Article R.515-7: Replacement assets

In application of article L.515-17, the debt securities and deposits of which the debtors are credit institutions or investment companies that benefit from a step 1 credit rating by an external rating agency recognized by the Autorité de contrôle prudentiel pursuant to article L.511-44 are considered sufficiently secure and liquid. The total amount of these replacement assets may not exceed 15% of the nominal amount of the outstanding obligations foncières and other sources of funds benefiting from the privilege as stated in paragraph 2 of part I of article L.515-13 issued by the SCF.

Receivables related to the payment or the management of the sums due for the loans, contracts or various debt securities, units and derivatives referred to in article L.515-18, or guarantees received from credit institutions to hedge these assets and recognized on or off the SCF's balance sheet as well as exposures related to the liquidation of these loans, contacts, debt securities and units are not taken into account in the calculation of this limit.

When the residual maturity is no more than 100 days, exposures on credit institutions or investment companies located in a State that is a member of the European Community or a party to the agreement on the European economic area are also recognized as sufficiently secure and liquid debt securities and deposits when they benefit from a step 2 credit rating by an external rating agency recognized by the Autorité de contrôle prudentiel pursuant to article L.511-44.