results of assignments conducted by the General
Inspectorate, in terms of local branches, federal
departments and subsidiaries,
–examining the company and consolidated accounts,
–examining the work carried out by the Company
Auditors.
• The Risks Committee, chaired by the Chairman of the
Fédération du CMNE, is identical in composition to the
Audit Committee. The Risk Committee’s operations and
purpose are also defined by a set of internal policies and
procedures. The Committee met on 4 occasions in 2012.
Its work focused in particular on:
–approving the annual plans of the Compliance and
Ongoing Audit departments, as well as the work carried
out by these two departments,
–monitoring reports on compliance activities and
especially the fight against money-laundering and the
funding of terrorism, operating risk, financial risks,
credit risks,
–approving the mapping of major risks and the mapping
of non-compliance risks,
–approving the proposed acquisition of Citibank Belgium
Report from the Chairman
of the Board of Directors
• The Federal Loans Committee meets twice a month to rule
on matters relating to loans with unit amounts greater than
€ 500 000 or which are subject to terms that override the
rules laid down by the Federation. A set of internal policies
and procedures defines the Committee’s operations and
purpose.
• The Remuneration Committee, made up of the Chairman
of the Federation and the Vice Chairmen, meets at least
once a year to determine the overall remuneration of the
company trustees of the Caisse Fédérale. It also examines
the remuneration of the company’s directors who are not
company trustees and sets the principles that apply to the
remuneration of company trustees in the Group’s principal
companies. Its operations are defined by a set of internal
policies and procedures.
2.1 - Meetings of the Board of Directors:
The Board of Directors met on 10 occasions, once a month,
except in July and September. The attendance rate of 90%
indicates the strong involvement of the directors. The
average length of Board meetings was two hours and thirty
minutes.
• The agendas for the meetings systematically included a
point relating to the economic situation and the current
institutional background, as well as to business results
and monitoring credit risks. A quarterly review covering
market developments and their impact for CMNE was also
presented to the Directors.
• The Board also expressed its views about the commercial
offering.
• The Board examined the quarterly updates of the interim
management results for the period underway.
• The other items appearing on the Board’s agenda included:
23rd January
–Assessment of the activities of the Audit and Risks
Committee during the second half of 2011.
–Presentation of the Group audit plan for 2012.
27th February
–Presentation of the 2012 forecasts for Bancassurance
France.
–Presentation of the 2012 action plan for the CMNE
Group.
–In the presence of the Company Auditors and after
hearing their report, the Board approved the overall
company accounts for the Caisse Fédérale, the
Federation and the Local Branches. These accounts had
been presented previously to the Audit Committee.
26th March
–In the presence of the Company Auditors and after
hearing their report, the Board approved the Group’s consolidated accounts. These accounts had been presented
previously to the Audit Committee. Examination of the
reports on internal auditing and the measurement of risk
monitoring. The Chairman also presented his report on
the work carried out by the Board in 2011 and the internal
auditing procedures, in particular in the areas of finance
and accounting.
–Presentation of the 2011 business report for the
Group.
23rd March
–Preparation for the Annual General Meetings held on
30th May 2012.
–Presentation of the Basle II report and management of
the balance sheet closing 31st December 2011.
30th May
–Election of the Chairman of the Board of Directors, Vice
Chairmen and members of the Executive committee.
25th June
–Presentation of the CMNE Foundation project for
developing its territory.
–Composition of Committees and Commissions.
29th August
–In the presence of the Company Auditors, presentation
of the Group’s consolidated accounts at 30th June 2012
and update to the 2012 forecast results (based on 30th
June).
–Summary of the activities of the Audit and Risks
Committee for the first half of the year.
22nd October
–Orientation memo for the Bancassurance business for
2013 and its Commercial Action Plan.
–Presentation of the reviewed statutory wording and
preparation for the General Meetings held on 7th
December 2012.
19th November
–Information about the 2012 forecast results, updated
to 30th September.
–Modification of article 15 of the articles of association
of the Caisse Fédérale, at the request of the CNCM.
17th December
–Review of the draft Banking Act.
–1% holding taken in Citibank Belgium by the Caisse
Fédérale.
• When first convened, all meetings complied with the
conditions for establishing a quorum and majority, as
required by the articles of association.
• The minutes of Board meetings are approved at the
subsequent meeting. This approval confirms that a faithful
record has been taken of the work carried out.
• The Works Council was represented at all times.
2.2 – Dispatch of working documents:
The members of the Board of Directors received all of the
information they needed to carry out their work, based on
a predetermined timetable.
Digital media are sent by e-mail. A complete hard-copy file
is given to each Director at the time of the Board meeting.
• The documents and information provided and required for
the duties of the directors were mainly the following:
–the news memo,
–the monthly business memo,
–the monthly risk update,
–the company accounts and consolidated accounts,
–proposals on the new terms for products and services,
–presentation notes on topics submitted to the Board
–members for approval,
–written support material published in the form of
–notes to the PowerPoint presentations used during the
meeting.
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63
All of the persons attending meetings of the Board of
Directors are bound by an obligation of confidentiality and
non-disclosure with regard to the information provided or
received within the context of these meetings.
