Laporan Publikasi Tahunan 2015
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PT BANK BNP PARIBAS INDONESIA LAPORAN TAHUNAN 2015 ANNUAL REPORT 2015 DAFTAR ISI Halaman/ Page TABLE OF CONTENTS Sambutan Persiden Direktur 2 President Director’s Message Struktur Organizasi 4 Organization Chart Struktur Bisnis Grup 5 Business Group Structure Profil Perusahaan 7 Company Profile Pandangan Makroekonomi Indonesia 14 Indonesia Macroeconomic Insights Kinerja Manajemen 17 Management Performance Kinerja Keuangan 35 Financial Performance Informasi Kredit 37 Credit Information Ringkasan Riwayat Pejabat Eksekutif 38 Executive Officers’ Curriculum Vitae Laporan Keuangan Audit 40 Audited Financial Statement Tabel Lampiran -- Annexes: Financial Tables 1 Sambutan Presiden Direktur President Director’s Message Luc Cardyn 2015 telah menjadi tahun yang penuh tantangan namun bermanfaat untuk PT Bank BNP Paribas Indonesia di tengah perlambatan ekonomi global, dengan Bank terus membukukan pertumbuhan yang kuat di neraca serta pinjaman. 2015 has been a challenging yet rewarding year for PT Bank BNP Paribas Indonesia amidst a global economic slowdown, with the Bank continuing to book strong growth in its balance sheet as well as its loan. Neraca bank tumbuh sebesar 33% menjadi hampir Rp 13 triliun dibandingkan dengan hanya Rp 9,7 triliun tahun lalu. Pinjaman kepada nasabah tumbuh bahkan lebih spektakuler dengan 83% menjadi Rp 7,1 triliun dibandingkan dengan Rp 3,9 triliun tahun sebelumnya. Kualitas pertumbuhan kredit dikelola dengan baik dengan jelas dengan tidak adanya kredit bermasalah sampai dengan saat ini. The Bank was able to grow its balance sheet by 33% to almost IDR 13 trillion as compared to only IDR 9.7 trillion a year ago. The loan book grew even more spectacularly by 83% to IDR 7.1 trillion as compared to IDR 3.9 trillion a year ago. The quality of the loan growth is well managed with the evident of zero NPL to date. Bank mencapai laba sebelum pajak sebesar Rp 152 miliar untuk tahun bersangkutan. The Bank achieved a NPAT of IDR 152 billion for the year. Selain itu, modal telah diperkuat dengan pinjaman subordinasi baru dengan jangka waktu 10 tahun sebesar USD 25 juta pada akhir tahun 2015, meningkatkan modal Bank Rp 2.220 miliar. Komitmen pemegang saham kami dalam mengembangkan Bank lagi diperkuat dengan tidak didistrubsikan dividend dan laba 2015 yang ditahan. In addition, the Equity base has been strengthened with the additional injection of a new 10-year subordinated debt of USD 25 million in late 2015, boosting the Bank’s capital to IDR 2,220 billion. The commitment of our shareholders in growing the Bank is again confirmed by the full retention of the 2015 NPAT. Bank terus memperbesar basis nasabah dari Large Local Corporates dan institusi, serta meningkatkan keterlibatan kami dengan nasabah ini dengan produk perbankan. Selain untuk memenuhi meningkatnya kegiatan, Bank juga telah menambah karyawan dari middle, The Bank continued to enlarge its clientele base of Large Local Corporates and Institutions, as well as increasing our engagement with these clients with more flow banking products. In addition to cater for the increased activities, the Bank has also increased the staffing of the 2 back office dan support function untuk memastikan bahwa pertumbuhan tersebut dikelola dengan baik. middle, back offices and support functions to ensure that the growth is well managed. Bank berkomitmen dalam mematuhi persyaratan Good Corporate Governance dari Regulator dan telah diterapkan, proses didirikan di berbagai departemen, dikelola oleh direktur eksekutif dan kepala divisi. The Bank is committed in adhering beyond the Good Corporate Governance requirements of the Regulator and has put in place, established processes in various departments, managed by the executive directors and heads of departments. Kami telah menetapkan berbagai komite di tingkat direktur dan komisaris untuk memastikan bahwa kebijakan tidak hanya baik diberikan tapi diawasi sebagaimana mustinya. We have established various committees at the director and commissioner levels to ensure that policies are not only well administered but supervised accordingly. Bank dikelola dengan baik dalam semua aspek termasuk finansial dan operasional dengan strategi jangka panjang. The Bank’s affairs are well managed in all aspects including financially and operationally with a clear and focused strategy for the long term. Luc Cardyn Presiden Direktur / President Director 3 ORGANIZATION CHART – PT. BANK BNP PARIBAS INDONESIA As per 31 December 2015 AUDIT COMMITTEE BOARD OF COMMISIONERS RENUMERATION & NOMINANTION IT STEERING COMMITTEE BOARD OF DIRECTORS RISK MONITORING COMMITTEE ASSET & LIABILITY COMMITTEE PRESIDENT DIRECTOR RISK MANAGING COMMITTEE (2) INTERN AL AUDIT (1) COMPLIANC E DIRECTOR (1) COO (1) FACILITI ES (2) FINANC E& CONTR OL (3) LEGAL (2) CLM (4) BACK OFFICE (8) FIXED INCOME & ALM DIRECTOR (1) CORPOR ATE (5) EXPOR T FINAN CE TBA (2) CT. CREDIT MANA GEME NT (1) TRANS ACTIO N BANKI NG (1) MNC (3) MARKETI NG ASSISTAN T (1) COO OFFICE (1) IT (1) AML (1) OPC (1) IT APPLIC ATION (1) COM PLIA NCE (0) TBA ALM TRE ASU RY (1) FIXED INCO ME (5) LOCAL CORPORA TE (2) RISK PLANNIN G DIRECTO R (1) RMU/ RC (1) FINANC IAL INSTITU TION GROUP (1) CASH MANA GEME NT (2) HR (1) GLOBA L TRADE SERVIC E (1) IT INFRAS TRUCT URE (3) 4 Kepemilikan Direksi, Komisaris, dan Pemegang Saham Dalam Kelompok Usaha Bank Board of Directors, Board of Commissioners and Shareholders’ Ownership in the Bank Business Group Bank BNP Paribas Indonesia merupakan Bank yang 99% sahamnya dimiliki oleh BNP Paribas SA dan 1% oleh PT. BNP Paribas Sekuritas. Gambar di bawah adalah Struktur Kelompok Usaha Bank. 99% shares of Bank BNP Paribas Indonesia are held by BNP Paribas SA while 1% is by PT. BNP Paribas Sekuritas. Kepemilikan saham mayoritas BNP Paribas SA terhadap Bank BNP Paribas Indonesia tidak menyebabkan adanya intervensi terhadap kebijakan dan pelaksanaan operasional Bank. Direksi dan Komisaris Bank menjalankan manajemen Bank secara independen sesuai dengan prinsip pelaksanaan Good Corporate Governance (GCG) Bank. BNP Paribas SA being the main shareholders of the Bank does not have a direct right to intervene on the policy and procedure of the Bank. The Board of Directors and Commissioners manage the bank independently in compliance with Good Corporate Governance of the Bank. Direksi dan Komisaris Bank BNP Paribas Indonesia tidak mempunyai hubungan kepemilikan baik terhadap Pemegang Saham maupun terhadap Kelompok Usaha Bank. Neither any of the members of the Board of Directors nor Commissioners is a related party to the owners of the Bank nor to any of its subsidiaries or affiliated companies. 5 a. Struktur Keterkaitan Kepengurusan Dalam Kelompok Usaha Bank Komisaris dan Direksi Bank BNP Paribas Indonesia merupakan manajemen yang independen, tidak mempunyai keterkaitan kepengurusan baik dengan Pemegang Saham Pengendali maupun dengan Kelompok Usaha Bank kecuali Presiden Komisaris Jean Pierre Bernard yang merupakan perwakilan dari bank induk. b. Pemegang Saham yang Bertindak Atas Pemegang Saham Lain Tidak terdapat pemegang saham yang bertindak atas pemegang saham lain dalam Bank BNP Paribas Indonesia a. Management relationship within the business group of the bank The Board of Commissioners and Directors of Bank BNP Paribas Indonesia represent two independent boards, none of its members is related to neither any of the bank’s shareholders nor to any of the company business group, to the exception of Jean-Pierre Bernard who is a representative of the parent bank.. b. Shareholders acting on behalf of other shareholders There is no shareholder acting on behalf of other shareholder in Bank BNP Paribas Indonesia 6 Profil Perusahaan PT Bank BNP Paribas Indonesia Company Profile PT Bank BNP Paribas Indonesia Latar belakan Sejarah Historical Background • • • • PT Bank BNP Paribas Indonesia (“Bank”) adalah sebuah bank patungan semenjak tahun 1989. Dibentuk pada awalnya sebagai PT BANK BNP LIPPO INDONEDSIA, Pemegang Saham adalah Grup BNP (70%) dan Grup Lippo (30%) pada tahun 1999. Di tahun 2000 perubahan komposisi pemegang saham menjadi: BNP Paribas SA 99% dan PT BNP Paribas Securities Indonesia (sebelumnya PT BNP Prime Peregrine) 1%. Pada tanggal 22 November 2000 perubahan nama menjadi PT Bank BNP Paribas Indonesia untuk menggambarkan penggabungan antara Bank BNP dan Paribas. Produk dan jasa (per 31 Desember 2015) Bank beroperasi sebagai sebuah bank umum yang secara lengkap menyediakan segala fasilitas perbankan untuk perusahaan-perusahaan Indonesia skala menengah dan besar serta perusahaan-perusahaan multinasional: • Fasilitas-Fasilitas Perbankan Untuk Perusahaan: • Pinjaman modal kerja • Pinjaman sindikasi jangka menengah • Pembiayaan perdagangan • Pembiayaan proyek dan Structured Finance • Jaminan bank • Deposito: • Rekening koran • Deposito berjangka • Kegiatan-kegiatan treasuri dan fixed income: • Transaksi mata uang asing • Derivatif • Pasar uang • • PT Bank BNP Paribas Indonesia (“Bank”) was established as a joint-venture bank in 1989. Created as PT Bank BNP Lippo Indonesia, it had BNP Group (70%) and Lippo Group (30%) as Shareholders by 1999. • In 2000 the composition of shareholders was changed to: BNP Paribas SA 99% and PT BNP Paribas Securities Indonesia (formerly PT BNP Prime Peregrine) 1%. • On 22 November 2000, the name was changed to PT Bank BNP Paribas Indonesia to reflect the merger between BNP and Paribas. Product and services (as at 31 Desember 2015) The Bank operates as a commercial bank providing a full range of banking facilities for medium and large Indonesian and multinational companies:Fasilitas-Fasilitas Perbankan Untuk Perusahaan: • • • Corporate Banking: • • Working capital loan Medium term syndication loan • • Trade finance Project and structured finance • Bank guarantee Deposit: • Demand deposit • Time Deposit Treasury and Fixed Income activities: • • • Foreign exchange transaction Derivatives Money market 7 Informasi Umum General Information Kantor Pusat : Grand Indonesia Menara BCA, Lantai 35 Jl M H Thamrin no 1 Jakarta 10310 Indonesia Head Office : Grand Indonesia Menara BCA, 35th fl Jl M H Thamrin no 1 Jakarta 10310 Indonesia Telepon : + 62 21 23586262 Faksimili : + 62 21 23586098 SWIFT ID : BNPLIDJA Website : www.bnpparibas.co.id Telephone : + 62 21 23586262 Facsimile : + 62 21 23586098 SWIFT ID : BNPLIDJA Website : www.bnpparibas.co.id 8 Manajemen Dewan Komisaris Presiden Komisaris Komisaris Independen Komisaris Independen Direksi Presiden Direktur Direktur Kepatuhan Direktur Direktur Jean-Pierre Bernard Chris Kanter Soebowo Musa Luc Cardyn Maria Abdulkadir Setio Soejanto Winy Tijono Management Board of Commissioners President Commissioner Independent Commissioner Independent Commissioner Board of Directors President Director Compliance Director Director Director Jumlah Karyawan Master Bachelor Diploma 19 38 4 Number of employees Master Bachelor Diploma Jumlah per 31 Desember 2015 61 Total as at 31 December 2015 9 Informasi Lainnya • Pendirian: o Sebagai sebuah bank patungan dengan nama pertama PT Bank BNP Lippo Indonesia, berdasarkan Akta nomor: 111 tanggal 10 November 1989 dari Poerbaningsih Adi Warsito, SH., Notaris Umum di Jakarta dan disetujui oleh Menteri Kehakiman Republik Indonesia melalui Surat Keputusan No. C2.10578.HT.01.01.TH’89, tanggal 18 November 1989. o • Other Information • Established o As a joint-venture bank with initial name of PT Bank BNP Lippo Indonesia, under the Deed number 111 dated 10 November 1989 executed before Poerbaningsih Adi Warsito, SH., Notary Public in Jakarta and approved by the Minister of Justice of the Republic of Indonesia in its Decision Letter No. C2.10578.HT.01.01.TH’89, dated 18 November 1989. o Change into new name PT Bank BNP Paribas Indonesia based on Decision Letter of Minister of Law and Legislation of the Republic of Indonesia No.C-22222 HT.01.04.TH.2000 dated 10 October 2000, and Decision Letter of Senior Deputy Governor Bank Indonesia No. 2/29/KEP.DGS/2000 dated 22 November 2000. • Business License: o Decision Letter of Minister of Finance of the Republic of Indonesia No. 1415/KMK.013/1989 dated 23 Dec 1989. Berubah menjadi nama baru PT Bank BNP Paribas Indonesia berdasarkan Surat Keputusan Menteri Hukum dan Perundang-undangan Republik Indonesia No.C-22222 HT.01.04.TH.2000 tanggal 10 Oktober 2000, dan Surat Keputusan Deputi Senior Gubernur Bank Indonesia No. 2/29/KEP.DGS/2000 tanggal 22 November 2000. Ijin Usaha o Surat Keputusan Menteri Keuangan Republik Indonesia No. 1415/KMK.013/1989 tanggal 23 Desember 1989. 10 IKHTISAR KEUANGAN FINANCIAL HIGHLIGHTS 31 Desember/December 31 Rp Juta 2015 Rp Million 2014 Total Aset 12,930,650 9,742,466 Total Assets Total Kredit kepada Pihak Ketiga 7,165,491 3,924,453 Total Loans to Third Parties Total Dana Pihak Ketiga 3,087,932 3,146,870 Total Third Party Fund Pendapatan Bunga Bersih 289,917 234,433 Net Interest Income Laba (Rugi) Operasional 205,637 324,950 Operating Profit (Loss) Laba (Rugi) Sebelum Pajak 206,315 323,225 Profit (Loss) Before Tax Laba (Rugi) Bersih 152,171 245,148 Net Profit (Loss) Aset Produktif 14,437,914 13,901,936 Productive Assets Pinjaman Yang Diterima 1,723,125 1,486,200 Borrowings Pinjaman Subordinasi 344,625 - Subordinated Debts Total Biaya Dana (Biaya Bunga) 166,435 87,200 Modal Saham (Modal Disetor) 1,062,170 1,062,170 Share Capital (Authorized Capital) Total Modal 2,220,392 1,674,059 Total Capital Cost of Funds (Interest Expense) 11 RASIO KEUANGAN FINANCIAL RATIOS 31 Desember/December 31 2015 2014 Rasio Kewajiban Penyediaan Modal Minimum 23.51% 21.05% Capital Adequacy Ratio Aset Produktif Bermasala 0.00% 0.00% Non-Performing Assets Rasio NPL (Gross) 0.00% 0.00% Gross NPL Ratio Rasio NPL (Neto) 0.00% 0.00% Net NPL Ratio Posisi Devisa Neto (PDN) 2.03% 4.14% Net Open Position (NOP) Loan to Deposit Ratio (LDR) 232.05% 124.57% Giro Wajib Minimum Rupiah (GWM Rp.) 8.65% 8.23% Minimum Reserve Requirement (IDR) Marjin Bunga Neto (NIM) 3.03% 2.16% Net Interest Margin (NIM) Biaya Operasional terhadap Pendapatan Opersional (BOPO) 63.47% 49.85% Operational Expense to Operational Income Return on Assets (ROA) 1.81% 4.57% Return on Assets (ROA) Return on Equity (ROE) 8.45% 15.11% Return on Equity (ROE) Pelanggaran Terhadap BMPK 0.00% 0.00% Legal Lending Limit Violation Pelampauan Terhadap BMPK 0.00% 0.00% Legal Lending Limit Excess Loan to Deposit Ratio (LDR) 12 SUKU BUNGA INTEREST RATES Tingkat Bunga Rata-rata per Tahun 31 Desember/December 31 2015 Average Interest Rates per Annum 2014 Simpanan Nasabah Deposit from Customers Deposito Berjangka Time Deposits Rupiah 8.77% 7.03% Rupiah Valuta Asing 0.75% 0.51% Foreign Currency Giro Demand Deposit Rupiah 4.28% 3.85% Valuta Asing 0.08% - Kredit: Pinjaman Berjangka dan Sindikasi Rupiah Valuta Asing Rupiah Foreign Currency Loans: Term Loans and Syndicated Loans 10.02% 8.48% Rupiah 3.57% 3.47% Foreign Currency 13 PANDANGAN MAKROEKONOMI INDONESIA INDONESIA MACROECONOMICS INSIGHTS Kondisi ekonomi makro Indonesia sepanjang 2015 masih tampak memiliki kecenderungan melambat dimana Pertumbuhan Domestik Bruto (PDB) mencapai 4,79% y-o-y, menyusul data pertumbuhan 2014 di 5,02% y-o-y. Meskipun angka ini sudah di atas ekspektasi yaitu 4,75%, PDB pada tahun 2015 ditandai sebagai tahun kelima berturut-turut dari perlambatan pertumbuhan. Government spending telah menjadi kunci penting untuk mendorong pertumbuhan ekonomi di saat iklim investasi yang sedang tidak menguntungkan, sentimen konsumen yang melemah dan harga komoditas ekspor inti yang menurun, seperti minyak sawit mentah, batubara, mineral logam dan karet . Indonesia’s macroeconomic conditions throughout 2015 still appeared to have a decelerating trend as Gross Domestic Product (GDP) stood at 4.79% y-o-y, following 2014’s 5.02% y-o-y growth. Although it was above expectations of 4.75%, GDP in 2015 was marked as the fifth consecutive year of slowing growth. Government spending has become the significant key to drive economic growth in the midst of an unfavorable investment climate, degrading consumer confidence and low prices of core export commodities, such as crude palm oil, coal, metal minerals and rubbers. Pemerintah Indonesia telah memulai lebih dari sekadar peningkatan inkremental dalam pengeluaran untuk sektor infrastruktur dan kesehatan, sedangkan Presiden Joko Widodo terus memastikan bahwa dana yang telah dialokasikan benar-benar digunakan secara efisien. Selain itu, kegiatan ekonomi negara akan dipicu oleh suku bunga yang lebih rendah yang mendorong lebih banyak pinjaman dan meningkatkan UKM. The government has constantly engaged in accelerating its spending on the infrastructure and healthcare sector, whilst President Joko Widodo continuously ensures that the allocated funds are efficiently disbursed. Aside from that, economic activity of this country will be triggered by lower interest rates that encourage more borrowings and SMEs to improve. Inflation Inflation Rata-rata inflasi dalam 2015 adalah 6,38%, dimana angkanya mulai secara konsisten menurun dari tingkat tertingginya di bulan Juli, yaitu 7,26%, ke tingkat terendahnya di level 3,35% pada bulan Desember. Tingkat awal inflasi di bulan Januari berada pada 6,96%. Efek dasar yang sangat menguntungkan pada harga bahan bakar, dengan tekanan permintaan domestik secara konsisten lemah, adalah pengaruh utama dari perlambatan di CPI negara ini. Average inflation in 2015 was recorded at 6.38%, consistently falling from its highest reading of 7.26% in July to its lowest reading of the year of 3.35% in December. The starting level of inflation in January was at 6.96%. Highly favorable base effects on fuel prices, in combination with consistently weak domestic demand pressures, were the primary drivers of the deceleration in the country’s CPI. 14 Neraca Berjalan Current Account Balance Defisit transaksi berjalan semakin melebar di kuartal 4-2015 menjadi 2,39% dari PDB sebelumnya 1,94% di kuartal 3-2015 dikarenakan menurunnya perdagangan surplus neraca non-migas dan harga minyak global, dan meningkatnya impor dari barang modal, barang konsumsi, dan bahan baku dalam tahun ini. Tetapi, sepanjang tahun 2015, Indonesia mengalami perbaikan defisit dari 3,26% dan 3,12% dari PDB pada tahun 2013 dan 2014 ke 2,11% pada tahun 2015 dikarenakan angka impor melebihi ekspor disebabkan oleh permintaan global yang melemah, layanan transaksi defisit yang menyempit dan dukungan dari pinjaman pemerintah serta obligasi dan pinjaman global. Saat ini, peningkatan investasi dan pembangunan infrastruktur di Indonesia akan meningkatkan permintaan untuk impor dari luar negeri, sehingga meningkatkan resiko pelebaran dalam angka defisit transaksi berjalan di tahun-tahun berikutnya. The current account deficit widened in Q4-2015 to 2.39% of GDP from earlier 1.94% in Q3-2015 as the non-oil & gas trade balance surplus declined, global oil prices fell, and the imports including capital goods, consumer goods, and raw materials increased within the year. With regard to full-year 2015 alone, however, Indonesia constituted an improvement from a deficit of 3.26% and 3.12% of GDP in 2013 and 2014, respectively, to 2.11% in 2015 as imports exceeded exports resulted from sluggish global demand, services transaction deficit narrowed and supports from government loans as well as global bonds and loans. As per now, continuous improvement in investment and infrastructure developments in Indonesia will stimulate demand for the imports, hence increasing the risks of widening current account deficit in the years to come. Investasi Asing Foreign Direct Investment Investasi asing Indonesia tumbuh pada kecepatan yang lebih baik dan meningkat sebesar 19,2% y-o-y ke Rp. 365,9 trilliun di tahun 2015 dari Rp. 307 triliun di tahun 2014 (peningkatan di tahun 2014 adalah 16,2% dari angka di tahun sebelumnya). Peningkatan investasi asing di 2015 diakibatkan oleh performa kuartal 4-2015 yang solid, dimana level investasi asing naik 26% y-o-y setelah pengumuman dari rangkaian paket stimulus ekonomi. Total realisasi dari investasi asing di kuartal 4-2015 adalah Rp. 99.2 triliun dan Rp. 78.7 triliun di kuartal 4-2014. Pulau Jawa masih tetap menjadi penerima terbesar dari total investasi asing dan domestik yaitu sekitar 54.5% (Rp. 296,7 triliun) Indonesia’s foreign direct investment (FDI) grew at a improved pace which it increased by 19.2% y-o-y to Rp. 365.9 trillion in 2015 from 2014’s Rp. 307 trillion (2014’s increase was 16.2% from the previous year). The increase in FDI in 2015 was primarily attributed to a strong Q4-2015 performance, where it gained 26% y-o-y following the announcement of a series of economic stimulus packages by the government. The total FDI realization in Q42015 was Rp. 99.2 trillion, while it was Rp. 78.7 trillion in Q4-2014. The island of Java still remains the biggest destination of the total investment (foreign and domestic), accounting approximately 54.5% (Rp. 296.7 trillion) of the total FDI into Indonesia. Bidang usaha yang paling menarik dari investasi asing adalah pertambangan, transportasi, telekomunikasi dan sektor pengolahan mineral. Pertumbuhan yang signifikan dari investasi di setiap kuartal dalam tahun ini menunjukan iklim usaha yang terus membaik di Indonesia, yang kemudian meningkatkan daya tarik Indonesia sebagai The FDIs were mainly attracted to sectors such as mining, transportation, telecommunication and mineral-processing. Overall, the significant growth of the FDI in each quarter within the year inherently highlights Indonesia’s continuously improving business climate and subsequently, its increasing attractiveness as an investment destination. 15 tujuan investasi. Suku Bunga dan Nilai Tukar Interest Rate and Exchange Rate Bank Indonesia (BI) memulai tahun 2015 dengan menurunkan BI rate sebesar 25bps menjadi 7.50% pada bulan Februari, dan menjaga level suku bunga acuan di level tersebut sepanjang tahun 2015. Sebagai hasil dari stabilitas makroekonomi mengenai inflasi dan data defisit transaksi berjalan, BI melihat bahwa ada ruang untuk melonggarkan kebijakan moneter di Indonesia. Penurunan 25bps pada Februari 2015 dikarenakan oleh keyakinan BI bahwa inflasi akan tetap dalam target koridor yaitu 4±1 di dalam tahun 2015 dan 2016. Keputusan itu juga sejalan dengan tujuan merangsang pertumbuhan dan mempercepat reformasi struktural, sementara tetap menjaga dan mendukung stabilitas makroekonomi dan sistem keuangan. Bank Indonesia (BI) started 2015 by a cutting its benchmark rate (BI Rate) by 25bps to 7.50% in February, and kept it unchanged for the rest of the year. As a result of preserved macroeconomic stability concerning the inflation and current account deficit data, BI views that there were scope for further monetary easing in Indonesia. The 25bps cut in February 2015 was due to BI’s conviction that inflation would remain in its target corridor of 4±1% in both 2015 and 2016. The decision was also in line with the aim of stimulating growth and accelerating structural reforms, while maintaining and supporting the stability of macroeconomic and financial system. BI Tetap Waspada dengan risiko eksternal mengenai tantangan ekonomi terkait dengan dinamika keuangan dan ekonomi global, khususnya pelemahan ekonomi global, penurunan harga komoditas dan guncangan dari pasar keuangan. Risiko ini dipacu oleh pertumbuhan yang melambat di negara-negara berkembang serta pertumbuhan ekonomi yang lemah di negara maju. BI remained vigilant of external risks regarding economic challenges linked to global financial and economic dynamics, specifically flagging global economic slowdown, falling commodity prices and financial market shocks. These threats were led by the slowing growth in developing countries as well as weak economic growth in advanced countries. 16 KINERJA MANAJEMEN MANAGEMENT PERFORMANCE I. I. Strategi Bisnis Business Strategy Visi dan Misi Bank Vision and Mission of the Bank Visi Bank adalah menjadi bank acuan dalam industri perbankan, fokus kepada kepuasan nasabah korporasi dan insitusi di Indonesia dan secara aktif mengejar peningkatan kapasasitas profitabilitas. The Bank’s Vision is to be provider of banking services to Corporates and Institutions in Indonesia, focusing on customer satisfaction whilst improving its earnings capacity. Visi Bank berasal dari empat nilai korporasi yang semua berada di bawah naungan ciri dan logo BNP Paribas, yaitu melambangkan empat bintang yang siap terbang, suatu simbol dinamisme dan kemajuan. The Bank focusses on the four corporate values which all come under the umbrella of the BNP Paribas signature and logo, the four stars “taking flight” emblem, a symbol of dynamism and progress. Responsif • Kecepatan dalam penilaian situasi baru dan perkembangan, dan dalam mengidentifikasi peluang dan risiko • Efisien dalam mengambil keputusan dan tindakan Responsiveness • Speed in the assessment of new situations and developments, and in identifying opportunities and risks • Efficiency in decision making and in action Kreatifitas • Mendorong inisiatif dan ide baru • Pengakuan terhadap kontribusi Creativity • Encouraging initiatives and new ideas • Recognising contributions Komitmen • Komitmen terhadap pelayanan nasabah dan keberhasilan kolektif • Perilaku yang teladan Commitment • Commitment to the service of clients and collective accomplishment • Exemplary behaviour kepada Ambisi • Aspirasi untuk tantangan dan kepemimpinan • Keinginan untuk mendapatkan tim sukses di kompetisi mana nasabah sebagai wasit Ambition • Aspiration for challenge and leadership • Desire to obtain team success in a competition where the referee is the client. Misi Bank adalah memenuhi kebutuhan pasar dan memberikan layanan perbankan untuk korporasi dan institusi, yang sebagian besar adalah perusahaan korporasi nasional dan anak perusahaan dari perusahaan multinasional. The Bank’s mission is to fulfill the market needs and provide banking services to Corporates and Institutions, of which majority are Indonesian including, subsidiaries/affiliates of Multinational Companies. Target Pasar Target Market Kami berkomitmen untuk membangun hubungan jangka panjang yang didasari atas kepercayaan dengan nasabah. Kami melayani seluruh nasabah dengan layanan terbaik We are committed to build long-term relationship based on trust from our clients. We service our clients with the best service by providing innovative financial solutions. We 17 melalui penyediaan solusi keuangan yang inovatif. Kami ingin dikenal karena kinerja, sumber daya manusia dan kerjasama tim yang terbaik. want to be known for our performances, our human resources and our great team work. Strategi Tahun 2015 Strategy in 2015 Bank tetap focus kepada korporasi dan institusi memberikan jasa perbankan termasuk produk fixed income. Strategi untuk 2015 adalah memperluas client base Local Corporate Banking (LCB) sebagai bagian dari APAC Industrial Plan, selain nasabah korporasi besar dan MNC yang sudah berjalan dan produk GTB. We continue to be focused on Corporates and Institutions providing Banking services including fixed income activities. The strategy for 2015 has been fairly concentrated in enlarging our clientele base Local Corporate Banking as part of the APAC Industrial Plan, large corporates and MNC as well as GTB products. Sesuai dengan komitmen Bank untuk turut berpartisipasi dalam pertumbuhan ekonomi di Indonesia, kami melanjutkan peningkatan portofolio pinjaman Bank, yang juga mengharuskan Bank untuk meningkatkan rencana pendanaannya, termasuk meningkatkan dana pihak ketiga melalui Cash Management dan pendanaan jangka panjang dari bank induk. In line with our commitment to participate in the economic growth of Indonesia, we continue to increase our loan portfolios, which also required the Bank to increase its funding plan, including bolstering our third party funds via Cash Management and long term funding from our parent bank. Strategi pemberian kredit Bank tetap dengan fokus kepada perusahaan multi-nasional dan blue chips dalam 5 bidang usaha sebagai berikut: • Teknologi, Media dan Telekomunikasi, • Energi dan Sumber Daya Alam (Gas, minyak, tambang, Power & Utilities) • Pertanian • Properti • Transportasi Our lending strategy remains unchanged with the focus on Multi-Nationals Companies and blue chip Indonesian companies in the 5 key sectors including: • Technology, Media and Telecommunication, • Energy and Natural Resources (Oil and Gas, Mining and Power and Utilities) • Agriculture • Real Estate • Transportation (Shipping and Aviation including associated infrastructure) Pemberian kredit kepada sektor tersebut di atas juga sejalan dengan kompetensi Grup. The above sectors are also in line with the Group’s key sectors competency. Pada tahun 2015, Bank meneruskan memperluas client base, Bank juga memberi keragaman produk di bidang Trade, Cash Mangement dan Fixed Income. Bank berhasil menjadi bank utama bagi nasabah nasabah tertentu, meningkatkan persentase pembelanjaan dari nasabah (wallet share). In 2015, the Bank continued to enlarge its clientele base, it was also able to penetrate its clientele base by offering more products to capture not only the financing requirements but in Trade, Cash Management and Fixed Income. The Bank is able to elevate its position to be the Core Bank in some reLationships, capturing a better wallet share. Sehubungan dengan APAC Industrial Plan, Bank mulai mengembangkan sektor Local Corporate In line with the APAC Industrial Plan, the Bank began to develop the Local Corporate Banking 18 Banking (LCB), yaitu memberikan kredit, memasarkan produk transactional banking dan produk fixed income kepada korporasi lokal. Sektor Local Corporate Banking tersebut saling menunjang sektor Large Corporates dan MNC yang sudah ada. (LCB), delivering credit facilities, transactional banking and fixed income products to local corporations. Local Corporate Banking sectors reciprocally supported sectors Large Corporates and MNCs. Meningkatnya aktivitas lini depan telah dilengkapi dengan rekrutmen staff di department serta Client Management dan bagian operasional. The growth of the front office activities was also complemented by recruiting more staff in the support functions and middle and back offices. Dengan realisasi pertumbuhan dan tercapainya nasabah Bank, kami telah menjadi bagian aktif dalam mendukung pertumbuhan Indonesia dan memberi return yang tinggi kepada pemegang saham Bank. By realizing the growth and success of our clients, we play an active role in promoting the long term growth of Indonesia and provide high return to our shareholders. Langkah-langkah Strategis Banks’s Strategy Langkah-langkah strategis yang akan ditempuh Bank dalam mencapai Visi dan Misi adalah: • Bank akan melanjutkan pengembangan Local Corporate Banking (LCB) sebagai inisiatif dari rencana APAC Industrial Plan, selain nasabah korporasi besar dan MNC yang sudah berjalan. • Bank akan meningkatkan platform pelayanan Bank, terutama dalam produk transactional banking dan produk Global Market • Bank akan mulai memberikan layanan perbankan terhadap nasabah perorangan dalam rangka rencana Bank untuk memperluas sumber pendanaan, khususnya menarget nasabah perorangan yang mempunyai likuiditas lebih, melalui produk rekening multicurrencies, deposito berjangka and layanan valuta asing. • Bank akan selalu menjaga kondisi permodalan tetap kuat dan tata kelola yang baik (GCG) sesuai dengan peraturan dan kebijakan Pemerintah • Bank akan selalu memberikan pelayanan yang lebih baik dan berkualitas kepada nasabah dengan mempertimbangkan kondisi persaingan yang meningkat dalam industry perbankan. • Bank akan memperkuat sumber daya Bank dan kemampuan bersaing dengan memanfaatkan jaringan Grup BNP Paribas yang sangat luas untuk memberikan pelayanan Strategic steps that the Bank will undertake to achieve its vision and mission: • Bank will continue to develop its Local Corporate Banking book as an initiative of the APAC Industrial Plan, in addition to the current Large Corporates and MNC clients. • To enhance its banking service platform, especially in transactional banking products and Global Market product. • Bank will start to offer its services to prime individual clients as part of its plan to expand its funding base, targeting prime individual clients that have excess liquidity, via the Bank’s multi-currencies accounts and time deposits, and foreign exchange services. • Bank will strive to maintain its strong capital and GCG in line with the government’s policies and regulations. • Bank will strive to provide good service to its clients in consideration of the increasing competitiveness of the industry. • To continually strive to maintain its human resource and competitiveness, noting that the Bank is part of the BNP Group, a global bank with its extensive network, will help the 19 terbaik kepada nasabah. Bank to provide the best service to its clients and compete with other banks. II. Permodalan dan Eksposure Risiko dan Penerapan Manajemen Risiko Bank II. Risk Exposure and Risk Management Implementation 1. Pengungkapan Permodalan 1. Equity Disclosure a. Struktur dan Kecukupan Permodalan a. Equity structure and adequacy Tujuan manajemen permodalan Bank adalah untuk memastikan bahwa Bank memiliki permodalan yang kuat sehingga mampu menyerap potensi kerugian baik akibat krisis keuangan dan ekonomi, memenuhi seluruh kegiatan operasionalnya dan peraturan permodalan, serta mendukung pertumbuhan bisnis dan pelanggan, deposan , dan kepercayaan pasar. Modal terdiri dari modal inti sebesar Rp 1,781.1 miliar dan modal pelengkap sebesar Rp 439.3 miliar dengan rasio perbandingan sebesar 405.4%, sementara terhadap aktiva tertimbang menurut risiko modal berada pada posisi 23.5% The management of the capital is to ensure that the Bank has sufficient and a solid equity structure to absorb the potential loss resulted from financial and economic crisis, covering all operational activities and regulations related to capital as well as supporting the growth of the business, the credit clientele, depositors and market trust. The equity consists of tier 1 amounting to Rp 1,781.1 billion and tier 2 of Rp 439.3 billion with a ratio of 405.4%; while the CAR stands at 23.5%. 