2019 Universal registration document and annual financial report - BNP PARIBAS 223

4Consolidated finanCial statements for the year ended 31 deCemBer 2019

4

Notes to the financial statements

5.r TRANSFERS OF FINANCIAL ASSETS Financial assets that have been transferred but not derecognised by the Group are mainly composed of securities sold temporarily under repurchase agreements or securities lending transactions, as well as securitised assets. The liabilities associated to securities temporarily sold under repurchase agreements consist of debts recognised under the repurchase agreements heading. The liabilities associated to securitised assets consist of the securitisation notes purchased by third parties.

➤ SECURITIES LENDING, REPURCHASE AGREEMENTS AND OTHER TRANSACTIONS:

In millions of euros, at

31 December 2019 31 December 2018

Carrying amount of transferred assets

Carrying amount of associated

liabilities Carrying amount of transferred assets

Carrying amount of associated

liabilities

Securities lending operations

Financial instruments at fair value through profit or loss 13,358 - 6,838 -

Financial assets at amortised cost 1,408 - 801 -

Financial assets at fair value through equity 320 - 25 -

Repurchase agreements

Financial instruments at fair value through profit or loss 33,203 33,148 34,871 34,699

Financial assets at amortised cost 3,664 3,621 627 624

Financial assets at fair value through equity 988 984 1,766 1,766

Financial investments of insurance activities 5,844 5,921 5,979 5,855

TOTAL 58,785 43,674 50,907 42,944

➤ SECURITISATION TRANSACTIONS PARTIALLY REFINANCED BY EXTERNAL INVESTORS, WHOSE RECOURSE IS LIMITED TO THE TRANSFERRED ASSETS:

In millions of euros, at 31 December 2019 Carrying amount of transferred assets

Carrying amount of associated

liabilities Fair value of

transferred assets

Fair value of associated

liabilities Net position

Securitisation

Financial instruments at fair value through profit or loss 28 28 28 28 -

Financial assets at amortised cost 19,674 17,431 19,035 17,471 1,564

Financial assets at fair value through equity

18 18 17 17 -

TOTAL 19,720 17,477 19,080 17,516 1,564

In millions of euros, at 31 December 2018 Carrying amount of transferred assets

Carrying amount of associated

liabilities Fair value of

transferred assets

Fair value of associated

liabilities Net position

Securitisation

Financial instruments at fair value through profit or loss 163 163 163 163 -

Financial assets at amortised cost 14,050 12,913 14,227 12,916 1,311

Financial assets at fair value through equity

21 21 21 21 -

TOTAL 14,234 13,097 14,411 13,100 1,311

There have been no significant transfers leading to partial or full derecognition of the financial assets in which the Bank has a continuing involvement.