68 Benchmark index reforms In early 2019, the Crédit Agricole Group implemented a programme to prepare and manage the transition of benchmarks for all its activities, with dedicated projects in each of the entities affected. This programme is in line with the timetables and standards defined by themarket - some of which Crédit Agricole has actively participated in - and the European regulatory framework (BMR). In accordancewith the recommendations of the national workinggroupsandtheauthorities, theGrouphas favoured switching to alternative indices as far as possible in anticipation of the disappearance of the benchmark indices, while aiming to comply with the deadlines set by themarket or even imposed by the authorities and, as far as possible, the incentivemilestones. Major investments and considerable involvement of the operational teams and business lines have beenmade to adapt the tools and absorb the workload caused by the transitions, including the modification of contracts. It should be noted that IT developments have been very dependent on the timing of thedeterminationof alternative target indices toLIBOR and the emergence of market standards. These transitions have been achieved in an orderly and controlled manner through all the actions undertaken since 2019. In the second half of 2021, entities focused in particular on finalisingall ITdevelopmentsand intensifying information and interaction with customers to explain the transition arrangements in greater detail and to continue efforts to prevent conduct risks. The work carried out also enabled the Group's entities to manage the newRFR product offerings while preserving the customer experience and customer satisfaction. NOTE 1: Principles and methods applicable within the Group, and judgements and estimates used. 1.1 APPLICABLE STANDARDS AND COMPARABILITY Pursuant to EC Regulation no. 1606/2002, the consolidated financial statements have been prepared in accordance with IAS/IFRS standards and IFRIC interpretations applicable as at 31 December 2021 and as adopted by the European Union (carve-out version), thus using certain exceptions in the application of IAS 39 on macro-hedge accounting. These standards and interpretations are available on the European Commission website at the following address: https://ec.europa.eu/info/business-economy-euro/companyreporting-and-auditing/company-reporting/financialreporting_en The standards and interpretations are identical to those used and described in the Group’s financial statements as at 31 December 2020. They havebeen supplementedby the IFRSstandards adopted by the European Union as of 31 December 2021, whichmust be applied for the first time for the 2021 financial year. These relate to: Standards, Amendments or Interpretations Date of first application: financial years beginning on or after Applicable in the Group Amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Reform of reference interest rates – Phase 2 1 January 2021 (1) Yes Amendment to IFRS 16 2nd amendment on rent concessions related to COVID-19 1 April 2021 (2) (1) The Group decided to apply the amendment to IFRS 9, IAS 39, IFRS 7, 4 and IFRS 16 on the Interest Rate Benchmark Reform - Phase 2 as early as 1 January 2019. (2) N/A NOTES TO THE financial statements
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