2. Pengungkapan Eksposure Risiko dan Penerapan Manajemen Risiko 2. Risk Exposure and Risk Management Implementation a. Pengungkapan Penerapan Manajemen Risiko Bank Secara Umum a. Implementation of Risk Management in General i. Pengawasan Aktif Dewan Komisaris dan Direksi i. Board of Commissioners and Directors active supervision Dewan Komisaris dan Direksi bertanggungjawab untuk mengimplementasikan manajemen risiko di lingkukan Bank. Manajemen memastikan bahwa penerapan Manajemen Risiko telah memadai dan sesuai dengan karakteristik, kompleksitas, dan profil risiko Bank. The Board of Commissioners and the Board of Directors have the responsibilities to implement risk management within the Bank’s environment. The Management ensures that the implementation of Risk Management is adequate and aligned with the characteristic, complexity and risk profile of the Bank. Bank menyadari bahwa dalam pelaksanaan kegiatannya, terdapat risiko yang melekat antara lain dalam bentuk risiko pasar, risiko likuiditas, risiko kredit dan risiko operasional. Untuk itu, Bank telah mengimplementasikan Kerangka Manajemen Risiko Terpadu yang merupakan sarana penentuan strategi, organisasi, kebijakan dan pedoman untuk memastikan bahwa semua risiko yang dihadapi The Bank realizes that in operating its business there will always be inherent risks, i.e. market risk, liquidity risk, credit risk and operational risk. Therefore, the Bank has implemented an Integrated Risk Management Framework, which is a tool for determining strategy, organization, policies and guidelines, to assure that all risks exposed to the Bank can be properly identified, measured, monitored, and controlled. 20 Bank dapat diidentifikasi, diukur, dipantau dan dikendalikan dengan baik. Kerangka Manajemen Risiko Terpadu diatas terdiri dari Komite Pemantau Risiko yang merupakan perpanjangan tangan Dewan Komisaris dalam mengawasi implementasi manajemen risiko, Komite Manajemen Risiko yang menentukan kebijakan dan pedoman penerapan manajemen risiko serta permasalahan yang dihadapi Bank secara keseluruhan, dan Unit Manajemen Risiko yang bertugas mengidentifikasi, mengukur dan memantau segala kegiatan yang mengandung risiko. Integrated Risk Management Framework above consists of Risk Monitoring Committee: the extended arm of Board of Commissioners in supervising the implementation of risk management, Risk Management Committee: responsible in determining the policies and guidelines for risk management implementation, including discussion of risks issues faced by the Bank, and, • Risk Management Unit: responsible to identify, measures and monitors all activities entailing risks. ii. ii. Kecukupan kebijakan, penetapan limit prosedur dan Adequacy of policy, procedure and limit Dalam rangka penerapan manajemen risiko yang efektif maka Bank telah menyusun kebijakan, prosedur serta limit risiko yang sesuai dengan visi, misi, dan strategi bisnis Bank. Yang dipersyaratkan untuk menciptakan hal diatas adalah adanya Strategi Manajemen Risiko, Risk Appetite, dan Toleransi Risiko. In order to implement risk management effectively, the Bank has established policy, procedure, and risk limit aligned to the Bank’s vision, mission, and business strategy. Requirements to create the above are the existence of Risk Management Strategy, Risk Appetite, and Risk Tolerance. Strategi manajemen risiko disusun dengan tujuan agar eksposur risiko Bank dikelola dengan baik sesuai dengan kebijakan, prosedur internal, ketentuan perundang-undangan and peraturan lain yang berlaku. Strategi manajemen risiko disusun dengan mempertimbangkan strategi bank secara menyeluruh dengan memperhitungkan tingkat risiko dan toleransi risiko yang akan diambil. Risk management strategy is developed with the objective to ensure that the risk exposure of the Bank is managed adequately in accordance with policy, procedure, regulatory laws, and other applicable provisions. Risk management strategy has been developed by considering the overall Bank’s strategy and measuring the level of risk and risk tolerance that will be taken. Tingkat dan tipe risiko yang akan diambil tercermin dalam strategi bisnis dan tujuan Bank.Sementara toleransi risiko yang merupakan tingkat maksimal risiko yang akan diambil tercermin dari limit yang ditentukan oleh bank untuk setiap aktivitas. Level and type of risks that will be taken are reflected in the Bank’s objectives and business strategy. Meanwhile, risk tolerance which is the maximum level of risk accepted is reflected in limit set by the Bank for each activity. iii. iii. Kecukupan proses identifikasi, pengukuran, pemantauan dan pengendalian risiko, serta informasi manajemen risiko Untuk mendukung proses identifikasi, pengukuran, pemantauan, dan pengendalian risiko maka Bank telah membentuk Unit Adequacy of identification process, measurement, monitoring and risk management information To support the identification, measurement, monitoring and risk management processes, the Bank has established the Risk Management 21 Manajemen Risiko yang bertanggungjawab langsung kepada Presiden Direktur. Unit ini independen terhadap risk taking unit serta memiliki fungsi dan tugas sebagaimana yang diatur dalam peraturan yang berlaku. Unit reporting directly to President Director. This unit is independent from risk taking unit and has the function and responsibility in accordance with the prevailing regulations. Proses identifikasi adalah proaktif mencakup seluruh akitivitas Bank melalui analisa atas sumber dan kemungkinan risiko serta pengaruhnya terhadap Bank. Berdasarkan hasil identifikasi ini kemudian Bank melakukan proses pengukuran risiko yang sesuai dengan karakteristik dan kompleksitas aktivitas usaha. Informasi ini yang kemudian digunakan dalam proses pemantauan dan pengendalian risiko. Identification process is proactive, covering all business activities of the Bank through analysis of risk source and possibility and its impact to the Bank. Based on identification results the Bank then performs the measurement process in line with the characteristic and complexity of the Bank’s business activity. This information is further used for risk monitoring and risk management process. Sebagai tambahan, Laporan Profil Risiko telah di siapkan dan dilaporkan setiap kuartal kepada Bank Indonesia sebagai salah satu hasil proses identifikasi, pengukuran, pemantauan, dan pengendalian risiko. In addition, a Risk Profile report is prepared and reported quarterly to Bank Indonesia as one of the results from risk identification, measurement, monitoring and management processes. iv. iv. Sistem Pengendalian Internal Internal Control System Sistem pengendalian internal adalah keseluruhan struktur yang secara umum bertujuan mengendalikan risiko saat berusaha untuk mencapai tujuan strategis Bank. Tujuan sistem ini terutama untuk memastikan hal-hal berikut: • Pengembangan kultur risiko dengan yang tingkat tinggi pada seluruh karyawan • Efektivitas dan efisiensi operational internal Bank, • Informasi internal dan eksternalyang dapat dipercaya, • Keamanan transaksi, • Kepatuhan terhadap undang-undang ketentuan-ketentuan dan kebijakankebijakan internal. The internal control system is the overall structure aimed at controlling risk in general while seeking to achieve the Bank’s strategic objectives. This system aims, in particular, at ensuring the following: Pengendalian internal pada Bank didasari oleh ketentuan, petunjuk dan sistem pengendalian dan prosedur yang dilaksanakan oleh manajemen dan karyawan. Pengendalian internal adalah tanggung jawab semua karyawan tanpa melihat tingkatan atau tanggungjawab yang dimiliki serta didasari oleh penerapan pengukuran organisasi yang layak termasuk pemisahan tugas yang jelas. Internal control at the Bank is based on rules, guidelines and a control system and procedures implemented by management and all employees. Internal control is the responsibility of all employees regardless of their level or responsibility, and based on the implementation of appropriate organizational measures include strict segregation of duties. Sistem The internal control system consists of the pengendalian internal terdiri dari • • • • • The development of a high-level culture of risk by employees, The effectiveness and efficiency of the Bank’s internal operations, The reliability of internal and external information, The security of transactions, Compliance with laws, regulations and internal policies. 22 Permanent Control dan Periodic Control yang terpisah dan independen satu sama lain meskipun saling melengkapi dan berkoordinasi. Permanent Control, adalah sistem yang diterapkan secara tetap untuk mengendalikan risiko dan memantau eksekusi rencana strategis, dan Periodic Control adalah sistem untuk pengendalian ex-post independen atas operasional Bank, terutama atas efisiensi dan kualitas sistem permanent control. Permanent Control and Periodic Control systems, which, although they are complementary and coordinated, are separate and independent from each other. Permanent Control is an overall system set up to permanently control risks and monitor the execution of strategic actions, and Periodic Control is an overall system for ex-post independent control of the proper operation of the Bank , in particular of the efficiency and quality of the permanent control system. b. Pengungkapan Eksposure Risiko dan Penerapan Manajemen Risiko secara Khusus b. Implementation of Specific Risks i. Risiko Kredit i. Credit Risk Struktur kredit yang telah dibakukan menjamin diterapkannya kebijakan dan pelaksanaan pemberian pinjaman secara hati-hati oleh Bank. Kebijakan pemberian pinjaman tertentu telah dilakukan untuk mencerminkan pengalaman dari kredit manajemen, yang bekerja dalam batas tertentu untuk memastikan semua keputusan pemberian pinjaman disetujui dan diketahui pada tingkatan tanggung jawab yang sesuai di Bank. A formalized credit structure ensuring prudent lending policies and practices are adopted throughout the Bank. Specific lending discretions have been granted to reflect the experience of lending management, who operates within a defined framework which ensures all lending decisions are approved and noted at the appropriate levels of responsibility within the Bank. Risiko kredit dikelola melalui analisis kemampuan peminjam untuk memenuhi kewajiban pembayaran bunga dan pokok. Bank juga memonitor risiko batas maksimum pemberian kredit. Exposure to credit risk is managed through regular analysis of the ability of borrowers to meet interest and principal repayment obligations. The Bank also monitors its legal lending limits. Bank menerapkan pemeringkatan kredit internal berdasarkan pengelompokkan kualitas kredit peraturan Bank Indonesia. Peringkat kualitas kredit ditentukan berdasarkan penilaian atas kriteria di bawah ini: The Bank implements internal credit rating that is based on credit quality categorization of Bank Indonesia regulation. The credit quality rating is decided based on assessment of the following criteria: • • Risiko bisnis: Lingkungan: - Politik, ekonomi dan lingkungan social - Sektor usaha dan posisi debitur dalam sector tersebut Penilaian Manajemen Risiko keuangan: Kemampuan pembayaran kembali Sumber-sumber pembiayaan • Business risks: Environment: - Politic, economic and social environments - Business sector and position of the counterparty within sector Management Appraisal • Financial Risks: Repayment capacity Financing sources 23 Kategorisasi pemeringkatan ditentukan sebagai berikut: kualitas kredit The credit quality categorization is defined as follows: Agunan Collateral Dalam rangka mitigasi risiko kredit, salah satu bentuk upaya yang dilakukan Bank adalah dengan meminta nasabah memberikan agunan yang akan digunakan sebagai jaminan atas pelunasan fasilitas kredit yang telah diberikan oleh Bank jika nasabah mengalami kesulitan keuangan yang menyebabkan nasabah tidak dapat melunasi kewajibannya kepada Bank. In order to mitigate credit risk, one of the efforts undertaken by the Bank is to request customers to provide collateral to be pledged as assurance for repayment of the loan facility granted by the Bank in the event where the customer experiences financial difficulties causing them not to repay their obligations to the Bank. Bentuk-bentuk jaminan yang dapat diterima sesuai dengan kebijakan kredit Bank meliputi: - deposito berjangka, rekening tabungan dan deposito angsuran - standby L/C - piutang - tanah dan/atau bangunan - mesin dan peralatan - persediaan - garansi perusahaan maupun garansi perorangan Forms of acceptable collateral in accordance with the loan policy of the Bank include: - deposits, savings accounts and installment deposit - standby L/C - receivables - land and/or building - machineries and equipment - inventories - corporate guarantee or personal guarantee Prosedur penilaian jaminan untuk tanah dan bangunan maupun mesin dan peralatan menggunakan pihak ketiga sebagai penilai independen dan akan dinilai kembali secara berkala setiap dua tahun sekali. Collateral assessment procedure for land and building as well as machineries and equipment is by appointment of a third party independent appraiser that will periodically re-assess every two years. Penurunan nilai asset keuangan Impairment of financial assets Aset keuangan, selain aset keuangan FVTPL, dinilai terhadap indikator penurunan nilai pada setiap tanggal pelaporan. Aset keuangan diturunkan nilainya bila terdapat bukti objektif, sebagai akibat dari satu atau lebih peristiwa Financial assets, other than those at FVTPL, are assesed for indicators of impairment at each reporting date. Financial assets are impaired when there is objective evidence that, as a result of one or more events that occurred after 24 yang terjadi setelah pengakuan awal aset keuangan, dan peristiwa yang merugikan tersebut berdampak pada estimasi arus kas masa depan atas aset keuangan yang dapat diestimasi secara andal the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. Untuk investasi ekuitas AFS yang tercatat dan tidak tercatat di bursa, penurunan yang signifikan atau jangka panjang dalam nilai wajar dari instrumen ekuitas di bawah biaya perolehannya dianggap sebagai bukti obyektif terjadinya penurunan nilai. For listed and unlisted equity investments classified as AFS, a significant or prolonged declin in the fair value of the security below its cost is considered to be objective evidence of impairment. Untuk aset keuangan lainnya, bukti obyektif penurunan nilai termasuk sebagai berikut: For all other financial assets, objective evidence of impairment could include: • kesulitan keuangan signifikan yang dialami penerbit atau pihak peminjam; atau • significant financial difficulty of the issuer or counterparty; or • pelanggaran kontrak, seperti terjadinya wanprestasi atau tunggakan pembayaran pokik atau bunga; atau • default or delinquency in interest or principal payments; or • terdapat kemungkinan bahwa pihak peminjam akan dinyatakan pailit atau melakukan reorganisasi keuangan. • it is becoming probable that the borrower will enter bankruptcy or financial re-organisation. Untuk kelompok aset keuangan tertentu, seperti piutang, aset yang dinilai tidak akan diturunkan secara individual akan dievaluasi penurunan nilainya secara kolektif. Bukti objektif dari penurunan nilai portofolio piutang dapat termasuk pengalaman Bank atas tertagihnya piutang di masa lalu, peningkatan keterlambatan penerimaan pembayaran piutang dari rata-rata periode kredit, dan juga pengamatan atas perubahan kondisi ekonomi nasional atau lokal yang berkorelasi dengan default atas piutang. For certain categories of financial asset, such as receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Bank’s past experiences of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period, as well as observable changes in national or local economic conditions that correlate with default on receivables. Dalam melakukan penilaian secara kolektif, Bank harus menghitung: In conducting collective assessment, the Bank must calculate: Probability of default (”PD”) – model ini menilai probabilitas konsumen gagal melakukan pembayaran kembali secara penuh dan tepat waktu. Probability of default (“PD”) – these models assess the probability of customers failing to repay fully and on time. • Recoverable amount – didasarkan pada identifikasi arus kas masa depan dan estimasi nilai kini dari arus kas tersebut • Recoverable amount – based on identification of future cash flows and estimation of the present value those 25 (discounted cash flow). cash flows (discounted cash flow). • Loss given default (”LGD”) – Bank mengestimasi kerugian ekonomis yang mungkin akan diderita Bank apabila terjadi tunggakan fasilitas kredit/ pembiayaan. LGD menggambarkan jumlah utang yang tidak dapat diperoleh kembali dan umumnya ditunjukkan dalam persentase dari exposure at default (EAD). Model perhitungan LGD mempertimbangkan jenis peminjam, fasilitas dan mitigasi risiko, misalnya ketersediaan agunan. • Loss given default (“LGD”) – the Bank estimates economic losses that may be suffered by the Bank if there are arrears in credit facility/financing receivable. LGD describes the amount of debt that may not be recovered and is generally expressed as a percentage of the exposure at default (EAD). The LGD calculation model considers the type of borrower, facility and any risk mitigation such as availability of collateral. • Loss identification period (”LIP”) – periode waktu antara terjadinya peristiwa yang merugikan dalam kelompok aset keuangan sampai bukti obyektif dapat diidentifikasi atas fasilitas kredit/pembiayaan secara individual. • Loss identification period (”LIP”) – the period of time from the occurrence of a loss event in a group of financial assets until objective evidence can be identified on credit facility/financing receivable individually. • Exposure at default (”EAD”) – Bank mengestimasi tingkat utilisasi yang diharapkan dari fasilitas kredit/pembiayaan pada saat terjadi tunggakan. • Exposure at default (“EAD”) – The Bank estimates the expected utilization level of credit facilities/financing receivable in the event of arrears. PD, LGD dan LIP diperoleh dari observasi data fasilitas kredit/piutang pembiayaan selama minimal tiga tahun. Cadangan kerugian penurunan nilai yang dinilai secara kolektif dilakukan dengan mengkalikan nilai baki debet fasilitas kredit/piutang pembiayaan pada posisi laporan dengan probability default (PD), loss identification period (LIP) dan loss given default (LGD). Kerugian penurunan nilai diakui pada laba rugi dan nilai tercatat dari aset keuangan atau kelompok aset keuangan dikurangi dengan cadangan kerugian penurunan nilai yang terbentuk. Pada saat penurunan nilai diakui dalam aset keuangan atau kelompok asset keuangan, pendapatan bunga diakui berdasarkan nilai tercatat setelah penurunan nilai menggunakan tarif bunga yang digunakan untuk mendiskontokan estimasi arus kas masa depan pada saat menghitung penurunan nilai. PD, LGD and LIP are derived from observation of credit facility/financing receivable data for at least three years. Allowance for impairment losses collectively assessed is performed by multiplying the outstanding credit facility/financing receivable at report date by the probability of default (PD), loss identification period (LIP) and loss given default (LGD). The impairment loss is recognized in profit or loss and the carrying amount of the financial asset or group of financial assets are presented net of allowance for impairment losses. When impairment losses are recognized in the financial asset or group of financial assets, interest income is recognized based on the carrying amount after impairment using the interest rate used for discounting the estimated future cash flow when calculating impairment. 26 Untuk aset keuangan yang diukur pada biaya perolehan diamortisasi, jumlah kerugian penurunan nilai merupakan selisih antara jumlah tercatat aset keuangan dengan nilai kini dari estimasi arus kas masa depan yang didiskontokan menggunakan suku bunga efektif awal dari aset keuangan. For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. Untuk aset keuangan yang dicatat pada biaya perolehan, jumlah kerugian penurunan nilai diukur berdasarkan selisih antara jumlah tercatat aset keuangan dan nilai kini estimasi arus kas masa depan yang didiskontokan pada tingkat imbal hasil yang berlaku di pasar untuk asset keuangan yang serupa. Kerugian penurunan nilai tersebut tidak dapat dibalik pada periode berikutnya. For financial asset carried at cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods. Jumlah tercatat aset keuangan tersebut dikurangi dengan kerugian penurunan nilai secara langsung atas seluruh aset keuangan, kecuali piutang yang jumlah tercatatnya dikurangi melalui penggunaan akun cadangan piutang. Jika piutang tidak tertagih, piutang tersebut dihapuskan melalui akun cadangan piutang. Pemulihan kemudian dari jumlah yang sebelumnya telah dihapuskan dikreditkan terhadap akun cadangan. Perubahan jumlah tercatat akun cadangan piutang diakui dalam laba rugi. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of receivables, where the carrying amount is reduced through the use of an allowance account. When a receivable is considered uncollectible, it is written off against The allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss. Jika aset keuangan AFS dianggap menurun nilainya, keuntungan atau kerugian kumulatif yang sebelumnya telah diakui dalam ekuitas direklasifikasi ke laba rugi. When an AFS financial asset is considered to be impaired, cumulative gains or losses previously recognised in equity are reclassified to profit or loss. Kecuali instrumen ekuitas AFS, jika, pada periode berikutnya, jumlah kerugian penurunan nilai berkurang dan pengurangan tersebut dapat dikaitkan secara obyektif dengan peristiwa yang terjadi setelah penurunan nilai diakui, kerugian penurunan nilai yang diakui sebelumnya dibalik melalui laba rugi hingga nilai tercatat investasi pada tanggal pemulihan penurunan nilai, sepanjang nilainya tidak melebihi biaya perolehan diamortisasi sebelum pengakuan kerugian penurunan nilai dilakukan. With the exception of AFS equity instruments, if in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised. Dalam hal efek ekuitas AFS, kerugian penurunannilai yang sebelumnya diakui dalam laba rugi tidak boleh dibalik melalui laba rugi. Setiap kenaikan nilai wajar setelah penurunan In respect of AFS equity investments, impairment losses previously recognised in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to 27 nilai diakui secara langsung ke penghasilan komprehensif lain. an impairment loss is recognised directly in other comprehensive income. ii. ii. Risiko Pasar Market Risk Risiko pasar merupakan risiko yang timbul karena adanya pergerakan variabel pasar dari portofolio yang dimiliki oleh Bank, yang dapat merugikan Bank. Variabel pasar adalah suku bunga dan nilai tukar. Market risk is the risk that arises due to movements in market variables of the portfolio owned by the Bank, which can be detrimental to the Bank. Market variables are interest rates and exchange rates. Risiko pasar antara lain terdapat pada aktivitas fungsional Bank seperti kegiatan treasury dan investasi dalam bentuk surat berharga dan pasar uang maupun penyertaan pada lembaga keuangan lainnya, penyediaan dana (seperti pinjaman dan bentuk sejenis), dan kegiatan pendanaan dan penerbitan surat utang serta kegiatan pembiayaan perdagangan. Market risk may arise from the Bank's functional activities such as treasury activities, investment in securities and investments in money market or in other financial institutions, provision of funds (i.e. loans and similar forms), financing activities such as issuance of debt securities and trade financing activities. Kunci dari pengendalian yang efektif atas risiko pasar terletak pada keyakinan atas estimasi potensi kerugian yang datang dari variabelvaiabel pasar. Bank menggunakan pendekatan standar untuk menghitung rasio kecukupan modal pada saat jatuh tempo. Sebagai tambahan, Grup BNP Paribas telah mengembangkan model Value at Risk yang menghitung jumlah Gross Earning at Risk (GEaR). Model ini menganalisis variabelvariabel dengan cakupan yang luas, termasuk tingkat suku bunga, nilai tukar, harga surat berharga, harga komoditas, volatilitas dan korelasi demikian juga dengan hasil dari pengaruh diversifikasi. The key to effective control over market risks lies in reliably estimate potential losses coming from the market variables. The Bank is using standardized approach to calculate Capital Adequacy Ratio (CAR) at the maturity date. In addition, BNP Paribas Group has developed a Value at Risk model which calculates the amount of Gross Earnings at Risk (GEaR). This model analyses a wide range of variables, including interest rates, exchange rates, securities prices, commodity prices, volatilities and correlations as well as the resulting effects of diversification. Untuk pengelolaan risiko pasar, Bank melakukan beberapa kebijakan seperti penempatan dana hanya kepada pihak yang dapat diandalkan dalam rangka pengelolaan likuiditas Bank, penetapan jangka waktu penempatan dana, penetapan batas limit kredit pada suatu entitas dengan mempertimbangkan jumlah modal yang dimiliki dan penetapan Posisi Devisa Neto terhadap jumlah modal. To manage market risk, the Bank applies a number of policies, such as placement of funds only with reliable parties to ensure management of the Bank’s liquidity, determination of time periods for placement of funds, determination of limits on line of credit to a given entity by considering the amount of capital owned and determination of NOP relative to the total capital. iii. iii. Risiko Operasional Risiko operasional adalah risiko kerugian karena sistem dan pengendalian yang tidak memadai, kesalahan manusia atau kegagalan manajemen. Termasuk didalamnya adalah bencana alam, Operational Risk Operational risk is the risk of losses as a result of inadequate systems and controls, human error or management failure. It includes the threat of natural disasters, systems failure, 28 kegagalan sistem, risiko asuransi, risiko manajemen dana, risiko kendali operasi, penyelewengan dan ketidakpatuhan terhadap peraturan dan perundang-undangan. insurance risk, funds management risk, custodial operations risk, fraud and noncompliance with legislation and regulations. Kerangka kerja yang sistematis diterapkan untuk memastikan risiko operasional dapat diidentifikasi dan dikendalikan. Termasuk didalamnya adalah bermacam-macam pengendalian kebijakan yang telah diformalkan, prosedur yang didokumentasikan, praktik usaha dan pengawasan kepatuhan. Kendali-kendali tersebut akan ditinjau kembali dan disempurnakan secara berkala. A systematic framework is in place to ensure operational risk is identified and controlled. This encompasses a variety of controls including formal policies, documented procedures, business practices and compliance monitoring. These controls are subject to frequent review and improvement. Saat ini Bank telah menggunakan Basic Indicator Approach dalam mengukur risiko operasional. Currently, Bank has use Basic Indicator Approach in measuring operational risk. iv. iv. Risiko Likuiditas Liquidity Risk Risiko likuiditas adalah risiko yang disebabkan oleh ketidakmamnpuan memenuhi kewajiban pada saat jatuh tempo. Bank mengukur dan memantau risiko likuiditas melalui analisis perbedaan jatuh tempo likuiditas dan rasiorasio likuiditas. Salah satu rasio likuiditas adalah rasio dari aset likuid terhadap liabilitas lancar. Liquidity Risk means risks caused among others by the inability to settle liabilities at due date. The Bank measures and monitors liquidity risk through analysis of liquidity gap and liquidity ratios. One of the liquidity ratios is liquid assets to liquid liabilities. Sumber dan jatuh tempo deposito diatur dan dilaporkan setiap hari untuk menghindari berlebihnya konsentrasi dana dan penahanan aset yang lancar di tingkat tertentu untuk menjaga tingkat likuiditas secara terus menerus. Sebagai bagian dari strategi bisnis, Bank telah melakukan langkah-langkah untuk mempertahankan nasabahnya dan menarik nasabah baru untuk meningkatkan pertumbuhan simpanannya. The source and maturity of deposits are managed and reported daily to avoid undue concentrations of funding and also to hold appropriate levels of liquid assets in order to maintain a prudent level of liquidity at all times. As part of the business strategy, the Bank has measured in place to maintain its existing depositors and attract new depositors to promote the growth of its deposit liabilities. v. v. Risiko Hukum Risiko hukum merupakan risiko yang disebabkan oleh adanya kelemahan aspek yuridis, yang antara lain disebabkan adanya tuntutan hukum, ketiadaan peraturan perundang-undangan yang mendukung atau kelemahan pengikatan seperti tidak dipenuhinya syarat sahnya kontrak dan pengikatan agunan yang tidak sempurna. Legal Risk Legal risks can be caused by weaknesses in the legal aspects such as law suits, an absence of clear and supportive laws, or weaknesses in contracts, claims or collateral agreement. Legal risks are managed to ensure that all activities and business relationships between the Bank and third parties are based on rules and conditions that are capable of protecting the Bank’s interests from a legal perspective 29 vi. Risiko Strategik vi. Strategic Risk Risiko stratejik adalah risiko yang disebabkan adanya penetapan dan pelaksanaan strategi Bank yang tidak tepat, pengambilan keputusan bisnis yang tidak tepat atau kurang responsifnya Bank terhadap perubahan eksternal. Bank mengelola risiko stratejik melalui pemantauan terhadap realisasi rencana bisnis Bank. Strategic risk is a risk caused by adoption and implementation of an inappropriate strategy of the Bank, inappropriate decision making in the business affairs of the Bank or lack of responsiveness of the Bank to external change. The Bank manages the strategic risk through monitoring of the realization of the Bank’s business plan. Dalam pengelolaan kebijakan risiko stratejik, Bank menyusun rencana stratejik dan rencana kerja (business plan) sesuai dengan ketentuan yang berlaku dengan mempertimbangkan faktor eksternal yang dapat mempengaruhi strategi bisnis Bank. Pemantauan atas eksposur risiko ini dilakukan secara periodik dengan cara membandingkan antara realisasi dengan rencana bisnis yang telah ditetapkan. In the strategic risk management policy, the Bank sets the strategic plan and business plan according to the prevailing regulation by considering the external factors which might have impact to the Bank’s business strategy. The monitoring of the risks exposures are done periodically by comparing the business realization with stated Bank’s business plan. vii. vii. Risiko Kepatuhan Compliance Risk Risiko kepatuhan merupakan risiko yang timbul ketika Bank tidak mematuhi atau tidak melaksanakan peraturan perundang-undangan dan ketentuan lain yang berlaku. Risiko kepatuhan, jika tidak dikelola dengan baik, berpotensi pada pengenaan denda, hukuman atau rusaknya reputasi. Compliance risk is the risk when the Bank does not comply or implement law and regulations and other policies applied. If compliance risk is not managed well, it will potentially lead to penalty charges, punishment or reputation damage. Bank secara aktif melakukan penilaian terhadap kebijakan Pedoman dan Prosedur Internal untuk memastikan bahwa seluruh peraturan eksternal telah diakomodasi sedemikian rupa dan selanjutnya untuk dipatuhi dalam pelaksanaannya. The Bank actively assesses the Bank’s Internal Guidelines and Procedures to ensure that all external regulation has been accommodated and implemented. Dalam menilai dan mengevaluasi manajemen risiko, Dewan Direksi telah memberlakukan konsep CAMELS yang diterapkan oleh Bank Indonesia dalam menilai kesehatan umum menyeluruh bank di Indonesia. In assessing and evaluating risk management, the Board of Directors has enacted CAMELS concept applied by Bank Indonesia in assessing the overall general soundness of banks in Indonesia. viii. viii. Risiko Reputasi Risiko reputasi adalah risiko yang ada atau akan ada terhadap nilai pemegang saham yang timbul dari pandangan buruk termasuk publisitas negatif. Reputation Risk Reputational risk is the risk that exists or will exist against shareholder value arising from the poor outlook including a negative publicity. 