Obbligazione HSBC France 1.625% ( FR0011645845 ) in EUR

HSBC France

100 EUR ▼

Francia

FR0011645845 ( in EUR )

1.625% per anno ( pagato 1 volta l'anno)

03/12/2018 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione HSBC France FR0011645845 in EUR 1.625%, scaduta

100 000 EUR

1 000 000 000 EUR

The Obbligazione issued by HSBC France ( France ) , in EUR, with the ISIN code FR0011645845, pays a coupon of 1.625% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 03/12/2018

Base Prospectus dated 14 December 2012
HSBC France
20,000,000,000
Euro Medium Term Note Programme
Under the Euro Medium Term Note Programme (the Programme) described in this base prospectus (the Base Prospectus), HSBC France (the Issuer),
subject to compliance with all relevant laws, regulations and directives, may from time to time issue Euro Medium Term Notes (the Notes). The aggregate
nominal amount of Notes outstanding will not at any time exceed 20,000,000,000 (or its equivalent in other currencies at the date of issue).
This Base Prospectus shall be in force for a period of one year as from the date of its approval by the Commission de Surveillance du Secteur Financier in
Luxembourg (the CSSF).
This Base Prospectus (together with all supplements thereto from time to time) contains the base terms and conditions of the Notes to be issued under the
Programme and constitutes a base prospectus for the purposes of Article 5.4 of the Directive 2003/71/EC of the European Parliament and of the Council of 4
November 2003, as amended (which includes the amendments made by Directive 2010/73/EU to the extent that such amendments have been implemented in
the relevant Member State of the European Economic Area) (the Prospectus Directive). The terms and conditions applicable to each Tranche (as defined in
"General Description of the Programme") not contained herein will be determined by the Issuer and the relevant Dealer(s) at the time of the issue on the basis
of the then prevailing market conditions and will be set out in the relevant final terms (the Final Terms) (a form of which is contained herein).Application has
been made to the CSSF in its capacity as competent authority for the purposes of the Prospectus Directive in Luxembourg under the loi relative aux
prospectus pour valeurs mobilières dated 10 July 2005 implementing the Prospectus Directive in Luxembourg (the Prospectus Act 2005) for the approval of
this Base Prospectus as a base prospectus for the purposes of the Prospectus Directive.
By approving this Base Prospectus, the CSSF assumes no responsibility as to the economic or financial soundness of the transactions contemplated by this
Base Prospectus or the quality and solvency of the Issuer in accordance with the provisions of article 7(7) of the Prospectus Act 2005.
Application has been made to the Luxembourg Stock Exchange for Notes issued under the Programme to be admitted to trading on the Luxembourg Stock
Exchange's regulated market and listed on the Official List of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange regulated market is a
regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC dated 21 April 2004 (each such market being a Regulated
Market). Notes issued under the Programme may also be listed and admitted to trading on any other Regulated Market in such Member State of the European
Economic Area (EEA) and/or offered to the public in any Member State of the EEA, in each case in accordance with the Prospectus Directive, or may be
listed on an unregulated stock exchange or market, or may be unlisted.
The relevant Final Terms in respect of the issue of any Notes will specify whether or not such Notes will be listed and admitted to trading and/or offered to the
public and, if so, the relevant Regulated Market(s) where the Notes will be listed and admitted to trading and/or the Member State(s) in the EEA where the
Notes will be offered to the public.
Notes may be issued either in dematerialised form (Dematerialised Notes) or in materialised form (Materialised Notes) as more fully described herein.
Dematerialised Notes will at all times be in book entry form in compliance with Articles L.211-3 et seq. of the French Code monétaire et financier. No
physical documents of title will be issued in respect of the Dematerialised Notes.
Dematerialised Notes may, at the option of the Issuer, be (i) in bearer form (au porteur) inscribed as from the issue date in the books of Euroclear France
(acting as central depositary) which shall credit the accounts of the Account Holders (as defined in "Terms and Conditions of the Notes - Form, Denomination,
Title and Redenomination") including Euroclear Bank S.A./N.V. (Euroclear) and the depositary bank for Clearstream Banking, société anonyme
(Clearstream, Luxembourg), or (ii) in registered form (au nominatif) and, in such latter case, at the option of the relevant Noteholder (as defined in "Terms
and Conditions of the Notes - Form, Denomination, Title and Redenomination"), in either fully registered form (au nominatif pur), in which case they will be
inscribed in an account maintained by the Issuer or by a registration agent (appointed in the relevant Final Terms) for the Issuer, or in administered registered
form (au nominatif administré) in which case they will be inscribed in the accounts of the Account Holders designated by the relevant Noteholder.
Materialised Notes will be in bearer materialised form only and may only be issued outside France. A temporary global certificate in bearer form without
interest coupons attached (a Temporary Global Certificate) will initially be issued in relation to Materialised Notes. Such Temporary Global Certificate will
subsequently be exchanged for definitive Materialised Notes with, where applicable, coupons for interest or talons attached (the Definitive Materialised
Notes), on or after a date expected to be on or about the 40th day after the issue date of the Notes (subject to postponement as described in "Temporary Global
Certificate in respect of Materialised Notes") upon certification as to non-U.S. beneficial ownership as more fully described herein. Temporary Global
Certificates will (a) in the case of a Tranche intended to be cleared through Euroclear and/or Clearstream, Luxembourg, be deposited on the issue date with a
common depositary for Euroclear and Clearstream, Luxembourg, or (b) in the case of a Tranche (as defined in "Terms and Conditions of the Notes") intended
to be cleared through a clearing system other than or in addition to Euroclear and/or Clearstream, Luxembourg or delivered outside a clearing system, be
deposited as agreed between the Issuer and the Relevant Dealer (as defined below).
Notes issued under the Programme may, or may not, be rated. The rating of a Tranche of Notes (if any) will be specified in the relevant Final Terms as well as
whether or not such credit ratings are issued by a credit rating agency established in the European Union and has applied for registration under Regulation
(EU) No. 1060/2009 (the CRA Regulation) as amended by Regulation (EU) No. 513/2011 and if so, whether the credit rating agency is included in the list of
credit rating agencies published by the European Securities and Markets Authority on its website (www.esma.europea.eu/page/List-registered-and-certified-
CRAs) in accordance with the CRA Regulation, will be disclosed in the Final Terms. A rating is not a recommendation to buy, sell or hold securities and may
be subject to suspension, change, or withdrawal at any time by the assigning rating agency without notice.
This Base Prospectus and any document incorporated by reference therein are available on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and on the website of the Issuer (for the Base Prospectus: www.hsbc.fr/1/2/hsbc-france/entreprises-
institutionnels/placements/nos-solutions-de-placement-individuelles/emissions-obligataires and for any document incorporated by reference:
www.hsbc.fr/1/2/hsbc-france/a-propos-d-hsbc/informations-financieres/information-reglementee).
Prospective investors should consider the factors described under the section "Risk Factors" for certain information relevant to an investment in the
Notes.
Arranger
HSBC
Dealers
HSBC France
HSBC

