CORPORATE CENTRE The Corporate Centre division includes the results of Crédit Agricole S.A.’s holding and corporate activities and of specialised subsidiaries (notably Uni-Médias, Crédit Agricole Capital Investissement & Finance and Crédit Agricole Payment Services). The issuer spread, a factor of volatility, is also classified under the Corporate Centre.
COOPERATIVE INVESTMENT CERTIFICATE (CERTIFICAT COOPÉRATIF D’INVESTISSEMENT, CCI). Securities quoted on the stock exchange that do not carry voting rights and may be issued only by cooperative companies. They give their holders rights to a share of the net assets and to receive dividends.
COOPERATIVE MEMBER CERTIFICATE (CERTIFICAT COOPÉRATIF D’ASSOCIÉS, CCA). Unlisted securities, which may be traded over the counter and may be issued only by cooperative companies. They may be subscribed by members of the issuing Regional Banks and affiliated Local Banks. They do not carry voting rights, but give their holders rights to a share of the net assets and to receive dividends.
DIRECTORS. Directors are elected by the mutual shareholders and represent them in the Local Banks’ governance bodies.
ERI (ENGAGEMENT AND RECOMMENDATION INDEX). Index that measures employee engagement through an internal and anonymous annual survey.
FReD. Internal monitoring and measurement system for the progress of Crédit Agricole S.A. in terms of CSR. It is used to drive CSR issues within entities, and to encourage the involvement of leaders and all Group employees. Set up in 2012, in 2019 it became the tool for deploying and managing societal and environmental commitments.
LOCAL BANKS. The Local Banks are cooperatives owned by their mutual shareholders.
MUTUAL SHAREHOLDERS. Holders of mutual shares, which make up the capital of the Local Banks. The Local Banks, through the mutual shareholders, own the share capital of the Regional Bank with which they are affiliated. They receive returns in respect of their mutual shares, the interest rate on which is capped by law. The mutual shareholders come together once a year at the Annual General Meeting at which they approve the financial statements of the Local Banks and elect the Directors. Each mutual shareholder has one vote, irrespective of the number of mutual shares held.
MUTUAL SHARES. A mutual share is a portion of the capital of a Local Bank or Regional Bank. Mutual shares receive an annual interest payment. Mutual shares are reimbursed at par value and give no right to reserves or to liquidation proceeds
REGIONAL BANKS. The Regional Banks are autonomous, fully-fledged cooperative banks.
SACAM MUTUALISATION. Wholly owned by the Regional Banks, Sacam Mutualisation was formed during the process to simplify the Group’s capital structure.
SAS RUE LA BOÉTIE. SAS Rue La Boétie is a simplified joint stock company that owns all of the Crédit Agricole S.A. shares held by the Regional Banks.
|CAGR||Compounded annual growth rate|
|CCE||Construction and Civil Engineering|
|CRD||Capital Requirement Directive (see Basel 3 Agreements)|
|CSR||Environmental, Social and Governance|
|ESG||Environmental, Social and Governance|
|GAFA||Google, Apple, Facebook, Amazon|
|GAFA||Google, Apple, Facebook, Amazon|
|GDPR||General Data Protection Regulation|
|ICAAP||Internal Capital Adequacy Assessment Process|
|IFRS||International Financial Reporting Standards|
|NPS||Net Promoter Score|
|RGPD||Règlement Général sur la Protection des Données|
|OECD||Organisation for Economic Co-operation and Development|
|OFAC||Office of Foreign Assets Control|
|SDG||Sustainable Development Goals|
|SME||Small- and Medium-sized Enterprises|
|SREP||Supervisory Review and Evaluation Process|
|VSB||Very Small Business|
ASSET MANAGEMENT. Management of negotiable or other assets, for the manager’s own account or for third-party (institutional or retail) investors. In thirdparty asset management, assets are adapted via funds or in the framework of management mandates. Specialised products are offered to meet the range of customer expectations in terms of geographical and sector diversification, short-term or long-term investing and the desired level of risk
ASSETS UNDER MANAGEMENT. Operating activity indicator not reflected in the Group’s consolidated financial statements, reflecting the assets marketed by the Group, whether they are managed, advised or delegated to an external fund manager. Assets under management are measured for each fund by multiplying net asset value per unit (as calculated by an external appraiser in line with current regulations) by the number of units/shares outstanding. Amundi fully consolidates all the assets under management by its joint ventures at 100% and not its share in the joint ventures.
BASEL 3. Regulatory standards for banks, which replace the previous Basel 2 Agreements by increasing the quality and quantity of the minimum capital that banks are required to hold against the risk they take. It also introduces minimum standards for liquidity risk management (quantitative ratios), defines measures attempting to curb the financial system’s pro-cyclicality (capital buffers varying according to the economic cycle) and tightens the requirements on institutions considered as systemically important. In the European Union, these regulatory standards were introduced under Directive 2013/36/EU (CRD 4 - Capital Requirements Directive) and the (EU) Regulation.
BASIS POINT (BP). A basis point is one hundredth of one percentage point (0.01 %) or one ten thousandth.
COMBINED RATIO. The combined ratio is used to measure the profitability of non-life insurance activities. It is calculated by dividing the sum of incurred losses and expenses by earned premiums
COMMON EQUITY TIER 1 OR CET1 RATIO. A ratio used to measure the capital strength of financial institutions. It is the ratio of core capital (Common Equity Tier 1) to risk-weighted assets.
CORPORATE GOVERNANCE. Any mechanism that can be implemented to achieve transparency, equality between shareholders and a balance of powers between management and shareholders. These mechanisms encompass the methods used to formulate and implement strategy, the operation of the Board of Directors, the organisation framework between different governing bodies and the compensation policy for Directors and executive managers.
COST/INCOME RATIO* = OPERATIONAL EFFICIENCY. . The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover expenses
COST OF RISK. The cost of risk reflects allocations to and reversals from provisions for all banking risks, including credit and counterparty risk (loans, securities, off-balance sheet commitments) and operational risk (litigation), as well as the corresponding losses not covered by provisions
COST OF RISK/OUTSTANDINGS*. Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period).
CUSTOMER RECOMMENDATION INDEX (CRI). Index measuring how likely customers are to recommend their bank to their family and friends. Based on polling conducted every quarter, this index reflects the number of customers who are critical of, neutral on or willing to promote the bank.
DIVIDEND. Portion of net income or reserves paid out to shareholders. The Board of Directors proposes the dividend to be voted on by shareholders at the Annual General Meeting, after the financial statements for the year ended have been approved.
ESG. An acronym used by the financial community to designate Environmental, Social and Governance (ESG) criteria, which are the three key components of non-financial analysis. These criteria are taken into consideration in socially responsible investment.
FACTORING. Factoring is an arrangement in which a business sells its trade receivables to a third party, known as a factor, in exchange for cash. The factor then recovers the amount due from the debtor.
FINTECH. A FinTech is a non-banking company which uses information and communication technologies to deliver financial services.
* Alternative performance indicator in accordance with Article 223-1 of the Autorité des Marchés Financiers (AMF.38) general regulations.