30 Bank menerapkan pengendalian yang kuat bagi pelaksanaan strategi dan kebijakan risiko reputasi. Bank menjalankan secara cermat prosedur dan kebijakan tertulis yang sesuai dengan prinsip transparansi dan peningkatan mutu pelayanan kepada para nasabah dan pihak-pihak berkepentingan lain dalam pengendalian risiko reputasi. The Bank implements strong controls for the implementation of strategies and policies for reputational risk. The Bank runs carefully written policies and procedures which are in accordance with the principles of transparency and improvement of service quality to customers and other interested parties in risk control reputation. Selama tahun 2015, jumlah nasabah yang menyampaikan keluhan adalah nihil. Tidak terdapat kasus publikasi negatif. Karena itu, risiko dapat timbul dari reputasi tingkat Grup BNP Paribas yang mungkin mempunyai dampak secara langsung atau tidak langsung pada reputasi Bank. In 2015, the number of customers who complains is nil. There were no cases of negative publicity. Therefore, the risk may arise from the BNP Paribas Group level which may have direct or indirect impact on the Bank’s reputation. III. III. PENGELOLAAN SUMBER DAYA MANUSIA HUMAN RESCOURCES MANAGEMENT Bank memiliki komitmen untuk mengembangkan kualitas sumber daya manusia untuk memenuhi kebutuhan usaha, serta menghadapi tantangan di lingkungan usaha yang berubah cepat. Bank terus melakukan pengembangan dan inovasi untuk merancang program pengembangan sumber daya manusia melalui berbagai pelatihan baik program pelatihan dasar wajib dan/atau sukarela sebagai bagian dari upaya berkesinambungan untuk meningkatkan keahlian dan pengetahuan karyawan. Kegiatan yang disusun senantiasa memperhatikan efektifitas, dampak dan tujuan yang ingin dicapai. Bank juga menyelenggarakan pelatihan yang dilakukan secara online. The Bank is committed to the development of the quality of its human resources in order to match its business requirement, as well as to face the challenge in a fast changing business environment. Bank continues to develop and innovate in designing human resources development program through a wide range of compulsory and/or voluntary basic training programs as part of a continuous effort to enhance the skills and knowledge of the staff. We always consider the effectiveness, impact and the achieved goals for all of our training activities. The Bank also organizes an on line training. Bank juga menawarkan pengembangan karir pribadi yang menarik sebagai jaminan untuk memperoleh komitmen karyawan terhadap tujuan strategis Bank, serta meningkatkan budaya korporasi Bank. Sebagai tambahan, Bank juga menyediakan program bantuan pendidikan kepada karyawan tertentu yang melanjutkan pendidikan formal di universitas di Indonesia. Dengan program ini, Bank menanggung bagian yang disepakati dari biaya pendidikan karyawan yang memenuhi syarat. The Bank also offers attractive personal career management, as a pledge to foster staff’s commitment to the Bank’s strategic objective, as well as to promote the Bank’s corporate culture. In addition, the Bank also provides educational assistance program, which is granted to selected staff who attends formal education in any university in Indonesia. Under this program, the Bank reimburses the eligible staff for an agreed part of the expenses associated with his/her education activities. Pada tahun 2015, Bank telah merekrut 18 karyawan tetap baru sebagai bagian dari rencana untuk memperkuat dan memperluas kembali usaha di Indonesia. Bank terus In 2015, the Bank has recruited 18 new full time employees as part of its plan to strengthen and expand its business in Indonesia. The Bank continues to implement 31 menjalankan program-program pendidikan dan pelatihan, baik di Indonesia maupun di luar negeri, mencakup subjek- subjek yang berkaitan dengan perbankan seperti: Pemasaran, Analisa Kredit, Pasar Modal, Pelaporan dan Pengendalian Kredit, Tresuri ALM, Audit Internal, Pengelolaan Risiko, Sumber Daya Manusia, Teknologi Informasi, Kepatuhan, dan lain-lain, serta program-program lain untuk membantu karyawan dalam melaksanakan tugas-tugas mereka secara lebih baik seperti pelatihan Bahasa Inggris. Pelatihan-pelatihan luar negeri terutama diselenggarakan oleh BNP Paribas SA cabang luar negeri, seperti Singapore, Hong Kong, dan Paris. education and training programs, conducted locally and abroad, covering banking related subjects such as: Marketing, Credit Analysis, Capital Market, Credit control and reporting, ALM Treasury, Internal Auditing, Risk Management, Human Resources, Information Technology, Compliance etc., as well as other programs to help the staff in performing their assignments better, such as English language training. Overseas trainings were mainly held by BNP Paribas SA overseas branches, such as Singapore, Hong Kong, and Paris. Sesuai dengan Peraturan Bank Indonesia No. 7/25/PBI/2005 tanggal 3 Agustus 2005 mengenai Sertifikasi Manajemen Risiko (SMR) bagi Pengurus dan Pejabat Bank Umum, selama tahun 2015 Bank telah mengirim 5 karyawan untuk menjalani pelatihan ini. 2 karyawan telah lulus ujian untuk tingkat 1, 1 orang untuk tingkat 2, 1 orang untuk tingkat 4, dan 1 orang untuk tingkat 5. In line with BI Regulation No. 7/25/PBI/2005 dated 3rd August 2005 regarding Risk Management Certification for the Management and Officers of Commercial Banks, during 2015 the Bank has sent 5 of its staff to attend this training. 2 staffs passed the risk certification examinations in level 1, 1 staff in level 2, 1 staff in level 4, and 1 staff in level 5. Bank juga terus memberikan pelatihan bagi semua karyawan mengenai AML dan KYC sesuai dengan Peraturan Bank Indonesia No. 3/PBI/2001 tanggal 18 Juni 2001 dan No. 2/23/PBI/2001 tanggal 13 Desember 2001. The Bank also continues to provide training for all staff regarding anti-money laundering and KYC, in compliance with BI Regulation No. 3/PBI/2001 dated 18th June 2001 and No. 2/23/PBI/2001 dated 13th December 2001. IV. VI. MANAJEMEN TEKNOLOGI INFORMASI INFORMATION TECHNOLOGY MANAGEMENT Bank sangat meyakini bahwa pada sektor usaha yang sarat persaingan, penggunaan Tekhnologi Informasi (TI) sangat penting dalam memberikan pelayanan yang bermutu tinggi kepada nasabah. Bank memperoleh manfaat dari perangkat keras mutakhir serta perangkat lunak canggih dengan standar internasional yang dirancang dan disediakan oleh Grup BNP Paribas, yang disesuaikan dengan kebutuhan setempat. Sistem secara konsisten dimutakhirkan untuk menampung kemajuan tekhnologi dan perubahan kebutuhan usaha. The Bank firmly believes that in a very competitive business sector, utilization of Information Technology (IT) is crucial in order to provide the best quality service to its customers. The Bank benefits from up-to-date hardware facilities as well as outstanding international standards software designed and provided by BNP Paribas Group, which are customized to fit local needs. Systems are constantly being updated in order to match technological advances and evolution of the business requirements. Kebijakan, pedoman, dan prosedur semua operasional TI, serta pedoman sistem perangkat keras dan perangkat lunak diperlakukan sebagai faktor paling penting Policies, guidelines and procedures on all IT operations, systems hardware and software manuals have been considered as the most important factors to control the operational 32 untuk mengendalikan risiko operasional sehingga didokumentasikan, dikaji ulang, dan dimutakhirkan secara berkala dengan cermat. risks hence they are properly documented, reviewed and updated periodically. Sesuai dengan Peraturan Bank Indonesia No. 9/15/PBI/2007 mengenai Penerapan Manajemen Risiko Dalam Penggunaan Teknologi Informasi oleh Bank Umum yang diterbitkan pada tanggal 30 November 2007 dan Undang-Undang PP Nomor 82 Tahun 2012 tentang Penyelenggaraan Sistem dan Transaksi Elektronik yang ditetapkan pada tanggal 12 Oktober 2012, Bank telah mengkaji ulang dan memutakhirkan pedoman risiko manajemen TI secara tahunan dan telah merencanakan insource system perbankan Bank pada kuartal pertama 2015 dengan target penyelesaian pada kuartal pertama 2016. Sampai saat ini, Bank telah membangun Data Center yang baru (Production and Disaster Recovery Center) untuk memenuhi kebutuhan onshoring dengan meng-host aplikasi-aplikasi di Indonesia. Bank juga telah menyelesaikan proyek untuk memisahkan Indonesia instansi dengan South East Asia instansi untuk aplikasi core banking dan Data Warehouse, Pada saat ini, Bank memfokuskan untuk meng-onshore aplikasiaplikasi ini di Indonesia pada kuartal pertama di tahun 2016Tetapi Bank tetap menunggu regulasi dari OJK untuk implementasi Peraturan Pemerintah ini untuk industry perbankan di Indonesia. In line with Bank Indonesia regulation no. 9/15/PBI/2007 regarding Risk Management Implementation for the use of Information Technology by Commercial Banks issued on 30 November 2007 and with Government Regulation PP Nomor 82 Tahun 2012 on Implementation of Electronic System and Transaction issued on October 2012, the Bank has updated and reviewed its IT risks management policy annually and has planned to onshore our core banking system starting from Q1 2015 with the target go live on Q1 2016. To date, Bank has successfully built new data centers (Production and Disaster Recovery Center) to cater in-source requirements to host applications in Indonesia. Bank has also completed to split the Indonesia instance from South East Asia instance for core banking and Data Warehouse applications. Currently, Bank is focusing to onshore these systems by Q1 2016 in Indonesia. However the Bank is still waiting OJK regulation on the implementation of this Government Regulation in the banking industry in Indonesia. Untuk mengatasi gangguan yang tidak diharapkan (yakni bencana alam, kerusuhan social, dan lain-lain) atas operasional kantor utama Bank, sejak tahun 2005 Bank telah menetapkan Disaster Recovery Center (DRC). Berhubungan dengan aktifitas onshoring, Bank telah membangun Disaster Recovery Center yang baru. Bank merencanakan untuk melakukan konsolidasi dengan Disaster Recovery Center yang telah ada dengan yang baru pada saat ini di tahun 2016 To anticipate unexpected disruption (e.g. natural disaster, social unrest, etc) on the Bank’s operation in the main office, the Bank has established since 2005, a Disaster Recovery Center (DRC). Due to onshoring activity, Bank has built a new Disaster Recovery Center (DRC), the Bank is planning to consolidate the existing DRC to new DRC on 2016. Bank telah mendirikan suatu komite krisis gabungan terdiri dari tiga entitas BNP Paribas Group di Indonesia, dengan pertemuan berkala tahunan membahas skenario bencana berskala luas. Tujuan dari komite krisis gabungan adalah untuk mengantisipasi skenario bencana berskala luas berpotensi menganggu The Bank has established the annual joint crisis committee meeting with two other BNP Paribas entities to anticipate wide area disaster scenario. The purpose of the Joint Crisis Committee is to manage the response to a wide area crisis which is a crisis affecting or with the potential to affect the 3 entities. 33 operasional 3 entitas tersebut. Untuk meningkatkan keyakinan, kompetensi, dan kesiapan karyawan dalam menghadapi gangguan yang tidak diharapkan terhadap operasional Bank, Bank telah melaksanakan latihan-latihan Call Tree Testing dan Business Continuity Plan (BCP) secara teratur. Di tahun 2015, Bank telah melakukan dua kali latihan pada bulan Mei dan November dengan hasil yang memuaskan. To increase staff confidence, competence and readiness in facing unexpected disruption on the Bank’s operation, the Bank has been conducting regular Call Tree Testing and Business Contingency Planning (BCP) exercises. During 2015 the Bank has conducted two exercises on May and November 2015 with satisfactory result. Untuk meningkatkan kesadaran akan risiko keamanan TI, Bank telah menerapkan program IT Security e-learning yang wajib dipenuhi dan diperbarui oleh seluruh karyawan setiap tahunnya sebagai bagian dari pelatihan internal. Peningkatan kemampuan teknis karyawan TI juga dilakukan dengan mengirim karyawan TI melakukan pelatihan pada Grup BNP Paribas di Singapura maupun pada lembaga pelatihan TI yang berkualitas. To enhance the awareness of the Bank’s staff on IT security risk, the Bank has implemented an IT Security e-learning program which is compulsory for all staff and is renewed annually as part of the Bank’s internal training program. IT skills continue to be enhanced for IT staff by sending them to regional training centers of BNP Paribas Group in Singapore, as well as any other local IT training providers. 34 KINERJA KEUANGAN FINANCIAL PERFORMANCE i. I. Neraca Balance Sheet Aset Assets Kualitas asset secara keseluruhan tetap sangat memuaskan terutama karena terdiri dari penempatan pada BI, Surat Berharga (Surat Utang Negara/Sertifikat Bank Indonesia), Tagihan atas Surat Berharga yang dibeli dengan Janji dijual kembali, dan kredit kepada nasabah dengan distribusi masing-masing 4.8%, 11.9%, 22.3% dan 55.4% dari total aset. Kredit kepada nasabah sebesar 143.3% atau setara dengan Rp 7,165.5 milyar dibandingkan dengan rencana bisnis bank Rp 5,000.0 milyar. Total performing asset quality remained very satisfactory rated with collectability 1 as per central bank criteria, with placement to BI, marketable securities, reverse repo and credit to clients’ distribution of 4.8%, 11.9%, 22.3% and 55.4% of the total balance sheet. Credit to clients was at 143.3% or realized IDR 7,165.5 billion compared to forecast of IDR 5,000.0 billion. Kredit Loans Per 31 Desember 2015, total portfolio kredit bruto adalah sebesar Rp 7,165.5 milyar dengan rasio kredit bermasalah bruto sebesar 0,0%. Kredit dalam mata uang Rupiah adalah sebesar Rp 3,530.1 milyar, semetara kredit dalam mata uang asing adalah setara dengan Rp 3,635.4 milyar. As at 31 December 2015, total gross loan portfolio was IDR 7,165.5 billion while gross NPL ratio was 0.00%. Rupiah denominated loan/credit of IDR 3,530.1 billion, while the foreign currency denominated loan/credit was IDR 3,635.4 billion. Pendanaan Funding Karena sifat perbankan korporat dan beroperasi tanpa cabang, selain dari deposito nasabah korporat, Bank memperoleh pendanaan likuiditas dari pasar uang antar-bank dan dukungan bank induk dalam bentuk pinjaman jangka panjang ditarik sebesar USD125 juta Given its wholesale focus and single branch operation, aside from its wholesale clients’ deposits, the Bank relies on inter-bank and parent bank’s support long term borrowing for USD 125 mio (facility of USD 250 mio) for its liquidity need. 35 (dengan fasilitas sebesar USD 250 juta) untuk keperluan likuiditas. Dana Pihak Ketiga – dana pihak ketiga sebesar Rp 3,087,9 milyar. Umumnya profil Dana Pihak Ketiga terutama adalah berupa dana dari perusahaan-perusahaan besar dengan jumlah deposito yang besar pula dan sensitive terhadap suku bunga. Third Party Fund - The Bank’s third party funds is at IDR 3,087.9 billion. Generally our Third Party Fund profile is mainly large corporate with big amount of deposits and is price sensitive. Kecukupan Ke cukupan Modal dan Ekuitas Capital Adequacy and Equity Rasio Kewajiban Penyediaan Modal Minimum (KPMM) adalah sebesar 23.5% per 31 Desember 2015. Modal terdiri atas modal inti sebesar Rp IDR 1,781.1 milyar dan modal pelengkap sebesar IDR 439.3 milyar. Capital Adequacy Ratio (CAR) of 23.5% as of 31st December 2015. Equity reported comprised of Tier 1 capital of IDR 1,781.1 billion and Tier 2 for IDR 439.3 billion. ii. II. Laba Rugi Profit and Loss Laba bersih untuk perode 12 bulan yang berakhir pada tanggal 31 Desember 2015 sebesar Rp 152.2 milyar sedangkan untuk periode yang sama tahun sebelumnya adalah sebesar Rp 240.5 milyar. Pendapatan bunga bersih tetap memuaskan yakni sebesar Rp 289.9 milyar (dengan NIM sebesar 3,0%). Net profit for the 12 months to 31 December 2015 was IDR 152.2 billion compared to IDR 240.5 billion previously. The bank continued to enjoy healthy net interest income of IDR 289.9 billion (with a NIM of 3.0%). Rasio Biaya Operasional terhadap Pendapatan Operasional (BOPO) untuk periode yang bersangkutan adalah sebesar 63.5%. Operational Expense over Operational Income for the period was 63.5%. III. III. Rasio Keuangan Financial Ratio Kecukupan Pemenuhan Modal Minimum (KPMM) untuk Risiko Kredit, Pasar dan Operasional adalah 23.5% per 31 Desember 2015. Capital Adequacy Ratio for credit, market and operational risks was (CAR) 23.5% as of 31st December 2015. Return on Equity (ROE) tetap memuaskan yakni sebesar 8,5% per 31 Desember 2015. Return on Equity (ROE) continued to be satisfactory at 8.5% as of end December 2015. IV. IV. Perpajakan Pajak Pendapatan Perusahaan untuk tahun fiskal 2015 sebesar Rp 55,224 milyar. Aset pajak tangguhan sebesar Rp 1.1 milyar. Taxation The Corporate Income Tax expense for fiscal year 2015 amounted to IDR 55,224 billion. The deferred tax assets amounted to IDR 1.1 billion. 36 INFORMASI KREDIT CREDIT INFOMRATION Kolektibilitas kredit yang diberikan Loan granted by collectability Kredit yang diberikan per sektor ekonomi Loan granted by economic sector 37 PAJABAT EKSEKUTIF NO NAMA / NAME JABATAN / T IT LE T ANGGAL MASUK / HIRE DAT E 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Azmah Kasmy Diana Romatua Marbun Donny Rusli Edwin Marcellus Gani Juliando Menachem Juswanhadi Pitono Lisna Riyanti Mario Albert Utama Nobel November Hasibuan Olivier Anne Jean Rene Ghilain Decock Shinta M. G. Tambunan Tamara Marina Nasution Valentina Agustia Willy Samuel Tobing Yuliawati Chandra Head of General Affairs Head of Human Resources Head of Local Corporate Banking Head of Information Technology and IT On-shoring Head of COO Office Head of Operation Compliance Officer Head of Transaction Banking Head of Legal Chief Operating Officer Head of Client Management Head of Finance & Control Head of Coverage & Territory, Credit Management Head of Investment Banking Coverage Head of Internal Audit 15-Dec-89 5-Oct-15 6-Apr-15 22-Sep-15 11-Sep-15 1-Jun-05 1-Jun-10 1-Dec-14 1-Jun-13 1-Jan-15 9-Nov-15 10-May-10 1-Nov-15 30-Jun-14 22-Aug-11 T EMPAT LAHIR / BIRT H TANG GAL LAHIR / KUALIFIKASI TE RAKHIR / LAST PLACE BIRTHDATE QUALIFICAT ION Jakarta Jakarta Medan Jakarta Jakarta Jakarta Bojonegoro Jakarta Aektangga Ixelles Jakarta Bandung Jakarta Bogor Mentok 24-Sep-65 05-Apr-75 10-May-74 10-Feb-85 18-Jul-77 28-Jul-67 04-Apr-73 30-Nov-74 20-Nov-78 10-Mar-63 24-Aug-72 20-Sep-66 21-Dec-79 01-Mar-72 08-Jul-73 Associate Degree in Accounting Bachelor of Economy Master of Management Bachelor of Business Master of Management Master of Management Bachelor of Economy Master of Business Administration Bachelor of Civil and Business Law Post Graduate Diploma in Management Bachelor of Economy Bachelor of Business Administration Bachelor of Business Master of Business Law Bachelor of Economy UNIVERSITAS / UNIVERSIT Y Strayer College (Arlington Campus), Washington D.C. Universitas Indonesia Monash University - Melbourne, Australia Monash University - Melbourne, Australia Universitas Indonesia STIE - IPWI, Jakarta STIE Jayakarta University of San Fransisco, USA North Sumatera University Paris Dauphine University Universitas Indonesia Indonesia European University, Jakarta Nanyang Technological University, Singapore Universitas Padjajaran Universitas Trisakti 38 Laporan Keuangan yang telah diaudit oleh Akuntan Publik Audited Financial Statement Pada halaman-halaman berikut ini kami lampirkan Laporan Keuangan serta Internal Control Memorandum PT. Bank BNP Paribas Indonesia pada dan untuk tahun yang berakhir pada 31 Desember 2015 dan 2014, yang telah diaudit oleh Kantor Akuntan Publik Osman Bing Satrio & Eny. (Harap membuka Laporan Keuangan dalam format Pdf yang terlampirkan dalam CD ini) In the next pages we attach the Financial Statements and Internal Control Memorandum of PT Bank BNP Paribas Indonesia as at and for the years ended 31 December 2015 and 2014 which has been audited by Public Accountant Office Osman Bing Satrio & Eny. - 39 - Tabel 1.a Pengungkapan Kuantitatif Struktur Permodalan Bank Umum KOMPONEN MODAL (1) I II III IV V VI VII (2) KOMPONEN MODAL A Modal Inti 1 Modal disetor 2 Cadangan Tambahan Modal 3 Modal Inovatif 4 Faktor Pengurang Modal Inti 5 Kepentingan Non Pengendali B Modal Pelengkap 1 Level Atas (Upper Tier 2) 2 Level Bawah (Lower Tier 2) maksimum 50% Modal Inti 3 Faktor Pengurang Modal Pelengkap C Faktor Pengurang Modal Inti dan Modal Pelengkap Eksposur Sekuritisasi D Modal Pelengkap Tambahan Yang Memenuhi Persyaratan (Tier 3) E MODAL PELENGKAP TAMBAHAN YANG DIALOKASIKAN UNTUK MENGANTISIPASI RISIKO PASAR TOTAL MODAL INTI DAN MODAL PELENGKAP (A + B - C) TOTAL MODAL INTI, MODAL PELENGKAP,DAN MODAL PELENGKAP TAMBAHAN YANG DIALOKASIKAN UNTUK MENGANTISIPASI RISIKO PASAR (A + B - C + E) ASET TERTIMBANG MENURUT RISIKO (ATMR) UNTUK RISIKO KREDIT ASET TERTIMBANG MENURUT RISIKO (ATMR) UNTUK RISIKO OPERASIONAL ASET TERTIMBANG MENURUT RISIKO (ATMR) UNTUK RISIKO PASAR A Metode Standar B Model Internal RASIO KEWAJIBAN PENYEDIAAN MODAL MINIMUM UNTUK RISIKO KREDIT, RISIKO OPERASIONAL DAN RISIKO PASAR [III : (IV + V + VI)] (dalam jutaan rupiah) 31 December 2015 31 December 2014 (3) (4) 1,810,374 1,062,170 748,204 1,603,330 1,062,170 541,160 439,265 94,640 70,729 70,729 2,249,639 1,674,059 2,249,639 7,571,161 524,426 1,348,693 1,348,693 1,674,059 5,658,348 277,504 2,015,746 2,015,746 23.82% 21.05% Tabel 2.1.a Pengungkapan Tagihan Bersih Berdasarkan Wilayah - Bank secara Individual Jawa No. (1) Kategori Portofolio Berdasarkan Wilayah (2) 1 Tagihan Kepada Pemerintah 2 Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan Multilateral dan Lembaga 3 Internasional 4 Tagihan Kepada Bank 5 Kredit Beragun Rumah Tinggal 6 Kredit Beragun Properti Komersial 7 Kredit Pegawai/Pensiunan 8 9 10 11 12 Tagihan Kepada Usaha Mikro, Usaha Kecil dan Portofolio Ritel Tagihan kepada Korporasi Tagihan yang Telah Jatuh Tempo Aset Lainnya Eksposur di Unit Usaha Syariah (apabila ada) Total Wilayah 1: Jawa Wilayah 2 : Kalimantan Wilayah 3 : Wilayah 4 (3) 31 Desember 2015 Tagihan Bersih berdasarkan wilayah Sumatera Kalimantan Nusa Luar Tenggara Indonesia (4) (5) (6) (7) 1,342,080 - - - - 38,107 - - - - 6,530,597 78,508 7,989,292 153,904 153,904 350,829 350,829 151,635 151,635 (dalam jutaan rupiah) 31 Desember 2014 Tagihan Bersih berdasarkan wilayah Sumatera Kalimantan Nusa Luar Total Tenggara Indonesia (10) (11) (12) (13) (14) Total Jawa (8) (9) 1,342,080 - 2,021,327 - - - - 154,457 - 192,565 - 1,568,528 - - - - 154,457 7,186,965 78,508 8,800,118 3,535,704 61,248 7,186,807 - 102,193 102,193 408,285 408,285 230,278 230,278 - 2,021,327 - 148,089 - 1,716,617 - 148,089 4,276,460 61,248 8,075,653 Tabel 2.2.a. Pengungkapan Tagihan Bersih Berdasarkan Sisa Jangka Waktu Kontrak - Bank secara Individual No. Kategori Portofolio < 1 tahun (1) (2) 1 Tagihan Kepada Pemerintah 2 Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan Multilateral dan 3 Lembaga Internasional 4 Tagihan Kepada Bank 5 Kredit Beragun Rumah Tinggal 6 Kredit Beragun Properti Komersial 7 Kredit Pegawai/Pensiunan Tagihan Kepada Usaha Mikro, Usaha Kecil dan Portofolio 8 Ritel 9 Tagihan kepada Korporasi 10 Tagihan yang Telah Jatuh Tempo 11 Aset Lainnya 12 Eksposur di Unit Usaha Syariah (apabila ada) Total (3) 835,656 192,565 3,458,411 4,486,631 31 Desember 2015 Tagihan bersih berdasarkan sisa jangka waktu >1 thn s.d. >3 thn s.d. Non> 5 thn 3 thn 5 thn Kontrakt (4) (5) (6) (7) 503,150 1,027,659 1,530,809 Total < 1 tahun (8) (3) (dalam jutaan rupiah) 31 Desember 2014 Tagihan bersih berdasarkan sisa jangka waktu Non>1 thn s.d. 3 >3 thn s.d. 5 > 5 thn Total thn thn Kontraktual (4) (5) (6) (7) (8) - - - 1,342,080 - 1,471,954 - 549,374 - - - 2,021,327 - - - - 192,565 - 149,150 - 1,567,468 - - - - 1,716,617 - - - 7,186,965 78,508 8,800,118 1,915,449 3,536,552 1,373,366 2,940,833 - - 4,276,460 61,248 8,075,653 2,700,894 2,700,894 - 78,508 78,508 987,645 987,645 - 61,248 61,248 Tabel 2.3.a. Pengungkapan Tagihan Bersih Berdasarkan Sektor Ekonomi - Bank secara Individual No. (1) Sektor Ekonomi (2) Kredit Tagihan Kepada Tagihan kepada Tagihan yang Tagihan Kepada Tagihan Kepada Tagihan Kepada Tagihan Kepada Kredit Beragun Kredit Beragun Pemerintah Entitas Sektor Bank Bank Rumah Tinggal Properti Pegawai/P Usaha Mikro, Korporasi Telah Jatuh Publik Pembangunan Komersial ensiunan Usaha Kecil dan Tempo Multilateral Portofolio Ritel dan Lembaga Internasional (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 31 Desember 2015 Pertanian, perburuan dan Kehutanan Perikanan Pertambangan dan Penggalian Industri pengolahan Listrik, Gas dan Air Konstruksi Perdagangan besar dan eceran Penyediaan akomodasi dan penyediaan makan minum Transportasi, pergudangan dan komunikasi Perantara keuangan Real estate, usaha persewaan dan jasa perusahaan Administrasi Pemerintahan, pertahanan dan jaminan sosial wajib Jasa pendidikan Jasa kesehatan dan kegiatan sosial Jasa kemasyarakatan, sosial budaya, hiburan dan perorangan lainnya Jasa perorangan yang melayani rumah tangga Badan internasional dan badan ekstra internasional lainnya Kegiatan yang belum jelas batasannya Bukan Lapangan Usaha Lainnya Total 1,342,080 1,342,080 - - 192,565 192,565 - - - - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 31 Desember 2014 Pertanian, perburuan dan Kehutanan Perikanan Pertambangan dan Penggalian Industri pengolahan Listrik, Gas dan Air Konstruksi Perdagangan besar dan eceran Penyediaan akomodasi dan penyediaan makan minum Transportasi, pergudangan dan komunikasi Perantara keuangan Real estate, usaha persewaan dan jasa perusahaan Administrasi Pemerintahan, pertahanan dan jaminan sosial wajib Jasa pendidikan Jasa kesehatan dan kegiatan sosial Jasa kemasyarakatan, sosial budaya, hiburan dan perorangan lainnya Jasa perorangan yang melayani rumah tangga Badan internasional dan badan ekstra internasional lainnya Kegiatan yang belum jelas batasannya Bukan Lapangan Usaha Lainnya Total 2,021,327 2,021,327 - - 1,716,617 1,716,617 - - - - 1,530,609 3,979,421 262,927 587,823 426,692 212,003 182,244 5,246 7,186,965 612,263 1,794,935 863,237 419,987 335,676 60,031 185,793 4,538 4,276,460 (dalam jutaan rupiah) Aset Lainnya Eksposur di Unit Usaha Syariah (apabila ada) (13) (14) - 78,508 78,508 - - 61,248 61,248 - Tabel 2.4.a. Pengungkapan Tagihan dan Pencadangan Berdasarkan Wilayah - Bank secara Individual Jawa No. Keterangan (1) (2) 1 Tagihan 2 Tagihan yang mengalami penurunan nilai (impaired ) a. Belum jatuh tempo b. Telah jatuh tempo 3 Cadangan kerugian penurunan nilai (CKPN) - Individual 4 Cadangan kerugian penurunan nilai (CKPN) - Kolektif 5 Tagihan yang dihapus buku (3) 8,009,831 20,539 - 31 Desember 2015 Wilayah Sumatera Kalimantan Nusa Luar Tenggara Indonesia (4) (5) (6) (7) 155,121 351,183 151,635 154,457 1,217 355 - Total Jawa (8) 8,822,229 22,111 - (3) 7,188,898 2,091 - (dalam jutaan rupiah) 31 Desember 2014 Wilayah Sumatera Kalimantan Nusa Luar Total Tenggara Indonesia (4) (5) (6) (7) (8) 103,489 424,520 230,278 148,089 8,095,274 1,296 16,235 19,622 - Tabel 2.5.a. Pengungkapan Tagihan dan Pencadangan Berdasarkan Sektor Ekonomi - Bank secara Individual No. (1) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Sektor Ekonomi Tagihan (3) Tagihan yang Mengalami Penurunan Belum Jatuh Telah jatuh Tempo tempo (4) (5) Cadangan kerugian penurunan nilai (CKPN) - Individual (6) (dalam jutaan rupiah) Cadangan kerugian Tagihan yang penurunan nilai dihapus buku (CKPN) - Kolektif (7) (8) (2) 31 Desember 2015 Pertanian, perburuan dan Kehutanan Perikanan Pertambangan dan Penggalian Industri pengolahan Listrik, Gas dan Air Konstruksi Perdagangan besar dan eceran Penyediaan akomodasi dan penyediaan makan minum Transportasi, pergudangan dan komunikasi Perantara keuangan Real estate, usaha persewaan dan jasa perusahaan Administrasi Pemerintahan, pertahanan dan jaminan sosial wajib Jasa pendidikan Jasa kesehatan dan kegiatan sosial Jasa kemasyarakatan, sosial budaya, hiburan dan perorangan lainnya Jasa perorangan yang melayani rumah tangga Badan internasional dan badan ekstra internasional lainnya Kegiatan yang belum jelas batasannya Bukan Lapangan Usaha Lainnya Total 1,530,609 3,992,082 262,927 587,823 426,692 404,567 182,244 1,425,834 8,812,779 - - - 12,661 5,281 4,168 22,111 - 31 Desember 2014 Pertanian, perburuan dan Kehutanan Perikanan Pertambangan dan Penggalian Industri pengolahan Listrik, Gas dan Air Konstruksi Perdagangan besar dan eceran Penyediaan akomodasi dan penyediaan makan minum Transportasi, pergudangan dan komunikasi Perantara keuangan Real estate, usaha persewaan dan jasa perusahaan Administrasi Pemerintahan, pertahanan dan jaminan sosial wajib Jasa pendidikan Jasa kesehatan dan kegiatan sosial Jasa kemasyarakatan, sosial budaya, hiburan dan perorangan lainnya Jasa perorangan yang melayani rumah tangga Badan internasional dan badan ekstra internasional lainnya Kegiatan yang belum jelas batasannya Bukan Lapangan Usaha Lainnya Total 627,630 1,799,190 863,237 419,987 2,052,294 60,031 185,793 2,087,113 8,095,274 - - - 15,367 4,255 19,622 - Tabel 2.6.a. Pengungkapan Rincian Mutasi Cadangan Kerugian Penurunan Nilai - Bank secara Individual No. Keterangan (1) (2) 1 Saldo awal CKPN 2 Pembentukan (pemulihan) CKPN pada periode berjalan (Net) a Pembentukan CKPN pada periode berjalan b Pemulihan CKPN pada periode berjalan 3 CKPN yang digunakan untuk melakukan hapus buku atas tagihan pada peride berjalan 4 Pembentukan (pemulihan) lainnya pada periode berjalan Saldo akhir CKPN 31 Desember 2015 CKPN Individual CKPN Kolektif (3) (4) (dalam jutaan rupiah) 31 Desember 2014 CKPN Individual CKPN Kolektif (5) (6) 0 0 0 0 0 0 19,622 2,489 17,856 (15,367) - 0 0 0 0 0 0 19,622 19,622 - 0 22,111 0 19,622 Tabel 2.6.a. Pengungkapan Rincian Mutasi Cadangan Kerugian Penurunan Nilai - Bank secara Individual No. Keterangan (1) (2) 1 Saldo awal CKPN 2 Pembentukan (pemulihan) CKPN pada periode berjalan (Net) a Pembentukan CKPN pada periode berjalan b Pemulihan CKPN pada periode berjalan 3 CKPN yang digunakan untuk melakukan hapus buku atas tagihan pada peride berjalan 4 Pembentukan (pemulihan) lainnya pada periode berjalan Saldo akhir CKPN 31 Desember 2015 CKPN Individual CKPN Kolektif (3) (4) (dalam jutaan rupiah) 31 Desember 2014 CKPN Individual CKPN Kolektif (5) (6) 0 0 0 0 0 0 19,622 2,489 17,856 (15,367) - 0 0 0 0 0 0 19,622 19,622 - 0 22,111 0 19,622 Tabel 3.1.a. Pengungkapan Tagihan Bersih Berdasarkan Kategori Portofolio dan Skala Peringkat - Bank secara Individual (dalam jutaan rupiah) 31 Desember 2015 Lembaga Pemeringkat Standard and Poor's Fitch Rating Moody's PT. Fitch Ratings Indonesia No. (1) 1 2 3 4 5 6 7 8 9 10 11 12 Kategori Portofolio (2) Tagihan Kepada Pemerintah Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan Multilateral dan Lembaga Internasional Tagihan Kepada Bank Kredit Beragun Rumah Tinggal Kredit Beragun Properti Komersial Kredit Pegawai/Pensiunan Tagihan Kepada Usaha Mikro, Usaha Kecil dan Portofolio Ritel Tagihan kepada Korporasi Tagihan yang Telah Jatuh Tempo Aset Lainnya Eksposur di Unit Usaha Syariah (apabila ada) Total PT ICRA Indonesia PT Pemeringkat Efek Indonesia (3) AAA AAA Aaa AA+ s.d AAAA+ s.d AAAa1 s.d Aa3 A+ s.d AA+ s.d AA1 s.d A3 AAA (idn) AA+(idn) s.d AA-(idn) A+(idn) s.d. A-(idn) [Idr]AAA [Idr]AA+ s.d [Idr]AA- [Idr]A+ s.d [Idr]A- idAAA (4) idAA+ s.d idAA(5) idA+ s.d id A(6) - 38,107 38,107 51,046 119,183 170,229 103,412 1,320,032 1,423,444 BBB+ s.d BBBBBB+ s.d BBBBaa1 s.d Baa3 BBB+(idn) s.d BBB(idn) Tagihan Bersih Kurang dari BKurang dari BKurang dari B3 BB+ s.d BBBB+ s.d BBBa1 s.d Ba3 B+ s.d BB+ s.d BB1 s.d B3 BB+(idn) s.d BB-(idn) B+(idn) s.d B-(idn) Kurang dari B-(idn) F1+(idn) s.d F1(idn) F2(idn) F3(idn) Kurang dari F3(idn) [Idr]BBB+ s.d [Idr]BBB- [Idr]BB+ s.d [Idr]BB- [Idr]B+ s.d [Idr]B- Kurang dari [Idr]B- [Idr]A1+ s.d [Idr]A1 [Idr]A2+ s.d [Idr]A2 [Idr]A3+ s.d [Idr] A3 Kurang dari [Idr]A3 id B+ s.d id B(9) Kurang dari idB(10) idA1 (11) idA2 (12) idA3 s.d id A4 (13) Kurang dari idA4 (14) id BBB+ s.d id BBB(7) - id BB+ s.d id BB(8) 1,342,080 1,342,080 - A-1 F1+ s.d F1 P-1 - A-2 F2 P-2 - A-3 F3 P-3 - Kurang dari A-3 Kurang dari F3 Kurang dari P-3 - - Tanpa Peringkat (15) Total (16) 5,747,750 78,508 5,826,258 1,342,080 192,565 7,186,965 78,508 8,800,118 (dalam jutaan rupiah) 31 Desember 2014 Lembaga Pemeringkat Standard and Poor's Fitch Rating Moody's PT. Fitch Ratings Indonesia No. (1) 1 2 3 4 5 6 7 8 9 10 11 12 Kategori Portofolio (2) Tagihan Kepada Pemerintah Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan Multilateral dan Lembaga Internasional Tagihan Kepada Bank Kredit Beragun Rumah Tinggal Kredit Beragun Properti Komersial Kredit Pegawai/Pensiunan Tagihan Kepada Usaha Mikro, Usaha Kecil dan Portofolio Ritel Tagihan kepada Korporasi Tagihan yang Telah Jatuh Tempo Aset Lainnya Eksposur di Unit Usaha Syariah (apabila ada) Total PT ICRA Indonesia PT Pemeringkat Efek Indonesia (3) - AAA AAA Aaa AA+ s.d AAAA+ s.d AAAa1 s.d Aa3 A+ s.d AA+ s.d AA1 s.d A3 AAA (idn) AA+(idn) s.d AA-(idn) A+(idn) s.d. A-(idn) [Idr]AAA [Idr]AA+ s.d [Idr]AA- [Idr]A+ s.d [Idr]A- idAAA (4) idAA+ s.d idAA(5) idA+ s.d id A(6) 1,060 1,060 1,596,024 189,645 1,785,669 119,482 119,482 BBB+ s.d BBBBBB+ s.d BBBBaa1 s.d Baa3 BBB+(idn) s.d BBB(idn) Tagihan Bersih Kurang dari BKurang dari BKurang dari B3 BB+ s.d BBBB+ s.d BBBa1 s.d Ba3 B+ s.d BB+ s.d BB1 s.d B3 BB+(idn) s.d BB-(idn) B+(idn) s.d B-(idn) Kurang dari B-(idn) F1+(idn) s.d F1(idn) F2(idn) F3(idn) Kurang dari F3(idn) [Idr]BBB+ s.d [Idr]BBB- [Idr]BB+ s.d [Idr]BB- [Idr]B+ s.d [Idr]B- Kurang dari [Idr]B- [Idr]A1+ s.d [Idr]A1 [Idr]A2+ s.d [Idr]A2 [Idr]A3+ s.d [Idr] A3 Kurang