3 – The powers of the General Manager
and Deputy General Manager
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
In accordance with the Group’s ongoing practices, which
distinguish between the functions of direction, decisionmaking and audit on the one hand, and executive functions,
and the functions of Chairman and General Manager on the
other, are separate.
At its meeting on 24th April 2006, the Board of Directors
appointed Mr Éric CHARPENTIER as General Manager from
1st June 2006, granting him all powers to act alone in the
name and on behalf of the Caisse Fédérale du Crédit Mutuel
Nord Europe.
At its meeting on 21st January 2008, the Board of Directors
appointed Mr Christian NOBILI as Deputy General Manager
from 1st February 2008, with the same powers as the
General Manager.
II – Internal auditing procedures
1 – Internal audit method
1.2 – P
arties or structures conducting audit activities
In accordance with the regulatory provisions of the
supervisory bodies and the standards of Crédit Mutuel’s
National Confederation, CMNE’s internal audit system
applies to all of the entities in the Group, including credit
establishments and non-banking subsidiaries.
The CMNE Group’s risk support line is made up of departments
for ongoing audits and departments for compliance and
risk control, working within the General Secretariat, as well
as departments for ongoing audits and departments for
compliance in the subsidiaries, which are linked functionally
to the manager of the Group’s risk support line.
The manager of the risk support line is kept informed
regularly of auditing work and the results generated, in
particular at:
–weekly meetings held with the managers of the
departments for ongoing audits, compliance and risk
control in relation to the Caisse Fédérale of CMNE,
–meetings of the ongoing audit and compliance
committee for the whole Group.
Internal auditing is a process that is defined and implemented
by the Board of Directors, as well as the company’s
management and staff. It is designed to provide reasonable
assurance regarding the following objectives:
–the reliability of accounting and financial information,
–the efficiency and effectiveness of the operations
conducted by the company,
–the protection of the organisation’s assets,
–compliance with laws and regulations.
The Group has a staff of 132 to conduct all of the internal
auditing assignments. They are broken down as follows:
Within this context, the Board of Directors receives
information about the organisation, business and results of the
general internal auditing system. The Board approves CMNE’s
risk limits, in particular through the document entitled “Risk
Management Policy”, and is informed about the use of these
limits.
The scope of internal auditing covers the Group’s six business
areas: Bancassurance France, Bancassurance Belgium,
Business Finance, Insurance, Third-Party Management,
and Miscellaneous Services and Businesses. With regard
to their own regulations, each area of business adjusts and
implements its own audit organisation.
1.1 – The audit environment
• External frames of reference:
–The Caisse Fédérale operates in a highly regulated
environment and is required to comply with regulation
CRBF 97-02 relating to internal auditing.
–It is subject to the regulatory and reporting obligations
that apply to credit establishments (regulatory ratios,
annual internal audit report, etc.).
–It is subject to audits by regulatory banking and
insurance bodies (Prudential Audit Authority) and the
financial markets (Financial Markets Authority).
–It is also subject to the controls conducted by Crédit
Mutuel’s National Confederation, pursuant to the
General Character Decision relating to the organisation
of auditing by Crédit Mutuel.
• Internal frames of reference:
–Articles of Association,
–General Operating Regulations and Finance Regulations,
–Policies and procedures of the various committees,
–Group Internal Audit Charter, Periodic Audit Charter,
Compliance Charter, Financial Activities Charter,
–Codes of Ethics and Proper Conduct,
64
–Policy on risk management,
–Definition of the assignments to be carried out by the
various departments and their functions in the form of
organisation charts,
–Summary of powers.
Annual Repor t 2012
Ongoing audits,
compliance control
and risk audits
Periodic audits
Caisse Fédérale
Subsidiaries
25
62
35
10
TOTAL
87
45
1.2.1 - Ongoing audits and compliance control are provided
as follows:
• level 1 ongoing operating auditing is carried out in the
operating entities under the direct responsibility of hierarchical reporting lines,
• level 2 of ongoing auditing is carried out by structures that
are separate from the operating entities and organised
around:
–central structures: a permanent auditing directorate,
to which is attached the manager responsible for the
security of information systems and the manager for
ongoing audits, a compliance control directorate and a
risk directorate,
–ongoing auditing and compliance structures in the
Group’s various business areas (Insurance, Belgium,
Business Finance, Third-Party Management); operating
links are in place between the central directorates and
the business area auditing structures,
–an Ongoing Audit and Compliance Committee that
brings together the managers of the central structures
for each area of business.
1.2.2 -Periodic audits
Level 3 comes under the responsibility of the Inspector-General, who acts for all of the entities within the Group:
the branch network, the federal departments and Group
companies.
The Inspector-General certifies the company accounts for
the Local Branches.
The Inspector-General is a member of the Audit Committee
in France, Belgium and Luxembourg. He is member of the
committee that makes proposals in terms of setting the
levels of delegation for granting loans given each year to the
managers in the Bancassurance France network. He attends
meetings of the Ongoing Audit and Compliance Committee.
