FINANCIAL REPORT 2013

2.5.2.1.4. Derivative instruments held for trading – fair value of liabilities

31.12.2013

31.12.2012

Exchange-traded

Over-the-counter

Total market value

Total market value

> 1 year ≤ 5 years > 5 years ≤1 year

> 1 year ≤ 5 years > 5 years

≤1 year

(in thousands of euros)

INTEREST RATE INSTRUMENTS: • Interest rate swaps

2 032 2 032

2 032 2 032

2 789 2 789 6 440 6 440

0

0

0

0

0

CURRENCY AND GOLD: • Currency options

13 13

13 13

0

0

0

0

0

OTHER: • Credit derivatives

46 46

0

0

0

0

0

0

0

SUBTOTAL

0

0

0

2 045

0

0

2 045

9 275

• Forward currency transactions

249 612

4 240

253 852

200 531

TOTAL

0

0

0 251 657

4 240

0

255 897

209 806

2.5.2.2. Derivative instruments: total commitments

(in thousands of euros)

31.12.2013

31.12.2012

INTEREST RATE INSTRUMENTS: • Interest rate swaps

3 165 191 3 165 191

3234732 3234732 305034 305034

CURRENCY AND GOLD: • Currency options

120 362 120 362

OTHER: • Credit derivatives

35000 35000

0

SUBTOTAL

3 285 553

3574766

• Forward currency transactions

47 948 973

16560679

TOTAL

51 234 526

20135445

2.5.2.3. Foreign exchange risk Foreign exchange is the risk of a change of value of a financial instrument due to a change in a currency’s value. 2.5.2.4. Liquidity and financing risk Liquidity and financing risk is the risk of loss if the company is unable to meet its financial commitments in timely fashion and at reasonable prices when they reach maturity. These commitments include obligations to depositors and suppliers, as well as commitments in respect of loans and investments.

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