As of December 31, 2011, the 20 largest exposures (excluding covered bonds held as replacement assets) represented 18.5% of the cover pool. The increase in concentration observed was mainly due to the arrival in the top 20 exposures of the balance of the account with the Banque de France. This exposure ranked first by accounting for 2.9% of the cover pool, while the twentieh exposure only represented 0.5%.