dari [Idr]A3 id B+ s.d id B(9) Kurang dari idB(10) idA1 (11) idA2 (12) idA3 s.d id A4 (13) Kurang dari idA4 (14) id BBB+ s.d id BBB(7) - id BB+ s.d id BB(8) 2,021,327 2,021,327 - - A-1 F1+ s.d F1 P-1 A-2 F2 P-2 - A-3 F3 P-3 - Kurang dari A-3 Kurang dari F3 Kurang dari P-3 - - Tanpa Peringkat (15) 4,086,815 61,248 4,148,063 Total (16) 2,021,327 1,716,566 4,276,460 61,248 8,075,602 10.7 Tabel 4.1.a. Pengungkapan Tagihan Bersih Berdasarkan Bobot Risiko Setelah Memperhitungkan Dampak Mitigasi Risiko Kredit - Bank secara Individual (dalam jutaan rupiah) A B C No. Kategori Portofolio (1) (2) Eksposur Neraca 1 Tagihan Kepada Pemerintah 2 Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan Multilateral dan 3 Lembaga Internasional 4 Tagihan Kepada Bank 5 Kredit Beragun Rumah Tinggal 6 Kredit Beragun Properti Komersial 7 Kredit Pegawai/Pensiunan Tagihan Kepada Usaha Mikro, Usaha Kecil dan 8 Portofolio Ritel 9 Tagihan kepada Korporasi 10 Tagihan yang Telah Jatuh Tempo 11 Aset Lainnya 12 Eksposur di Unit Usaha Syariah (apabila ada) Total Eksposur Neraca Eksposur Kewajiban Komitmen/Kontinjensi pd Transaksi Rekening Administratif 1 Tagihan Kepada Pemerintah 2 Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan Multilateral dan 3 Lembaga Internasional 4 Tagihan Kepada Bank 5 Kredit Beragun Rumah Tinggal 6 Kredit Beragun Properti Komersial 7 Kredit Pegawai/Pensiunan Tagihan Kepada Usaha Mikro, Usaha Kecil dan 8 Portofolio Ritel 9 Tagihan kepada Korporasi 10 Tagihan yang Telah Jatuh Tempo 11 Eksposur di Unit Usaha Syariah (apabila ada) Total Eksposur TRA Eksposur akibat Kegagalan Pihak Lawan (Counterparty Credit Risk) 1 Tagihan Kepada Pemerintah 2 Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan Multilateral dan 3 Lembaga Internasional 4 Tagihan Kepada Bank Tagihan Kepada Usaha Mikro, Usaha Kecil dan 5 Portofolio Ritel 6 Tagihan kepada Korporasi 7 Eksposur di Unit Usaha Syariah (apabila ada) Total Eksposur Counterparty Credit Risk 0% (3) 31 Desember 2015 Tagihan Bersih Setelah Memperhitungkan Dampak Mitigasi Risiko Kredit 35% 40% 45% 50% 75% 100% (5) (6) (7) (8) (9) (10) 20% (4) 1,342,080 1,342,080 - - 150% (11) Lainnya (12) Beban Modal (8%) (14) ATMR (13) - - 0% (15) 20% (16) - - - - - - - - 192,565 - - - - - - - - - 38,513 - 3,081 - 119,183 311,748 - - - - - 6,431,603 78,502 514,528 6,280 6,548,618 523,889 - - - - - - - - - - - 185,894 - 14,872 - - - - 836,649 1,022,543 66,932 81,803 - - 1,320,032 1,320,032 - - 929,472 - - - - - - - 929,472 - - - - - 5,747,750 78,502 5,826,252 836,649 836,649 - - 31 Desember 2014 Tagihan Bersih Setelah Memperhitungkan Dampak Mitigasi Risiko Kredit 35% 40% 45% 50% 75% 100% (17) (18) (19) (20) (21) (22) 2,021,327 2,021,327 - - 150% (23) Lainnya (24) Beban Modal (8%) (26) ATMR (25) - - - - - - - - - - 1,716,617 - - - - - - - - - 343,323 - 27,466 - 189,645 1,906,262 - - - - - - - 4,124,744 61,245 329,980 4,900 4,529,313 362,345 - - - - - - - - 645,011 - - - - - - - - - 129,002 - 10,320 - 645,011 - - - - - - - 1,000,033 1,129,035 80,003 90,323 - 4,086,815 61,245 4,148,060 1,000,033 1,000,033 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Tabel 4.2.a. Pengungkapan Tagihan Bersih dan Teknik Mitigasi Risiko Kredit - Bank secara Individual A B C No. Kategori Portofolio Tagihan Bersih (1) (2) (3) Eksposur Neraca 1 Tagihan Kepada Pemerintah 2 Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan Multilateral dan 3 Lembaga Internasional 4 Tagihan Kepada Bank 5 Kredit Beragun Rumah Tinggal 6 Kredit Beragun Properti Komersial 7 Kredit Pegawai/Pensiunan Tagihan Kepada Usaha Mikro, Usaha Kecil dan 8 Portofolio Ritel 9 Tagihan kepada Korporasi 10 Tagihan yang Telah Jatuh Tempo 11 Aset Lainnya 31 Desember 2015 Bagian Yang Dijamin Dengan Asuransi Agunan Garansi Kredit Lainnya (4) (5) (6) (7) Bagian Yang Tidak Dijamin (8) = (3)[(4)+(5)+(6)+(7) ] (dalam jutaan rupiah) 31 Desember 2014 Bagian Bagian Yang Dijamin Dengan Asuransi Yang Tidak Agunan Garansi Kredit Lainnya Dijamin (8) = (3)[(4)+(5)+(6)+ (4) (5) (6) (7) (7)] Tagihan Bersih (3) 1,342,080 - - - - - 1,342,080 - 2,021,327 - - - - - 2,021,327 - 192,565 - - - - - 192,565 - 1,716,617 - - - - - 1,716,617 - 7,186,965 78,508 - - - - 7,186,965 78,508 4,276,460 61,245 - - - - 4,276,460 61,245 12 Eksposur di Unit Usaha Syariah (apabila ada) Total Eksposur Neraca Eksposur Rekening Adminsitratif 1 Tagihan Kepada Pemerintah 2 Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan Multilateral dan 3 Lembaga Internasional 4 Tagihan Kepada Bank 5 Kredit Beragun Rumah Tinggal 6 Kredit Beragun Properti Komersial 7 Kredit Pegawai/Pensiunan Tagihan Kepada Usaha Mikro, Usaha Kecil dan 8 Portofolio Ritel 9 Tagihan kepada Korporasi 10 Tagihan yang Telah Jatuh Tempo 8,800,118 - - - - 8,800,118 8,075,650 - - - - 8,075,650 - - - - - - - - - - - - 929,472 - - - - - 929,472 - 645,011 - - - - - 645,011 - 863,096 - - 26,447 - - - 836,649 - 1,012,790 - - 25,515 - - - 987,276 - 11 Eksposur di Unit Usaha Syariah (apabila ada) Total Eksposur Rekening Administratif Eksposur Counterparty Credit Risk 1 Tagihan Kepada Pemerintah 2 Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan Multilateral dan 3 Lembaga Internasional 4 Tagihan Kepada Bank Tagihan Kepada Usaha Mikro, Usaha Kecil dan 5 Portofolio Ritel 6 Tagihan kepada Korporasi 7 Eksposur di Unit Usaha Syariah (apabila ada) Total Eksposur Counterparty Credit Risk Total (A+B+C) 1,792,568 - 26,447 - - 1,766,121 1,657,801 - 25,515 - - 1,632,286 - - - - - - - - - - - - - - - - - - - - - - - - 10,592,686 - - - 9,733,451 - - - 9,707,936 26,447 10,566,239 25,515 Tabel 6.1.1. Pengungkapan Eksposur Aset di Neraca (dalam jutaan rupiah) 31 Desember 2014 31 Desember 2015 No (1) Kategori Portofolio (2) 1 Tagihan Kepada Pemerintah 2 Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan Multilateral 3 dan Lembaga Internasional 4 Tagihan Kepada Bank 5 Kredit Beragun Rumah Tinggal 6 Kredit Beragun Properti Komersial 7 Kredit Pegawai/Pensiunan Tagihan Kepada Usaha Mikro, Usaha Kecil dan 8 Portofolio Ritel 9 Tagihan kepada Korporasi 10 Tagihan yang Telah Jatuh Tempo 11 Aset Lainnya TOTAL Tagihan Bersih ATMR Sebelum MRK (3) (4) 1,342,080 - ATMR Setelah MRK (5) - - Tagihan Bersih ATMR Sebelum MRK ATMR Setelah MRK (6) 2,021,327 - (7) - (8) - 192,565 - 38,513 - 38,513 - 1,716,617 - 343,323 - 343,323 - 7,186,965 78,508 8,800,118 6,431,603 6,470,116 6,431,603 78,502 6,548,618 4,276,460 61,245 8,075,650 4,124,744 4,468,067 4,124,744 61,245 4,529,313 Tabel 6.1.2. Pengungkapan Eksposur Kewajiban Komitmen/Kontinjensi pada Transaksi Rekening Administratif (dalam jutaan rupiah) 31 Desember 2014 31 Desember 2015 No Kategori Portofolio Tagihan Bersih ATMR Sebelum MRK ATMR Setelah MRK Tagihan Bersih ATMR Sebelum MRK ATMR Setelah MRK (1) (2) (3) (4) (5) (6) (7) (8) 1 Tagihan Kepada Pemerintah 2 Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan 3 Multilateral dan Lembaga Internasional 4 Tagihan Kepada Bank 5 Kredit Beragun Rumah Tinggal 6 Kredit Beragun Properti Komersial 7 Kredit Pegawai/Pensiunan Tagihan Kepada Usaha Mikro, Usaha Kecil 8 dan Portofolio Ritel 9 Tagihan kepada Korporasi 10 Tagihan yang Telah Jatuh Tempo TOTAL 929,472 - 185,894 - 185,894 - - - - 645,011 - 129,002 - 129,002 - 863,096 863,096 836,649 1,012,790 1,012,790 1,000,033 1,792,568 1,048,990 1,022,543 2,211,400 1,147,236 1,147,236 Tabel 6.1.3. Pengungkapan Eksposur yang Menimbulkan Risiko Kredit akibat Kegagalan Pihak Lawan (Counterparty Credit Risk) (dalam jutaan rupiah) 31 Desember 2014 31 Desember 2015 No (1) Kategori Portofolio Tagihan Bersih ATMR Sebelum MRK ATMR Setelah MRK Tagihan Bersih ATMR Sebelum MRK ATMR Setelah MRK (2) (3) (4) (5) (6) (7) (8) 1 Tagihan Kepada Pemerintah 2 Tagihan Kepada Entitas Sektor Publik Tagihan Kepada Bank Pembangunan Multilateral dan 3 Lembaga Internasional 4 Tagihan Kepada Bank Tagihan Kepada Usaha Mikro, Usaha Kecil dan 5 Portofolio Ritel 6 Tagihan kepada Korporasi TOTAL - - - - - - - - - - - - - - - - - - - - - - - Tabel 6.1.4. Pengungkapan Eksposur yang Menimbulkan Risiko Kredit akibat Kegagalan Setelmen (settlement risk) (dalam jutaan rupiah) 31 Desember 2014 31 Desember 2015 No (1) 1. 2. TOTAL Jenis Transaksi (2) Delivery versus payment a. Beban Modal 8% (5-15 hari) b. Beban Modal 50% (16-30 hari) c. Beban Modal 75% (31-45 hari) d. Beban Modal 100% (lebih dari 45 hari) Non-delivery versus payment Nilai Eksposur Faktor Pengurang Modal ATMR Nilai Eksposur Faktor Pengurang Modal ATMR (3) (4) (5) (6) (7) (8) - - - - - - - - - - Tabel 6.1.5. Pengungkapan Eksposur Sekuritisasi (dalam jutaan rupiah) 31 Desember 2014 31 Desember 2015 No (1) 1. 2. 3. 4. 5. 6. 7. TOTAL Jenis Transaksi (2) Fasilitas Kredit Pendukung yang memenuhi persyaratan Fasilitas Kredit Pendukung yang tidak memenuhi persyaratan Fasilitas Likuiditas yang memenuhi persyaratan Fasilitas Likuiditas yang tidak memenuhi persyaratan Pembelian Efek Beragun Aset yang memenuhi persyaratan Pembelian Efek Beragun Aset yang tidak memenuhi persyaratan Eksposur Sekuritisasi yang tidak tercakup dalam ketentuan Bank Indonesia mengenai prinsip-prinsip kehati-hatian dalam aktivitas sekuritisasi aset bagi bank umum. Faktor Pengurang Modal Faktor Pengurang Modal ATMR (3) (4) ATMR (4) - - - (5) - - (4) - - - - - - - Tabel 6.1.7. Pengungkapan Total Pengukuran Risiko Kredit TOTAL ATMR RISIKO KREDIT TOTAL FAKTOR PENGURANG MODAL (dalam jutaan rupiah) 31 Desember 2015 31 Desember 2014 7,571,161 5,658,348 0 0 Tabel 7.1. Pengungkapan Risiko Pasar Dengan Menggunakan Metode Standar (dalam jutaan rupiah) 31 Desember 2014 31 Desember 2015 No. Jenis Risiko (1) (2) 1 Risiko Suku Bunga a. Risiko Spesifik b. Risiko Umum 2 Risiko Nilai Tukar 3 Risiko Ekuitas *) 4 Risiko Komoditas *) 5 Risiko Option Total Beban Modal (3) 104,282 104,282 3,613 107,895 ATMR (4) 1,303,530 1,303,530 45,163 1,348,693 *) Untuk bank yang memiliki perusahaan anak yang memiliki eksposur risiko dimaksud Beban Modal (3) 155,542 155,542 5,718 161,260 ATMR (4) 1,944,276 1,944,276 71,469 2,015,746 Tabel 8.1.a. Pengungkapan Kuantitatif Risiko Operasional - Bank secara Individual No. (1) Pendekatan Yang Digunakan (2) 1 Pendekatan Indikator Dasar Total 31 Desember 2015 Pendapatan Bruto (Rata-rata 3 tahun terakhir) Beban Modal (3) (4) ATMR (5) (dalam jutaan rupiah) 31 Desember 2014 Pendapatan Bruto (Rata-rata 3 tahun terakhir) Beban Modal ATMR (6) (7) (8) 279,694 41,954 524,426 148,002 22,200 277,504 279,694 41,954 524,426 148,002 22,200 277,504 Tabel 9.1.a. Pengungkapan Profil Maturitas Rupiah - Bank secara Individual Pos-pos (2) No. (1) I II Saldo (3) < 1 bulan (4) 31 Desember 2015 Jatuh Tempo > 1 bln s.d. 3 > 3 bln s.d. 6 > 6 bln s.d. bln bln 12 bln (5) (6) (7) NERACA A Aset 1 Kas 2 Penempatan pada Bank Indonesia 3 Penempatan pada bank lain 4 Surat Berharga 5 Kredit yang diberikan 6 Reverse Repo 7 Tagihan lainnya 8 Lain-lain Total Aset 6 353,206 1,588 1,540,185 3,530,097 2,881,824 588 90,794 8,398,287 6 353,206 1,588 89,599 805,053 0 0 100,387 666,877 0 0 0 347,487 0 0 24,725 330,967 204 90,794 1,340,451 42 0 767,307 0 0 347,487 B. Kewajiban 1 Dana Pihak Ketiga 2 Kewajiban pada Bank Indonesia 3 Kewajiban pada bank lain 4 Surat Berharga yang Diterbitkan 5 Pinjaman yang Diterima 6 Kewajiban lainnya 7 Lain-lain Total Kewajiban 1,761,599 0 3,352,754 0 0 370,473 104,729 5,589,555 1,742,814 0 0 0 0 213 104,729 1,847,757 18,785 0 0 0 0 222 0 19,007 Selisih Aset dengan Kewajiban dalam Neraca 2,808,733 (507,306) REKENING ADMINISTRATIF A. Tagihan Rekening Administratif 1 Komitmen 2 Kontijensi Total Tagihan Rekening Administratif 0 5,133,868 5,133,868 B. Kewajiban Rekening Administratif 1 Komitmen 2 Kontijensi Total Kewajiban Rekening Administratif > 12 bulan (8) Saldo (9) < 1 bulan (10) (dalam jutaan rupiah) 31 Desember 2014 Jatuh Tempo > 1 bln s.d. 3 > 3 bln s.d. 6 > 6 bln s.d. bln bln 12 bln > 12 bulan (11) (12) (13) (14) 2 1,216,814 1,059 1,722,015 1,472,696 1,567,468 33,754 76,344 6,090,149 2 1,216,814 1,059 49,976 5 0 0 0 310,119 0 0 420,963 20,607 0 0 1,984 494,821 15 0 355,707 0 0 1,325,474 1,379,712 2,881,824 326 0 5,587,336 12,786 76,344 1,356,984 3,599 0 313,717 1,276 0 442,846 182 0 496,987 0 0 1,249,092 647,144 1,567,468 15,911 0 3,479,614 0 0 0 0 0 20,988 0 20,988 0 0 0 0 0 0 0 0 0 0 3,352,754 0 0 349,049 0 3,701,803 2,206,741 0 1,567,470 0 0 366,086 147,655 4,287,951 1,716,261 0 0 0 0 82,596 147,655 1,946,512 490,480 0 0 0 0 3,044 0 493,524 0 0 0 0 0 1 0 1 0 0 0 0 0 1,490 0 1,490 0 0 1,567,470 0 0 278,955 0 1,846,425 748,299 326,499 355,707 1,885,533 1,802,198 (589,528) (179,806) 442,846 495,497 1,633,189 0 0 0 0 0 0 0 0 0 0 5,133,868 5,133,868 0 0 0 16,412,925 2,099,767 18,512,692 1,768,633 0 1,768,633 1,843,792 0 1,843,792 58,700 0 58,700 727,758 2,099,767 2,827,525 12,014,042 0 12,014,042 3,408,373 0 3,408,373 0 0 0 0 0 0 0 0 0 3,408,373 0 3,408,373 0 0 0 19,312,865 0 19,312,865 6,584,975 0 6,584,975 635,787 0 635,787 149,755 0 149,755 2,636,313 0 2,636,313 9,306,035 0 9,306,035 Selisih Tagihan dan Kewajiban dalam Rekening Administratif 1,725,495 0 0 0 1,725,495 0 (506,719) (137,036) 194,357 159,612 (2,747,328) 2,023,676 Selisih [(IA-IB)+(IIA-IIB)] 4,534,228 (507,306) 748,299 326,499 2,081,202 1,885,533 (934,524) (202,787) 5,406 162,609 (2,268,543) 1,368,790 0 (507,306) 240,993 567,492 2,648,694 4,534,228 541,721 832,147 1,433,329 (817,046) 3,431,060 Selisih Kumulatif 0 Tabel 9.2.a. Pengungkapan Profil Maturitas Valas - Bank secara Individual No. (1) I Pos-pos (2) NERACA A Aset 1 Kas 2 Penempatan pada Bank Indonesia 3 Penempatan pada bank lain 4 Surat Berharga 5 Kredit yang diberikan 6 Reverse Repo 7 Tagihan lainnya 8 Lain-lain Total Aset B. Kewajiban 1 Dana Pihak Ketiga 2 Kewajiban pada Bank Indonesia 3 Kewajiban pada bank lain 4 Surat Berharga yang Diterbitkan 5 Pinjaman yang Diterima 6 Kewajiban lainnya 7 Lain-lain Total Kewajiban Selisih Aset dengan Kewajiban dalam Neraca II < 1 bulan (4) Saldo (3) 31 Desember 2015 Jatuh Tempo > 1 bln s.d. 3 > 3 bln s.d. 6 > 6 bln s.d. bln bln 12 bln (5) (6) (7) > 12 bulan (8) < 1 bulan (4) Saldo (3) (dalam jutaan rupiah) 31 Desember 2014 Jatuh Tempo > 1 bln s.d. > 3 bln s.d. > 6 bln s.d. 12 3 bln 6 bln bln > 12 bulan (5) (6) (7) (8) 266,060 117,173 0 3,613,283 266,060 117,173 0 234,400 0 0 0 0 0 0 0 41,642 0 0 0 184,303 0 0 0 3,152,938 255,139 148,090 0 2,432,135 255,139 148,090 0 6,193 0 0 0 24,770 0 0 0 270,907 0 0 0 422,809 0 0 0 1,707,457 523,296 12,552 4,532,364 25,550 12,552 655,735 92,382 0 92,382 15,582 0 57,224 43,051 0 227,354 346,731 0 3,499,669 806,797 10,151 3,652,314 168,713 10,151 588,287 206,619 0 231,389 22,616 0 293,523 13,807 0 436,616 395,042 0 2,102,499 1,326,333 0 482,475 0 1,723,125 1,423,011 83,061 5,038,004 1,217,011 0 482,475 0 0 28,534 83,061 1,811,080 109,322 0 0 0 0 168,169 0 277,491 0 0 0 0 0 149,072 0 149,072 0 0 0 0 0 193,152 0 193,152 0 0 0 0 1,723,125 884,084 0 2,607,209 940,129 0 161,005 0 1,486,200 1,004,163 49,659 3,641,156 935,872 0 161,005 0 0 177,256 49,659 1,323,791 4,258 0 0 0 0 222,493 0 226,750 0 0 0 0 0 13,663 0 13,663 0 0 0 0 0 98,522 0 98,522 0 0 0 0 1,486,200 492,229 0 1,978,429 (505,641) (1,155,345) (185,110) (91,848) 34,202 892,460 11,158 (735,504) 4,639 279,860 338,094 124,070 REKENING ADMINISTRATIF A. Tagihan Rekening Administratif 1 Komitmen 2 Kontijensi Total Tagihan Rekening Administratif 1,080,080 491,845 1,571,925 173,724 0 173,724 231,767 0 231,767 215,569 0 215,569 37,670 491,845 529,515 421,350 0 421,350 1,586,022 623,719 2,209,741 563,153 0 563,153 57,362 0 57,362 51,856 0 51,856 24,391 623,719 648,110 889,260 0 889,260 B. Kewajiban Rekening Administratif 1 Komitmen 2 Kontijensi Total Kewajiban Rekening Administratif 1,121,656 111,705 1,233,361 77,959 148 78,107 66,580 1,157 67,737 177,829 8,683 186,512 273,310 47,870 321,180 525,978 53,847 579,825 1,616,387 129,118 1,745,505 176,535 1,522 178,057 157,239 7,084 164,323 43,768 9,141 52,909 209,410 46,782 256,192 1,029,435 64,589 1,094,024 338,564 95,617 164,030 29,057 208,335 (158,475) 464,236 385,096 (106,961) (1,053) 391,918 (204,764) (21,080) (62,791) 242,537 733,985 475,394 (350,408) (102,322) 278,807 730,012 (80,694) (1,059,728) (1,080,807) (1,143,599) (901,062) (167,077) 0 (350,408) (452,731) (173,924) 556,088 475,394 Selisih Tagihan dan Kewajiban dalam Rekening Administratif Selisih [(IA-IB)+(IIA-IIB)] Selisih Kumulatif (167,077) 0 (1,059,728) LAPORAN POSISI KEUANGAN (NERACA) TRIWULANAN Bank : Tanggal : PT BANK BN P PARIBAS INDONESIA 31-Dec-15 BANK No. POS - POS ASET 1. Kas 2. Penempatan pada Bank Indonesia 3. Penempatan pada bank lain 4. Tagihan spot dan derivatif 5. Surat berharga a. Diukur pada nilai wajar melalui laporan laba/rugi b. Tersedia untuk dijual c. Dimiliki hingga jatuh tempo d. Pinjaman yang diberikan dan piutang 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. Surat berharga yang dijual dengan janji dibeli kembali (repo ) Tagihan atas surat berharga yang dibeli dengan janji dijual kembali (reverse repo ) Tagihan akseptasi Kredit a. Diukur pada nilai wajar melalui laporan laba/rugi b. Tersedia untuk dijual c. Dimiliki hingga jatuh tempo d. Pinjaman yang diberikan dan piutang Pembiayaan syariah Penyertaan Cadangan kerugian penurunan nilai aset keuangan -/a. Surat berharga b. Kredit c. Lainnya Aset tidak berwujud Akumulasi amortisasi aset tidak berwujud -/Aset tetap dan inventaris Akumulasi penyusutan aset tetap dan inventaris -/Aset non produktif a. Properti terbengkalai b. Aset yang diambil alih c. Rekening tunda d. Aset antar kantor i. Melakukan kegiatan operasional di Indonesia ii. Melakukan kegiatan operasional di luar Indonesia Cadangan kerugian penurunan nilai dari aset non keuangan -/Sewa pembiayaan Aset pajak tangguhan Aset lainnya TOTAL ASET 31 DES 15 31 DES 14 6 619,266 118,761 523,884 2 1,471,953 149,150 478,672 746,842 719,540 73,803 1,172,705 549,310 - - - 2,881,824 - 1,567,468 361,880 7,165,491 - 3,924,453 - 22,111 3,841 567 37,745 18,016 19,622 815 467 24,664 16,855 - - 29,678 50,663 12,930,650 26,245 52,093 9,742,466 2 LAPORAN POSISI KEUANGAN (NERACA) TRIWULANAN Bank : Tanggal : PT BANK BN P PARIBAS INDONESIA 31-Dec-15 BANK POS - POS No. 31 DES 15 31 DES 14 LIABILITAS DAN EKUITAS LIABILITAS 1. Giro 2. Tabungan 3. Simpanan berjangka 912,303 2,175,629 835,273 2,311,597 4. Dana investasi revenue sharing - - 5. Pinjaman dari Bank Indonesia - - 6. Pinjaman dari bank lain 7. 8. Liabilitas spot dan derivatif Utang atas surat berharga yang dijual dengan janji dibeli kembali (repo ) Utang akseptasi Surat berharga yang diterbitkan Pinjaman yang diterima Setoran jaminan Liabilitas antar kantor a. Melakukan kegiatan operasional di Indonesia b. Melakukan kegiatan operasional di luar Indonesia Liabilitas pajak tangguhan Liabilitas lainnya Dana investasi profit sharing TOTAL LIABILITAS 9. 10. 11. 12. 13. 14. 15. 16. 953,405 161,007 1,793,484 1,008,369 1,723,125 26,447 361,880 1,486,200 25,515 3,043,167 10,627,560 1,739,268 7,929,109 2 LAPORAN POSISI KEUANGAN (NERACA) TRIWULANAN Bank : Tanggal : PT BANK BN P PARIBAS INDONESIA 31-Dec-15 BANK POS - POS No. EKUITAS 17. Modal disetor a. Modal dasar b. Modal yang belum disetor -/c. Saham yang dibeli kembali (treasury stock ) -/18. Tambahan modal disetor a. Agio b. Disagio -/c. Modal sumbangan d. Dana setoran modal e. Lainnya 19. Pendapatan (kerugian) komprehensif lain a. Penyesuaian akibat penjabaran laporan keuangan dalam mata uang asing b. Keuntungan (kerugian) dari perubahan nilai aset keuangan dalam kelompok tersedia untuk dijual c. Bagian efektif lindung nilai arus kas d. Keuntungan revaluasi aset tetap e. Bagian pendapatan komprehensif lain dari entitas asosiasi f. Keuntungan (kerugian) aktuarial program imbalan pasti g. Pajak penghasilan terkait dengan penghasilan komprehensif lain h. Lainnya 20. Selisih kuasi reorganisasi 21. Selisih restrukturisasi entitas sepengendali 22. Ekuitas lainnya 23. Cadangan a. Cadangan umum b. Cadangan tujuan 24. Laba/rugi a. Tahun-tahun lalu b. Tahun berjalan TOTAL EKUITAS YANG DAPAT DIATRIBUSIKAN KEPADA PEMILIK 31 DES 15 31 DES 14 1,062,170 - 1,062,170 - - - - - (2,596) 927 344,625 2,612 - 4,519 874 2,612 - 743,181 152,171 502,662 240,520 2,303,090 1,813,357 2,303,090 1,813,357 12,930,650 - 9,742,466 25. Kepentingan non pengendali TOTAL EKUITAS TOTAL LIABILITAS DAN EKUITAS 2 LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN TRIWULANAN Bank : PT BANK BN P PARIBAS INDONESIA Periode : 31-12-15 BANK POS-POS No. 31 DES 15 31 DES 14 PENDAPATAN DAN BEBAN OPERASIONAL A. Pendapatan dan Beban Bunga 1. Pendapatan Bunga a. Rupiah b. Valuta asing 369,227 260,005 87,125 61,628 144,056 71,475 2. Beban Bunga a. Rupiah b. Valuta asing Pendapatan (Beban) Bunga Bersih 22,379 15,725 289,917 234,433 B. Pendapatan dan Beban Operasional selain Bunga 1. Pendapatan Operasional Selain Bunga a. Peningkatan nilai wajar aset keuangan i. - - ii. Kredit - - iii. Spot dan derivatif - - iv. Aset keuangan lainnya - - b. Penurunan nilai wajar liabilitas keuangan - - c. Keuntungan penjualan aset keuangan - 53,293 ii. Kredit - - iii. Aset keuangan lainnya - i. Surat berharga Surat berharga - 106,546 - d. Keuntungan transaksi spot dan derivatif (realised ) 273,042 e. Dividen - - f. Keuntungan dari penyertaan dengan equity method - - g. Komisi/provisi/fee dan administrasi - - h. Pemulihan atas cadangan kerugian penurunan nilai - - i. Pendapatan lainnya - - 10,931 98,633 2. Beban Operasional Selain Bunga a. Penurunan nilai wajar aset keuangan i. Surat berharga ii. Kredit - - iii. Spot dan derivatif - - iv. Aset keuangan lainnya - - b. Peningkatan nilai wajar liabilitas keuangan - - c. Kerugian penjualan aset keuangan i. 4,971 - ii. Kredit - - iii. Aset keuangan lainnya - - d. Kerugian transaksi spot dan derivatif (realised ) - - e. Kerugian penurunan nilai aset keuangan (impairment ) - - i. Surat berharga Surat berharga ii. Kredit - 2,489 19,622 iii. Pembiayaan syariah - - iv. Aset keuangan lainnya - - f. g. Kerugian terkait risiko operasional *) - Kerugian dari penyertaan dengan equity method - - h. Komisi/provisi/fee dan administrasi 19,281 16,089 i. Kerugian penurunan nilai aset lainnya (non keuangan) j. Beban tenaga kerja k. Beban promosi l. Beban lainnya - - 87,190 62,729 372 409 65,592 38,336 Pendapatan (Beban) Operasional Selain Bunga Bersih (84,280) 90,517 LABA (RUGI) OPERASIONAL 205,637 324,950 170 - PENDAPATAN DAN BEBAN NON OPERASIONAL 1. Keuntungan (kerugian) penjualan aset tetap dan inventaris 484 2. Keuntungan (kerugian) penjabaran transaksi valuta asing - 3. Pendapatan (beban) non operasional lainnya 194 (1,895) LABA (RUGI) NON OPERASIONAL 678 (1,725) LABA (RUGI) TAHUN BERJALAN SEBELUM PAJAK - 206,315 323,225 55,224 108,029 Pajak penghasilan a. Taksiran pajak tahun berjalan 24 LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN TRIWULANAN Bank : PT BANK BN P PARIBAS INDONESIA Periode : 31-12-15 BANK No. POS-POS b. 31 DES 15 Pendapatan (beban) pajak tangguhan LABA (RUGI) TAHUN BERJALAN SETELAH PAJAK BERSIH 31 DES 14 1,080 25,324 152,171 240,520 PENGHASILAN KOMPREHENSIF LAIN 1. Pos-pos yang tidak akan direklasifikasi ke laba rugi a. Keuntungan revaluasi aset tetap b. Keuntungan (kerugian) aktuarial program imbalan pasti 71 c. Bagian pendapatan komprehensif lain dari entitas asosiasi - d. Lainnya - e. Pajak penghasilan terkait pos-pos yang tidak akan direklasifikasi ke laba rugi (18) (170) - 43 2. Pos-pos yang akan direklasifikasi ke laba rugi a. Penyesuaian akibat penjabaran laporan keuangan dalam mata uang asing b. Keuntungan (kerugian) dari perubahan nilai aset keuangan dalam kelompok tersedia untuk dijual - - (9,486) 6,339 - c Bagian efektif dari lindung nilai arus kas - d. Lainnya - - e. Pajak penghasilan terkait pos-pos yang akan direklasifikasi ke laba rugi 2,371 (1,541) PENGHASILAN KOMPREHENSIF LAIN TAHUN BERJALAN - NET PAJAK PENGHASILAN TERKAIT (7,062) 4,671 TOTAL LABA KOMPREHENSIF TAHUN BERJALAN 145,109 245,191 152,171 240,520 145,109 245,191 Laba yang dapat diatribusikan kepada : PEMILIK KEPENTINGAN NON PENGENDALI TOTAL LABA TAHUN BERJALAN Total Penghasilan Komprehensif Lain yang dapat diatribusikan kepada : PEMILIK KEPENTINGAN NON PENGENDALI TOTAL PENGHASILAN KOMPREHENSIF LAIN TAHUN BERJALAN TRANSFER LABA (RUGI) KE KANTOR PUSAT **) - - DIVIDEN - - LABA BERSIH PER SAHAM ***) - - *) Diisi untuk kerugian yang sudah terjadi maupun pasti akan terjadi loss dalam jumlah tertentu **) Diisi hanya untuk Kantor Cabang Bank Asing, apabila ada ***) Khusus bagi bank yang telah go public. 25 LAPORAN KOMITMEN DAN KONTINJENSI TRIWULANAN Bank : Tanggal : PT BANK BN P PARIBAS INDONESIA 31-Dec-15 BANK No. I POS-POS 31 DES 15 31 DES 14 TAGIHAN KOMITMEN 1. Fasilitas pinjaman yang belum ditarik a. Rupiah b. Valuta asing 2. Posisi pembelian spot dan derivatif yang masih berjalan 3. Lainnya - - 1,723,125 1,610,050 13,165,781 34,158,684 - - - Rupiah - - - Valuta asing - - - Rupiah - - - Valuta asing - - II KEWAJIBAN KOMITMEN 1. Fasilitas kredit kepada nasabah yang belum ditarik a. BUMN i. Committed ii. Uncommitted b. Lainnya i. Committed 1,738,916 1,436,427 ii. Uncommitted 3,861,081 2,639,681 2. Fasilitas kredit kepada bank lain yang belum ditarik a. Committed i. Rupiah - - ii. Valuta asing - - b. Uncommitted Rupiah - - ii. Valuta asing i. - - 3. Irrevocable L/C yang masih berjalan a. L/C luar negeri b. L/C dalam negeri 4. Posisi penjualan spot dan derivatif yang masih berjalan 5. Lainnya 38,216 13,270,393 - 122,016 34,963,135 - III. TAGIHAN KONTINJENSI 1. Garansi yang diterima a. Rupiah 6,195,603 2,099,767 b. Valuta asing 4,487,074 7,611,866 2. Pendapatan bunga dalam penyelesaian a. Bunga kredit yang diberikan b. Bunga lainnya 3. Lainnya - - - - - - IV. KEWAJIBAN KONTINJENSI 1. Garansi yang diberikan a. Rupiah b. Valuta asing 2. Lainnya 392,204 286,285 1,539,865 1,575,769 - - LAPORAN KUALITAS ASET PRODUKTIF DAN INFORMASI LAINNYA TRIWULANAN Bank : PT BANK BN P PARIBAS INDONESIA Tanggal : 31-Dec-15 (dalam jutaan rupiah) BANK No. POS-POS L DPK POSISI 31 DESEMBER 2015 KL D M Jumlah L DPK POSISI 31 DESEMBER 2014 KL D M Jumlah I. PIHAK TERKAIT 1. Penempatan pada bank lain a. Rupiah b. Valuta asing 66,121 - - - - 66,121 119,477 - - - - 119,477 2. Tagihan spot dan derivatif a. Rupiah b. Valuta asing 70,867 - - - - 70,867 224,551 - - - - 224,551 3. Surat berharga a. Rupiah b. Valuta asing - - - - - - - - - - - - 4. Surat berharga yang dijual dengan janji dibeli kembali (Repo ) a. Rupiah b. Valuta asing - - - - - - - - - - - - 5. Tagihan atas surat berharga yang dibeli dengan janji dijual kembali (Reverse Repo ) a. Rupiah b. Valuta asing - - - - - - - - - - - - 6. Tagihan akseptasi - - - - - - - - - - - - - - - - - - - - - - - - 3,156 - - - - - 3,156 - 2,413 - - - - - 2,413 - - - - - - - - - - - - - 8. Penyertaan - - - - - - - - - - - - 9. Penyertaan modal sementara - - - - - - 10. Tagihan lainnya* - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,588 51,052 - - - - 1,588 51,052 1,059 28,614 - - - - 1,059 28,614 10,363 442,654 - - - - 10,363 442,654 254,121 - - - - 254,121 1,540,185 - - - - - 1,540,185 - 1,722,015 - - - - - 1,722,015 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 60,000 - - - - - - - - - - - - - - - - 8. Penyertaan - - - - - - - - - - - - 9. Penyertaan modal sementara - - - - - - - - - - - - 10. Tagihan lainnya* - - - - - - - - - - - - - - - - - - - - - - - - 7. Kredit a. Debitur Usaha Mikro, Kecil dan Menengah (UMKM) i. Rupiah ii. Valuta asing b. Bukan debitur UMKM i. Rupiah ii. Valuta asing c. Kredit yang direstrukturisasi i. Rupiah ii. Valuta asing d. Kredit properti 11. Komitmen dan kontinjensi a. Rupiah b. Valuta asing 12. Aset yang diambil alih II PIHAK TIDAK TERKAIT 1. Penempatan pada bank lain a. Rupiah b. Valuta asing 2. Tagihan spot dan derivatif a. Rupiah b. Valuta asing 3. Surat berharga a. Rupiah b. Valuta asing 4. Surat berharga yang dijual dengan janji dibeli kembali (Repo ) a. Rupiah b. Valuta asing 5. Tagihan atas surat berharga yang dibeli dengan janji dijual kembali (Reverse Repo ) a. Rupiah b. Valuta asing 6. Tagihan Akseptasi 7. Kredit a. Debitur Usaha Mikro, Kecil dan Menengah (UMKM) i. Rupiah ii. Valuta asing b. Bukan debitur UMKM i. Rupiah ii. Valuta asing c. Kredit yang direstrukturisasi i. Rupiah ii. Valuta asing d. Kredit properti 11. Komitmen dan kontinjensi a. Rupiah b. Valuta asing 12. Aset yang diambil alih III INFORMASI LAIN 513,741 1,163,233 - 2,881,824 - 3,526,941 3,635,394 154,266 376,529 513,741 1,163,233 33,667 1,380,203 - - 2,881,824 - 1,567,468 - 3,526,941 3,635,394 1,410,283 2,451,757 154,266 376,529 - 2,503,529 2,142,779 ; 33,667 1,380,203 - 1,567,468 - 1,470,283 2,451,757 2,503,529 2,142,779 27 LAPORAN KUALITAS ASET PRODUKTIF DAN INFORMASI LAINNYA TRIWULANAN Bank : PT BANK BN P PARIBAS INDONESIA Tanggal : 31-Dec-15 (dalam jutaan rupiah) BANK No. POS-POS L DPK POSISI 31 DESEMBER 2015 KL D M Jumlah 1. Total aset bank yang dijaminkan : a. Pada Bank Indonesia b. Pada pihak lain L DPK POSISI 31 DESEMBER 2014 KL D M Jumlah - 2. Total CKPN aset keuangan atas aset produktif 3. Total PPA yang wajib dibentuk atas aset produktif 0 0 22,111 121,360 4. Persentase kredit kepada UMKM terhadap total kredit 5. Persentase kredit kepada Usaha Mikro Kecil (UMK) terhadap total kredit 6. Persentase jumlah debitur UMKM terhadap total debitur 7. Persentase jumlah debitur Usaha Mikro Kecil (UMK) terhadap total debitur 8. Lainnya a. Penerusan kredit b. Penyaluran dana Mudharabah Muqayyadah c. Aset produktif yang dihapus buku d. Aset produktif dihapusbuku yang dipulihkan/berhasil ditagih e. Aset produktif yang dihapus tagih 19,622 0 - 0 - 0 - 0 - 0 - 0 0 0 - 0 0 CADANGAN PENYISIHAN KERUGIAN No. POS-POS 1. Penempatan pada bank lain Posisi Tanggal Laporan CKPN PPA wajib dibentuk Individual Kolektif Umum Khusus 1,188 - Posisi Tanggal Laporan Tahun Sebelumnya CKPN PPA wajib dibentuk Individual Kolektif Umum Khusus 1,492 - Agreed with audit calculation 2. Tagihan spot dan derivatif - - 5,239 - - - 4,787 - Agreed with audit calculation 3. Surat berharga - - 738 - - - - - Agreed with audit calculation 4. Surat berharga yang dijual dengan janji dibeli kembali (Repo ) - - - - - - - - 5. Tagihan atas surat berharga yang dibeli dengan janji dijual kembali (Reverse Repo ) - - - - - - 15,675 - 6. Tagihan akseptasi - - - - - - 3,619 - 7. Kredit - 22,111 71,655 - - 19,622 41,645 - 8. Penyertaan - - - - - - - - 9. Penyertaan modal sementara - - - - 10. Tagihan lainnya* - - - - - - - - 11. Komitmen dan kontinjensi - - 19,703 - - - 19,841 - Agreed with audit calculation Agreed with audit calculation 28 LAPORAN TRANSAKSI SPOT DAN DERIVATIF TRIWULANAN Bank : PT BANK BN P PARIBAS INDONESIA Tanggal : 31-Dec-15 (dalam jutaan rupiah) BANK TRANSAKSI NO. Nilai Notional Tujuan Trading Tagihan dan Liabilitas Derivatif Tagihan Liabilitas Hedging A. Terkait dengan Nilai Tukar 1 Spot 2 Forward 3 96,589 96,506 - 83 - 1,721,693 1,721,693 - 47,897 5,803 Option a. Jual - - - - - b. Beli - - - - - 4 Future - - - - - 5 Swap 6 Lainnya 18,908,118 18,811,612 - 474,731 1,417,986 - - - - - - - - - - a. Jual - - - - - b. Beli - - - - - 3 Future - - - - - 4 Swap - 1,173 5 Lainnya B. Terkait dengan Suku Bunga 1 2 Forward Option C. Lainnya JUMLAH 5,216,888 5,216,888 369,695 - - - - - - - - - - 25,943,288 25,846,699 - 523,884 1,793,484 PT BANK BNP PARIBAS INDONESIA LAPORAN KEUANGAN/ FINANCIAL STATEMENTS UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2015/ FOR THE YEAR ENDED DECEMBER 31, 2015 DAN LAPORAN AUDITOR INDEPENDEN/ AND INDEPENDENT AUDITORS’ REPORT PT BANK BNP PARIBAS INDONESIA DAFTAR ISI PT BANK BNP PARIBAS INDONESIA TABLE OF CONTENTS Halaman/ Page LAPORAN AUDITOR INDEPENDEN 1 LAPORAN KEUANGAN – Untuk tahun yang berakhir 31 Desember 2015 INDEPENDENT AUDITORS’ REPORT FINANCIAL STATEMENTS – For the year ended December 31, 2015 Laporan Posisi Keuangan 3 Statement of Financial Position Laporan Laba Rugi Dan Penghasilan Komprehensif Lain 5 Statement of Profit or Loss and Other Comprehensive Income Laporan Perubahan Ekuitas 6 Statement of Changes in Equity Laporan Arus Kas 7 Statement of Cash Flows Catatan atas Laporan Keuangan 9 Notes to Financial Statements PT BANK BNP PARIBAS INDONESIA LAPORAN POSISI KEUANGAN 31 DESEMBER 2015 PT BANK BNP PARIBAS INDONESIA STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2015 31 Desember/ December 31, 2015 Rp Juta/ Rp Million Catatan/ Notes 31 Desember/ December 31, 2014 Rp Juta/ Rp Million ASET ASSETS Kas 6 Giro pada Bank Indonesia 414.297 Giro pada Bank Lain Pihak berelasi Pihak ketiga Jumlah 66.121 52.640 118.761 Penempatan pada Bank Indonesia dan Bank Lain - setelah dikurangi bunga yang belum diamortisasi sebesar Rp 93 juta pada 31 Desember 2015 dan Rp 94 juta pada 31 Desember 2014 Efek-efek Diperdagangkan Tersedia untuk dijual Wesel ekspor Jumlah Efek-efek yang Dibeli Dengan Janji Dijual Kembali setelah dikurangi pendapatan bunga yang belum diamortisasi sebesar Rp 38.126 juta pada 31 Desember 2015 dan Rp 129.482 juta pada 31 Desember 2014 5 6 29 204.969 7 886.047 38.974 29.673 68.647 666.409 8 Tagihan Derivatif Pihak berelasi Pihak ketiga Jumlah 70.867 453.017 523.884 3.156 7.162.335 (22.111) 7.143.380 Demand Deposits with Bank Indonesia Demand Deposits with Other Banks Related parties Third parties Total Placements with Bank Indonesia and Other Banks - net of unamortized interest of Rp 93 million at December 31, 2015 and Rp 94 million at December 31, 2014 Securities Trading Available-for-sale Export bills Total 9 1.567.468 Securities Purchased under Agreement to Resell - net of unamortized interest of Rp 38,126 million at December 31, 2015 and Rp 129,482 million at December 31, 2014 10 361.880 Acceptances Receivable 224.551 