Periodic audits are made up of two directorates: one for the
Network, and the other for Business Lines.
1.3 – Auditing systems
1.3.1 - Ongoing audits and compliance control
The main systems implemented by the directorates for
ongoing audits and compliance control at CMNE are shown
below.
There are a number of procedures and methods involved for
ongoing audits:
–the ongoing audit procedures for the operating entities
(network and federal departments), organised and
standardised as part of dedicated applications (internal
auditing portals),
–procedures to analyse and review the internal audits
conducted by the operating entities,
–level 2 ongoing audit plans (audits carried out directly
by the ongoing audit directorate), based on a process
that is standardised and organised for each individual
area (market activities, loans, accounting, information
system security, operating risk management, etc.),
–procedures for monitoring the security of payment
methods,
–procedures for monitoring the security of information
systems,
–the process of assessing essential external service-providers,
–the procedure for monitoring and analysing significant
operating incidents.
In the area of compliance:
• Procedures for examining compliance
The compliance control department was consulted on 21
matters relating to new products direction or significant
modifications made to existing products. It issued 4
compliance opinions. In 11 cases, examining the information
provided did not require the procedure to be launched, yet
recommendations were nevertheless made. Finally, 6 cases
required neither opinion nor recommendation.
• The process for escalating and monitoring malfunctions
As was the case for BCMNE in 2011, the procedure for
centralising malfunctions was extended to all companies
in Business Finance. The system provides for escalating
information from a variety of sources (including customer
complaints) with a request for corrective action if required.
11 malfunctions were the subject of requests for corrective
action from the Compliance Control department. 6 have
been carried out, with 6 still underway.
• Investment services audits
Checks into compliances of the regulations governing
financial products (opening securities accounts, selling
specific products, etc.) are conducted regularly, with
any corrective action required notified to the operating
managers in question. The compliance control department
also intervenes in the context of training relating to the
assessment of the professional knowledge required when
selling financial products.
• The fight against money-laundering
The procedures here are updated and made available to all
staff at each entity on their local intranet.
Processes to train and update the knowledge of employees
are regularly monitored (self-learning process using
specific learning software, training courses presented in
the classroom, the issue of reminders about the rules that
have to be complied with, etc.). The process and tools for
conducting analyses and dealing with atypical and/or
unusual transactions are in place.
In the context of the greater coordination of work to combat
money-laundering on a Crédit Mutuel – CIC Group level,
shared databases were made available to CMNE.
1.3.2 - Periodic audits
For Local Branches, the effectiveness of the internal auditing
systems implemented by the managers at the branch is
measured regularly, either by reviews or theme-based
assignments.
For the federal departments, the audit systems revolve
around theme-based audit tasks, as well as assignments to
evaluate internal auditing and the follow-up on recommendations.
Each of the Group’s companies is responsible for
implementing its own internal auditing system, as well as
how it is conducted and updated. In most companies, an
internal audit correspondent is appointed, while others have
dedicated inspectors.
The General Inspectorate carries out its work using
standardised methods and IT tools whose suitability is
reviewed regularly. There is also a frame of reference for the
auditing of Local Branche.
An annual audit plan is drawn up and presented by the Inspector-General for the approval of General Management
and the Audit Committee. This plan is organised in such a
way that all risks are examined and audited over a maximum
period of four years.
The periodic audit assignments conducted across the
network consisted of:
–28 audit assignments relating to 37 sales outlets, 5
Business Advice Spaces and 3 BCMNE business centres,
–26 assignments to follow up on recommendations,
–1 theme-based assignment involving 41 sales outlets
regarding the monitoring of the application of professional standards, good practices and compliance with
FBF recommendations,
–1 assignment conducted across all sales outlets in
relation to the prevention of fraud and the abuse of
weakness, the quality of non-resident qualification,
audit of investment service performance.
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65
The distance selling of products via CMN Accueil and CMNE.fr
was also audited.
In addition, the periodic audit function conducted 5
assignments with the business lines of Bancassurance
France, 4 with Third-Party Management, 4 with Insurance,
6 with the Belgian arm of the business and 4 with Business
Finance.
1.4 – Organisation of internal audits on business
conducted abroad
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
1.4.1 - T
he main parties involved and auditing systems in
Belgium
Internal audits are organised as follows:
• Level 1 ongoing audits are carried out in operating
entities under the direct responsibility of the hierarchy.
The branches follow an internal auditing procedure that
is updated regularly. The internal auditing system in
departments at head office is based on hierarchical checks,
the separation of functions and automated controls.
• Positions dedicated to internal audits:
–Ongoing auditing, which is responsible in particular for
organising, strengthening and assessing the way Level
1 audits operate,
–The Compliance Officer, who is responsible for implementing compliance systems (analysis of
non- compliance risks, the policy for accepting new
customers, code of ethics, systems for combating
money-laundering and the financing of terrorism, etc.),
–Periodic Audits: the internal auditing departments
of the two entities in the CMNE Group in Belgium
conduct their tasks as part of a multiannual schedule
based on the analysis of risks and approved by
the respective Management Committees. Branch
inspections are carried out by the audit department
using a methodology based on a checklist of points
that is reviewed regularly. A six-monthly report
of assignments is submitted to the Management
Committee of the entities.
