55 Holders of equity securities and creditors ranking pari passu or enjoying identical rights in liquidation would then be treated equally regardless of which Group's CFM Indosuez Wealth they are creditors of. The scope of this bail-in, which is also intended to recapitalise the Crédit Agricole Group, is based on capital requirements at consolidated level. Investors should therefore be aware that there is a significant risk that holders of shares, CCIs and CCAs and holders of debt instruments of a member of the network will lose all or part of their investment in the event of the implementation of a bank resolution procedure on the Group, regardless of whether CFM Indosuez Wealth is the creditor. The other banking resolution tools available to the resolution authorities are essentially the total or partial transfer of the institution's activities to a third party or a bridge institution and the separation of the institution's assets. This resolution mechanism does not call into question the legal mechanism of internal financial solidarity provided for in article L. 511-31 of the CMF, applied to the Crédit Agricole network as defined by article R 512-18 of the same Code. Crédit Agricole S.A. considers that, in practice, this mechanism should be exercised prior to any resolution measure. The application of the resolution procedure to the Crédit Agricole Group thus assumes that the legal mechanism of internal solidarity would not have been able to remedy the failure of one or more entities of the network, and therefore of the network as a whole. It is also likely to limit the conditions under which the guarantee of Crédit Agricole S.A.'s obligations granted in 1988 in favour of its third-party creditors by all the Regional Banks, jointly and severally, and up to the amount of their aggregate shareholders' equity, can be implemented. It should be noted that this guarantee may be triggered in the event of Crédit Agricole S.A. having insufficient assets following its compulsory liquidation or dissolution.
RkJQdWJsaXNoZXIy NzMxNTcx