254.121 478.672 Derivative Receivables Related parties Third parties Total 2.881.824 - Cash 1.172.705 549.310 1.722.015 746.842 719.540 73.803 1.540.185 Tagihan Akseptasi Kredit Pihak berelasi Pihak ketiga Cadangan kerugian penurunan nilai Jumlah 2 11 29 12 29 2.413 3.922.040 (19.622) 3.904.831 Loans Related parties Third parties Allowance for impairment losses Total Aset Tetap - setelah dikurangi akumulasi penyusutan sebesar Rp 18.582 juta pada 31 Desember 2015 dan Rp 17.323 juta pada 31 Desember 2014 23.003 13 8.157 Aset Pajak Tangguhan 29.678 28 26.245 Deferred Tax Assets Biaya Dibayar Dimuka dan Aset Lain-lain 50.663 14,29 52.093 Prepaid Expenses and Other Assets JUMLAH ASET 12.930.650 9.742.466 Lihat catatan atas laporan keuangan yang merupakan bagian yang tidak terpisahkan dari laporan keuangan. Premises and Equipment - net of accumulated depreciation of Rp 18,582 million at December 31, 2015 and Rp 17,323 million at December 31, 2014 TOTAL ASSETS See accompanying notes to financial statements which are an integral part of the financial statements. -3- PT BANK BNP PARIBAS INDONESIA LAPORAN POSISI KEUANGAN 31 DESEMBER 2015 - Lanjutan PT BANK BNP PARIBAS INDONESIA STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2015 - Continued 31 Desember/ December 31, 2015 Rp Juta/ Rp Million Catatan/ Notes 31 Desember/ December 31, 2014 Rp Juta/ Rp Million LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY LIABILITAS LIABILITIES Simpanan Pihak berelasi Pihak ketiga Jumlah 194.963 2.892.969 3.087.932 Simpanan dari Bank Lain Pihak berelasi Pihak ketiga Jumlah 339.855 613.550 953.405 Liabilitas Akseptasi - 7.252 1.786.232 1.793.484 Pinjaman yang Diterima 1.723.125 Utang Pajak Liabilitas Imbalan Pasca Kerja Liabilitas Lain-lain JUMLAH LIABILITAS 16 29 10 Liabilitas Derivatif Pihak berelasi Pihak ketiga Jumlah Pinjaman Subordinasi 15 29 11 29 222.179 2.924.691 3.146.870 Deposits Related parties Third parties Total 2 161.005 161.007 Deposits from Other Banks Related parties Third parties Total 361.880 Acceptances Payable 12.996 995.373 1.008.369 Derivative Payables Related parties Third parties Total 17,29 1.486.200 Borrowings 3.281 18,28 42.244 6.291 27 4.574 344.625 19,29 3.060.042 20,29 10.972.185 - Taxes Payable Post-employment Benefits Obligation Subordinated Loans 1.717.966 Other Liabilities 7.929.110 TOTAL LIABILITIES EKUITAS EQUITY Modal Saham - nilai nominal Rp 1.000.000 per saham Modal dasar, ditempatkan dan disetor penuh 1.062.170 saham Capital Stock - par value of Rp 1,000,000 per share Authorized, fully issued and paid-up share capital - 1,062,170 shares 1.062.170 Penghasilan Komprehensif Lain Saldo Laba Ditentukan penggunaannya Belum ditentukan penggunaannya JUMLAH EKUITAS JUMLAH LIABILITAS DAN EKUITAS (2.596) 21 8,27,28 1.062.170 4.519 Other Comprehensive Income Retained Earnings Appropriated Unappropriated 2.612 896.279 2.612 744.055 1.958.465 1.813.356 TOTAL EQUITY 12.930.650 9.742.466 TOTAL LIABILITIES AND EQUITY Lihat catatan atas laporan keuangan yang merupakan bagian yang tidak terpisahkan dari laporan keuangan. See accompanying notes to financial statements which are an integral part of the financial statements. -4- PT BANK BNP PARIBAS INDONESIA LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2015 PT BANK BNP PARIBAS INDONESIA STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED FOR THE YEAR ENDED DECEMBER 31, 2015 2015 Rp Juta/ Rp Million PENDAPATAN DAN BEBAN OPERASIONAL Pendapatan bunga Beban bunga Catatan/ Notes 2014 Rp Juta/ Rp Million 322.160 (87.386) OPERATING REVENUES AND EXPENSES Interest revenues Interest expenses 234.774 Interest Revenues - Net 273.042 OTHER OPERATING REVENUES Gains on foreign exchange transactions net (98.633) (11.083) Unrealized gains (losses) from changes in fair value of trading securities Other commissions and fees - net (4.971) 53.293 Gains (losses) on sale of securities - net Jumlah Pendapatan Operasional Lainnya 71.363 216.619 BEBAN OPERASIONAL LAINNYA Beban kepegawaian Beban umum dan administrasi Cadangan kerugian penurunan nilai Lain-lain 87.190 55.497 2.489 10.467 Pendapatan Bunga - Bersih PENDAPATAN OPERASIONAL LAINNYA Keuntungan transaksi mata uang asing - bersih Keuntungan (kerugian) yang belum direalisasi atas perubahan nilai wajar efek-efek diperdagangkan Provisi dan komisi lainnya - bersih Keuntungan (kerugian) penjualan efek-efek bersih 456.352 (166.435) 22,29 23,29 289.917 106.546 (10.931) (19.281) 8 24 25 26,29 12 32 62.729 38.758 19.622 7.588 Total Other Operating Revenues OTHER OPERATING EXPENSES Personnel expenses General and administration expenses Provision for impairment losses Others Jumlah Beban Operasional Lainnya 155.643 128.697 Total Other Operating Expenses PENDAPATAN OPERASIONAL - BERSIH 205.637 322.696 OPERATING REVENUE - NET 678 529 LABA SEBELUM PAJAK 206.315 323.225 INCOME BEFORE TAX BEBAN PAJAK (54.144) (82.705) TAX EXPENSE LABA BERSIH TAHUN BERJALAN 152.171 240.520 NET INCOME FOR THE YEAR PENDAPATAN NON-OPERASIONAL PENGHASILAN KOMPREHENSIF LAIN Pos-pos yang tidak akan direklasifikasi ke laba rugi: Keuntungan (kerugian) aktuarial yang belum direalisasi Manfaat (beban) pajak terkait pos-pos yang tidak akan direklasifikasi 28 OTHER COMPREHENSIVE INCOME Items that will not be reclassified subsequently to profit or loss: 71 27 (170) (18) 28 43 53 Pos-pos yang akan direklasifikasi ke laba rugi: Keuntungan (kerugian) yang belum direalisasi atas perubahan nilai wajar efek-efek tersedia untuk dijual Manfaat (beban) pajak terkait pos-pos yang akan direklasifikasi Unrealized actuarial gains (losses) Income tax benefit (expenses) relating to items that will be reclassified subsequently (127) Items that may be reclassified subsequently to profit or loss: JUMLAH PENGHASILAN KOMPREHENSIF LAIN TAHUN BERJALAN SETELAH PAJAK JUMLAH LABA KOMPREHENSIF TAHUN BERJALAN NON-OPERATING REVENUES (9.486) 8 6.339 2.371 28 (1.584) (7.115) 4.755 (7.062) 4.628 145.109 245.148 Lihat catatan atas laporan keuangan yang merupakan bagian yang tidak terpisahkan dari laporan keuangan. Unrealized gains (losses) from changes in fair value of available-for-sale Income tax benefit (expenses) relating to items that will be reclassified subsequently TOTAL OTHER COMPREHENSIVE INCOME FOR THE YEAR AFTER TAX TOTAL COMPREHENSIVE INCOME FOR THE YEAR See accompanying notes to financial statements which are an integral part of the financial statements. -5- PT BANK BNP PARIBAS INDONESIA LAPORAN PERUBAHAN EKUITAS UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2015 Catatan/ Notes PT BANK BNP PARIBAS INDONESIA STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2015 Modal saham/ Capital Stock Rp Juta/ Rp Million Saldo 1 Januari 2014 726.320 Laba bersih tahun berjalan Jumlah penghasilan komprehensif lain tahun berjalan setelah pajak - 8,27,28 335.850 1.062.170 Laba bersih tahun berjalan - 8,27,28 Saldo 31 Desember 2015 - 4.755 Saldo 31 Desember 2014 Jumlah penghasilan komprehensif lain tahun berjalan setelah pajak 2.612 - 726.320 21 Saldo laba/Retained earnings Ditentukan Belum ditentukan penggunaannya/ penggunaannya/ Appropriated Unappropriated Rp Juta/ Rp Juta/ Rp Million Rp Million (236) - Jumlah laba komprehensif tahun berjalan Tambahan modal disetor Kerugian yang belum direalisasi atas perubahan nilai wajar efek-efek tersedia untuk dijual/ Unrealized gains (losses) from changes in fair value of availablefor-sale securities Rp Juta/ Rp Million - 4.519 - 4.519 - (7.115) 1.062.170 (2.596) 240.520 240.520 744.055 4.628 1.477.506 335.850 744.055 1.813.356 - 152.171 152.171 - 53 2.612 Lihat catatan atas laporan keuangan yang merupakan bagian yang tidak terpisahkan dari laporan keuangan. 1.232.358 2.612 - 503.662 (127) 2.612 Jumlah ekuitas/ Total equity Rp Juta/ Rp Million 896.279 (7.062) 1.958.465 Balance as of January 1, 2014 Net income for the year Total other comprehensive income for the year after tax Total comprehensive income for the year Additional paid-in capital Balance as of December 31, 2014 Net income for the year Total other comprehensive income for the year after tax Balance as of December 31, 2015 See accompanying notes to financial statements which are an integral part of the financial statements. -6- PT BANK BNP PARIBAS INDONESIA LAPORAN ARUS KAS UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2015 PT BANK BNP PARIBAS INDONESIA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 2015 Rp Juta/ Rp Million ARUS KAS DARI AKTIVITAS OPERASI Laba sebelum pajak Penyesuaian untuk: Pendapatan bunga Beban bunga Penyusutan aset tetap Keuntungan penjualan dan penghapusan aset tetap Kerugian selisih kurs yang belum direalisasi Kerugian yang belum direalisasi atas perubahan nilai wajar efek-efek diperdagangkan Arus Kas Operasi sebelum Perubahan Modal Kerja Penurunan (kenaikan) aset operasi Efek-efek - diperdagangkan Efek-efek yang dibeli dengan janji dijual kembali Tagihan akseptasi Tagihan derivatif Kredit Biaya dibayar dimuka dan aset lain-lain Kenaikan (penurunan) liabilitas operasi Simpanan Simpanan dari bank lain Liabilitas akseptasi Liabilitas derivatif Utang pajak Liabilitas imbalan pasca kerja Liabilitas lain-lain 206.315 323.225 (456.352) 166.435 2.914 (321.633) 87.200 1.894 (484) 134.250 483 110.400 10.931 98.633 CASH FLOWS FROM OPERATING ACTIVITIES Income before tax Adjustments for: Interest revenues Interest expenses Depreciation of premises and equipment Gain on sale and write-off of premises and equipment Unrealized losses from foreign currencies Unrealized losses from changes in fair value of trading securities 64.009 300.202 Operating Cash Flows before Working Capital Changes 350.615 (742.268) (1.314.356) 361.880 (45.212) (3.238.549) (570) (1.567.468) (143.126) 5.119 (1.903.555) 4.604 (58.938) 792.398 (361.880) 785.115 92 1.788 1.345.809 (1.381.808) 1.255.570 66.005 143.126 (5.110) (1.008) 1.315 1.646.948 (1.239.848) (94.279) 457.122 (168.938) (73.179) 292.244 (79.201) (1.123.894) (799.782) Pembayaran pajak penghasilan badan Bunga yang diterima Bunga yang dibayar Arus Kas Bersih Digunakan untuk Aktivitas Operasi 2014 Rp Juta/ Rp Million Lihat catatan atas laporan keuangan yang merupakan bagian yang tidak terpisahkan dari laporan keuangan. Decrease (increase) in operating assets Securities - trading Securities purchased with agreements to resell Acceptances receivable Derivative receivables Loans Prepaid expenses and other assets Increase (decrease) in operating liabilities Deposits Deposits from other banks Acceptances payable Derivative payables Taxes payable Post-employment benefits obligation Other liabilities Payment of corporate income tax Interest received Interest paid Net Cash Used in Operating Activities See accompanying notes to financial statements which are an integral part of the financial statements. -7- PT BANK BNP PARIBAS INDONESIA LAPORAN ARUS KAS UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2015 DAN 2014 - Lanjutan PT BANK BNP PARIBAS INDONESIA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 AND 2014 - Continued 2015 Rp Juta/ Rp Million 2014 Rp Juta/ Rp Million ARUS KAS DARI AKTIVITAS INVESTASI Penempatan efek-efek - tersedia untuk dijual Perolehan aset tetap Hasil penjualan aset tetap (189.202) (17.760) 484 (357.356) (5.179) 178 CASH FLOWS FROM INVESTING ACTIVITIES Placement of securities - available-for-sale Acquisition of premises and equipment Proceeds from sale of premises and equipment Arus Kas Bersih Digunakan untuk Aktivitas Investasi (206.478) (362.357) Net Cash Used in Investing Activities 1.197.675 (1.095.000) 344.625 - 335.850 1.373.400 (362.700) CASH FLOWS FROM FINANCING ACTIVITIES Addition of capital stock Proceeds from borrowing Payment of borrowings Proceeds from subordinated loans Payment of subordinated loans 1.346.550 Net Cash Provided by Financing Activities ARUS KAS DARI AKTIVITAS PENDANAAN Penambahan modal saham Hasil dari pinjaman yang diterima Pembayaran pinjaman yang diterima Hasil dari pinjaman subordinasi Pembayaran pinjaman subordinasi Arus Kas Bersih Diperoleh dari Aktivitas Pendanaan KENAIKAN (PENURUNAN) BERSIH KAS DAN SETARA KAS 447.300 (883.072) 184.411 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS KAS DAN SETARA KAS AWAL TAHUN 1.621.105 1.436.694 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR KAS DAN SETARA KAS AKHIR TAHUN 738.033 1.621.105 CASH AND CASH EQUIVALENTS AT END OF YEAR KAS DAN SETARA KAS TERDIRI DARI: Kas Giro pada Bank Indonesia Giro pada bank lain Penempatan pada Bank Indonesia dan bank lain Jumlah 6 414.297 118.761 2 886.047 68.647 204.969 666.409 738.033 1.621.105 Lihat catatan atas laporan keuangan yang merupakan bagian yang tidak terpisahkan dari laporan keuangan. CASH AND CASH EQUIVALENTS CONSIST OF: Cash Demand deposits with Bank Indonesia Demand deposits with other banks Placements with Bank Indonesia and other banks Total See accompanying notes to financial statements which are an integral part of the financial statements. -8- PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN 2014 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT 1. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS THEN ENDED UMUM 1. GENERAL PT Bank BNP Paribas Indonesia (“Bank”) didirikan pada tanggal 10 Nopember 1989, sebagai bank modal ventura antara Banque Nationale de Paris dan PT Lippo Bank di Indonesia dengan nama PT Bank BNP Lippo Indonesia. Bank memperoleh pengesahan dari Menteri Kehakiman dan Menteri Keuangan masing-masing pada tanggal 18 Nopember 1989 dan 23 Desember 1989. Bank mengalami perubahan kepemilikan dan perubahan nama beberapa kali, dimana saat ini menjadi PT Bank BNP Paribas Indonesia berdasarkan Akta Notaris Sutjipto, S.H., No. 47 tanggal 18 Agustus 2000. Perubahan ini telah disetujui oleh Menteri Hukum dan Perundang-undangan Republik Indonesia melalui Surat Keputusan No. C-22222.HT.01.04-TH.2000 dan Bank Indonesia melalui Keputusan Deputi Gubernur Senior Bank Indonesia No. 2/29/KEP.DGS/2000. PT Bank BNP Paribas Indonesia (the “Bank”) was incorporated on November 10, 1989, as a joint venture bank between Banque Nationale de Paris and PT Lippo Bank in Indonesia under the name of PT Bank BNP Lippo Indonesia. The Bank obtained approval from the Minister of Justice and Minister of Finance on November 18, 1989 and December 23, 1989, respectively. The Bank’s shareholders have been changed and the Bank’s name has also been amended several times, resulting to its present name PT Bank BNP Paribas Indonesia based on Notarial Deed of Sutjipto, S.H., No. 47 dated August 18, 2000. This change was approved by the Ministry of Law and Legislative of the Republic of Indonesia through Decision Letter No. C-22222.HT.01.04-TH.2000 and Bank Indonesia through Decision of Senior Deputy Govenor of Bank Indonesia No. 2/29/KEP.DGS/2000. Anggaran Dasar Bank telah mengalami beberapa kali perubahan, terakhir dengan Akta Notaris No. 57 tanggal 18 September 2015 yang dibuat dihadapan notaris Linda Herawati, S.H., notaris di Jakarta mengenai perubahan tanggungjawab direksi. Perubahan ini telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. AHU-AH.01.03-0965615. The Bank’s Articles of Association have been amended several times, the latest by Notarial Deed No. 57 dated September 18, 2015 of Linda Herawati, S.H., notary in Jakarta regarding the change of directors’ responsibility. This change was approved by the Ministry of Law and Human Rights of the Republic of Indonesia through Decision Letter No. AHU-AH.01.03-0965615. Sesuai dengan Pasal 3 Anggaran Dasar Bank, ruang lingkup kegiatan Bank adalah menjalankan usaha bank umum dan jasa keuangan lainnya. According to Article 3 of the Bank’s Articles of Association, the scope of its activities is to engage in general banking and other financial services. Bank memperoleh izin usaha untuk melakukan kegiatan sebagai bank ventura bersama dan beroperasi secara komersial berdasarkan Surat Keputusan Menteri Keuangan Republik Indonesia No. 1415/KMK.013/1989 tanggal 23 Desember 1989. The Bank obtained its license as a joint venture bank to conduct business as a commercial bank based on Decree of The Minister of Finance of the Republic of Indonesia No. 1415/KMK.013/1989 dated December 23, 1989. Bank berdomisili di Jakarta dengan kantor beralamat di Menara BCA Lt. 35 Jl. M.H. Thamrin No. 1, Jakarta. Pada tanggal 31 Desember 2015 dan 2014, Bank mempunyai masing-masing 61 dan 50 karyawan. The Bank is domiciled in Jakarta and its office is located at 35th floor of Menara BCA, Jl. M.H. Thamrin No. 1, Jakarta. At December 31, 2015 and 2014, the Bank has 61 and 50 employees, respectively. Pada tanggal 31 Desember 2015 dan 2014, susunan Dewan Komisaris dan Direksi Bank adalah sebagai berikut: As of December 31, 2015 and 2014, the composition of the Bank’s Board of Commissioners and Directors are as follows: Dewan Komisaris Presiden Komisaris Komisaris Independen Komisaris Independen Direksi Presiden Direktur Direktur Direktur Direktur Kepatuhan 2015 2014 Jean-Pierre Bernard Soebowo Musa Chris Kanter Jean-Pierre Bernard Soebowo Musa Chris Kanter Luc Cardyn Setio Soejanto Winy Tijono Maria Abdulkadir Kamarulzaman Bin Osman Setio Soejanto Winy Tijono Maria Abdulkadir -9- Board of Commissioners President Commissioner Independent Commissioner Independent Commissioner Directors President Director Director Director Compliance Director PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 2. PENERAPAN STANDAR AKUNTANSI KEUANGAN BARU DAN REVISI (PSAK) DAN INTERPRETASI STANDAR AKUNTANSI KEUANGAN (ISAK) PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 2. a. Standar yang berlaku efektif pada tahun berjalan ADOPTION OF NEW AND REVISED STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS (“PSAK”) AND INTERPRETATIONS OF PSAK (“ISAK”) a. Standard effective in the current period Dalam tahun berjalan, Bank telah menerapkan semua standar baru dan revisi serta interpretasi yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan dari Ikatan Akuntan Indonesia yang relevan dengan operasinya dan efektif untuk periode akuntansi yang dimulai pada tanggal 1 Januari 2015. In the current year, the Bank adopted the following new and revised standards and interpretations issued by the Financial Accounting Standard Board of the Indonesian Institute of Accountants that are relevant to its operations and effective for accounting period beginning on January 1, 2015. PSAK 1 (revisi 2013), Penyajian Laporan Keuangan PSAK 1 (revised 2013), Presentation of Financial Statements Amandemen terhadap PSAK 1 memperkenalkan terminologi baru untuk laporan laba rugi komprehensif. Berdasarkan amandemen terhadap PSAK 1, laporan laba rugi komprehensif telah diubah namanya menjadi “laporan laba rugi dan penghasilan komprehensif lain”. Amandemen terhadap PSAK 1 mempertahankan opsi untuk menyajikan laba rugi dan penghasilan komprehensif lain baik sebagai suatu laporan tunggal atau disajikan dalam dua laporan terpisah tetapi berturut-turut. Namun, amandemen terhadap PSAK 1, mengharuskan tambahan pengungkapan dalam bagian penghasilan komprehensif lain dimana pos-pos dari penghasilan komprehensif lain dikelompokkan menjadi dua kategori: (1) Tidak akan direklasifikasi lebih lanjut ke laba rugi; dan (2) akan direklasifikasi lebih lanjut ke laba rugi ketika kondisi tertentu terpenuhi. The amendments to PSAK 1 introduce new terminology for the statement of comprehensive income. Under the amendments to PSAK 1, the statement of comprehensive income is renamed as a “statement of profit or loss and other comprehensive income”. The amendments to PSAK 1 retain the option to present profit or loss and other comprehensive income in either a single statement or in two separate but consecutive statements. However, the amendments to PSAK 1, require additional disclosures to be made in the other comprehensive income section such that items of other comprehensive income are grouped into two categories: (1) items that will not be reclassified subsequently to profit or loss; and (2) items that may be reclassified subsequently to profit or loss when specific conditions are met. Amandemen ini telah diterapkan secara retrospektif, dan oleh karena itu penyajian pos penghasilan komprehensif lain telah dimodifikasi untuk mencerminkan perubahan tersebut. The amendments have been applied retrospectively, and hence the presentation of items of other comprehensive income has been modified to reflect the changes. - 10 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued PSAK 24 (revisi 2013), Imbalan Kerja PSAK 24 (revised 2013), Employee Benefits Amandemen terhadap PSAK 24 atas akuntansi program imbalan pasti dan pesangon. Perubahan paling signifikan terkait akuntansi atas perubahan dalam kewajiban manfaat pasti dan aset program. Amandemen mensyaratkan pengakuan perubahan dalam kewajiban imbalan pasti dan nilai wajar aset program ketika amandemen terjadi, dan karenanya menghapus pendekatan koridor yang diijinkan berdasarkan PSAK 24 versi sebelumnya dan mempercepat pengakuan biaya jasa lalu. Amandemen tersebut mensyaratkan seluruh keuntungan dan kerugian aktuaria diakui segera melalui penghasilan komprehensif lain sehingga aset atau liabilitas pensiun bersih diakui dalam laporan posisi keuangan Bank mencerminkan jumlah keseluruhan dari defisit atau surplus program. Selanjutnya, biaya bunga dan imbal hasil aset program yang digunakan dalam PSAK 24 versi sebelumnya digantikan dengan nilai ”bunga neto” berdasarkan PSAK 24 (Revisi 2013) yang dihitung dengan mengalikan tingkat diskonto dengan liabilitas atau aset imbalan pasti neto. The amendments to PSAK 24 change the accounting for defined benefit plans and termination benefits. The most significant change relates to the accounting for changes in defined benefit obligations and plan assets. The amendments require the recognition of changes in defined benefit obligations and in fair value of plan assets when they occur, and hence eliminate the 'corridor approach' permitted under the previous version of PSAK 24 and accelerate the recognition of past service costs. The amendments require all actuarial gains and losses to be recognised immediately through other comprehensive income in order for the net pension asset or liability recognised in the Bank’s statement of financial position to reflect the full value of the plan deficit or surplus. Furthermore, the interest cost and expected return on plan assets used in the previous version of PSAK 24 are replaced with a “net interest” amount under PSAK 24 (revised 2013) which is calculated by applying the discount rate to the net defined benefit liability or asset. Selanjutnya PSAK 24 (revisi 2013) memperkenalkan perubahan tertentu dalam penyajian biaya manfaat pensiun termasuk pengungkapan yang lebih luas. In addition PSAK 24 (revised 2013) introduces certain changes in the presentation of the defined benefit cost including more extensive disclosures. PSAK 46 (revisi 2014), Pajak Penghasilan PSAK 46 (revised 2014), Income Taxes Amandemen terhadap PSAK 46: (1) menghilangkan pengaturan tentang pajak final yang sebelumnya termasuk dalam ruang lingkup standar, dan (2) menetapkan praduga yang dapat dibantah bahwa jumlah tercatat properti investasi yang diukur menggunakan model nilai wajar dalam PSAK 13, Properti Investasi akan dipulihkan sepenuhnya melalui penjualan. The amendments to PSAK 46: (1) remove references to final tax which was previously scoped in the standard; and (2) establish a rebuttable presumption that the carrying amount of an investment property measured using the fair value model in PSAK 13, Investment Property will be recovered entirely through sale. Berdasarkan amandemen tersebut, kecuali praduga yang dapat dibantah, pengukuran liabilitas pajak tangguhan atau aset pajak tangguhan yang disyaratkan untuk mencerminkan konsekuensi pajak dari pemulihan jumlah tercatat properti investasi melalui penjualan. Praduga penjualan ini dapat dibantah jika properti investasi dapat disusutkan dan investasi properti dimiliki dalam model bisnis yang bertujuan untuk mengonsumsi secara substantial seluruh manfaat ekonomis atas investasi properti dari waktu ke waktu, daripada melalui penjualan. Under the amendments, unless the presumption is rebutted, the measurement of the deferred tax liability or deferred tax asset is required to reflect the tax consequences of recovering the carrying amount of the investment property through sale. The “sale” presumption is rebutted if the investment property is depreciable and the investment property is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale. - 11 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Penerapan PSAK 46 tidak mempunyai pengaruh material atas pengungkapan atau jumlah-jumlah yang diakui dalam laporan keuangan Bank. The application of PSAK 46 has had no material impact on the disclosures or on the amounts recognized in the Bank’s financial statements. PSAK 48 (revisi 2014), Penurunan nilai Aset PSAK 48 (revised 2014), Impairment of Assets PSAK 48 telah diubah untuk memasukkan persyaratan dari PSAK 68, Pengukuran Nilai Wajar. PSAK 48 has been amended to incorporate the requirements of PSAK 68, Fair Value Measurement. Penerapan PSAK 48 tidak mempunyai pengaruh material atas pengungkapan atau jumlah-jumlah yang diakui dalam laporan keuangan Bank. The application of PSAK 48 has had no material impact on the disclosures or on the amounts recognized in the Bank’s financial statements. PSAK 50 (revisi 2014), Instrumen Keuangan: Penyajian PSAK 50 (revised 2014), Instruments: Presentation Financial Amandemen terhadap PSAK 50 mengklarifikasi penerapan tentang persyaratan saling hapus. Secara khusus, amandemen tersebut mengklarifikasi arti dari “saat ini memiliki hak yang dapat dipaksakan secara hukum untuk melakukan saling hapus” dan “realisasi dan penyelesaian secara simultan”. Amandemen tersebut juga mengklarifikasi bahwa pajak penghasilan yang terkait dengan distribusi kepada pemegang instrumen ekuitas dan biaya transaksi dicatat sesuai dengan PSAK 46 (revisi 2014). The amendments to PSAK 50 clarify existing application issues relating to the offsetting requirements. Specifically, the amendments clarify the meaning of “currently has a legal enforceable right of set-off” and “simultaneous realization and settlement.” The amendments also clarify that income tax on distributions to holders of an equity instrument and transaction costs of an equity transaction should be accounted for in accordance with PSAK 46 (revised 2014). Amandemen ini mengharuskan penerapan secara retrospektif. Bank tidak mempunyai perjanjian saling hapus, penerapan amandemen tidak mempunyai pengaruh material atas pengungkapan atau jumlahjumlah yang diakui dalam laporan keuangan Bank. The amendments require retrospective application. As the Bank does not have any offsetting arrangements in place, the application of the amendments has had no material impact on the disclosures or on the amounts recognized in the Bank’s financial statements. PSAK 55 (revisi 2014), Instrumen Keuangan: Pengakuan dan Pengukuran PSAK 55 (revised 2014), Financial Instruments: Recognition and Measurement Amandemen terhadap PSAK 55 memberikan panduan persyaratan untuk menghentikan akuntansi lindung nilai ketika derivatif ditetapkan sebagai instrumen lindung nilai dinovasi berdasarkan keadaan tertentu. Amandemen tersebut juga mengklarifikasi bahwa setiap perubahan nilai wajar derivatif yang ditetapkan sebagai suatu instrumen lindung nilai akibat dari novasi termasuk dalam penilaian dan pengukuran dari efektivitas lindung nilai. Selanjutnya, amandemen tersebut mengklarifikasi akuntansi dari derivatif melekat dalam hal reklasifikasi aset keuangan keluar dari kategori nilai wajar melalui laba rugi – lihat pembahasan dalam ISAK 26. The amendments to PSAK 55 provide relief from the requirement to discontinue hedge accounting when a derivative designated as a hedging instrument is novated under certain circumstances. The amendments also clarify that any change to the fair value of the derivative designated as a hedging instrument arising from the novation should be included in the assessment and measurement of hedge effectiveness. Further, the amendments clarify the accounting for embedded derivatives in the case of a reclassification of a financial asset out of the “fair value through profit or loss” category – see discussion in ISAK 26. Standar ini juga diubah untuk memasukkan persyaratan dari PSAK 68, Pengukuran Nilai Wajar. This standard is also amended to incorporate the requirements of PSAK 68, Fair Value Measurement. - 12 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Penerapan PSAK 55 tidak mempunyai pengaruh material atas pengungkapan atau jumlah-jumlah yang diakui dalam laporan keuangan Bank. The application of PSAK 55 has had no material impact on the disclosures or on the amounts recognized in the Bank’s financial statements. PSAK 60 (revisi 2014), Instrumen Keuangan: Pengungkapan PSAK 60 (revised 2014), Instruments: Disclosures Financial Amandemen terhadap PSAK 60 menambahkan persyaratan pengungkapan transaksi termasuk pengalihan aset keuangan. Amandemen ini dimaksudkan untuk memberikan transparansi yang lebih besar terkait eksposur risiko jika aset keuangan dialihkan tetapi entitas yang mengalihkan tetap memilih keterlibatan berkelanjutan atas aset tersebut. Amandemen tersebut juga mensyaratkan pengungkapan jika aset keuangan dialihkan tidak merata sepanjang periode. Selanjutnya, entitas disyaratkan untuk mengungkapkan tentang hak saling hapus dan pengaturan terkait (sebagai contoh persyaratan penyerahan jaminan) untuk instrumen keuangan berdasarkan perjanjian menyelesaikan secara neto yang dapat dipaksakan dan perjanjian serupa. The amendments to PSAK 60 increase the disclosure requirements for transactions involving transfers of financial assets. These amendments are intended to provide greater transparency around risk exposures when a financial asset is transferred but the transferor retains some level of continuing exposure in the asset. The amendments also require disclosures where transfers of financial assets are not evenly distributed throughout the period. Further, entities are required to disclose information about rights of offset and related arrangements (such as collateral posting requirements) for financial instruments under an enforceable master netting agreement or similar arrangement. Amandemen ini diterapkan secara retrospektif. Bank tidak mempunyai pengaturan saling hapus, penerapan amandemen tidak mempunyai pengaruh material atas pengungkapan atau jumlahjumlah yang diakui dalam laporan keuangan Bank. The amendments have been applied retrospectively. As the Bank does not have any offsetting arrangements in place, the application of the amendments has had no material impact on the disclosures or the amounts recognized in the Bank’s financial statements. PSAK 68, Pengukuran Nilai Wajar PSAK 68, Fair Value Measurements PSAK 68 menetapkan acuan tunggal atas pengukuran nilai wajar dan pengungkapan atas pengukuran nilai wajar. Standar tersebut tidak mengubah persyaratan mengenai pospos yang harus diukur atau diungkapkan pada nilai wajar. PSAK 68 establishes a single source of guidance for fair value measurements and disclosures about fair value measurements. The standard does not change the requirements regarding which items should be measured or disclosed at fair value. PSAK 68 mendefiniskan nilai wajar, menetapkan suatu kerangka dasar atas pengukuran nilai wajar, dan mensyaratkan pengungkapan tentang pengukuran nilai wajar. PSAK 68 defines fair value, establishes a framework for measuring fair value, and requires disclosure about fair value measurements. Ruang lingkup PSAK 68 adalah luas; Standar tersebut berlaku baik pada pos-pos instrumen keuangan dan pos-pos instrumen non-keuangan ketika PSAK lain mensyaratkan atau mengijinkan pengukuran nilai wajar dan pengungkapan atas pengukuran nilai wajar, kecuali kondisi tertentu. The scope of PSAK 68 is broad; it applies to both financial instrument items and nonfinancial instrument items for which other PSAK require or permit fair value measurements and disclosures about fair value measurements, except in specified circumstances. PSAK 68 mengharuskan penerapan secara prospektif sejak 1 Januari 2015. PSAK 68 requires prospective application from January 1, 2015. - 13 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Selain itu, ketentuan transisi khusus diberikan kepada entitas sehingga entitas tidak perlu menerapkan persyaratan pengungkapan yang ditetapkan dalam standar ini dalam informasi komparatif yang disediakan untuk periode sebelum penerapan awal dari standar. Sesuai dengan ketentuan transisi ini, Bank tidak membuat pengungkapan baru yang disyaratkan oleh PSAK 68 untuk periode komparatif tahun 2014. Selain pengungkapan tambahan, penerapan PSAK 68 tidak berdampak material atas jumlah yang diakui dalam laporan keuangan Bank. In addition, specific transitional provisions were given to entities such that they need not apply the disclosure requirements set out in this standard in comparative information provided for periods before the initial application of this standard. In accordance with these transitional provisions, the Bank has not made any new disclosures required by PSAK 68 for the 2014 comparative period. Other than the additional disclosures, the application of PSAK 68 has not had any material impact on the amounts recognized in the Bank’s financial statements. ISAK 26, Penilaian Kembali Derivatif Melekat ISAK 26, Reassessment Derivatives of Embedded Amandemen terhadap ISAK 26 mengklarifikasi akuntansi derivatif melekat dalam hal reklasifikasi aset keuangan keluar dari kategori nilai wajar melalui laba rugi. The amendments to ISAK 26 clarify the accounting for embedded derivatives in the case of a reclassification of a financial asset out of the “fair value through profit or loss” category. Penerapan amandemen ISAK 26 tidak memiliki pengaruh yang material terhadap jumlah yang diungkapkan dalam laporan keuangan Bank. The application of this amendment to ISAK 26 has not had any material impact on the amounts recognized in the financial statements of the Bank. b. Standar dan interpretasi telah diterbitkan tapi belum diterapkan b. Standards and interpretations issued not yet adopted Standar dan penyesuaian standar berikut efektif untuk periode yang dimulai pada atau setelah 1 Januari 2016, dengan penerapan dini diperkenankan yaitu: Standard and improvements to standards effective for periods beginning on or after January 1, 2016, with early application permitted are as follows: Standar PSAK 110 (revisi 2015): Akuntansi Sukuk. Penyesuaian PSAK 5: Segmen Operasi, PSAK 7: Pengungkapan Pihak-Pihak Berelasi, PSAK 13: Properti Investasi, PSAK 16: Aset Tetap, PSAK 19: PSAK Aset Tak berwujud, PSAK 22: Kombinasi Bisnis, PSAK 25: Kebijakan Akuntansi, Perubahan Estimasi Akuntansi dan Kesalahan, PSAK 53: Pembayaran Berbasis Saham dan PSAK 68: Pengukuran Nilai Wajar Amandemen standar dan interpretasi berikut efektif untuk periode yang dimulai pada atau setelah 1 Januari 2016, dengan penerapan secara retrospektif yaitu: Standard PSAK 110 (revised 2015): Accounting for Sukuk, Improvements PSAK 5: Operating Segments, PSAK 7: Related Party Disclosures, PSAK 13: Investments Property, PSAK 16: Property, Plant and Equipment, PSAK 19: Intangible Assets, PSAK 22: Business Combination, PSAK 25: Accounting Policies, Changes in Accounting Estimates and Errors, PSAK 53: Share-based Payments, and PSAK 68: Fair Value Measurement. Amendments to standards and interpretation which are effective for periods beginning on or after January 1, 2016, with retrospective application are as follows: PSAK 4: Laporan Keuangan Tersendiri tentang Metode Ekuitas dalam Laporan Keuangan Tersendiri, PSAK 15: Investasi Pada Entitas Asosiasi dan Ventura Bersama tentang Entitas Investasi: Penerapan Pengecualian Konsolidasi, - 14 - PSAK 4: Separate Financial Statements about Equity Method in Separate Financial Statements, PSAK 15: Investment in Associates and Joint Venture about Investment Entities: Applying the Consolidation Exception, PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued PSAK 24: Imbalan Kerja tentang Program Imbalan Pasti: Iuran Pekerja, PSAK 65: Laporan Keuangan Konsolidasian tentang Entitas Investasi: Penerapan Pengecualian Konsolidasi, PSAK 67: Pengungkapan Kepentingan Dalam Entitas Lain tentang Entitas Investasi: Penerapan Pengecualian Konsolidasi dan ISAK 30: Pungutan. Amandemen standar berikut efektif untuk periode yang dimulai pada atau setelah 1 Januari 2016, yang diterapkan secara prospektif yaitu: The amendments to standards effective for periods beginning on or after January 1, 2016, with amendments to be applied prospectively are as follows: PSAK 16: Aset Tetap tentang Klarifikasi Metode yang Diterima untuk Penyusutan dan Amortisasi, PSAK 19: Aset Tak berwujud tentang Klarifikasi Metode yang Diterima untuk Penyusutan dan Amortisasi dan PSAK 66: Pengaturan Bersama tentang Akuntansi Akuisisi Kepentingan dalam Operasi Bersama. Amandemen standar dan interpretasi berikut efektif untuk periode yang dimulai pada atau setelah 1 Januari 2017, dengan penerapan dini diperkenankan yaitu: PSAK 1: Penyajian Laporan Keuangan tentang Prakarsa Pengungkapan ISAK 31: Interpretasi atas Ruang Lingkup PSAK 13: Properti Investasi. PSAK 69: Agrikultur Amandemen PSAK 16: Aset Tetap tentang Agrikultur: Tanaman Produkti KEBIJAKAN AKUNTANSI a. PSAK 1: Presentation of Financial Statements about Disclosure Initiative ISAK 31: Scope Interpretation of PSAK 13: Investment property Amendments to standard and interpretation effective for periods beginning on or after January 1, 2018, with early application permitted are : Sampai dengan tanggal penerbitan laporan keuangan, manajemen sedang mengevaluasi dampak dari standar tersebut terhadap laporan keuangan. 