• An Audit Committee assists the Board of Directors at
Bancassurance Belgium. In particular it examines the
results from the various audit assignments, as well as the
follow-up of recommendations and reports relating to
measuring and monitoring risks.
1.4.2 - The main parties involved and auditing systems in
Luxembourg
Internal auditing at La Française AM Private Bank is organised
as follows:
• Level 1 audits carried out in the operating entities
under the direct responsibility of the hierarchy, with
monthly standardisation of the audits conducted in each
department.
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Annual Repor t 2012
Positions dedicated to internal audits:
–The Risk Manager, who is responsible mainly for
identifying and assessing risks, contributing to the implementation and monitoring of Level 1 audits,
–The Compliance Officer, who is responsible for implementing compliance systems (analysis of
non-compliance risks, exhaustive auditing of the
opening of new accounts, systems for combating money-laundering and the financing of terrorism, etc.),
–Periodic audits are conducted by the Audit Control
Inspectorate of the CMNE Group in the context of a
service delegated by La Française Group, the parent
company of La Française AM Private Bank,
–The Board of Directors of La Française AM Private
Bank examined the report into the ICAAP methodology
regarding the “internal process for assessing the
adequacy of equity capital”. This report is aimed at
assessing the risks and defining the direction to take
for risk cover, as well as the way it should be applied in
operating terms. The Board was assisted in its work by
an Audit and Accounts Committee.
1.5 – Organisation of the internal auditing of
outsourced activities
As part of the Group’s audit policy applied to outsourced
services, the ongoing audits and compliance departments
conduct checks to ensure that the policy defined is being
complied with and assess its application.
The audit process includes an annual assessment supervised
by the Ongoing Audit Department. The aim of this assessment
is to ensure that the regulations, quality and continuity of
services are complied with.
1.6 – Methods used to measure and monitor risks
1.6.1 - Credit or counterparty risk
• The rating systems are audited on a national level. A
procedure for monitoring algorithms has been developed
for this purpose by the unit that monitors ratings.
This procedure includes all of the analyses required to
measure the performance of models. Each federal unit
within Crédit Mutuel is able to position itself in relation
to the national performance of a particular algorithm.
Any significant discrepancies observed would then be
analysed.
• Internal ratings are integrated within CMNE in a highly
operational way. This information is included when it
comes to developing the commercial proposition of a
credit level. Ratings are the subject of various dashboards
used by management bodies and the risk monitoring
committees.
• Loans are selected in accordance with risk assessment
rules applied as soon as loan applications are made, based
on fixed internal standards and an assignment system
placed under automated a priori control.
Risk assessment and the documentation for loan
applications are part of procedures designed to analyse
and retain recent elements relating to the business and
financial situation of the beneficiary.
The case records, both for private individuals and business
applicants and the farming market, are created applying
the provisions of internal loan regulations.
Case managers at the branches check on the way the
analysis rules are applied to finance files in the context of
the internal auditing process.
As part of its “network” assignments, the General
Inspectorate also makes sure that the audit is efficient and
that federal standards are effectively applied.
• A level-based system of delegation enables the General
Manager, on the proposal of an allocations committee that
meets during the first quarter of each year, to assign a
level of authority for providing technical advice to each of
the members of staff involved. This delegation is supplemented by a power attributed by the Board of Directors of
the Local Branches.
The profitability of loan transactions is examined as part
of the procedures for granting loans, which includes a
decision-making loop on the terms for exemption rates.
The Management and Forecasting Audit Department
and the Assets and Liabilities Function, whose work is
complementary, handle the task of monitoring, forecasting
and guiding matters relating to margin.
In terms of how the quality of commitments develops, the
downgrading of credits into doubtful debts, based on BAFI
and Basle II criteria, is carried out automatically by applying
the contagion principle. Funding, calculated by the systems
based on the type of debt and the nature of the guarantees
given, is updated and written into the accounts at the end
of each month.
A report into the measurement and development of risks
is sent regularly to General Management and the Federal
Board of Directors.
Monitoring the quality of commitments is also carried out
by the periodic network audit during audit assignments,
theme-based audits and balance sheet audits.
• Risk measurements using sector-based breakdowns
and internal ratings are also conducted through specific
analyses carried out on the bank’s four main markets:
private individuals, professionals, farmers and businesses.
• Each year the Board of Directors of the Caisse Fédérale
approves a reference document each year on risk policy
within the Group. The directors set limits for counterparty risks that apply to the whole of the CMNE Group,
whether it is for dealing room transactions, Business
Finance or the insurance companies.
1.6.2 - Concentration risk
Measuring the risks in relation to a counterparty or group of
counterparties is handled by CMNE’s Major Risk Committee
which every quarter analyses and monitors risks that exceed
a threshold defined by General Management, singly and
overall, for each of the Group’s financial entities.
