2012 Registration document and annual financial report - BNP Paribas

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5RISKSAND CAPITAL ADEQUACYSovereign risks➤ TABLE 48: CASH FLOWS HEDGED.In millions of euros 31 December 2012 31 December 2011Period to realisationLess than1 year1 to5 yearMore than5 years TotalLess than1 year1 to5 yearMore than5 years TotalHedged cash flows 309 888 546 1,743 746 1,796 1,132 3,674In the year ended 31 December 2012, several hedges of future incomerepresenting a non-material impact on profit and loss were requalifiedas ineligible for hedge accounting on the grounds that the related futureevent would be no longer highly probable (see Financial Statementnote 2.c).5.8 Sovereign risks [A udited]5Sovereign risk is the risk of a State defaulting on its debt, i.e. a temporaryor prolonged interruption of debt servicing (interests and/or principal).The Group holds sovereign bonds as part of its liquidity managementprocess. Liquidity management is based on holding securities eligibleas collateral for refinancing by central banks and includes a substantialshare of highly rated debt securities issued by governments, representinga low level of risk. Moreover, as part of its assets and liability managementand structural interest-rate risk management policy, the Group also holdsa portfolio of assets including sovereign debt instruments, with interestratecharacteristics that contribute to its hedging strategies. In addition,the Group is a primary dealer in sovereign debt securities in a numberof countries, which leads it to take temporary long and short tradingpositions, some of which are hedged by derivatives.Exposures to euro zone sovereign debt in the Group's banking bookamounted to EUR 44.0 billion at 31 December 2012, before revaluationand including accrued interest. This compares to an exposure of EUR 58.1billion at 31 December 2011 and EUR 73.9 billion at 30 June 2011, whenthe crisis first hit several sovereign issuers in the euro zone.The EUR 14.2 billion decline in the book during the year was due to theexchange of securities related to the Greek debt restructuring, disposalsand redemptions collected (EUR -17 billion related mostly to securitiesissued by Italy, France, Belgium, Germany and the Netherlands), partlyoffset by acquisitions (securities worth EUR 4 billion issued by France,Belgium and Italy).Securities of non-euro zone sovereign issuers held within the bankingbook amounted to EUR 19.2 billion as of 31 December 2012 comparedwith EUR 16 billion at 31 December 2011 .3002012 Registration document and annual financial report - BNP PARIBAS
RISKS AND CAPITAL ADEQUACYSovereign risks5➤ TABLE 49: BANKING AND TRADING BOOKS SOVEREIGN EXPOSURES BY GEOGRAPHICAL BREAKDOWN31 December 2012 Banking Book (1) Trading BookIn millions of eurosEurozoneCentral GovernmentsCentral GovernmentsSecurities Loans CDS Cash (2) Derivatives (3)C ounterpartyrisk (2)Austria 105 0 0 564 ( 672 ) 22Belgium 16,493 340 0 ( 80 ) 917 188Cyprus 5 0 0 0 ( 2 ) 0Estonia 0 0 0 0 20 0Finland 290 0 0 472 ( 225 ) 0France 10,011 133 40 ( 4,539 ) 743 11Germany 547 0 ( 50 ) 359 28 312Italy 11,930 641 102 807 399 4,474Luxembourg 46 0 0 217 0 0Malta 0 0 0 0 0 0Netherlands 3,195 0 0 ( 217 ) 359 ( 2,350 )Slovakia 30 0 0 ( 4 ) ( 203 ) 0Slovenia 38 0 ( 4) ( 2 ) ( 148 ) 0Spain 459 0 0 285 ( 218 ) 8Programme countriesGreece (*) 0 5 0 9 0 189Ireland 212 0 0 ( 9 ) ( 16 ) 0Portugal 590 0 0 22 ( 3 ) 0TOTAL EUROZONE 43,950 1,120 88 ( 2,118 ) 977 2,854Other EEA countriesBulgaria 2 0 0 6 ( 15 ) 0Czech Republic 165 0 0 58 ( 3 ) 0Denmark 0 0 0 31 ( 35 ) 0Hungary 66 50 ( 8) 192 6 0Iceland 0 0 0 0 12 0Latvia 0 0 0 17 6 0Liechtenstein 0 0 0 0 0 0Lithuania 21 0 4 4 26 7Norway 68 0 0 3 ( 1 ) 0Poland 889 0 0 ( 66 ) 0 0Romania 0 47 0 53 ( 27 ) 0Sweden 0 0 0 18 15 32United Kingdom 1,646 0 0 ( 950 ) ( 69 ) 0OTHER EEA COUNTRIES 2,857 97 ( 4) ( 633 ) ( 84 ) 39TOTAL EEA 30 46,807 1,217 85 ( 2,751 ) 893 2,892United States 5, 593 371 0 6, 499 ( 4, 105 ) 0Japa n 6, 655 0 0 173 ( 220 ) 15Others 6, 963 2, 928 ( 4 ) 6, 238 2, 107 84TOTAL 66,017 4,515 80 10,159 ( 1,325 ) 2,99252012 Registration document and annual financial report - BNP PARIBAS 301
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2012REGISTRATION DOCUMENTAND ANNUAL
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2012 Registration documentand annua
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1GROUP PRESENTATION1.1 Group presen
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GROUP PRESENTATIONPresentation of a
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1GROUPPRESENTATIONBNP Paribas and i
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1GROUPPRESENTATION1282012 Registrat
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2CORPORATEGOVERNANCEBoard of Direct
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2CORPORATEGOVERNANCEReport of the C
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2CORPORATEGOVERNANCEExecutive Commi
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32012REVIEW OF OPERATIONSBNP Pariba
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32012REVIEW OF OPERATIONSCore busin
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32012REVIEW OF OPERATIONSBalance sh
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32012REVIEW OF OPERATIONSBalance sh
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32012REVIEW OF OPERATIONSProfit and
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32012REVIEW OF OPERATIONSProfit and
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32012REVIEW OF OPERATIONSOutlook3.6
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32012REVIEW OF OPERATIONSLiquidity
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4CONSOLIDATEDFINANCIAL STATEMENTS -
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5RISKSAND CAPITAL ADEQUACY5.6 Count
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5RISKSAND CAPITAL ADEQUACYAnnual ri
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5RISKSAND CAPITAL ADEQUACYCapital m
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5RISKSAND CAPITAL ADEQUACYRisk mana
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5RISKSAND CAPITAL ADEQUACYCredit ri
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5RISKSAND CAPITAL ADEQUACYCredit ri
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Page 304 and 305: 5RISKSAND CAPITAL ADEQUACYSovereign
Page 306 and 307: 5RISKSAND CAPITAL ADEQUACYLiquidity
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Page 324 and 325: 5RISKSAND CAPITAL ADEQUACYAppendice
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Page 336 and 337: 6INFORMATIONON THE PARENT COMPANY F
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6INFORMATIONON THE PARENT COMPANY F
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7ARESPONSIBLE BANK: INFORMATION ON
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8GENERALINFORMATIONDocuments on dis
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8GENERALINFORMATIONFounding documen
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8GENERALINFORMATIONStatutory Audito
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8GENERALINFORMATIONStatutory Audito
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9STATUTORYAUDITORSStatutory Auditor
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10PERSON RESPONSIBLE FOR THE REGIST
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11TABLE OF CONCORDANCEHeadings as l
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HEAD OFFICE16, boulevard des Italie
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