2020 Universal registration document and annual financial report - BNP PARIBAS 513
6information on the Parent ComPany finanCial statements at 31 deCemBer 2020
6
Notes to the parent company financial statements
➤ CHANGE IN PROVISIONS FOR REGULATED SAVINGS PRODUCTS
In millions of euros
Year to 31 Dec. 2020 Year to 31 Dec. 2019
Provisions for home savings plans
Provisions for home savings accounts
Provisions for home savings plans
Provisions for home savings accounts
Provisions at start of period 123 1 132 3
Additions to provisions during the period - - - -
Provisions write-backs during the period (2) (1) (9) (2)
Provisions at end of period 121 - 123 1
3.l SUBORDINATED DEBT
In millions of euros, at 31 December 2020 31 December 2019
Redeemable subordinated debt 16,930 16,130
Undated subordinated debt 10,146 9,700
Undated Super Subordinated notes 9,443 8,977
Undated Floating-Rate Subordinated notes 478 498
Undated Participating Subordinated notes 225 225
Related debt 399 382
SUBORDINATED DEBT 27,475 26,212
Redeemable subordinated debt
The redeemable subordinated debt issued by BNP Paribas SA is in the form of medium and long-term debt securities equivalent to ordinary subordinated debt; these issues are redeemable prior to the contractual maturity date in the event of liquidation of the issuer, and rank after the other creditors but before holders of participating loans and participating subordinated notes.
These debt issues may contain a call provision authorising the Group to redeem the securities prior to maturity by repurchasing them in the stock market, via a public tender or exchange offers, or (in the case of private placements) over the counter, subject to regulatory approval.
Debt issued by BNP Paribas SA via placements in the international markets may be subject to early redemption of the capital and early
payment of interest due at maturity at the issuer s discretion on or after a date stipulated in the issue particulars (call option), or in the event that changes in the applicable tax rules oblige the BNP Paribas Group issuer to compensate debt-holders for the consequences of such changes. Redemption may be subject to a notice period of between 15 and 60 days, and is in all cases subject to approval by the banking supervisory authorities.
In 2019, eight new subordinated debts were issued in the amount of EUR 1,548 million.
In 2020, four subordinated debt issued were repaid at or before maturity. These transactions resulted in a EUR 412 million reduction in the amount of repayable subordinated debt. In addition, nine new subordinated debts were issued for an amount of EUR 1,634 million.
The following table gives the maturity schedule for redeemable subordinated debt at 31 December 2020:
In millions of euros Outstanding at
31/12/2020 2021 2022 2023 2024 2025 2026 to 2030 After 2030
Redeemable subordinated debt 16,930 - 337 - 819 2,649 8,329 4,796
The following table gives the maturity schedule for redeemable subordinated debt at 31 December 2019:
In millions of euros Outstanding at
31/12/2019 2020 2021 2022 2023 2024 2025 to 2029 After 2029
Redeemable subordinated debt 16,130 5 - 354 - 891 11,703 3,176