1.6.3 - Market risk
Market risk forms part of the arbitrage transactions carried
out by the Group Treasury Department as part of its own
management of CMNE. These transactions, conducted
within a precise context defined by the Finance Committee,
are the subject of a monthly report submitted to that same
Committee.
This reporting system, established by the Risks Department,
makes it possible to measure the rate, liquidity and
counterparty risks associated with this management,
as well as the margin it generates and its sensitivity to
rate movements. The system also enables a check on the
consumption of equity capital generated by the assets held.
Finally, on a quarterly basis and using scenarios common to
the whole of the Crédit Mutuel – CIC Group, this activity is
also subjected to stress tests.
1.6.4 - Overall interest rate risk and liquidity risk
• Each company within the banking business has its risk
analysed by a specific Finance Committee on a quarterly
or six-monthly basis, depending on the size of the
company and the inertia of its balance sheet structure.
The committee of each company decides on the implementation of cover both for rates and liquidity.
• In view of its single counterparty role in managing the rate
risk of the subsidiaries and their refinancing, the quarterly
analysis of the report from the Caisse Fédérale enables a
consolidated overview to be created of the Group’s rate
risk and liquidity risk.
1.6.5 - Intermediation risk
When providing investment services for third parties,
the CMNE Group authorises BFCM and CMCIC Titres to
represent it with third parties and the markets and also to
handle the management of its customers’ securities.
Through its role as a player on the financial markets, BFCM
complies with the various accredited systems for settling
investments.
• The risk of default by the party issuing the order is
managed within the CMNE Group’s information system
through a number of devices. When orders are entered,
multiple automatic checks are conducted to make sure the
amount of the order is feasible, as well as ensuring that
there is sufficient cover from the buyer. These checks
meet the minimum conditions laid down by the Financial
Markets Authority.
• A system based on a questionnaire to be filled in as part
of the process of opening a securities account has been
implemented to meet the new requirements of the
FIM Directive. This questionnaire makes it possible to
understand better the customer’s experience, objectives
and financial situation and is part of the process of finding
a service that meets the customer’s needs.
1.6.6 - Settlement risk
• Management of the liquid assets involved with the Group’s
banking arm (Bancassurance France, Bancassurance
Belgium and Business Finance) is handled as a whole in the
Finance Treasury Department.
• With regard to business on its own account, the CMNE
Group’s membership of the centralised high-speed
settlement and delivery system (RGV), which handles
immediate simultaneous and irrevocable settlements/
deliveries, enables it to cover the risk of settlement.
• Transactions on international instruments that are not
part of RGV are processed by the CMNE Group via BFCM
as a client bank.
• For Belgium, securities transactions are carried out via the
CEDEL settlement-deliver platform.
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67
1.6.7- Operating risks
The management of operating risks within the Group is
organised as follows:
• The Risk Guidance Function is responsible for managing
operating risks. This function implements the methods
and tools required, catalogues operating incidents and
handles monitoring in the risk management tool.
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
• The Operating Risks Committee meets regularly and
provides coordination communication and reporting on
work carried out. This Committee reports on its work to
General Management, as well as to the Audit Committee
and the Board of Directors.
• Documentary databases relating to the operating risks
management tool (integrated into the IT system), risk
mapping and modelling, claims data and the steps taken
for business continuity plans, are also available.
• The person responsible for the security of the Group’s
information systems is attached to the CMNE Group’s
Ongoing Audit Department. A system has been developed
for managing the security of information.
1.6.8- Measures taken to ensure business continuity
Protective programmes are aimed at generalising computer
recovery plans and business continuity plans.
• These programmes are run by the Risks Department
in conjunction with the Organisation Management
department.
• This work is monitored regularly by the Operating Risks
Committee.
A progress report is presented once a year to the Federal
Board of Directors, which enables it to be kept informed
of the system in place to enable the continuity of the
CMNE Group’s businesses in the event of a major disaster.
• A crisis management system has also been developed.
It is aimed at defining and organising the structures and
procedures for crisis communication.
1.6.9- Consolidated internal auditing
In line with CMNE’s principles, the internal auditing system
applies to all consolidated companies. The parties responsible
for auditing make sure that there is a suitable system in place
within each of the subsidiaries so that business and risks
can be monitored in a consolidated manner. The individuals
responsible for Ongoing Audits and Compliance within the
various businesses are placed under the operational control
of the Group Secretary- General, responsible for support
line risk. The Ongoing Audit and Compliance Committee is
the body that runs internal audits on a CMNE Group level.
2 - Special procedures relating to finance and
accounting
2.1 - Frames of reference
• Accounting plan, regulatory texts and procedure manuals
• General operating regulations
• Financial regulations
• Group financial management agreement
2.2 - T
he Central Director responsible for Accounting
and Management Auditing has three
departments under him 
• The Accounting and Fiscal management department,
which in particular:
–assists with implementing the overall accounting system
plan and procedures, and handles their application,
–organises and monitors the accounting for financial
bodies and companies for which the department is
responsible,
–organises specific works to provide statements for
financial periods and to draw up interim positions,
–handles tax management for the CMNE Group,
–develops and implements the resources required to
enhance the security of accounting entries and auditing
of Group accounts,
–puts forward any adaptations needed or new rules to
–be inserted into financial regulations or into individual
contracts governing relations between the various
companies in the Group,
–handles contacts with internal and external auditing
bodies.
