Caisse de Refinancement de l'Habitat - CRH - France

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1 Who is the issuer? Universal credit institution with a special licence

CRH-Caisse de Refinancement de l'Habitat
2 Does the bondholder have recourse to the issuer (in case of special issuer: recourse to the sponsor bank)? Direct
3 Who owns the cover assets? Others* (*e.g. credit institution pledges to issuer, capitalized legal entity etc.)

Borrowing institutions/CRH's shareholders, but pledged to CRH (transfer of ownership to the issuer upon default without any formality)
4 Is the issuer the originator of the cover assets? No

5 banking groups as sponsors and also shareholders, originate the cover assets (domestic residential mortgages only): BNPP, BPCE, Crédit Agricole, Crédit Mutuel, Société Générale

1 What type of assets may be included in the cover pool?
 
  Primary assets Substitution assets
Public sector assets Mortgage assets Other 1* Other 2* Other 3*  
Exposures to credit institutions x
Residential mortgage loans x


For further comments see Comments box at the end of the questionnaire
2 What is the geographical scope of assets?
 
  Primary assets Substitution assets
Public sector assets Mortgage assets Other 1* Other 2* Other 3*  
Domestic x
3 Is there a maximum level for substitute assets in the statutory national framework? Yes, please specifiy

15% of the total amount of the issuer's liabilities benefiting from the privilège, including the aggregate of issued covered bonds
4 Are there any reporting requirements for covered bond issuers to investors? Yes, by law and in line with art. 14 of EU Covered Bond Directive
5 What is the frequency of reporting to investors? Quarterly

1 What is the basis for property valuation Market value
2 Is a regular update of the property value required? Yes, automated / indexed valuation sufficient
3 What are the LTV limits (single asset based)? Please specify in %/n.a. Residential
Commercial

By law: Residential 80%LTV ; Commercial 60% LTV . No Commercial exposures allowed in CRH.
4 Are loans in excess of LTV limits eligible for inclusion in the cover pool? Yes (soft limit)

IV.1 Derivative contracts in the cover pool

1 Are derivative contracts eligible for the inclusion in the cover pool? Yes, exclusively for hedging purposes (by law)
2 Are there requirements for derivative contracts (e.g. eligibility criteria for hedging counterparties)? Yes, specified in law
3 Will derivative contracts remain in case of insolvency of the issuer? Yes
4 If derivatives are permitted in the cover pool, what is their ranking? Pari passu to covered bond holders

IV.2 Exposure to market risk

1 What is the primary method for the mitigation of market risk? Natural' matching (i.e. match funding, matching without the use of off-balance sheet instruments) and stress testing
Use of derivative hedging instruments
2 Are there mitigating provisions for interest rate risk? Yes, by legislation/regulation
3 Are there mitigating provisions for foreign exchange risk? No
4 Are there mitigating provisions for maturity mismatch risk? Yes, by legislation/regulation
5 What type of coverage test is applied?
6 Are there stress scenarios applied? No

IV.3 Liquidity risk

1 Is exposure to liquidity risk mitigated? Yes, by law
2 What liquidity risk mitigation requirements are in place (principal)? 180 days liquidity provisions
Maturity extension provisions
Matching requirements
Other, please specify

Liquidity lines provided by CRH's shareholders
3 What liquidity risk mitigation requirements are in place (interest)? 180 days liquidity provisions
Maturity extension provisions
Matching requirements
4 What is the consequence of not fixing a breach of liquidity risk mitigants? No sale of assets
No new covered bond issuance
Event of default
5 If 180 days liquidity provisions are in place, what types of liquid assets are eligible LCR Level 1
LCR Level 2a
LCR Level 2b
Short term exposures to credit institutions (Credit Quality Step (CQS) 1)
Short term exposures to credit institutions (CQS 2)
Short term deposits to credit institutions (CQS 1)
Short term deposits to credit institutions (CQS 2)
Short term deposits to credit institutions (CQS 3)
6 If 180 days liquidity provisions are in place, the calculation of principal is based on: The expected maturity date

Also: "The (extended) legal final maturity date"

IV.4. Maturity extension

1 Is maturity extension allowed by national law? Yes, but optional and subject to conditions
2 Is it possible to issue… Hard bullet
Soft bullet
3 Which trigger plays a role for maturity extension according to law - independent or alone or in combination? Issuer bankruptcy/resolution
Lack of liquidity; breach of liquidity rules
Issuer failure to pay
4 Does any competent authority need to give its okay (or non-opposition)? Yes

IV.5 Overcollateralisation

1 Is mandatory overcollateralisation required in the law ?

V.1 Cover pool monitor (CPM)

1 Is there a cover pool monitor in addition to national competent authorities in the statutory law? Yes, by law and in line with Article 13 of EU Covered Bond Directive

CRH's own collateral monitoring team in addition to CPM required by EU CB Directive
2 Is the CPM separate from the issuing credit institution? Yes, required by national statutory law

Internal CPM + external CPM
3 Is the appointment, dismissal, eligibility criteria and the role of the CPM regulated by the national statutory law? Yes

For external CPM

V.2 Banking supervision

1 Which are the national competent authorities designated to carry out covered bonds public supervision in the law?

Autorité de Contrôle prudentiel et de résolution - Website

2 Is a special permission required for a covered bond programme according to national law? Yes, licence for institution + competent autority
3 Is there a covered bond issuance limit in law or regulation? If yes, please specify No
4 Does the national statutory law provide for the appointment of a dedicated cover pool administrator in case of insolvency/resolution (transfer included acc. to BRRD [Bank Recovery and Resolution Directive])? Yes
5 Which is the typical frequency in the national statutory law of reporting from the covered bond issuers to the designated competent authorities? Quarterly

1 Does the national statutory law meet the requirements laid down in the EU Covered Bond Directive? Yes
2 Does the statutory law meet the requirements of Article 129 of CRR [Capital Requirement Regulation]? In this case, please specify the collateral types meeting the Art. 129 CRR. Yes

- Residential mortgages - Guaranteed home loans
3 Does the statutory law allow covered bonds out of the scope of Art 129 of CRR? In this case, please specify the collateral No
4 Are listed covered bonds eligible in repo transactions with the national central bank? Yes

Primary Legislation

European Covered Bond Label (Premium) list

Hypostat

Fact Book

Intro CB Video

Any further comments/information? Further comments on Section II.1:
"Guaranteed home loans are also eligible in the cover pool the guarantor must be rated at least ‘A-‘ ;
For public sector assets, public entities must have minimum credit quality step 1 rating;
Substitution assets subject to sub-limits:
-Maximum 15% for credit quality step 1 exposures;
-Maximum 10% for credit quality step 2 exposures;
- Maximum 8% for credit quality step 3."