144 NOTE 10: RECLASSIFICATION OF FINANCIAL INSTRUMENTS N/A NOTE 11: FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value is the price that would be received to sell an asset or paid to transfer a liability in a standard arm’s length transaction between market participants at the measurement date. Fair value is based on the “exit price”. The fair values shown below are estimates made as at the reporting date using observable market data wherever possible. These are subject to change in subsequent periods due to developments inmarket conditions or other factors. The calculations made are best estimates. They are based on a number of assumptions. It is assumed that market participants act in their best economic interest. To the extent that these models contain uncertainties, the fair values shown may not be achieved upon the actual sale or immediate settlement of the financial instruments concerned. The fair value hierarchy of financial assets and liabilities is broken down according to the general observability criteria for the inputs used to measure fair value, pursuant to the principles defined under IFRS 13. Level 1 of the hierarchy applies to the fair value of financial assets and liabilities quoted in active markets. Level 2 of the hierarchy applies to the fair value of financial assets and liabilities for which there are observable inputs. This notably includes parameters relating to interest rate risk or credit risk when the latter can be reassessed based on Credit Default Swap (CDS) spreads. Securities bought or sold under repurchase agreements with underlyings quoted inanactivemarket arealso included inLevel 2of thehierarchy, asare financial assetsand liabilitieswithademandcomponent for which fair value is measured at unadjusted amortised cost. Level 3 of the hierarchy indicates the fair value of financial assets and liabilities for which there are no observable data or for which certain parameters may be reassessed based on internal models using historic data. This includes, in particular, parameters relating to credit risk or early redemption risk. In some cases, market values are close to carrying amounts. These notably include: - variable rate assets or liabilities for which changes in interest rates do not have a significant influence on fair value, since the rates of these instruments frequently adjust to market rates; - short-term assets or liabilities for which the redemption value is deemed to be close to market value; - instruments traded in a regulatedmarket (e.g. regulated savings products), whose prices are set by the public authorities; - assets or liabilities due on demand; - transactions forwhich thereareno reliableobservabledata. Financial instruments given and received as collateral (in thousands of euros) 31/12/2021 31/12/2020 Book value of financial assets pledged as collateral (including transferred assets) Securities and claims provided as collateral for refinancing arrangements (Banque de France, CRH, etc.) 9,607 Loaned securities Security deposits on market transactions 29,304 17,454 Other security deposits Securities sold under repurchase agreements Total book value of financial assets pledged as collateral 38,911 17,454 Book value of financial assets received as collateral Other security deposits Fair value of assets received as collateral that may be and are repledged Securities borrowed Securities received under reverse repurchase agreements 1,975,161 1,684,545 Securities sold short Total fair value of assets received as collateral that may be and are repledged 1,975,161 1,684,545
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