• The Consolidation and Group Reporting department,
–organises, coordinates the various parties and carries
out the specific assignments for drawing up the consolidated accounts and any reporting required for the
Group,
–defines and updates the consolidation procedures used
by the Group, consistent with the procedures laid down
by the National Confederation,
– in the context of regulatory requirements, analyses,
monitors and comments on the various ratios and
handles the implementation of new rules in relation
with the functions involved,
–assists with the implementation of the overall operating
scheme of the accounting system and its procedures,
consistent with regulatory requirements,
–handles contacts with internal and external auditing
bodies,
–develops the periodical analysis of the regulatory
ratios, comments on any changes and conducts all forward-looking simulations for the Finance Committee in
order to optimise these constraints
–measures and analyses the financial impact and risks
that the strategic companies have on the consolidated result.
• The Management Audit and Forecasting department,
–provides General Management with regular forecasts
for the CMNE Group’s financial results, broken down by
business area and including comments and proposed
corrective action,
68
Annual Repor t 2012
–makes all budget-monitoring items and all performance
and risk analysis items available to the various echelons
of the CMNE organisation, enabling them to contribute
towards improving the Group’s financial results and,
in particular, to the various technical committees
(financial, development, performance improvement
and requests for IT resources),
–designs and monitors all financial estimate quantification that is incorporated into the planning process, and
drafts stage reports for the departments concerned,
–suggests adaptations to financial regulations or
associated contracts in terms of structural developments in the CMNE Group. It also updates the rules
issued regarding relations between the companies in
the Group,
–establishes and monitors the profitability analysis for
each product, market, customer, etc.
–Designs dashboards at all levels of CMNE and draws
up the operating specifications in conjunction with
the operating managers, making them available to the
parties in the CMNE Group within the deadlines set and
also maintains them,
–handles any management and training programmes
that are specific to the various bodies in the Group,
–handles relations with internal and external auditing
bodies.
–suggests corrective actions in collaboration with the
support lines concerned, provides information about
validated data for the purpose of enhancing monitoring
tools and ensuring they are consistent,
–provides information about certified data for the
purpose of enhancing monitoring tools and ensuring
they are consistent,
–prepares and runs meetings for the Warehouse
Committee, enabling there to be coordination between
the various specialist business lines and providing
monthly information about the quality allocated to the
data and any actions undertaken,
–participates in Warehouse Committee meetings at the
Group’s Belgian entities,
–takes part in and works with the working groups
organised on a confederal and interfederal level, aimed
at implementing and organising audits for all of the
support lines and ensuring the continuity of the tools
put in place.
2.4 - The accounting and financial audit system
On an initial level, the accounting department has resources
to ensure that the proper quality of the data produced
or transmitted for all of its tasks. On a second level, the
ongoing audit department monitors level 1 quality controls
and conducts additional audits.
2.3 - Reporting directly to the Central Director
responsible for Accounting and management
Auditing, the datawarehouse function:
–Monitors the quality and consistency of the data used
to feed the warehouse, in particular through the “data
qualification” module developed on a confederal level
in the context of the regulations for Basle II,
of the Caisse Fédérale du Crédit Mutuel Nord Europe
Philippe VASSEUR
Annual Repor t 2012
69
5
Report from the Auditors (about the Chairman’s report)
Report from the Company Auditors,
drawn up pursuant to article L. 225-235 of the Commercial Code,
on the report from the Chairman of the Board of Directors
of Caisse Fédérale du Crédit Mutuel Nord Europe.
Financial year ending 31st December 2012
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
In our capacity as Company Auditors for Caisse Fédérale du
Crédit Mutuel Nord Europe and pursuant to the provisions
of article L. 225-235 of the Commercial Code, we present
to you our report on the report drafted by the Chairman of
your company, in accordance with the provisions of article
L. 225-37 of the Commercial Code, regarding the financial
year ending on 31st December 2012.
It is the responsibility of the Chairman to draft and submit
to the Board of Directors a report on the procedures for
internal auditing and risk management implemented within
the company. The report also provides the other information
required by article L. 225-37 of the Commercial Code relative
in particular to the corporate governance mechanism.
It is our duty:
• to inform you of any observations that we have about the
information provided in the Chairman’s report regarding
the internal auditing procedures relating to the production
and processing of accounting and financial information,
and
• to certify that the report contains the other information
required by article L. 225-37 of the Commercial Code,
having pointed out that it is not our duty to verify the
genuine nature of this other information.
We have carried out our work in accordance with the
standards of professional practice that apply in France.