This Base Prospectus (together with all supplements thereto from time to time) contains or incorporates
by reference all relevant information concerning the Issuer and the Issuer and its consolidated
subsidiaries taken as a whole (the Group) which is necessary to enable investors to make an informed
assessment of the assets and liabilities, financial position, profit and losses and prospects of the Issuer, as
well as the base terms and conditions of the Notes to be issued under the Programme. The terms and
conditions applicable to each Tranche (as defined in "Terms and Conditions of the Notes") not contained
herein (including, without limitation, the aggregate nominal amount, the issue price, the redemption price
thereof, and interest, if any, payable thereunder) will be determined by the Issuer and the relevant
Dealer(s) at the time of issue and will be set out in the relevant Final Terms.
This Base Prospectus (together with all supplements thereto from time to time) may only be used for the
purposes for which it has been published.
This Base Prospectus should be read and construed in conjunction with any document and/or
information which is or may be incorporated herein by reference in accordance with Article 15 of the
Prospectus Act 2005 implementing the Prospectus Directive in Luxembourg and Article 28 of the
European Commission Regulation N°809/2004 (as amended) (see "Documents incorporated by
Reference" below).
No person is or has been authorised to give any information or to make any representation other than
those contained or incorporated by reference in this Base Prospectus in connection with the issue or sale
of the Notes and, if given or made, such information or representation must not be relied upon as having
been authorised by the Issuer, the Arranger or any of the Dealers (as defined in "Summary of the
Programme"). Neither the delivery of this Base Prospectus nor any sale made in connection herewith
shall, under any circumstances, create any implication that there has been no change in the affairs of the
Issuer or the Group since the date hereof or the date upon which this Base Prospectus has been most
recently supplemented or that there has been no adverse change in the financial position of the Issuer or
the Group since the date hereof or the date upon which this Base Prospectus has been most recently
supplemented or that any other information supplied in connection with the Programme is correct as of
any time subsequent to the date on which it is supplied or, if different, the date indicated in the document
containing the same.
The distribution of this Base Prospectus and the offering or sale of the Notes in certain jurisdictions may
be restricted by law. Persons into whose possession this Base Prospectus comes are required by the Issuer,
the Dealers and the Arranger to inform themselves about and to observe any such restriction. For a
description of these and certain further restrictions on offers, sales and transfers of Notes and on
distribution of this Base Prospectus, see "Subscription and Sale".
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the
Securities Act) or with any securities regulatory authority of any state or other jurisdiction of the United
States and the Notes may include Materialised Notes in bearer form that are subject to U.S. tax law
requirements. Subject to certain exceptions, the Notes may not be offered or sold or, in the case of
Materialised Notes in bearer form, delivered within the United States or to, or for the account or benefit
of, United States persons as defined in Regulation S under the Securities Act (Regulation S) or, in the case
of certain Materialised Notes in bearer form, the U.S. Internal Revenue Code of 1986 and regulations
thereunder. The Notes are being offered and sold outside the United States to non-U.S. Persons in
reliance on Regulation S.
This Base Prospectus has not been submitted to the clearance procedures of the Autorité des marchés
financiers.
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer, the
Arranger or the Dealers to subscribe for, or purchase, any Notes.
2

