Crédit Mutuel Home Loan SFH is governed as a limited liability company, by the "Code de commerce"; as a credit institution, by the "Code monétaire et financier"
Link to the provisions of articles L 513-28 and Seq of this code

As a credit institution, Crédit Mutuel Home Loan SFH is under permanent supervision and control of the ACPR, the French regulatory authority which has delivered the SFH agreement on June 6th, 2011.

Please refer to the following Banque de France website for the exhaustive list of Credit institution duly licensed in France and published at the "Journal Officiel" of the French Republic.

In addition, the Medium Term Notes Programme of Crédit Mutuel Home Loan SFH is under the supervision of the Autorité des Marchés Financiers (AMF). Therefore, the AMF approves the Base Prospectus every year. The latest Base prospectus and AMF approval are available on the Covered bond program page.

Crédit Mutuel Home Loan SFH has a limited purpose designed to be bankruptcy remote:

  • Its single purpose is to issue covered bonds and provide funding to the Group's entities
  • Limited recourse and non petition clauses included in all contracts signed with third parties
  • Double recourse to BFCM and to the collateral surety ("cover pool" of home loans)

In case of a Borrower Event of Default: automatic enforcement of the Collateral Surety

  • Regulated by common law: European collateral directive provisions transposed into the French Monetary and Financial Code (Article L211-38 July 2005)
  • Segregation of the assets by the Collateral Providers (Crédit Mutuel Alliance Fédérale) to the benefit of the Issuer (Crédit Mutuel Home Loan SFH)
  • Assets will be entirely transferred in case of enforcement of the Collateral Surety.