Information regarding the internal auditing and risk
management procedures relating to the drafting and
processing of the company’s accounting and financial
information
Professional practising standards require us to implement
all due care in assessing the sincerity of the information
regarding the internal auditing procedures relating to the
drafting and processing of the accounting and financial
information stated in the Chairman’s report. This diligence
consists in particular of:
• familiarising ourselves with the internal auditing
procedures relating to the production and processing of
the accounting and financial information underlying the
information presented in the Chairman’s report, as well as
the existing documentation;
• familiarising ourselves with the work carried out that
enabled this information and the existing documentation
to be produced;
• determining whether any major deficiencies in the internal
auditing process relative to drafting and processing
the accounting and financial information that we might
have observed in the context of our assignment might
constitute appropriate information in the Chairman’s
report.
On the basis of this work, we have no observations to make
about the information regarding the company’s internal
auditing and risk management procedures regarding the
drafting and processing of the accounting and financial
information contained in the report by the Chairman of the
Board of Directors, drawn up in accordance with the provision
of article L. 225-37 of the Commercial Code.
Other information
We hereby certify that the report by the Chairman of the
Board of Directors contains the other information required
by article L. 225-37 of the Commercial Code.
Drawn up at Villeneuve d’Ascq and Neuilly-sur-Seine, France, 22nd April 2013
The Company Auditors
MAZARS
Michel Barbet-Massin
70
DELOITTE & ASSOCIÉS
Cécile Fontaine
Annual Repor t 2012
Sylvie Bourguignon
5
Situation at 30 april 2013
Business Finance
CAISSE FÉDÉRALE DU CRÉDIT MUTUEL NORD EUROPE (CFCMNE)
4 Place Richebé - BP 1009 - 59011 Lille Cedex - France
Tel: +33 3 20 78 38 38
Fax: +33 3 20 30 86 59
Website: www.cmne.fr
•
Chairman of the Board of Directors: Philippe VASSEUR
•
General Manager: Éric CHARPENTIER
•
Deputy General Manager: Christian NOBILI
BCMNE
CRÉDIT MUTUEL NORD EUROPE BELGIUM (CMNE BELGIUM)
Boulevard de Waterloo, 16 - 1000 Brussels - Belgium
Tel: +32 22 89 82 00
Fax: +32 22 89 89 90
•
Chairman of the Board of Directors: Philippe VASSEUR
•
Chairman of the Management Committee: Éric CHARPENTIER
CRÉDIT PROFESSIONNEL SA
Tel: +32 22 89 82 00
Fax: +32 22 89 89 90
Website: www.bkcp.be
•
Chairman of the Board of Directors: Éric CHARPENTIER
•
Chairman of the Management Committee: Paul LEMBRECHTS
BKCP SCRL
Tel: +32 22 89 82 00
Fax: +32 22 89 89 90
•
•
OBK
Tel: +32 2 289 82 29
Fax: +32 2 289 89 91
•
Chairman of the Board of Directors: Werner ROGIERS
•
CITIBANK BELGIUM SA
Boulevard du Général Jacques, 263 g - 1050 Brussels - Belgium
Tel: +32 2 626 51 11
Fax: +32 2 626 56 11
Website: www.citibank.be
•
•
Chairman of the Management Committee: Jacques FAVILLIER
Banque Commerciale du Marché Nord Europe
4 place Richebé - 59000 Lille -France
Administrative head office:
7, rue Frédéric Degeorge - 62000 ARRAS - France
Tel: +33 3 21 71 71 51
Fax: +33 3 21 71 71 59
Website: www.bcmne.fr
•
Chairman of the Monitoring Committee: Philippe VASSEUR
•
Chairman of the Executive Board: François CHABROL
BAIL ACTÉA
7 rue Frédéric Degeorge - 62000 Arras - France
Tel: +33 3 21 71 44 11
Fax: +33 3 21 71 44 22
Website: www.bail-actea.fr
•
Chairman of the Board of Directors: François CHABROL
•
General Manager: Christian ROUSSEAU
BAIL IMMO NORD
Tour de Lille - 60 Boulevard de Turin - 59777 Euralille - France
Tel: +33 3 20 30 73 74
Fax: +33 3 20 57 62 56
•
•
General Manager: Valérie-Marie AUBIN-VAILLANT
BATIROC NORMANDIE
2 rue Andreï Sakharov - BP 148 - 76135 Mont St Aignan Cedex - France
Tel: +33 2 35 59 44 20
Fax: +33 2 35 59 13 82
•
•
General Manager: Valérie-Marie AUBIN-VAILLANT