The Arranger and the Dealers have not separately verified the information contained or incorporated by
reference in this Base Prospectus. Neither the Arranger nor any of the Dealers (except HSBC France in
its capacity as Issuer, and then only to the extent set out under "Person responsible for the information
given in the Base Prospectus") makes any representation, express or implied, or accepts any
responsibility, with respect to the accuracy or completeness of any of the information contained or
incorporated by reference in this Base Prospectus. Neither this Base Prospectus nor any other
information supplied in connection with the Programme (including any information incorporated by
reference therein) is intended to provide the basis of any credit or other evaluation and should not be
considered as a recommendation by any of the Issuer, the Arranger or the Dealers that any recipient of
this Base Prospectus or any other information supplied in connection with the Programme (including any
information incorporated by reference therein) should purchase the Notes. Each prospective investor
should determine for itself the relevance of the information contained or incorporated by reference in this
Base Prospectus and its investment in the Notes should be based upon such investigation as it deems
necessary. Neither the Arranger nor any of the Dealers undertakes to review the financial condition or
affairs of the Issuer or the Group during the life of the arrangements contemplated by this Base
Prospectus nor to advise any investor or potential investor in the Notes of any information coming to the
attention of any of the Dealers or the Arranger.
In connection with the issue of any Tranche, the Dealer or Dealers (if any) named as the stabilising
manager(s) (the Stabilising Manager(s)) (or persons acting on behalf of any Stabilising Manager(s)) in the
applicable Final Terms may over-allot Notes or effect transactions with a view to supporting the market
price of the Notes at a level higher than that which might otherwise prevail. However, there is no
assurance that the Stabilising Manager(s) (or persons acting on behalf of a Stabilising Manager) will
undertake stabilisation action. Any stabilisation action may begin on or after the date on which adequate
public disclosure of the Final Terms of the offer of the relevant Tranche is made and, if begun, may be
ended at any time, but it must end no later than the earlier of thirty (30) days after the issue date of the
relevant Tranche and sixty (60) days after the date of the allotment of the relevant Tranche. Any
stabilisation action or over-allotment shall be conducted in accordance with all applicable laws and rules.
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references to , Euro,
euro and EUR are to the lawful currency of the member states of the European Union that have adopted
the single currency in accordance with the Treaty establishing the European Community, as amended by
the Treaty on European Union and as amended by the Treaty of Amsterdam, references to £, pounds
sterling and Sterling are to the lawful currency of the United Kingdom, references to $, USD and US
dollars are to the lawful currency of the United States of America, references to ¥, JPY and Yen are to the
lawful currency of Japan and references to CHF and Swiss Francs are to the lawful currency of
Switzerland.
3

