Introduction

• exposures on public sector entities. See articles L.515-15 and R.515-3 of the Monetary and Financial Code
  
  
• units and obligations issued by securitization vehicles composed for at least 90% of public assets. See articles L.515-16 and R.515-4
  
  
• exposures vis-à vis credit institutions benefiting from a minimum  AA -rating (or a minimum A- rating when maturity does not exceed 100 days) considered as replacement assets, for a total amount limited to 15% of all privileged debt. See articles L.515-17 and R.515-7

Relevant legislation

Legislative texts

• Article L.515-15: Exposures on public sector entities
• Article L.515-16: Units and obligations issued by securitizations vehicles 
• Article L.515-17: Replacement Assets
• Article L.515-17-1: Coverage for liquidity requirements
• Article L.515-17-2: Report on asset quality
• Article L.515-18: Derivative instruments

Regulatory texts

• Article R.515-3: Evaluation of credit quality
• Article R.515-4: Units and obligations issued by securitization vehicles
• Article R.515-5: Equivalent guarantees
• Article R.515-7: Replacement assets
• Article R.515-7-1: Coverage of liquidity needs