NORD EUROPE PARTENARIAT
2 rue Andreï Sakharov - BP 148 - 76135 Mont St Aignan Cedex - France
Tel: +33 2 35 59 44 20
Fax: +33 2 35 59 13 82
•
•
General Manager: Philippe AMOURIAUX
Insurance
NORD EUROPE ASSURANCES
9 boulevard Gouvion-Saint-Cyr - 75017 PARIS - France
Tel: +33 1 43 12 90 90
Fax: +33 1 43 12 90 93
•
•
Chairman of the Executive Board: Hervé BOUCLIER
ACMN IARD
Assurances Crédit Mutuel Nord Iard
4 Place Richebé - 59000 Lille - France
Tel: +33 3 28 14 59 02
Fax: +33 3 28 14 59 05
•
Chairman of the Board of Directors: Hervé BOUCLIER
•
General Manager: Odile EZERZER
ACMN VIE
Assurances Crédit Mutuel Nord Vie
9 boulevard Gouvion-Saint-Cyr - 75017 PARIS - France
Tel: +33 1 43 12 90 90
Fax: +33 1 43 12 90 93
Website: www.acmnvie.fr
•
•
General Manager: Hervé BOUCLIER
Annual Repor t 2012
71
NORD EUROPE LIFE LUXEMBOURG
62 Rue Charles Martel - L- 2134 Luxembourg
Tel: +352 42 40 201
Fax: +352 42 40 20 40
Website: www.nellweb.com
•
•
Managing Director: Hervé BOUCLIER
1
The CMNE Group
2
Specific areas
3
Consolidated
balance sheet
4
Corporate & Social
Responsibility
5
Governance and
Internal Auditing
COURTAGE CRÉDIT MUTUEL NORD EUROPE
4 Place Richebé - 59000 Lille - France
Tel: +33 3 20 78 39 84
Fax: +33 820 360 900
•
Chairman: Hervé BOUCLIER
•
General Manager: Jacques NOIZE
PÉRENNITÉ ENTREPRISES
9 Boulevard Gouvion-Saint-Cyr - 75017 PARIS - France
Tel: +33 820 352 352
Fax: +33 1 43 12 90 93
•
Chairman of the Board of Directors: Hervé BOUCLIER
•
General Manager: Odile EZERZER
VIE SERVICES
9 Boulevard Gouvion-Saint-Cyr - 75017 PARIS - France
Tel: +33 1 43 12 90 90
Fax: +33 1 43 12 90 93
•
Chairman: Hervé BOUCLIER
CPBK RÉ
74 rue de Merl - L- 2146 Luxembourg
Tel: +352 49 69 51 321
Fax: +352 49 69 51 333
•
Chairman of the Board of Directors: Christian DESBOIS
GROUPE LA FRANÇAISE
173 Boulevard Haussmann - 75008 Paris - France
Tel: +33 1 44 56 10 00
Fax: +33 1 44 56 11 00
Website: www.lafrancaise-group.com
•
•
Chairman of the Executive Board: Xavier LEPINE
•
General Manager: Patrick RIVIERE
LA FRANÇAISE DES PLACEMENTS
Tel: +33 1 43 12 01 00
Fax: +33 1 43 12 01 20
•
Chairman of the Monitoring Committee: Alain WICKER
•
•
General Manager: Pascale AUCLAIR
SIPAREX PROXIMITE INNOVATION
27 Rue Marbeuf- 75008 Paris - France
Tel: +33 1 53 93 02 20
Fax: +33 1 53 93 02 30
Website: www.siparex.com
•
Chairman of the Monitoring Committee: Xavier LEPINE
•
Chairman of the Executive Board: Bertrand RAMBAUD
•
General Managers: Denis RODARIE and Michel FAURE
72
Annual Repor t 2012
LA FRANÇAISE AM FINANCE SERVICES
Tel: +33 1 44 56 41 60
Fax: +33 1 44 56 41 65
Website: www.lafrancaise-am-partenaires.com
•
Chairman of the Monitoring Committee: Éric CHARPENTIER
•
Chairman of the Executive Board: Patrick RIVIÈRE
•
General Managers: Thierry SEVOUMIANS
and Philippe LECOMTE
LA FRANÇAISE REAL ESTATE MANAGERS
Tel: +33 1 44 56 10 00
Fax: +33 1 44 56 11 00
•
Chairman of the Monitoring Committee: Éric CHARPENTIER
•
•
General Managers: Jean-Marc COLY and Marc BERTRAND
LA FRANÇAISE AM INTERNATIONAL CLAIMS COLLECTION
173 Boulevard Haussmann - 75008 Paris
Tel: +33 1 44 56 10 00
Fax: +33 1 44 56 11 00
•
Chairman: Xavier LEPINE
•
General Managers: Guy LEPAGE and Alain GREC
LA FRANÇAISE BANK
(new name on 02/04/2013)
4A Rue Henri Schnadt - B.P. 1556 - L-1015 Luxembourg
Tel: +33 0 352 45 45 221
Fax: +33 0 352 44 98 80
Website: www.lafrancaise-bank.com
•
Chairman of the Monitoring Committee: Pierre LASSERRE
•
Chairman of the Executive Board: Patrick RIVIERE
•
Managers members of the Executive Board:
Philippe VERDIER and Pascal LEBRAS
LA FRANÇAISE INVESTMENT SOLUTIONS
173 Boulevard Haussmann - 75008 Paris
Tel: +33 1 44 56 10 00
Fax: +33 1 44 56 11 00
•
Chairman of the Monitoring Committee: Pierre LASSERRE
•
•
General Manager: Sofiène HAJ TAIEB
/ August 2013 - Photo © Fotolia - Thinkstock
4, place Richebé - 59000 Lille - France
Tél. : +33 3 20 78 37 51 - Fax : +33 3 20 78 39 87 - www.cmne.fr

Annual Report 2012

Transcription

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