RETAIL CASCADES
In the context of any offer of Notes in France, the United Kingdom, Germany, the Netherlands, Belgium, the
Grand Duchy of Luxembourg, Spain and/or Italy (the Public Offer Jurisdictions) that is not within an
exemption from the requirement to publish a prospectus under the Prospectus Directive, as amended, (a Public
Offer), the Issuer consents to the use of the Base Prospectus and the relevant Final Terms (the Prospectus) in
connection with a Public Offer of any Notes during the offer period specified in the relevant Final Terms (the
Offer Period) and in the Public Offer Jurisdiction(s) specified in the relevant Final Terms by:
(1) subject to conditions set out in the relevant Final Terms, any financial intermediary designated in such Final
Terms; or
(2) if so specified in the relevant Final Terms, any financial intermediary which satisfies the following
conditions: (a) acts in accordance with all applicable laws, rules, regulations and guidance of any applicable
regulatory bodies (the Rules), from time to time including, without limitation and in each case, Rules relating to
both the appropriateness or suitability of any investment in the Notes by any person and disclosure to any
potential investor; (b) complies with the restrictions set out under "Subscription and Sale" in this Base
Prospectus which would apply as if it were a Dealer; (c) ensures that any fee (and any commissions or benefits
of any kind) received or paid by that financial intermediary in relation to the offer or sale of the Notes is fully
and clearly disclosed to investors or potential investors; (d) holds all licences, consents, approvals and
permissions required in connection with solicitation of interest in, or offers or sales of, the Notes under the
Rules; (e) retains investor identification records for at least the minimum period required under applicable
Rules, and shall, if so requested, make such records available to the relevant Dealer(s) and the Issuer or directly
to the appropriate authorities with jurisdiction over the Issuer and/or the relevant Dealer(s) in order to enable the
Issuer and/or the relevant Dealer(s) to comply with anti-money laundering, anti-bribery and "know your client"
rules applying to the Issuer and/or the relevant Dealer(s); (f) does not, directly or indirectly, cause the Issuer or
the relevant Dealer(s) to breach any Rule or any requirement to obtain or make any filing, authorisation or
consent in any jurisdiction; and (g) satisfies any further conditions specified in the relevant Final Terms, (in
each case an Authorised Offeror). For the avoidance of doubt, none of the Dealers or the Issuer shall have any
obligation to ensure that an Authorised Offeror complies with applicable laws and regulations and shall
therefore have no liability in this respect.
The Issuer accepts responsibility, in the Public Offer Jurisdiction(s) specified in the Final Terms, for the content
of the Prospectus in relation to any person (an Investor) in such Public Offer Jurisdiction(s) to whom an offer of
any Notes is made by any Authorised Offeror and where the offer is made during the period for which that
consent is given. However, neither the Issuer nor any Dealer has any responsibility for any of the actions of any
Authorised Offeror, including compliance by an Authorised Offeror with applicable conduct of business rules or
other local regulatory requirements or other securities law requirements in relation to such offer.
The consent referred to above relates to Offer Periods (if any) occurring within 12 months from the date of the
approval of this Base Prospectus by the CSSF.
In the event the Final Terms designate financial intermediary(ies) to whom the Issuer has given its consent to
use the Prospectus during an Offer Period, the Issuer may also give consent to additional Authorised Offerors
after the date of the relevant Final Terms and, if it does so, it will publish any new information in relation to
such Authorised Offerors who are unknown at the time of the approval of this Base Prospectus or the filing of
the relevant Final Terms at www.hsbc.fr/1/2/hsbc-france/entreprises-institutionnels/placements/nos-solutions-
de-placement-individuelles/emissions-obligataires.
If the Final Terms specify that any financial intermediary may use the Prospectus during the Offer
Period, any such Authorised Officer is required, for the duration of the Offer Period, to publish on its
website that it is using the Prospectus for the relevant Public Offer with the consent of the Issuer and in
accordance with the conditions attached thereto.
4

Other than as set out above, neither the Issuer nor any of the Dealers has authorised the making of any Public
Offer by any person in any circumstances and such person is not permitted to use the Prospectus in connection
with its offer of any Notes. Any such offers are not made on behalf of the Issuer or by any of the Dealers or
Authorised Offerors and none of the Issuer or any of the Dealers or Authorised Offerors has any responsibility
or liability for the actions of any person making such offers.
An Investor intending to acquire or acquiring any Notes from an Authorised Offeror will do so, and
offers and sales of the Notes to an Investor by an Authorised Offeror will be made, in accordance with
any terms and other arrangements in place between such Authorised Offeror and such Investor including
as to price allocations and settlement arrangements (the Terms and Conditions of the Public Offer). The
Issuer will not be a party to any such arrangements with Investors (other than Dealers) in connection
with the offer or sale of the Notes and, accordingly, the Base Prospectus and any Final Terms will not
contain such information. The Terms and Conditions of the Public Offer shall be provided to Investors by
that Authorised Offeror at the time of the Public Offer. Neither the Issuer nor any of the Dealers or other
Authorised Offerors has any responsibility or liability for such information.
5

