135 Assets representing unit-linked policies Financial assets designated at fair value through profit or loss Government securities and similar Bonds and other fixed income securities Equities and other variable income securities UCITS Loans and receivables due from credit institutions Customer loans and advances Debt securities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10.3 REMINDER OF THE REFORM OF INTEREST RATE INDICES AND IMPLICATIONS FOR THE CRÉDIT AGRICOLE GROUP The reform of the IBOR (InterBank Offered Rates) indices initiated by the Financial Stability Board in 2014 aims to replace these indices with alternative rates and more specifically with Risk Free Rates (RFR). This reform accelerated on 5 March 2021 when the IBA - the administrator of LIBOR - confirmed the important milestone of the end of 2021 for the end of publication or non-representativeness of LIBOR, except for the most widely used tenors of USD LIBOR (overnight, one, three, six and twelve month maturities) for which the date is set for 30 June 2023. Since then, other announcements have been made: • The cessation of publication of several indices calculated on the basis of swaps referencing USD LIBOR, scheduled for the end of June 2023: ICE SWAP RATE USD, MIFOR (India), SOR (Singapore) and THBFIX (Thailand); • Termination of CDOR (Canada) after 28 June 2024 on tenors not yet decided (one, two and three months); • And more recently, the end of WIBOR - the Polish benchmark index, classified as critical by the European Commission - at the end of 2024. Since the beginning of 2019, Crédit Agricole Group has been preparing and managing the transition to interest rate indices for all its activities. These transitions are in line with the timetables and standards defined by the banking industry - some of which Crédit Agricole participates in - and the European regulatory framework (BMR). In accordance with the recommendations of national working groups and the authorities, Crédit Agricole Group recommends and favours switching to alternative indices in anticipation of the disappearance of benchmark indices, while aiming to meet the deadlines set by the market and even imposed by the authorities. Generally speaking, the Group's efforts to upgrade its tools and processes, and the strong commitment of its support teams and business units to absorbing the workload generated by these changes, particularly contract renegotiations, have ensured that these transitions are carried out in an orderly and controlled manner. All the actions undertaken since 2019 will enable the Group's entities to ensure the continuity of their business after the disappearance of IBORs and to be in a position to manage new product offerings referencing RFRs or certain RFRs in the future.
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