2018 Registration document and annual fi nancial report - BNP PARIBAS 485
6INFORMATION ON THE PARENT COMPANY FINANCIAL STATEMENTS 31 DECEMBER 2018
6
Notes to the parent company fi nancial statements
➤ CHANGE IN PROVISIONS FOR REGULATED SAVINGS PRODUCTS
In millions of euros
Year to 31 Dec. 2018 Year to 31 Dec. 2017
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 153 3 171 3
Additions to provisions during the period - - - -
Provision write-backs during the period (21) - (18) -
Provisions at end of period 132 3 153 3
3.l SUBORDINATED DEBT
In millions of euros, at 31 December 2018 31 December 2017
Redeemable subordinated debt 14,405 12,331
Undated subordinated debt 9,115 8,781
Undated Super Subordinated notes 8,397 8,074
Undated Floating-Rate Subordinated notes 493 482
Undated Participating Subordinated notes 225 225
Related debt 344 319
SUBORDINATED DEBT 23,864 21,431
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 subject to approval by the banking supervisory authorities.
In 2017, four subordinated notes were redeemed early under a call option, in accordance with the date specifi ed in the issue notice. These transactions resulted in the reduction in outstanding redeemable subordinated debt of EUR 1,963 million. In addition, four subordinated notes were issued in 2017 totalling EUR 1,268 million.
In 2018 a subordinated note was redeemed at maturity resulting in a EUR 85 million reduction in outstanding redeemable subordinated debt. In addition, fi ve subordinated notes were issued in 2018 totalling EUR 1,832 million.
The following table gives the maturity schedule for redeemable subordinated debt at 31 December 2018:
In millions of euros Outstanding at
31/12/2018 2019 2020 2021 2022 2023 2024 to 2028 After 2028
Redeemable subordinated debt 14,405 - 5 - 335 - 12,154 1,911
The following table gives the maturity schedule for redeemable subordinated debt at 31 December 2017:
In millions of euros Outstanding at
31/12/2017 2018 2019 2020 2021 2022 2023 to 2027 After 2027
Redeemable subordinated debt 12,331 85 - 5 - 339 11,227 675