TABLE OF CONTENTS
Page
SUMMARY OF THE PROGRAMME..............................................................................................................7
RESUME EN FRANÇAIS DU PROGRAMME.................................................................................................20
RISK FACTORS ............................................................................................................................................33
PERSON RESPONSIBLE FOR THE INFORMATION GIVEN IN THE BASE PROSPECTUS.....................43
DOCUMENTS INCORPORATED BY REFERENCE ....................................................................................44
SUPPLEMENT TO THE BASE PROSPECTUS.............................................................................................48
GENERAL DESCRIPTION OF THE PROGRAMME ....................................................................................49
TERMS AND CONDITIONS OF THE NOTES..............................................................................................55
USE OF PROCEEDS .....................................................................................................................................85
RECENT DEVELOPMENTS.........................................................................................................................86
TEMPORARY GLOBAL CERTIFICATES IN RESPECT OF MATERIALISED NOTES..............................88
TAXATION ...................................................................................................................................................90
FORM OF FINAL TERMS ............................................................................................................................94
SUBSCRIPTION AND SALE ......................................................................................................................111
GENERAL INFORMATION........................................................................................................................118
0013112-0000239 PA:9476790.12
6

SUMMARY OF THE PROGRAMME
Summaries are made up of disclosure requirements known as `Elements'. These elements are numbered in
Sections A E (A.1 E.7).
This summary contains all the Elements required to be included in a summary for this type of securities and
Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence
of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of securities and
Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short
description of the Element is included in the summary with the mention of `not applicable'.
This summary is provided for purposes of the issue by HSBC France of Notes of a denomination less than
100,000.
Section A - Introduction and warnings
A.1
General
This summary should be read as an introduction to this Base Prospectus. Any
disclaimer
decision to invest in the Notes should be based on a consideration by any investor
regarding the
of the Base Prospectus as a whole, including any documents incorporated by
summary
reference and any supplement from time to time. Where a claim relating to
information contained in this Base Prospectus is brought before a court, the plaintiff
may, under the national legislation of the Member State of the European Economic
Area where the claim is brought, be required to bear the costs of translating this
Base Prospectus before the legal proceedings are initiated. Civil liability attaches
only to those persons who have tabled the summary, including any translation
thereof, but only if the summary is misleading, inaccurate or inconsistent when read
together with the other parts of this Base Prospectus or it does not provide, when
read together with the other parts of this Base Prospectus, key information in order
to aid investors when considering whether to invest in the Notes.
A.2
Information
regarding
[Not applicable, the Notes have a denomination of at least 100,000 (or its
consent by the
equivalent in another currency)]
Issuer to the use
[In the context of the offer of the Notes in [] (Public Offer Jurisdiction[s]) which
of the Prospectus
is not made within an exemption from the requirement to publish a prospectus
under the Prospectus Directive, as amended (the Public Offer), the Issuer consents
to the use of the Prospectus in connection with such Public Offer of any Notes
during the period from [] until [] (the Offer Period) and in the Public Offer
Jurisdiction[s] by [] / [any financial intermediary] (the Authorised Offeror[s]).
[The Authorised Offeror[s] must satisfy the following conditions: []]
For the avoidance of doubt, none of the Dealers or the Issuer shall have any
obligation to ensure that an Authorised Offeror complies with applicable laws and
regulations and shall therefore have no liability in this respect.
The Issuer accepts responsibility, in the Public Offer Jurisdiction[s], for the content
of the Prospectus in relation to any person (an Investor) in such Public Offer
Jurisdiction[s] to whom an offer of any Notes is made by any Authorised Offeror
and where the offer is made during the period for which that consent is given.
However, neither the Issuer nor any Dealer has any responsibility for any of the
7

actions of any Authorised Offeror, including compliance by an Authorised Offeror
with applicable conduct of business rules or other local regulatory requirements or
other securities law requirements in relation to such offer.
An Investor intending to acquire or acquiring any Notes from an Authorised
Offeror will do so, and offers and sales of the Notes to an Investor by an
Authorised Offeror will be made, in accordance with any terms and other
arrangements in place between such Authorised Offeror and such Investor
including as to price allocations and settlement arrangements (the Terms and
Conditions of the Public Offer). The Issuer will not be a party to any such
arrangements with Investors (other than Dealers) in connection with the offer
or sale of the Notes and, accordingly, the Base Prospectus and any Final Terms
will not contain such information. The Terms and Conditions of the Public
Offer shall be provided to Investors by that Authorised Offeror at the time of
the Public Offer. Neither the Issuer nor any of the Dealers or other Authorised
Offerors has any responsibility or liability for such information.]
Section B Issuer
B.1
The legal and
HSBC France (the Issuer).
commercial
name of the
Issuer
B.2
The domicile
HSBC France is a société anonyme incorporated in France under French law and is
and legal form
headquartered at 103, avenue des Champs-Elysées (75008 Paris).
of the Issuer,
the legislation
under which
the Issuer
operates and
its country of
incorporation
B.4b
A description
Not applicable. There are no known trends affecting the Issuer and the industries in
of any known
which it operates.
trends
affecting the
Issuer and the
activities in
which it
operates
B.5
Description of
HSBC Bank plc, headquartered in London, holds 99.99% of HSBC France share
the Issuer's
capital and voting rights. HSBC Bank plc, is a 100% subsidiary of HSBC Holdings
Group and the
plc, the holding company for the HSBC Group, one of the world's largest banking
Issuer's
and financial services organisations.
position within
the Group
B.9
Profit forecast
Not applicable. There is no profit forecast or estimate.
or estimate
B.10
Qualifications
Not applicable, there is no qualification in the Statutory auditors' report. The
in the auditors' Statutory auditors' report on the 2010 parent company financial statements, on page
8

report
210 of the 2010 Registration Document, contains a remark. The Statutory auditors
have stated that "Without qualifying our opinion, we draw your attention to the
matter set out in Note 1 c to the annual financial statements regarding the
application of Comité de la Réglementation Comptable (CRC) Regulation 2009-03
concerning the recognition of fees received by credit institutions and incremental
transaction costs incurred upon the granting or securing of loans."
B.12
Selected
HSBC France group
historical key
(in millions of euros)
30/06/2012
2011
2010
financial
Profit before tax
234
59
512
information
Profit attributable to shareholders
of the parent company
193
123
454
Profit before tax for the HSBC
Group's operations in France
278
191
628
Loan impairment charges
and other credit risk provisions
42
109
122
Operating profit
234
59
512
Cash and cash equivalents at
the end of the period
27,675
29,033
30,091
Shareholders' funds
of the parent company
5,060
4,821
4,832
Loans and advances
to customers and banks
84,370
82,984
95,291
Customer accounts and
deposits by banks
86,821
75,234
86,055
Total assets
240,345
221,390
210,836
Total capital
11.7%
10.7%
12.0%
Tier One capital
11.7%
10.7%
12.1%
9

Notes
30 June 2012
30 June 2011
(in millions of euros)
Interest income
942
981
Interest expense
(452)
(547)
Net interest income
490
434
Fee income
492
533
Fee expense
(125)
(131)
Net fee income
367
402
Trading income
279
232
Net income from financial instruments
designated at fair value
(65)
3
Gains less losses from financial
investments
14
36
Dividend income
4
5
Other operating income
18
19
Total operating income before loan
impairment
(charges)/releases and other credit
risk provisions
1,107
1,131
Loan impairment charges and other
credit risk provisions
5
(42)
(42)
Net operating income
1,065
1,089
Employee compensation and benefits
(533)
(515)
General and administrative expenses
(271)
(279)
Depreciation of property, plant and
equipment
(23)
(21)
Amortisation of intangible assets and
impairment of goodwill
(4)
(4)
Total operating expenses
(831)
(819)
Operating profit
234
270
Share of profit in associates and
joint ventures
-
-
Profit before tax
234
270
Tax expense
(40)
(42)
Profit from continuing operations
194
228
Discontinued operations
Net profit on discontinued operations
-
-
Profit for the period
194
228
Profit attributable to shareholders
of the parent company
193
228
Profit attributable to
non-controlling interests
1
-
(in euros)
10