3. PSAK 16: Property, Plant and Equipment about Clarification of Acceptable Methods of Depreciation and Amortization, PSAK 19: Intangible Asset about Clarification of Acceptable Methods of Depreciation and Amortization, and PSAK 66: Joint Arrangements about Accounting for Acquisitions of Interests in Joint Operation. Amendments to standard and interpretation effective for periods beginning on or after January 1, 2017, with early application permitted are : Amandemen standar dan interpretasi berikut efektif untuk periode yang dimulai pada atau setelah 1 Januari 2018, dengan penerapan dini diperkenankan yaitu: PSAK 24: Defined Benefit Plans: Employee Contributions, PSAK 65: Consolidation Financial Statements about Investment Entities: Applying the Consolidation Exception, PSAK 67: Disclosures of Interest in Other Entities about Investment Entities: Applying the Consolidation Exception, and ISAK 30: Levies. PSAK 69: Agriculture Amandments to PSAK 16: Property, Plant and Equipment about Agriculture: Bearer Plants As of the issuance date of the financial statements, management is evaluating the effect of these standards on the financial statements. 3. Pernyataan Kepatuhan SUMMARY POLICIES a. OF SIGNIFICANT ACCOUNTING Statement of Compliance The Bank’s financial statements have been prepared in accordance with the Indonesian Financial Accounting Standards. These financial statements are not intended to present the financial position, results of operations and cash flows in accordance with accounting principles and reporting practices generally accepted in other countries and jurisdictions. Laporan keuangan Bank disusun sesuai dengan Standar Akuntansi Keuangan di Indonesia. - 15 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan b. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Dasar Penyusunan b. Basis of Preparation Dasar penyusunan laporan keuangan Bank adalah biaya historis, kecuali properti dan instrumen keuangan tertentu yang diukur pada jumlah revaluasian atau nilai wajar pada setiap akhir periode pelaporan, yang dijelaskan dalam kebijakan akuntansi di bawah ini. Mata uang penyajian yang digunakan untuk penyusunan laporan keuangan Bank adalah mata uang Rupiah (Rp). The Bank’s financial statements have been prepared on the historical cost basis except for certain properties and financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. The presentation currency used in the preparation of the Bank’s financial statements is the Indonesian Rupiah. Biaya historis umumnya didasarkan pada nilai wajar dari imbalan yang diberikan dalam pertukaran barang dan jasa. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Nilai wajar adalah harga yang akan diterima untuk menjual suatu aset atau harga yang akan dibayar untuk mengalihkan suatu liabilitas dalam suatu transaksi teratur antara pelaku pasar pada tanggal pengukuran, terlepas apakah harga tersebut dapat diobservasi secara langsung atau diestimasi menggunakan teknik penilaian lain. Dalam mengestimasi nilai wajar aset atau liabilitas, Bank memperhitungkan karakteristik aset atau liabilitas, jika pelaku pasar memperhitungkan karakteristik tersebut ketika menentukan harga aset atau liabilitas pada tanggal pengukuran. Nilai wajar untuk tujuan pengukuran dan/atau pengungkapan dalam laporan keuangan ditentukan berdasarkan basis tersebut, kecuali untuk transaksi pembayaran berbasis saham dalam ruang lingkup PSAK 53, transaksi sewa dalam ruang lingkup PSAK 30, dan pengukuran yang memiliki beberapa kemiripan dengan nilai wajar tetapi bukan merupakan nilai wajar, seperti nilai realisasi neto dalam PSAK 14 dan nilai pakai dalam PSAK 48. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Bank takes into account the characteristics the asset or a liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis, except for sharebased payment transactions that are within the scope of PSAK 53, leasing transactions that are within the scope of PSAK 30, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in PSAK 14 or value in use in PSAK 48. Selain itu, untuk tujuan pelaporan keuangan, pengukuran nilai wajar dikategorikan ke Level 1, 2 atau 3 berdasarkan tingkat input untuk pengukuran nilai wajar yang dapat diobservasi dan signifikansi input pada pengukuran nilai wajar secara keseluruhan, yang digambarkan sebagai berikut: In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Input Level 1 adalah harga kuotasian (tanpa penyesuaian) di pasar aktif untuk aset atau liabilitas yang identik yang dapat diakses entitas pada tanggal pengukuran; Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; Input Level 2 adalah input, selain harga kuotasian yang termasuk dalam Level 1, yang dapat diobservasi untuk aset atau liabilitas, baik secara langsung maupun tidak langsung; dan Level 2 inputs are inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly; and Input Level 3 adalah input yang tidak dapat diobservasi untuk aset atau liabilitas. Level 3 inputs are unobservable inputs for the asset or liability. - 16 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued The Bank’s statements of cash flows are prepared using the indirect method with classifications of cash flows into operating, investing and financing activities. Cash and cash equivalents consist of demand deposits with Bank Indonesia, demand deposits with other banks and placements with Bank Indonesia and other banks with maturities of three months or less from the date of placement and not pledged or restricted. Laporan arus kas Bank disusun dengan menggunakan metode tidak langsung dengan mengelompokkan arus kas dalam aktivitas operasi, investasi dan pendanaan. Kas dan setara kas terdiri dari giro pada Bank Indonesia, giro pada bank lain dan penempatan pada Bank Indonesia dan bank lain yang jatuh tempo dalam waktu tiga bulan atau kurang dari tanggal perolehannya dan yang tidak dijaminkan serta tidak dibatasi penggunaannya. c. Transaksi dan Saldo Dalam Mata Uang Asing c. Pembukuan Bank diselenggarakan dalam mata uang Rupiah, mata uang dari lingkungan ekonomi utama dimana entitas beroperasi (mata uang fungsionalnya). Transaksi-transaksi selama tahun berjalan dalam mata uang asing dicatat dengan kurs yang berlaku pada saat terjadinya transaksi. Pada tanggal pelaporan, aset dan liabilitas moneter dalam mata uang asing disesuaikan dalam mata uang Rupiah dengan menggunakan kurs spot Reuters pada pukul 16.00 WIB untuk mencerminkan kurs yang berlaku pada tanggal tersebut. Keuntungan atau kerugian kurs yang timbul dikreditkan atau dibebankan dalam laba rugi. Pos non moneter diukur dalam biaya historis dalam valuta asing yang tidak dijabarkan kembali. d. Foreign Currency Translation Transactions and The books of accounts of the Bank are maintained in Indonesian Rupiah, the currency of the primary economic environment in which the entity operates (its functional currency). Transactions during the year involving foreign currencies are recorded at the prevailing exchange rate at the time the transactions are made. At reporting date, monetary assets and liabilities denominated in foreign currencies are adjusted into Indonesian Rupiah using Reuters’ spot rate at 4.00 P.M Western Indonesian Time to reflect the prevailing exchange rate at that date. The resulting gains or losses are credited or charged to profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Transaksi Pihak-pihak Berelasi d. Transactions with Related Parties Pihak-pihak berelasi adalah orang atau entitas yang terkait dengan Bank (entitas pelapor): A related party is a person or entity that is related to the Bank (the reporting entity): a. a. b. Orang atau anggota keluarga dekatnya mempunyai relasi dengan entitas pelapor jika orang tersebut: A person or a close member of that person's family is related to the reporting entity if that person: i. memiliki pengendalian atau pengendalian bersama atas entitas pelapor; i. has control or joint control over the reporting entity; ii. memiliki pengaruh entitas pelapor; atau atas ii. has significant influence over the reporting entity; or iii. merupakan personil manajemen kunci entitas pelapor atau entitas induk dari entitas pelapor. iii. is a member of the key management personnel of the reporting entity or of a parent of the reporting entity. signifikan Suatu entitas berelasi dengan entitas pelapor jika memenuhi salah satu hal berikut: i. b. Entitas dan entitas pelapor adalah anggota dari kelompok usaha yang sama (artinya entitas induk, entitas anak, dan entitas anak berikutnya saling berelasi dengan entitas lainnya). An entity is related to the reporting entity if any of the following conditions applies: i. - 17 - The entity, and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued ii. Satu entitas adalah entitas asosiasi atau ventura bersama dari entitas lain (atau entitas asosiasi atau ventura bersama yang merupakan anggota suatu kelompok usaha, yang mana entitas lain tersebut adalah anggotanya). ii. One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). iii. Kedua entitas tersebut adalah ventura bersama dari pihak ketiga yang sama. iii. Both entities are joint ventures of the same third party. iv. Satu entitas adalah ventura bersama dari entitas ketiga dan entitas yang lain adalah entitas asosiasi dari entitas ketiga. iv. One entity is a joint venture of a third entity and the other entity is an associate of the third entity. v. Entitas tersebut adalah suatu program imbalan pasca kerja untuk imbalan kerja dari salah satu entitas pelapor atau entitas yang terkait dengan entitas pelapor. Jika entitas pelapor adalah entitas yang menyelenggarakan program tersebut, maka entitas sponsor juga berelasi dengan entitas pelapor. v. The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity, or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity. vi. Entitas yang dikendalikan atau dikendalikan bersama oleh orang yang diidentifikasi dalam huruf (a). vi. The entity is controlled or jointly controlled by a person identified in (a). vii. Orang yang diidentifikasi dalam huruf (a) (i) memiliki pengaruh signifikan atas entitas atau merupakan personil manajemen kunci entitas (atau entitas induk dari entitas). vii. A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or a parent of the entity). Seluruh transaksi yang dilakukan dengan pihakpihak berelasi, baik dilakukan dengan kondisi dan persyaratan yang sama dengan pihak ketiga maupun tidak, diungkapkan pada laporan keuangan Bank. e. All transaction with related parties, whether or no made at similar terms and conditions as those done with third parties, are disclosed in the Bank’s financial statements. Aset Keuangan e. Financial Assets Seluruh aset keuangan diakui dan dihentikan pengakuannya pada tanggal diperdagangkan dimana pembelian atau penjualan aset keuangan berdasarkan kontrak yang mensyaratkan penyerahan aset keuangan dalam kurun waktu yang ditetapkan oleh kebiasaan pasar yang berlaku, dan awalnya diukur sebesar nilai wajar ditambah biaya transaksi, kecuali untuk aset keuangan yang diukur pada nilai wajar melalui laba rugi, yang awalnya diukur sebesar nilai wajar. All financial assets are recognised and derecognised on trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned, and are initially measured at fair value plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Aset keuangan Bank diklasifikasikan sebagai berikut: The Bank’s financial assets are classified as follows: Nilai wajar melalui laba rugi Tersedia untuk dijual Pinjaman yang diberikan dan piutang Fair Value Through Profit or Loss (FVTPL) Available-for-Sale (AFS) Loans and Receivable Nilai wajar melalui laba rugi (FVTPL) Fair Value Through Profit or Loss (FVTPL) Aset keuangan diklasifikasi dalam FVTPL, jika aset keuangan sebagai kelompok diperdagangkan atau pada saat pengakuan awal ditetapkan untuk diukur pada FVTPL. Financial assets are classified as at FVTPL when the financial asset is either held for trading or it is designated as at FVTPL. - 18 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Aset keuangan diklasifikasi sebagai kelompok diperdagangkan, jika: A financial asset is classified as held for trading if: diperoleh atau dimiliki terutama untuk tujuan dijual kembali dalam waktu dekat; atau it has been acquired principally for the purpose of selling in the near term; or pada pengakuan awal merupakan bagian dari portofolio instrumen keuangan tertentu yang dikelola bersama dan terdapat bukti mengenai pola ambil untung dalam jangka pendek aktual terkini; atau on initial recognition it is part of an identified portfolio of financial instruments that the entity manages together and has a recent actual pattern of short-term profit-taking; or merupakan derivatif yang tidak ditetapkan dan tidak efektif sebagai instrumen lindung nilai. it is a derivative that is not designated and effective as a hedging instrument. Aset keuangan selain aset keuangan yang diperdagangkan, dapat ditetapkan sebagai FVTPL pada saat pengakuan awal jika: A financial asset other than a financial asset held for trading may be designated as at FVTPL upon initial recognition if: penetapan tersebut mengeliminasi atau mengurangi secara signifikan inkonsistensi pengukuran dan pengakuan yang dapat timbul; atau such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or kelompok aset keuangan, liabilitas keuangan atau keduanya, dikelola dan kinerjanya dievaluasi berdasarkan nilai wajar, sesuai dengan manajemen risiko atau strategi investasi yang didokumentasikan, dan informasi tentang Bank disediakan secara internal kepada manajemen kunci entitas (sebagaimana didefinisikan dalam PSAK 7: Pengungkapan Pihak-pihak Berelasi), misalnya direksi dan CEO. a group of financial assets, financial liabilities or both is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the Bank is provided internally on that basis to the entity’s key management personnel (as defined in PSAK 7: Related Party Disclosures), for example the entity’s board of directors and chief executive officer. Aset keuangan FVTPL disajikan sebesar nilai wajar, keuntungan atau kerugian yang timbul diakui dalam laba rugi. Keuntungan atau kerugian bersih yang diakui dalam laba rugi mencakup dividen atau bunga yang diperoleh dari aset keuangan. Nilai wajar ditentukan dengan cara seperti dijelaskan pada Catatan 34. Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset. Fair value is determined in the manner described in Note 34. Aset keuangan tersedia untuk dijual (AFS) Available-for-sale (AFS) AFS aset keuangan adalah aset keuangan nonderivatif yang ditetapkan baik sebagai AFS atau yang tidak diklasifikasikan sebagai (a) pinjaman yang diberikan dan piutang, (b) dimiliki hingga jatuh tempo atau (c) aset keuangan pada nilai wajar melalui laba rugi (FVTPL). AFS financial assets are non-derivative financial assets that are either designated as AFS or are not classified as (a) loans and receivables, (b) held-to-maturity investments or (c) financial assets at fair value through profit or loss. Keuntungan atau kerugian yang timbul dari perubahan nilai wajar diakui dalam penghasilan komprehensif lain dan di ekuitas sebagai akumulasi revaluasi investasi AFS kecuali untuk kerugian penurunan nilai, bunga yang dihitung dengan metode suku bunga efektif dan laba rugi selisih kurs atas aset moneter yang diakui pada laba rugi. Jika investasi dilepas atau mengalami penurunan nilai, akumulasi laba atau rugi yang sebelumnya diakumulasi pada revaluasi investasi AFS direklas ke laba rugi. Gains and losses arising from changes in fair value are recognised in other comprehensive income and in equity as accumulated in AFS Investment Revaluation, with the exception of impairment losses, interest calculated using the effective interest method, and foreign exchange gains and losses on monetary assets, which are recognised in profit or loss. Where the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously accumulated in AFS Investment Revaluation is reclassified to profit or loss. - 19 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Investasi dalam instrumen ekuitas yang tidak tercatat di bursa yang tidak mempunyai kuotasi di pasar aktif dan nilai wajarnya tidak dapat diukur secara andal diklasifikasikan sebagai AFS, diukur pada biaya perolehan dikurangi penurunan nilai. Investments in unlisted equity instruments that are not quoted in an active market and whose fair value cannot be reliably measured are also classified as AFS, measured at cost less impairment. Pinjaman yang diberikan dan piutang Loans and receivables Aset keuangan dengan pembayaran tetap atau telah ditentukan dan tidak mempunyai kuotasi di pasar aktif diklasifikasi sebagai pinjaman yang diberikan dan piutang, yang diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif dikurangi kerugian penurunan nilai. Bunga diakui dengan menggunakan metode suku bunga efektif, kecuali piutang jangka pendek dimana pengakuan bunga tidak material. Financial assets that have fixed or determinable payments and that are not quoted in an active market are classified as loan and receivables. Loans and receivables are measured at amortized cost using the effective interest method less impairment losses. Interest is recognized by applying the effective interest rate method, except for short-term receivables when the recognition of interest would be immaterial. Metode suku bunga efektif Effective interest method Metode suku bunga efektif adalah metode yang digunakan untuk menghitung biaya perolehan diamortisasi dari instrumen keuangan dan metode untuk mengalokasikan pendapatan bunga atau biaya selama periode yang relevan. Suku bunga efektif adalah suku bunga yang secara tepat mendiskontokan estimasi penerimaan atau pembayaran kas masa depan (mencakup seluruh komisi dan bentuk lain yang dibayarkan dan diterima oleh para pihak dalam kontrak yang merupakan bagian yang tak terpisahkan dari suku bunga efektif, biaya transaksi dan premium dan diskonto lainnya) selama perkiraan umur instrumen keuangan, atau, jika lebih tepat, digunakan periode yang lebih singkat untuk memperoleh nilai tercatat bersih dari aset keuangan pada saat pengakuan awal. The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or where appropriate, a shorter period to the net carrying amount on initial recognition. Pendapatan diakui berdasarkan suku bunga efektif untuk instrumen keuangan selain dari instrumen keuangan FVTPL. Income is recognized on an effective interest basis for financial instruments other than those financial instruments at FVTPL. Penurunan nilai aset keuangan Impairment of financial assets Aset keuangan, selain aset keuangan FVTPL, dinilai terhadap indikator penurunan nilai pada setiap tanggal pelaporan. Aset keuangan diturunkan nilainya bila terdapat bukti objektif, sebagai akibat dari satu atau lebih peristiwa yang terjadi setelah pengakuan awal aset keuangan, dan peristiwa yang merugikan tersebut berdampak pada estimasi arus kas masa depan atas aset keuangan yang dapat diestimasi secara andal. Financial assets, other than those at FVTPL, are assessed for indicators of impairment at each reporting date. Financial assets are impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. Untuk investasi ekuitas AFS yang tercatat dan tidak tercatat di bursa, penurunan yang signifikan atau jangka panjang dalam nilai wajar dari instrumen ekuitas di bawah biaya perolehannya dianggap sebagai bukti obyektif terjadinya penurunan nilai. For listed and unlisted equity investments classified as AFS, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment. - 20 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Untuk aset keuangan lainnya, bukti obyektif penurunan nilai termasuk sebagai berikut: For all other financial assets, objective evidence of impairment could include: kesulitan keuangan signifikan yang dialami penerbit atau pihak peminjam; atau significant financial difficulty of the issuer or counterparty; or pelanggaran kontrak, seperti terjadinya wanprestasi atau tunggakan pembayaran pokok atau bunga; atau default or delinquency in interest or principal payments; or terdapat kemungkinan bahwa pihak peminjam akan dinyatakan pailit atau melakukan reorganisasi keuangan. it becoming probable that the borrower will enter bankruptcy or financial re-organisation. Untuk kelompok aset keuangan tertentu, seperti piutang, aset yang dinilai tidak akan diturunkan secara individual akan dievaluasi penurunan nilainya secara kolektif. Bukti objektif dari penurunan nilai portofolio piutang dapat termasuk pengalaman Bank atas tertagihnya piutang di masa lalu, peningkatan keterlambatan penerimaan pembayaran piutang dari rata-rata periode kredit, dan juga pengamatan atas perubahan kondisi ekonomi nasional atau lokal yang berkorelasi dengan default atas piutang. For certain categories of financial asset, such as receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Bank’s past experiences of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period, as well as observable changes in national or local economic conditions that correlate with default on receivables. Dalam melakukan penilaian secara kolektif, Bank harus menghitung: In conducting collective assessment, the Bank must calculate: Probability of default (”PD”) – model ini menilai probabilitas konsumen gagal melakukan pembayaran kembali secara penuh dan tepat waktu. Probability of default (“PD”) – these models assess the probability of customers failing to repay fully and on time. Recoverable amount – didasarkan pada identifikasi arus kas masa depan dan estimasi nilai kini dari arus kas tersebut (discounted cash flow). Recoverable amount – based on identification of future cash flows and estimation of the present value those cash flows (discounted cash flow). Loss given default (”LGD”) – Bank mengestimasi kerugian ekonomis yang mungkin akan diderita Bank apabila terjadi tunggakan fasilitas kredit/ pembiayaan. LGD menggambarkan jumlah utang yang tidak dapat diperoleh kembali dan umumnya ditunjukkan dalam persentase dari exposure at default (EAD). Model perhitungan LGD mempertimbangkan jenis peminjam, fasilitas dan mitigasi risiko, misalnya ketersediaan agunan. Loss given default (“LGD”) – the Bank estimates economic losses that may be suffered by the Bank if there are arrears in credit facility/financing receivable. LGD describes the amount of debt that may not be recovered and is generally expressed as a percentage of the exposure at default (EAD). The LGD calculation model considers the type of borrower, facility and any ris mitigation such as availability of collateral. Loss identification period (”LIP”) – periode waktu antara terjadinya peristiwa yang merugikan dalam kelompok aset keuangan sampai bukti obyektif dapat diidentifikasi atas fasilitas kredit/pembiayaan secara individual. Loss identification period (”LIP”) – the period of time from the occurrence of a loss event in a group of financial assets until objective evidence can be identified on credit facility/financing receivable individually. Exposure at default (”EAD”) – Bank mengestimasi tingkat utilisasi yang diharapkan dari fasilitas kredit/pembiayaan pada saat terjadi tunggakan. Exposure at default (“EAD”) – The Bank estimates the expected utilization level of credit facilities/financing receivable in the event of arrears - 21 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued PD, LGD dan LIP diperoleh dari observasi data fasilitas kredit/piutang pembiayaan selama minimal tiga tahun. PD, LGD and LIP are derived from observation of credit facility/financing receivable data for at least three years. Cadangan kerugian penurunan nilai yang dinilai secara kolektif dilakukan dengan mengkalikan nilai baki debet fasilitas kredit/piutang pembiayaan pada posisi laporan dengan probability default (PD), loss identification period (LIP) dan loss given default (LGD). Allowance for impairment losses collectively assessed is performed by multiplying the outstanding credit facility/financing receivable at report date by the probability of default (PD), loss identification period (LIP) and loss given default (LGD). Kerugian penurunan nilai diakui pada laba rugi dan nilai tercatat dari aset keuangan atau kelompok aset keuangan dikurangi dengan cadangan kerugian penurunan nilai yang terbentuk. Pada saat penurunan nilai diakui dalam aset keuangan atau kelompok aset keuangan, pendapatan bunga diakui berdasarkan nilai tercatat setelah penurunan nilai menggunakan tarif bunga yang digunakan untuk mendiskontokan estimasi arus kas masa depan pada saat menghitung penurunan nilai. The impairment loss is recognized in profit or loss and the carrying amount of the financial asset or group of financial assets are presented net of allowance for impairment losses. When impairment losses are recognized in the financial asset or group of financial assets, interest income is recognized based on the carrying amount after impairment using the interest rate used for discounting the estimated future cash flow when calculating impairment. Untuk aset keuangan yang diukur pada biaya perolehan diamortisasi, jumlah kerugian penurunan nilai merupakan selisih antara jumlah tercatat aset keuangan dengan nilai kini dari estimasi arus kas masa depan yang didiskontokan menggunakan suku bunga efektif awal dari aset keuangan. For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. Untuk aset keuangan yang dicatat pada biaya perolehan, jumlah kerugian penurunan nilai diukur berdasarkan selisih antara jumlah tercatat aset keuangan dan nilai kini estimasi arus kas masa depan yang didiskontokan pada tingkat imbal hasil yang berlaku di pasar untuk aset keuangan yang serupa. Kerugian penurunan nilai tersebut tidak dapat dibalik pada periode berikutnya. For financial asset carried at cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods. Jumlah tercatat aset keuangan tersebut dikurangi dengan kerugian penurunan nilai secara langsung atas seluruh aset keuangan, kecuali piutang yang jumlah tercatatnya dikurangi melalui penggunaan akun cadangan piutang. Jika piutang tidak tertagih, piutang tersebut dihapuskan melalui akun cadangan piutang. Pemulihan kemudian dari jumlah yang sebelumnya telah dihapuskan dikreditkan terhadap akun cadangan. Perubahan jumlah tercatat akun cadangan piutang diakui dalam laba rugi. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of receivables, where the carrying amount is reduced through the use of an allowance account. When a receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. Jika aset keuangan AFS dianggap menurun nilainya, keuntungan atau kerugian kumulatif yang sebelumnya telah diakui dalam ekuitas direklasifikasi ke laba rugi. When an AFS financial asset is considered to be impaired, cumulative gains or losses previously recognised in equity are reclassified to profit or loss. - 22 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Kecuali instrumen ekuitas AFS, jika, pada periode berikutnya, jumlah kerugian penurunan nilai berkurang dan pengurangan tersebut dapat dikaitkan secara obyektif dengan peristiwa yang terjadi setelah penurunan nilai diakui, kerugian penurunan nilai yang diakui sebelumnya dibalik melalui laba rugi hingga nilai tercatat investasi pada tanggal pemulihan penurunan nilai, sepanjang nilainya tidak melebihi biaya perolehan diamortisasi sebelum pengakuan kerugian penurunan nilai dilakukan. With the exception of AFS equity instruments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised. Dalam hal efek ekuitas AFS, kerugian penurunan nilai yang sebelumnya diakui dalam laba rugi tidak boleh dibalik melalui laba rugi. Setiap kenaikan nilai wajar setelah penurunan nilai diakui secara langsung ke penghasilan komprehensif lain. In respect of AFS equity investments, impairment losses previously recognised in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognised directly in other comprehensive income. Penghentian pengakuan aset keuangan Derecognition of financial assets Bank menghentikan pengakuan aset keuangan jika dan hanya jika hak kontraktual atas arus kas yang berasal dari aset keuangan berakhir, atau bank mentransfer aset keuangan dan secara substansial mentransfer seluruh risiko dan manfaat atas kepemilikan aset kepada entitas lain. Jika bank tidak mentransfer serta tidak memiliki secara substansial atas seluruh risiko dan manfaat kepemilikan serta masih mengendalikan aset yang ditransfer, maka bank mengakui keterlibatan berkelanjutan atas aset yang ditransfer dan liabilitas terkait sebesar jumlah yang mungkin harus dibayar. Jika bank memiliki secara substansial seluruh risiko dan manfaat kepemilikan aset keuangan yang ditransfer, Bank masih mengakui aset keuangan dan juga mengakui pinjaman yang dijamin sebesar pinjaman yang diterima. The Bank derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Bank neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Bank recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Bank retains substantially all the risks and rewards of ownership of a transferred financial asset, the Bank continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. Penghentian pengakuan aset keuangan secara keseluruhan, selisih antara jumlah tercatat aset dan jumlah pembayaran dan piutang yang diterima dan keuntungan atau kerugian kumulatif yang telah diakui dalam penghasilan komprehensif lain dan terakumulasi dalam ekuitas diakui dalam laba rugi. On derecognition of financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss. Penghentian pengakuan aset keuangan terhadap satu bagian saja (misalnya ketika Bank masih memiliki hak untuk membeli kembali bagian aset yang ditransfer), Bank mengalokasikan jumlah tercatat sebelumnya dari aset keuangan tersebut pada bagian yang tetap diakui berdasarkan keterlibatan berkelanjutan, dan bagian yang tidak lagi diakui berdasarkan nilai wajar relatif dari kedua bagian tersebut pada tanggal transfer. Selisih antara jumlah tercatat yang dialokasikan pada bagian yang tidak lagi diakui dan jumlah dari pembayaran yang diterima untuk bagian yang yang tidak lagi diakui dan setiap keuntungan atau kerugian kumulatif yang dialokasikan pada bagian yang tidak lagi diakui tersebut yang sebelumnya telah diakui dalam penghasilan komprehensif lain diakui pada laba rugi. Keuntungan dan kerugian kumulatif yang sebelumnya diakui dalam penghasilan komprehensif lain dialokasikan pada bagian yang tetap diakui dan bagian yang dihentikan pengakuannya, berdasarkan nilai wajar relatif kedua bagian tersebut. On derecognition of financial asset other than its entirety (e.g., when the Bank retains an option to repurchase part of a transferred asset), the Bank allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognizes on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in profit or loss. A cumulative gain or loss that had been recognized in other comprehensive income is allocated between the part that continues to be recognized and the part that is no longer recognized on the basis of the relative fair values of those parts. - 23 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan f. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Liabilitas Keuangan dan Instrumen Ekuitas f. Financial Liabilities and Equity Instruments Klasifikasi sebagai liabilitias atau ekuitas Classification as liabilities or equity Liabilitas keuangan dan instrumen ekuitas yang diterbitkan oleh Bank diklasifikasi sesuai dengan substansi perjanjian kontraktual dan definisi liabilitas keuangan dan instrumen ekuitas. Financial liabilities and equity instruments issued by the Bank are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. Instrumen ekuitas Equity instruments Instrumen ekuitas adalah setiap kontrak yang memberikan hak residual atas aset Bank setelah dikurangi dengan seluruh liabilitasnya. Instrumen ekuitas dicatat sebesar hasil penerimaan bersih setelah dikurangi biaya penerbitan langsung. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. Pembelian kembali instrumen ekuitas Bank (saham treasuri) diakui dan dikurangkan secara langsung dari ekuitas. Keuntungan dan kerugian yang timbul dari pembelian, penjualan, penerbitan atau pembatalan instrumen ekuitas Bank tersebut tidak diakui dalam laba rugi. Repurchase of the Bank’s own equity instruments (treasury shares) is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Bank’s own equity instruments. Liabilitas keuangan Financial liabilities Liabilitas keuangan diklasifikasikan sebagai FVTPL atau pada biaya perolehan diamortisasi. Financial liabilities are classified as either at FVTPL or at amortized cost. Liabilitas keuangan yang diukur pada nilai wajar melalui laba rugi (FVTPL) Financial liabilities at FVTPL Liabilitas keuangan diklasifikasikan sebagai FVTPL pada saat liabilitas keuangan baik dimiliki untuk diperdagangkan atau ditetapkan pada FVTPL. Financial liabilities are classified as at FVTPL when the financial liability is either held for trading or it is designated as at FVTPL. Liabilitas keuangan dimiliki untuk diperdagangkan jika: A financial liability is classified as held for trading if: diperoleh terutama untuk tujuan kembali dalam waktu dekat; atau dibeli it has been acquired principally for the purpose of repurchasing in the near term; or pada pengakuan awal merupakan bagian dari portofolio instrumen keuangan tertentu yang dikelola bersama dan terdapat bukti mengenai pola ambil untung dalam jangka pendek aktual terkini; atau on initial recognition it is part of an identified portfolio of financial instruments that the entity manages together and has a recent actual pattern of short-term profit-taking; or merupakan derivatif yang tidak ditetapkan dan tidak efektif sebagai instrumen lindung nilai. it is a derivative that is not designated and effective as a hedging instrument. - 24 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Liabilitas keuangan selain liabilitas keuangan yang diperdagangkan dapat ditetapkan sebagai FVTPL pada saat pengakuan awal jika: A financial liability other than a financial liability held for trading may be designated as at FVTPL upon initial recognition if: penetapan tersebut mengeliminasi atau mengurangi secara signifikan ketidakkonsistenan pengukuran dan pengakuan yang dapat timbul; atau such designation eliminates or significantly reduces an inconsistent measurement or recognition that would otherwise arise; or kelompok aset keuangan, liabilitas keuangan atau keduanya dikelola dan kinerjanya dievaluasi berdasarkan nilai wajar, sesuai dengan manajemen risiko atau strategi investasi yang didokumentasikan dan informasi tentang kelompok tersebut disediakan secara internal kepada manajemen kunci Bank (sebagaimana didefenisikan dalam PSAK 7: Pengungkapan Pihak-pihak Berelasi), misalnya direksi dan CEO a group of financial assets, financial liabilities or both is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the Bank is provided internally on that basis to the Bank’s key management personnel (as defined in PSAK 7: Related Party Disclosures) for example the Bank’s board of directors and chief executive officer. Liabilitas keuangan yang diukur pada nilai wajar, keuntungan atau kerugian yang timbul diakui dalam laba rugi. Keuntungan atau kerugian bersih yang diakui dalam laba rugi mencakup setiap bunga yang dibayar dari liabilitas keuangan. Nilai wajar ditentukan dengan cara yang dijelaskan dalam Catatan 35. Financial liabilities at FVTPL are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest paid on the financial liability. Fair value is determined in the manner described in Note 35. Liabilitas keuangan diamortisasi Financial liabilities at amortized cost pada biaya perolehan Pada saat pengakuan awal, liabilitas keuangan yang diukur pada biaya perolehan yang diamortisasi, diakui pada nilai wajarnya. Nilai wajar tersebut dikurangi biaya transaksi yang dapat diatribusikan secara langsung dengan penerbitan liabilitas keuangan tersebut. Selanjutnya, liabilitas keuangan diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif, dimana beban bunga diakui berdasarkan tingkat pengembalian yang efektif, kecuali untuk liabilitas jangka pendek dimana pengakuan bunganya tidak material. At initial recognition, financial liabilities measured at amortized cost are recognized at fair value. The fair value is reduced by transaction costs which are directly attributable to the issuance of such financial liabilities. Subsequently, these financial liabilities are measured at amortized cost using the effective interest method, where interest expense is recognized based on the rate of effective return, except for short-term liabilities when the recognition of interest would be immaterial. Penghentian pengakuan liabilitas keuangan Derecognition of financial liabilities Bank menghentikan pengakuan liabilitas keuangan, jika dan hanya jika, liabilitas Bank telah dilepaskan, dibatalkan atau kadaluarsa. Selisih antara jumlah tercatat liabilitas keuangan yang dihentikan pengakuannya dan imbalan yang dibayarkan dan utang diakui dalam laba rugi. The Bank derecognizes financial liabilities when, and only when, the Bank’s obligations are discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. - 25 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan g. h. i. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Reklasifikasi Instrumen Keuangan g. Reclassifications of Financial Instruments Reklasifikasi aset keuangan Reclassifications of financial assets Bank tidak diperkenankan untuk melakukan reklasifikasi aset keuangan ke kelompok aset keuangan FVTPL setelah pengukuran awal. Bank hanya dapat melakukan reklasifikasi aset keuangan ke kelompok pinjaman yang diberikan dan piutang jika aset keuangan tersebut memenuhi definisi pinjaman yang diberikan dan piutang dan Bank memiliki intensi dan kemampuan memiliki aset keuangan untuk masa mendatang yang dapat diperkirakan atau hingga jatuh tempo dari kelompok aset keuangan FVTPL atau dari kelompok tersedia untuk dijual. Aset keuangan tersebut direklasifikasi pada nilai wajar pada tanggal reklasifikasi yang menjadi biaya perolehan diamortisasi yang baru. Setiap keuntungan dan kerugian yang sudah diakui dalam laba rugi tidak boleh dibalik. Setiap keuntungan dan kerugian yang sudah diakui dalam penghasilan komprehensif lain diamortisasi ke laba rugi selama sisa umur aset keuangan (jika aset keuangan memiliki jatuh tempo tetap) atau tetap diakui dalam penghasilan komprehensif lain sampai aset keuangan tersebut dilepas atau dijual (jika aset keuangan tidak memiliki jatuh tempo tetap). The Bank is not allowed to reclassify any financial assets into the FVTPL after initial recognition. The Bank only reclassifies financial assets into loans and receivables if the financial assets meet the definition of loans and receivables and the Bank has the intention and ability to hold the financial assets for the foreseeable future or until maturity, from financial assets measured at FVTPL or from available for sale. The financial assets are reclassified at fair value, which on the date of reclassification become its new amortized cost. Any gains or losses already recognized in profit or loss are not reversed. Any gains or losses that have been recognized in other comprehensive income are amortized through profit or loss over the remaining life of the financial assets (for financial assets that have fixed maturities) or continue to be recognized in other comprehensive income until the financial assets are sold or otherwise disposed (for financial assets that do not have fixed maturities). Reklasifikasi liabilitas keuangan Reclassification of financial liabilities Bank tidak diperkenankan untuk mereklasifikasi liabilitas keuangan dari atau ke kelompok liabilitas keuangan FVTPL. The Bank is not allowed to reclassify any financial liabilities from or to a group of FVTPL financial liabilities. Saling Hapus Antara Aset Keuangan dan Liabilitas Keuangan h. Netting of Financial Assets and Financial Liabilities Aset keuangan dan liabilitas keuangan saling hapus dan nilai bersihnya disajikan dalam laporan keuangan, jika dan hanya jika, Bank: Financial assets and liabilities are off-set and the net amount is presented in the financial statements, when and only when, the Bank: saat ini memiliki hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui tersebut; dan currently has a legally enforceable right to offset against the recognized amount; and berniat untuk menyelesaikan secara neto atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara bersamaan. intends either to settle on a net basis or to realize its asset and settle its liability simultaneously. Nilai Wajar i. Sejak 1 Januari 2015, nilai wajar adalah harga yang akan diterima untuk menjual suatu aset atau harga yang akan dibayar untuk mengalihkan suatu liabilitas dalam transaksi teratur antara pelaku pasar pada tanggal pengukuran tanpa memperhatikan apakah harga tersebut dapat diobservasi secara langsung atau diestimasi menggunakan teknik penilaian lain. Dalam mengukur nilai wajar atas suatu aset atau liabilitas pada tanggal pengukuran, Bank memperhitungkan karakteristik suatu aset atau liabilitas jika pelaku pasar akan memperhitungkan karakteristik tersebut ketika menentukan harga aset atau liabilitas pada tanggal pengukuran. Fair Value Starting January 1, 2015, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Bank takes into account the characteristics the asset or a liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. - 26 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan Sebelum 1 Januari 2015, nilai wajar adalah nilai yang digunakan untuk mempertukarkan suatu aset atau untuk menyelesaikan suatu liabilitas antara pihak-pihak yang memahami dan berkeinginan untuk melakukan transaksi secara wajar (arm’s length transaction). Prior to January 1, 2015, fair value is the value which is used to exchange an asset or to settle a liability between parties who understand and are willing to perform a fair transaction (arm’s length transaction). Dalam rangka konsistensi dan perbandingan dalam pengukuran nilai wajar dan pengungkapan terkait, Bank melakukan pengukuran nilai wajar atas instrumen keuangan yang dimiliki dengan hirarki berikut: In order to increase consistency and comparability in fair value measurements and related disclosures, the Bank measures the fair value of the financial instruments held based on the following hierarchy: j. k. l. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Tingkat 1 pengukuran nilai wajar adalah yang berasal dari harga kuotasian (tidak disesuaikan) dalam pasar aktif untuk aset atau liabilitas yang identik. Tingkat 2 pengukuran nilai wajar adalah yang berasal dari input selain harga kuotasian yang termasuk dalam Tingkat 1 yang dapat diobservasi untuk aset atau liabilitas, baik secara langsung (misalnya harga) atau secara tidak langsung (misalnya deviasi dari harga). Tingkat 3 pengukuran nilai wajar adalah yang berasal dari teknik penilaian yang mencakup input untuk aset atau liabilitas yang bukan berdasarkan data pasar yang dapat diobservasi (input yang tidak dapat diobservasi). Giro pada Bank Indonesia dan Bank Lain j. Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Demand Deposits with Bank Indonesia and Other Banks Giro pada Bank Indonesia dan bank lain diklasifikasikan dalam kategori pinjaman yang diberikan dan piutang. Demand deposits with Bank Indonesia and other banks are classified as loans and receivables. Pengakuan, pengukuran awal, pengukuran setelah pengukuran awal, reklasifikasi, penentuan nilai wajar, penurunan nilai dan penghentian pengakuan giro pada Bank Indonesia dan bank lain dibahas pada Catatan 3e, 3g dan 3i. Recognition, initial measurement, subsequent measurement, reclassification, fair value measurement, impairment and derecognition of demand deposits with Bank Indonesia and other banks are discussed in Notes 3e, 3g and 3i. Penempatan pada Bank Indonesia dan Bank Lain k. Placements with Bank Indonesia and Other Banks Penempatan pada Bank Indonesia dan bank lain diklasifikasikan dalam kategori pinjaman yang diberikan dan piutang. Placements with Bank Indonesia and other banks are classified as loans and receivables. Pengakuan, pengukuran awal, pengukuran setelah pengukuran awal, reklasifikasi, penentuan nilai wajar, penurunan nilai dan penghentian pengakuan penempatan pada Bank Indonesia dan bank lain dibahas pada Catatan 3e, 3g dan 3i. Recognition, initial measurement, subsequent measurement, reclassification, fair value measurement, impairment and derecognition of placements with Bank Indonesia and other banks are discussed in Notes 3e, 3g and 3i. Efek-efek l. Efek-efek diklasifikasikan dalam kelompok diperdagangkan yang diukur pada nilai wajar melalui laba rugi (FVTPL) dan tersedia untuk dijual (AFS). Securities Securities are classified as held for trading under fair value through profit or loss (FVTPL) and available-for-sale (AFS). - 27 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Pengakuan, pengukuran awal, pengukuran setelah pengukuran awal, reklasifikasi, penentuan nilai wajar, penurunan nilai dan penghentian pengakuan efek-efek dibahas pada Catatan 3e, 3g dan 3i. Recognition, initial measurement, subsequent measurement, reclassification, fair value measurement, impairment and derecognition of securities are discussed in Notes 3e, 3g and 3i. m. Efek yang Dibeli dengan Janji Dijual Kembali n. o. m. Securities Purchased Under Agreement to Resell Efek yang dibeli dengan janji dijual kembali (reverse repo) diklasifikasikan dalam kategori pinjaman yang diberikan dan piutang. Securities purchased under agreement to resell are classified as loan and receivables. Efek-efek yang dibeli dengan janji dijual kembali (reverse repo) disajikan sebagai tagihan sebesar harga jual kembali efek-efek yang disepakati dikurangi selisih antara harga beli dan harga jual kembali yang disepakati. Selisih antara harga beli dan harga jual kembali yang disepakati tersebut diamortisasi dengan metode suku bunga efektif sebagai pendapatan bunga selama jangka waktu sejak efek-efek tersebut dibeli hingga dijual kembali. Securities purchased under resale agreements (reverse repo) are presented as receivables and stated at the agreed resale price less the difference between the purchase price and the agreed resale price. The difference between the purchase price and the agreed resale price is amortized using the effective interest method as interest income over the year commencing from the acquisition date to the resale date. Pengakuan, pengukuran awal, pengukuran setelah pengakuan awal, reklasifikasi, penentuan nilai wajar, penurunan nilai dan penghentian pengakuan efek yang dibeli dengan janji dijual kembali mengacu pada Catatan 3e, 3g dan 3i. Recognition, initial measurement, subsequent measurement, reclassification, fair value, impairment and derecognition of securities purchased with agreements to resell are discussed in Notes 3e, 3g and 3i. Tagihan dan Liabilitas Akseptasi n. Acceptances Receivable and Payable Tagihan akseptasi diklasifikasikan dalam kategori pinjaman yang diberikan dan piutang. Acceptances receivable are classified as loans and receivables. Liabilitas akseptasi diklasifikasi dalam kategori liabilitas keuangan diukur pada biaya perolehan diamortisasi. Acceptances payable are classified as financial liabilities at amortized cost. Pengakuan, pengukuran awal, pengukuran setelah pengukuran awal, reklasifikasi, penentuan nilai wajar, penurunan nilai dan penghentian pengakuan tagihan dan liabilitas akseptasi dibahas pada Catatan 3e, 3f, 3g dan 3i. Recognition, initial measurement, subsequent measurement, reclassification, fair value, impairment and derecognition of acceptances receivable and payable are discussed in Notes 3e, 3f, 3g and 3i. Tagihan dan Liabilitas Derivatif o. Derivative Receivables and Payables Tagihan dan liabilitas derivatif diklasifikasikan dalam kategori diukur pada nilai wajar melalui laba rugi (FVTPL). Derivative receivables and payables are classified as fair value through to profit or loss (FVTPL). Tagihan dan liabilitas derivatif disajikan sebesar keuntungan atau kerugian yang belum direalisasi yang berasal dari kontrak derivatif dengan tujuan bukan untuk lindung nilai. Keuntungan atau kerugian yang belum direalisasi tersebut dihitung dari selisih antara nilai kontrak dan nilai wajar instrumen derivatif pada tanggal pelaporan. Nilai wajar ditentukan berdasarkan harga pasar, model penentuan harga atau harga pasar instrumen lain yang memiliki karakteristik serupa. Keuntungan atau kerugian dari instrumen derivatif yang tidak memenuhi kriteria untuk dapat diklasifikasikan sebagai lindung nilai diakui dalam laba rugi tahun berjalan (Catatan 3g dan 3i). Derivative receivables and payables are stated at the amount of unrealized gains or losses arising from derivative contracts which are not entered into for hedge purposes. The unrealized gains or losses are calculated from the difference between the contract value and fair value of derivative instruments at the reporting date. The fair value is determined based on market price, pricing models or quoted prices for instruments with similar characteristics. Gains or losses from derivative instruments that do not qualify to be classified as hedges are recognized in profit or loss for the year (Notes 3g and 3i). - 28 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan p. q. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Kredit p. Loans Kredit diklasifikasikan dalam kategori pinjaman yang diberikan dan piutang. Loans are classified as loans and receivables. Pengakuan, pengukuran awal, pengukuran setelah pengukuran awal, reklasifikasi, penentuan nilai wajar, penurunan nilai dan penghentian pengakuan kredit dibahas pada Catatan 3e, 3g dan 3i. Recognition, initial measurement, subsequent measurement, reclassification, fair value, impairment and derecognition of loans are discussed in Notes 3e, 3g and 3i. Aset Tetap q. Premises and Equipment Aset tetap yang dimiliki untuk digunakan penyediaan barang atau jasa atau untuk tujuan administratif dicatat berdasarkan biaya perolehan setelah dikurangi akumulasi penyusutan dan akumulasi kerugian penurunan nilai. Premises and equipment held for use in the supply of goods and services, or for administrative purposes, are stated at cost, less accumulated depreciation and any accumulated impairment losses. Penyusutan diakui sebagai penghapusan biaya perolehan aset dengan menggunakan metode garis lurus (straight-line method) dengan tarif sebagai berikut: Depreciation is recognized so as to write-off the cost of assets less residual values using the straight-line method with rates as follows: Tahun/Years Perbaikan prasarana Perabotan kantor dan rumah Perlengkapan kantor dan komputer Kendaraan 5 5 3-5 5 Leasehold improvements Office and residence furniture Office equipment and computer Motor vehicles Masa manfaat ekonomis, nilai residu dan metode penyusutan dikaji setiap akhir tahun dan pengaruh dari setiap perubahan estimasi tersebut berlaku prospektif. The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. Beban pemeliharaan dan perbaikan dibebankan pada laba rugi pada saat terjadinya. Biaya-biaya lain yang terjadi selanjutnya yang timbul untuk menambah, mengganti atau memperbaiki aset tetap dicatat sebagai biaya perolehan aset jika dan hanya jika besar kemungkinan manfaat ekonomis di masa depan berkenaan dengan aset tersebut akan mengalir ke entitas dan biaya perolehan aset dapat diukur secara andal. Aset tetap yang sudah tidak digunakan lagi atau yang dijual dikeluarkan dari kelompok aset tetap berikut akumulasi penyusutannya. Keuntungan atau kerugian dari penjualan aset tetap tersebut dibukukan dalam laba rugi pada tahun yang bersangkutan. The cost of maintenance and repairs is charged to operations as incurred. Other costs incurred subsequently to add to, replace part of, or service an item of premises and equipment, are recognized as asset if, and only if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. When assets are retired or otherwise disposed of, their carrying values and the related accumulated depreciation and any impairment loss are removed from the accounts and any resulting gain or loss is reflected in profit or loss. Aset dalam penyelesaian dinyatakan sebesar biaya perolehan. Akumulasi biaya perolehan akan dipindahkan ke masing-masing aset tetap yang bersangkutan pada saat selesai dan siap digunakan. Construction in progress is stated at cost. Construction in progress is transferred to the respective premises and equipment account when completed and ready for use. - 29 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan r. s. t. u. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Penurunan Nilai Aset Non-Keuangan r. Impairment of Non-Financial Asset Pada setiap akhir periode pelaporan, Bank menelaah nilai tercatat aset non-keuangan untuk menentukan apakah terdapat indikasi bahwa aset tersebut telah mengalami penurunan nilai. Jika terdapat indikasi tersebut, nilai yang dapat diperoleh kembali dari aset diestimasi untuk menentukan tingkat kerugian penurunan nilai (jika ada). Bila tidak memungkinkan untuk mengestimasi nilai yang dapat diperoleh kembali atas suatu aset individu, Bank akan mengestimasi nilai yang dapat diperoleh kembali dari unit penghasil kas atas aset. At the end of each reporting period, the Bank reviews the carrying amounts of non-financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Bank estimates the recoverable amount of the cash generating unit to which the asset belongs. Perkiraan jumlah yang dapat diperoleh kembali adalah nilai tertinggi antara nilai wajar dikurangi biaya untuk menjual dan nilai pakai. Dalam menilai nilai pakai, estimasi arus kas masa depan didiskontokan ke nilai kini menggunakan tingkat diskonto sebelum pajak yang menggambarkan penilaian pasar kini dari nilai waktu uang dan risiko spesifik atas aset yang mana estimasi arus kas masa depan belum disesuaikan. Estimated recoverable amount is the higher of fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Jika jumlah yang dapat diperoleh kembali dari aset non-keuangan (unit penghasil kas) kurang dari nilai tercatatnya, nilai tercatat aset (unit penghasil kas) dikurangi menjadi sebesar nilai yang dapat diperoleh kembali dan rugi penurunan nilai diakui langsung ke laba rugi. If the recoverable amount of the non-financial asset (cash generating unit) is less than its carrying amount, the carrying amount of the asset (cash generating unit) is reduced to its recoverable amount and an impairment loss is recognized immediately against earnings. Simpanan s. Deposits Simpanan diklasifikasikan dalam kategori liabilitas keuangan diukur pada biaya perolehan diamortisasi. Deposits are classified as financial liabilities at amortized costs. Pengakuan, pengukuran awal, pengukuran setelah pengukuran awal, reklasifikasi, pengukuran nilai wajar dan penghentian pengakuan simpanan dibahas pada Catatan 3f, 3g dan 3i. Recognition, initial measurement, subsequent measurement, reclassification, fair value measurement and derecognition of deposits are discussed in Notes 3f, 3g and 3i. Simpanan dari Bank Lain t. Deposits from Other Banks Simpanan dari bank lain diklasifikasikan dalam kategori liabilitas keuangan diukur pada biaya perolehan diamortisasi. Deposits from other banks are classified as financial liabilities at amortized costs. Pengakuan, pengukuran awal, pengukuran setelah pengukuran awal, reklasifikasi, penentuan nilai wajar dan penghentian pengakuan simpanan dari bank lain dibahas pada Catatan 3f, 3g dan 3i. Recognition, initial measurement, subsequent measurement, reclassification, fair value measurement and derecognition of deposits from other banks are discussed in Notes 3f, 3g and 3i. Pinjaman yang Diterima u. Borrowings Pinjaman yang diterima diklasifikasikan dalam kategori liabilitas keuangan diukur pada biaya perolehan diamortisasi. Borrowings are classified as financial liabilities at amortized cost. Pengakuan, pengukuran awal, pengukuran setelah pengukuran awal, reklasifikasi, penentuan nilai wajar dan penghentian pengakuan pinjaman yang diterima dibahas pada Catatan 3f, 3g dan 3i. Recognition, initial measurement, subsequent measurement, reclassification, fair value and derecognition of borrowings are discussed in Notes 3f, 3g and 3i. - 30 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan v. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Pinjaman Subordinasi v. Pinjaman subordinasi diklasifikasikan dalam kategori liabilitas keuangan diukur pada biaya perolehan diamortisasi. Subordinated loans are classified as financial liabilities at amortized cost. Pengakuan, pengukuran awal, pengukuran setelah pengukuran awal, reklasifikasi, penentuan nilai wajar dan penghentian pengakuan pinjaman subordinasi dibahas pada Catatan 3f, 3g dan 3i. Recognition, initial measurement, subsequent measurement, reclassification, fair value and derecognition of subordinated loans are discussed in Notes 3f, 3g and 3i. w. Pengakuan Pendapatan dan Beban Bunga x. y. Subordinated Loans w. Recognition Expenses of Interest Revenues and Pendapatan dan beban bunga yang diakui secara akrual dalam laporan keuangan termasuk bunga pada aset dan liabilitas keuangan pada biaya perolehan diamortisasi dan bunga pada instrumen sekuritas investasi tersedia untuk dijual yang dihitung menggunakan metode suku bunga efektif (Catatan 3e dan 3f). Interest revenues and expenses recognized on an accrual basis in the financial statement which includes interest on financial assets and liabilities measured at amortized costs and interest on available-for-sale financial assets using the effective interest rate method (Notes 3e and 3f). Pendapatan dan beban bunga dari aset dan liabilitas keuangan diakui dalam laba rugi. Pendapatan bunga dari kredit yang diturunkan nilainya dihitung menggunakan metode suku bunga efektif berdasarkan jumlah kredit setelah dikurangi cadangan kerugian penurunan nilai. Interest revenues and expenses from financial assets and liabilities are recognized in profit or loss. Interest revenue from impaired loans are computed using the effective interest rate method based on the amount of loan – net impairment loss. Perubahan nilai wajar pada efek-efek yang diklasifikasikan sebagai diperdagangkan diukur pada nilai wajar pada laba rugi dan derivatif lainnya yang digunakan untuk kepentingan manajemen risiko, dan aset dan liabilitas keuangan lainnya yang diukur pada nilai wajar melalui laba rugi, akan diakui pada penghasilan komprehensif lain. Changes in fair value of trading securities measured at FVTPL and other derivatives used for risk management purposes, and other financial assets and liabilities measured at FVTPL is recognized in other comprehensive income. Pengakuan Pendapatan dan Beban Provisi dan Komisi x. Recognition of Revenues and Expenses on Commissions and Fees Pendapatan provisi dan komisi yang berkaitan langsung dengan kegiatan perkreditan atau jangka waktu tertentu yang jumlahnya signifikan ditangguhkan dan diamortisasi sesuai dengan jangka waktunya dengan menggunakan metode suku bunga efektif. Commissions and fees income related to loan activities or specific terms and with significant amounts are treated as deferred transaction cost which directly attributable to the financial instruments and amortized over the periods of the related financial instruments using the effective interest rate method. Provisi dan komisi yang tidak berkaitan dengan kegiatan perkreditan atau pinjaman dan jangka waktu tertentu atau nilainya tidak material menurut Bank diakui sebagai pendapatan atau beban pada saat terjadinya transaksi. Commissions and fees, which are not related to loan activities and terms of the loan or whose amount is not material according to the Bank are recognized as revenues or expenses at the time the transactions are made. Sewa y. Sewa diklasifikasikan sebagai sewa pembiayaan jika sewa tersebut mengalihkan secara substansial semua risiko dan manfaat yang terkait dengan kepemilikan aset. Sewa lainnya, yang tidak memenuhi kriteria tersebut, diklasifikasikan sebagai sewa operasi. Lease Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. - 31 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan z. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Pembayaran sewa operasi diakui sebagai beban dengan dasar garis lurus (straight-line basis) selama masa sewa, kecuali terdapat dasar sistematis lain yang dapat lebih mencerminkan pola waktu dari manfaat aset yang dinikmati pengguna. Rental kontinjen diakui sebagai beban di dalam periode terjadinya. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred. Dalam hal insentif diperoleh dalam sewa operasi, insentif tersebut diakui sebagai liabilitas. Keseluruhan manfaat dari insentif diakui sebagai pengurangan dari biaya sewa dengan dasar garis lurus kecuali terdapat dasar sistematis lain yang lebih mencerminkan pola waktu dari manfaat yang dinikmati pengguna. In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Imbalan Pasca Kerja z. Post-employment Benefits Imbalan kerja jangka pendek Short-term employee benefits Imbalan kerja jangka pendek diakui pada saat terjadi. Short-term employee benefits are recognized when they are incurred. Liabilitas imbalan pasca kerja Post-employment benefits obligation Bank memberikan program pensiun imbalan pasti untuk semua karyawan tetapnya. Bank juga menghitung imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang Undang Ketenagakerjaan No. 13/2003. Bank menghitung selisih antara imbalan yang diterima karyawan berdasarkan undang-undang yang berlaku dengan manfaat yang diterima dari program pensiun untuk pensiun normal. The Bank established defined benefit pension plan covering all its permanent employments. In addition, the Bank also provide post-employment benefits as required under Labor Law No. 13/2003 (the “Labor Laws). For normal pension scheme, the Bank calculates and recognizes the higher of the benefits under the Labor Law and those under such pension plan. Biaya penyediaan imbalan ditentukan dengan menggunakan metode projected unit credit dengan penilaian aktuaria yang dilakukan pada setiap akhir periode pelaporan tahunan. Pengukuran kembali, terdiri dari keuntungan dan kerugian aktuarial, perubahan dampak batas atas aset (jika ada) dan dari imbal hasil atas aset program (tidak termasuk bunga), yang tercermin langsung dalam laporan posisi keuangan yang dibebankan atau dikreditkan dalam penghasilan komprehensif lain periode terjadinya. Pengukuran kembali diakui dalam penghasilan komprehensif lain tercermin segera dalam saldo laba dan tidak akan direklas ke laba rugi. Biaya jasa lalu diakui dalam laba rugi pada periode amandemen program. Bunga neto dihitung dengan mengalikan tingkat diskonto pada awal periode imbalan pasti dengan liabilitas atau aset imbalan pasti neto. Biaya imbalan pasti dikategorikan sebagai berikut: The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognised in other comprehensive income in the period in which they occur. Remeasurement recognised in other comprehensive income is reflected immediately in retained earning and will not be reclassified to profit or loss. Past service cost is recognised in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorised as follows: Biaya jasa (termasuk biaya jasa kini, biaya jasa lalu serta keuntungan dan kerugian kurtailmen dan penyelesaian) Beban atau pendapatan bunga neto Pengukuran kembali - 32 - Service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements). Net interest expense or income. Remeasurement. PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Bank menyajikan dua komponen pertama dari biaya imbalan pasti di laba rugi, Keuntungan dan kerugian kurtailmen dicatat sebagai biaya jasa lalu. The Bank presents the first two components of defined benefit costs in profit or loss. Curtailment gains and losses are accounted for as past service costs. Liabilitas imbalan pensiun yang diakui pada laporan posisi keuangan bank merupakan defisit atau surplus aktual dalam program imbalan pasti Bank. Surplus yang dihasilkan dari perhitungan ini terbatas pada nilai kini manfaat ekonomik yang tersedia dalam bentuk pengembalian dana program dan pengurangan iuran masa depan ke program. The retirement benefit obligation recognised in the bank’s statement of financial position represents the actual deficit or surplus in the Bank’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. Liabilitas untuk pesangon diakui pada lebih awal ketika entitas tidak dapat lagi menarik tawaran imbalan tersebut dan ketika entitas mengakui biaya restrukturisasi terkait. A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs. bb. Pajak Penghasilan aa. Income Tax Beban pajak kini ditentukan berdasarkan laba kena pajak dalam periode yang bersangkutan yang dihitung berdasarkan tarif pajak yang berlaku. Current tax expense is determined based on the taxable income for the year computed using prevailing tax rates. Aset dan liabilitas pajak tangguhan diakui atas konsekuensi pajak periode mendatang yang timbul dari perbedaan jumlah tercatat aset dan liabilitas menurut laporan keuangan dengan dasar pengenaan pajak aset dan liabilitas. Liabilitas pajak tangguhan diakui untuk semua perbedaan temporer kena pajak dan aset pajak tangguhan diakui untuk semua perbedaan temporer yang boleh dikurangkan, sepanjang besar kemungkinan dapat dimanfaatkan untuk mengurangi laba kena pajak pada masa datang. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable income will be available in future periods against which the deductible temporary differences can be utilized. Aset dan liabilitas pajak tangguhan diukur dengan menggunakan tarif pajak yang diekspektasikan berlaku dalam periode ketika liabilitas diselesaikan atau aset dipulihkan dengan tarif pajak (dan peraturan pajak) yang telah berlaku atau secara substantif telah berlaku pada akhir periode pelaporan. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on the tax rates (and tax laws) that have been enacted, or substantively enacted, by the end of the reporting period. Pengukuran aset dan liabilitas pajak tangguhan mencerminkan konsekuensi pajak yang sesuai dengan cara yang Bank harapkan, pada akhir periode pelaporan, untuk memulihkan atau menyelesaikan jumlah tecatat aset dan liabilitasnya. The measurement of deferred tax assets and liabilities reflect the consequences that would follow from the manner in which the Bank expects, at the end of the reporting period, to recover or settle the carrying amount of their assets and liabilities. Jumlah tercatat aset pajak tangguhan dikaji ulang pada akhir periode pelaporan dan dikurangi jumlah tercatatnya jika kemungkinan besar laba kena pajak tidak lagi tersedia dalam jumlah yang memadai untuk mengkompensasikan sebagian atau seluruh aset pajak tangguhan tersebut. The carrying amount of deferred tax asset is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. - 33 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 4. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Aset dan liabilitas pajak tangguhan saling hapus ketika entitas memiliki hak yang dapat dipaksakan secara hukum untuk melakukan saling hapus aset pajak kini terhadap liabilitas pajak kini dan ketika aset pajak tangguhan dan liabilitas pajak tangguhan terkait dengan pajak penghasilan yang dikenakan oleh otoritas perpajakan yang sama serta Bank yang berbeda yang bermaksud untuk memulihkan aset dan liabilitas pajak kini dengan dasar neto. Deferred tax assets and liabilities are offset when there is legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Bank intends to settle their current tax assets and current tax liabilities on a net basis. Pajak kini dan pajak tangguhan diakui sebagai beban atau penghasilan dalam laba atau rugi, kecuali sepanjang pajak penghasilan yang berasal dari transaksi atau kejadian yang diakui, di luar laba atau rugi (baik dalam pendapatan komprehensif lain maupun secara langsung di ekuitas), dalam hal tersebut pajak juga diakui di luar laba atau rugi. Current and deferred tax are recognized as an expense or income in profit or loss, except when they relate to items that are recognized outside of profit or loss (whether in other comprehensive income or directly in equity), in which case the tax is also recognized outside of profit or loss. PERTIMBANGAN KRITIS AKUNTANSI ESTIMASI AKUNTANSI YANG SIGNIFIKAN DAN 4. CRITICAL ACCOUNTING ESTIMATES JUDGMENTS AND Dalam penerapan kebijakan akuntansi Bank, yang dijelaskan dalam Catatan 3, manajemen diwajibkan untuk membuat pertimbangan, estimasi dan asumsi tentang jumlah tercatat aset dan liabilitas yang tidak tersedia dari sumber lain. Estimasi dan asumsi yang terkait didasarkan pada pengalaman historis dan faktor-faktor lain yang dianggap relevan. Hasil aktualnya mungkin berbeda dari estimasi tersebut. In the application of the Bank accounting policies, which are described in Note 3, the management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Estimasi dan asumsi yang mendasari ditelaah secara berkelanjutan. Revisi estimasi akuntansi diakui dalam periode yang perkiraan tersebut direvisi jika revisi hanya mempengaruhi periode itu, atau pada periode revisi dan periode masa depan jika revisi mempengaruhi kedua periode tersebut. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period which the estimates is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both periods. Pertimbangan Kritis dalam Penerapan Kebijakan Akuntansi Critical Judgement Policies Dalam proses penerapan kebijakan akuntansi yang dijelaskan dalam Catatan 3, tidak terdapat pertimbangan kritis yang memiliki dampak signifikan pada jumlah yang diakui dalam laporan keuangan selain dari penyajian perkiraan yang diatur di bawah ini. In the process of applying in the accounting policies described in Note 3, there is no critical judgement that has significant impact on the amounts recognized in the financial statements apart from those involving estimates, which are dealt with below. Sumber Estimasi Ketidakpastian Key Sources of Estimation Uncertainty Asumsi utama mengenai masa depan dan sumber estimasi ketidakpastian utama lainnya pada akhir periode pelaporan, yang memiliki risiko signifikan yang mengakibatkan penyesuaian material terhadap jumlah tercatat aset dan liabilitas dalam periode pelaporan berikutnya dijelaskan di bawah ini: The key assumptions concerning future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period are discussed below: - 34 - in Applying Accounting PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Rugi Penurunan Nilai Aset Keuangan Impairment Loss on Financial Assets Bank menilai penurunan nilai aset keuangan pada setiap tanggal pelaporan. Dalam menentukan apakah rugi penurunan nilai harus dicatat dalam laba rugi, manajemen membuat penilaian, apakah terdapat bukti objektif bahwa kerugian telah terjadi. Suatu aset keuangan dinyatakan mengalami penurunan nilai bila ada bukti objektif terjadinya peristiwa yang berdampak pada estimasi arus kas atas aset keuangan. Bukti tersebut meliputi data yang dapat diobservasi yang menunjukkan bahwa telah terjadi peristiwa yang merugikan dalam status pembayaran debitur atau kondisi ekonomi nasional atau lokal yang berkorelasi dengan kelalaian pembayaran piutang. The Bank assesses its financial assets at each reporting date. In determining whether the impairment loss should be recorded in profit or loss, management makes judgement as to whether there is objective evidence that loss event has occurred. Financial assets are considered to be impaired when there is an objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the financial assets have been affected. The evidence includes observable data which indicates that an adverse event has occurred in the payment status of borrowers or in the national or local economic conditions that correlate with the omission of payment of receivables. Cadangan kerugian penurunan nilai akan dibentuk untuk mengakui kerugian penurunan nilai yang terjadi dalam portofolio aset keuangan. Manajemen menggunakan perkiraan berdasarkan pengalaman kerugian historis untuk aset dengan karakteristik risiko kredit dan bukti objektif adanya penurunan nilai yang serupa dengan yang ada dalam portofolio pada saat penjadwalan arus kas masa depan. Provision for loss on impairment will be set up to recognize the impairment loss that occurs in a portfolio of financial assets. Management uses estimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairment similar to those in the portfolio when scheduling the future cash flows. Manajemen juga membuat penilaian atas metodologi dan asumsi untuk memperkirakan jumlah dan waktu arus kas masa depan yang direview secara berkala untuk mengurangi perbedaan antara estimasi kerugian dan kerugian aktualnya. Management also makes judgement as to the methodology and assumptions for estimating the amount and timing of future cash flows which are reviewed regularly to reduce any difference between loss estimate and actual loss. Bank melakukan penilaian terhadap penurunan nilai dalam dua cara, yaitu: The Bank performs assessment of the impairment amounts in two ways, namely: a. a. Individual, dilakukan untuk jumlah aset keuangan yang melebihi ambang batas (threshold) tertentu dan aset keuangan yang memiliki bukti obyektif penurunan nilai yang telah teridentifikasi secara terpisah pada tanggal laporan posisi keuangan. Kerugian penurunan nilai adalah selisih antara nilai tercatat dan nilai kini dari estimasi terbaik atas arus kas masa depan dan realisasi agunan pada tingkat suku bunga efektif awal dari aset keuangan tersebut. Estimasi ini dilakukan dengan mempertimbangkan kapasitas utang dan fleksibilitas keuangan debitur, kualitas pendapatan debitur, jumlah dan sumber arus kas, industri di mana debitur beroperasi dan nilai realisasi agunan. Estimasi jumlah dan waktu pemulihan masa depan akan membutuhkan banyak pertimbangan. Jumlah penerimaan tergantung pada kinerja debitur pada masa mendatang dan nilai agunan, keduanya akan dipengaruhi oleh kondisi ekonomi di masa depan, di samping itu agunan mungkin tidak mudah dijual. Nilai aktual arus kas masa depan dan tanggal penerimaan mungkin berbeda dari estimasi tersebut dan akibatnya kerugian aktual yang terjadi mungkin berbeda dengan yang diakui dalam laporan keuangan. - 35 - Individually, made to the amount of financial assets that exceed certain threshold and to certain financial assets that have objective evidence that impairment has been identified separately on the date of statement of financial position. Impairment loss is the difference between the carrying amount and the present value of the best estimated future cash flows and realization of collateral at the initial effective interest rates of financial assets. The estimates are made by considering the debt capacity and financial flexibility of the debtor, debtor's earnings quality, quantity and source of cash flows, industry in which the debtor operates and realizable value of collateral. Estimating the amount and timing of future recovery will require a lot of considerations. The amount of revenue depends on the performance of the debtor in the future and the value of collateral, both of which will be affected by future economic conditions, in addition to the fact that the collateral may not be easily sold. The actual value and date of receipt of future cash flows may differ from the estimates and as a result, actual loss which occurs may be different from the amount recognized in the financial statements. PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan b. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Kolektif, dilakukan untuk jumlah aset keuangan yang tidak melebihi ambang batas (threshold) tertentu, tidak memiliki bukti obyektif penurunan nilai dan aset keuangan yang memiliki bukti obyektif penurunan nilai, namun belum diidentifikasi secara terpisah pada tanggal laporan posisi keuangan. Pembentukan kerugian penurunan nilai dilakukan secara kolektif dengan antara lain memperhitungkan jumlah dan lamanya tunggakan, agunan dan pengalaman kerugian masa lalu. Faktor paling penting dalam pembentukan cadangan adalah probability of default dan loss given default. Kualitas aset keuangan pada masa mendatang dipengaruhi oleh ketidakpastian yang dapat menyebabkan kerugian aktual aset keuangan dapat berbeda secara material dari cadangan kerugian penurunan nilai yang telah dibentuk. Ketidakpastian ini termasuk lingkungan ekonomi, suku bunga dan pengaruhnya terhadap pembelanjaan debitur, tingkat pengangguran dan perilaku pembayaran. b. Collectively, made to the amount of financial assets that do not exceed certain threshold and do not have objective evidence of impairment when assessed individually, and to the financial assets that have objective evidence of impairment but has not been identified separately on the date of statement of financial position. Establishment of collective impairment loss is made by, among others, taking into account the number and duration of arrears, collateral and past loss experience. The most important factors in establishing reserves are the probability of default and the loss given default. The quality of financial assets in the future is affected by uncertainties that could cause actual loss on financial assets, which may differ materially from the impairment loss reserves that have been established. These uncertainties include the economic environment, interest rates and the effect on spending of the debtor, unemployment rate and payment behavior. Manfaat Karyawan Employee Benefits Penentuan liabilitas imbalan kerja tergantung pada pemilihan asumsi tertentu yang digunakan oleh aktuaris dalam menghitung jumlah liabilitas tersebut. Asumsi tersebut termasuk antara lain tingkat diskonto dan tingkat kenaikan gaji. Perubahan signifikan dalam asumsi yang digunakan dapat berpengaruh secara signifikan terhadap liabilitas imbalan pasca kerja Bank. Determination of liability for employee benefits depends on the selection of certain assumptions used by actuaries in calculating the amount of such liability. These assumptions include, among others, the discount rate and the rate of increase in salaries. Significant changes in the assumptions used can significantly affect the Bank's post-employment benefits obligation. Nilai kini kewajiban imbalan pasca kerja diungkapkan dalam Catatan 27. The present value of the post-employment benefits obligation of the Bank are disclosed in Note 27. Taksiran Masa Manfaat Ekonomis Aset Tetap Estimated Useful Equipment Masa manfaat setiap aset tetap Bank ditentukan berdasarkan kegunaan yang diharapkan dari aset tersebut. Estimasi ini ditentukan berdasarkan evaluasi teknis internal dan pengalaman atas aset sejenis. Masa manfaat setiap aset direview secara periodik dan disesuaikan apabila perkiraan berbeda dengan estimasi sebelumnya karena keausan, keusangan teknis dan komersial, hukum atau keterbatasan lainnya atas pemakaian aset. Namun terdapat kemungkinan bahwa hasil operasi dimasa mendatang dapat dipengaruhi secara signifikan oleh perubahan atas jumlah serta periode pencatatan biaya yang diakibatkan karena perubahan faktor yang disebutkan di atas. The useful life of each item of the Bank’s premises and equipment are estimated based on the period over which the asset is expected to be available for use. Such estimation is based on internal technical evaluation and experience with similar assets. The estimated useful life of each asset is reviewed periodically and updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the asset. It is possible, however, that future results of operations could be materially affected by changes in the amounts and timing of recorded expenses brought about by changes in the factors mentioned above. Perubahan masa manfaat aset tetap dapat mempengaruhi jumlah biaya penyusutan yang diakui dan mengurangi nilai tercatat aset tersebut. A change in the estimated useful life of any item of premises and equipment would affect the recorded depreciation expense and decrease the carrying values of these assets. Nilai tercatat Catatan 13. The carrying amounts of premises and equipment are disclosed in Note 13. aset tetap diungkapkan dalam - 36 - Lives of Premises and PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 5. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Penilaian Instrumen Keuangan Valuation of Financial Instruments Seperti dijelaskan dalam Catatan 35, Bank menggunakan teknik penilaian yang meliputi input yang tidak didasarkan pada data pasar yang dapat diobservasi untuk mengestimasi nilai wajar dari beberapa jenis instrumen keuangan. Catatan 34 memberikan informasi yang rinci mengenai asumsi utama yang digunakan dalam menentukan nilai wajar instrumen keuangan. As describe in Note 35, the Bank uses valuation techniques that include inputs that are not based on observable market data to estimate the fair value of certain types of financial instruments. Note 34 provides the detailed information about the key assumptions used in the determination of the fair value of financial instruments, as well as the detailed sensitivity analysis for these assumptions. Manajemen berpendapat bahwa teknik penilaian yang dipilih dan asumsi yang digunakan adalah tepat dalam menentukan nilai wajar dari instrumen keuangan. The management believes that the chosen valuation techniques and assumptions used are appropriate in determining the fair value of financial instruments. GIRO PADA BANK INDONESIA 5. 2015 Rp Juta/ Rp Million Rupiah Dollar Amerika Serikat 148.237 266.060 Jumlah 414.297 % GWM 8,65 8,48 DEMAND DEPOSITS WITH BANK INDONESIA 2014 Rp Juta/ Rp Million 630.908 255.139 886.047 % GWM 8,23 8,40 Rupiah U.S. Dollar Total Sesuai dengan Peraturan Bank Indonesia (PBI) No. 17/21/PBI/2015 tanggal 26 November 2015 yang berlaku efektif sejak 1 Desember 2015, tentang Perubahan kedua atas Peraturan Bank Indonesia No. 15/15/PBI/2013 tentang Giro Wajib Minimum Bank Umum pada Bank Indonesia dalam Rupiah dan Valuta Asing, setiap bank di Indonesia diwajibkan mempunyai saldo giro minimum di Bank Indonesia untuk cadangan likuiditas. Giro Wajib Minimum (GWM) dalam Rupiah terdiri dari GWM Primer ditetapkan sebesar 7,5% dan GWM Sekunder ditetapkan sebesar 4%, serta GWM Loan to Deposit Ratio (LDR) sebesar perhitungan antara parameter disinsentif bawah atau parameter disinsentif atas dengan selisih antara LDR Bank dan LDR target dengan memperhatikan selisih antara Kewajiban Penyediaan Modal Minimum (KPMM) Bank dan KPMM Insentif. GWM dalam Dollar Amerika Serikat ditetapkan sebesar 8%. In accordance with Bank Indonesia Regulation (PBI) No. 17/21/PBI/2015 dated November 26, 2015 which is effective starting December 1, 2015, regarding the second amendment to Bank Indonesia Regulation No. 15/15/PBI/2013 regarding Minimum Statutory Reserves (GWM) with Bank Indonesia in Rupiah and Foreign Currencies, each bank in Indonesia is required to maintain minimum deposit balances with Bank Indonesia as liquidity reserve. The GWM in Rupiah consists of Primary GWM which is set at 7.5% and the Secondary GWM which is set at 4%, and GWM Loan to Deposit Ratio (LDR GWM) which is determined based on parameters under disincentive and over disincentive for the difference between the Bank's LDR and target LDR by taking into account the difference between the Bank's Capital Adequacy Ratio (CAR) and CAR incentive. GWM in the United States Dollar is set at 8%. Sesuai dengan Peraturan Bank Indonesia (PBI) No. 15/15/PBI/2013 tanggal 24 Desember 2013 yang berlaku efektif sejak 31 Desember 2013, tentang Giro Wajib Minimum Bank Umum pada Bank Indonesia dalam Rupiah dan Valuta Asing, setiap bank di Indonesia diwajibkan mempunyai saldo giro minimum di Bank Indonesia untuk cadangan likuiditas. Giro Wajib Minimum (GWM) dalam Rupiah terdiri dari GWM Primer ditetapkan sebesar 8% dan GWM Sekunder ditetapkan sebesar 4%, serta GWM Loan to Deposit Ratio (LDR) sebesar perhitungan antara parameter disinsentif bawah atau parameter disinsentif atas dengan selisih antara LDR bank dan LDR target dengan memperhatikan selisih antara Kewajiban Penyediaan Modal Minimum (KPMM) bank dan KPMM Insentif. GWM dalam Dollar Amerika Serikat ditetapkan sebesar 8%. In accordance with Bank Indonesia Regulation (PBI) No. 15/15/PBI/2013 dated December 24, 2013 which is effective starting December 31, 2013, regarding Minimum Statutory Reserves (GWM) with Bank Indonesia in Rupiah and Foreign Currencies, each bank in Indonesia is required to maintain minimum demand deposit balance with Bank Indonesia, as liquidity reserve. The GWM in Rupiah consists of Primary GWM which is set at 8% and the Secondary GWM which is set at 4%, and GWM Loan to Deposit Ratio (LDR GWM) which is determined based on parameters under disincentive and over disincentive for the difference between the bank's LDR and target LDR by taking into account the difference between the bank's Capital Adequacy Ratio (CAR) and CAR incentive. GWM in the United States Dollar is set at 8%. - 37 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 6. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Pada tanggal 31 Desember 2015 dan 2014 GWM sekunder Bank yang terdiri dari Surat Utang Negara masing-masing sebesar 104,96% dan 115,03%. As of December 31, 2015 and 2014, the Bank’s secondary statutory reserve which consists of Indonesian Government Bonds were 104.96% and 115.03%, respectively. Pada tanggal 31 Desember 2015 dan 2014, GWM LDR Bank sebesar 0%. As of December 31, 2015 and 2014, the Bank’s LDR statutory reserve was 0%. Pada tanggal 31 Desember 2015 dan 2014, Bank telah memenuhi giro wajib minimum yang harus disediakan sesuai dengan ketentuan Bank Indonesia. As of December 31, 2015 and 2014, the Bank has complied with the required minimum deposit balances under the Bank Indonesia regulation. GIRO PADA BANK LAIN 6. DEMAND DEPOSITS WITH OTHER BANKS 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Pihak berelasi Mata uang asing 66.121 38.974 Related parties Foreign currencies Pihak ketiga Rupiah Mata uang asing Subjumlah 1.588 51.052 52.640 1.059 28.614 29.673 Third parties Rupiah Foreign currencies Subtotal 118.761 68.647 Total Jumlah Pada tanggal 31 Desember 2015 dan 2014, tidak terdapat giro pada bank lain yang dijadikan agunan oleh Bank. 7. PENEMPATAN PADA BANK INDONESIA DAN BANK LAIN As of December 31, 2015 and 2014, there are no Demand deposits with other banks that serve as collateral by the Bank. 7. Penempatan pada Bank Indonesia dan bank lain berdasarkan jenis penempatan adalah sebagai berikut: PLACEMENTS WITH BANK INDONESIA AND OTHER BANKS Placements with Bank Indonesia and other banks by type of placements are as follows: 31 Desember/December 31, 2015 Tingkat bunga efektif rata-rata per tahun/ Average annual Jangka waktu/ effective Jumlah/ Period interest rates Total Rp Juta/ Rp Million Pihak ketiga Rupiah BI Intervensi - setelah dikurangi dengan bunga yang belum diamortisasi sebesar Rp 93 juta 4 hari/ days Third party Rupiah 5,50% Jumlah - Bersih 204.969 204.969 - 38 - BI Intervention - net of unamortized interest of Rp 93 million Total - Net PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 31 Desember/December 31, 2014 Tingkat bunga efektif rata-rata per tahun/ Average annual Jangka waktu/ effective Jumlah/ Period interest rates Total Rp Juta/ Rp Million Pihak berelasi Mata uang asing Call money - BNP Paribas S.A, Paris 2 hari/days 0,06% Pihak ketiga Rupiah BI Intervensi - setelah dikurangi dengan bunga yang belum diamortisasi sebesar 2 hari/days Rp 94 juta 80.503 Related party Foreign currency Call money - BNP Paribas S.A, Paris Third party Rupiah 5,75% 585.906 Jumlah - Bersih 666.409 Penempatan pada Bank Indonesia dan bank lain berdasarkan sisa umur sampai dengan jatuh tempo pada tanggal 31 Desember 2015 dan 2014 adalah sebagai berikut: BI Intervention - net of unamortized interest of Rp 94 million Total - Net Placements with Bank Indonesia and other banks as of December 31, 2015 and 2014 according to remaining period to maturity are as follows: 31 Desember/December 31, 2015 Sampai dengan 1 bulan/ 1 month or less Rp Juta/ Rp Million Rupiah BI Intervensi 204.969 > 1-3 bulan/ > 1-3 months Rp Juta/ Rp Million > 3-6 bulan/ > 3-6 months Rp Juta/ Rp Million - - Jumlah/ Total Rp Juta/ Rp Million 204.969 Rupiah BI Intervention 31 Desember/December 31, 2014 Sampai dengan 1 bulan/ 1 month or less Rp Juta/ Rp Million Mata uang asing Call money - BNP Paribas S.A, Paris Rupiah BI Intervensi - bersih Jumlah - bersih > 1-3 bulan/ > 1-3 months Rp Juta/ Rp Million > 3-6 bulan/ > 3-6 months Rp Juta/ Rp Million Jumlah/ Total Rp Juta/ Rp Million 80.503 - - 80.503 585.906 666.409 - - 585.906 666.409 Foreign currency Call money - BNP Paribas S.A, Paris Rupiah BI Intervention - net Total - net As of December 31, 2015 and 2014, there are no placement with Bank Indonesia and other banks that serve as collateral by the Bank. Pada tanggal 31 Desember 2015 dan 2014, tidak terdapat penempatan pada Bank Indonesia dan bank lain yang dijadikan agunan oleh Bank. - 39 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 8. EFEK-EFEK PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 8. SECURITIES 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Rupiah Diperdagangkan Surat Utang Negara Surat Berharga Syariah Negara Ijarah Subjumlah 745.837 1.005 746.842 1.170.823 1.882 1.172.705 Rupiah Trading Indonesian Government Bonds Ijarah National Islamic Securities Subtotal Tersedia untuk dijual Surat Utang Negara Surat Berharga Syariah Negara Ijarah Surat Perbendaharaan Negara Subjumlah 394.043 325.497 719.540 397.560 101.750 50.000 549.310 Available-for-sale Indonesian Government Bonds Ijarah National Islamic Securities Government Treasury Bills Subtotal Wesel ekspor 73.803 Jumlah - 1.540.185 Tingkat bunga efektif rata-rata per tahun: Rupiah Diperdagangkan Surat Utang Negara Surat Berharga Syariah Negara Ijarah Tersedia untuk dijual Surat Utang Negara Surat Berharga Syariah Negara Ijarah 1.722.015 7,69% 6,00% 8,14% 7,63% 7,20% 7,98% 7,20% 8,75% Jangka waktu efek-efek sejak tanggal pembelian hingga tanggal jatuh tempo adalah sebagai berikut: Surat Utang Negara Surat Berharga Syariah Negara Ijarah Wesel ekspor Export bills Total The average annual effective interest rates: Rupiah Trading Indonesian Government Bonds Ijarah National Islamic Securities Available-for-sale Indonesian Government Bonds Ijarah National Islamic Securities The terms of the above securities from acquisition dates to maturity dates are as follows: 102 hari/days 27 tahun/years 3 tahun/years 180 hari/days 122 hari/days 28 tahun/years 6 tahun/years - Nilai wajar pada saat perolehan awal atas efek diperdagangkan pada tanggal 31 Desember 2015 dan 2014 masing-masing sebesar Rp 867.602 juta dan Rp 1.277.103 juta. Kerugian yang belum direalisasi akibat penurunan nilai wajar efek di tahun 2015 dan 2014 adalah masing-masing sebesar Rp 10.931 juta dan Rp 98.633 juta yang diakui dalam laba rugi tahun berjalan. Indonesian Government Bonds Ijarah National Islamic Securities Export bills Initial fair value of held-for-trading securities as of December 31, 2015 and 2014 amounted to Rp 867,602 million and Rp 1,277,103 million, respectively. Unrealized loss on decrease in fair value of securities in 2015 and 2014 amounted to Rp 10,931 million and Rp 98,633 million, respectively, are charged to profit or loss. - 40 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Mutasi perubahan nilai wajar atas kepemilikan efekefek tersedia untuk dijual: Movement of net changes in fair value of availablefor-sale securities: 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million 9. Saldo awal sebelum pajak tangguhan Keuntungan (kerugian) yang belum direalisasi pada tahun berjalan 6.025 (314) (9.486) 6.339 Penyesuaian nilai efek-efek Manfaat pajak tangguhan (Catatan 28) (3.461) 865 6.025 (1.506) Saldo akhir setelah pajak tangguhan (2.596) 4.519 Beginning balance before deferred income tax Unrealized gains (losses) during the year Mark-to-market of securities Deferred tax benefit (Note 28) Ending balance after deferred income tax Jumlah biaya perolehan efek-efek yang tersedia untuk dijual pada tahun 2015 dan 2014 masingmasing sebesar Rp 723.210 juta dan Rp 539.430 juta. Total initial cost of available-for-sale securities in 2015 and 2014 amounted to Rp 723,210 million and Rp 539,430 million, respectively. Berdasarkan peringkat PT Moody’s Indonesia, Surat Utang Negara memiliki peringkat masing-masing Baa3 pada tanggal 31 Desember 2015 dan 2014 dan Surat Perbendaharaan memiliki peringkat Baa3 pada tanggal 31 Desember 2015 dan 2014. Based on the ratings of PT Moody’s Indonesia, Indonesian Government Bonds were rated Baa3 as of December 31, 2015 and 2014, respectively and Government Treasury Bills were rated Baa3 as of December 31, 2015 and 2014. Pada tanggal 31 Desember 2015 dan 2014, tidak terdapat efek-efek yang dijadikan agunan oleh Bank. As of December 31, 2015 and 2014, there are no securities that serve as collateral by the Bank. EFEK-EFEK YANG DIJUAL KEMBALI Counterparty PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk Jumlah/Total Counterparty PT Bank Negara Indonesia (Persero) Tbk DIBELI DENGAN JANJI 9. SECURITIES PURCHASED UNDER AGREEMENT TO RESELL 31 Desember/December 31, 2015 Pendapatan bunga yang belum diamortisasi/ Nilai nominal/ Unamortized Nilai bersih/ Nominal value interest income Net value Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million Jenis/Type Tingkat bunga per tahun/ Interest rates per annum Tanggal mulai/ Starting date FR0028 10,00% 16 Maret/March 26, 2015 857 hari/days 15 Juli/July 15, 2017 670.000 (30.773) 700.773 FR0028 10,00% 26 Maret/March 26, 2015 845 hari/days 15 Juli/July 15, 2017 166.000 (8.524) 174.524 FR0030 10,75% 24 Juni/June 24, 2015 331 hari/days 15 Mei/May 15, 2016 387.000 (5.911) 392.911 FR0066 5,25% 19 Agustus/August 19, 2014 1.365 hari/days 15 Mei/May 15, 2018 1.696.950 2.919.950 83.334 38.126 1.613.616 2.881.824 Jangka waktu/ Term Jenis/Type Tingkat bunga per tahun/ Interest rates per annum Tanggal mulai/ Starting date FR0066 5,25% 19 Agustus/August 19, 2014 Jangka waktu/ Term Pada tanggal 31 Desember 2015 dan 2014, nilai wajar Surat Utang Negara sebesar Rp 2.822.736 juta dan Rp 1.576.161 juta digunakan sebagai jaminan efek-efek yang dibeli dengan janji dijual kembali. 1.365 hari/days Tanggal jatuh tempo/ Due date Tanggal jatuh tempo/ Due date 15 Mei/May 15, 2018 31 Desember/December 31, 2014 Pendapatan bunga yang belum diamortisasi/ Nilai nominal/ Unamortized Nilai bersih/ Nominal value interest income Net value Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million 1.696.950 129.482 1.567.468 As of December 31, 2015 and 2014, the fair value of Indonesian Government Bonds amounted to Rp 2,822,736 million and Rp 1,576,161 million, respectively, were used to secure the securities purchased under agreement to resell. - 41 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 10. TAGIHAN DAN LIABILITAS AKSEPTASI PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 10. a. Tagihan akseptasi ACCEPTANCES RECEIVABLE AND PAYABLE a. Acceptances receivable 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Debitur - pihak ketiga Mata uang asing - 361.880 b. Liabilitas akseptasi Debtors - third parties Foreign currencies b. Acceptances payable 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Bank lain - pihak ketiga Mata uang asing - 361.880 Tagihan dan liabilitas akseptasi berdasarkan jangka waktu adalah sebagai berikut: Other banks - third parties Foreign currencies The acceptances receivable and payable based on original term to maturity are as follows: 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million > 1 - 3 bulan - 361.880 Tagihan dan liabilitas akseptasi berdasarkan sisa umur jatuh tempo: > 1 - 3 months The acceptances receivable and payable based on remaining period to maturity are as follows: 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million 11. ≤ 1bulan > 1 - 3 bulan - 166.774 195.106 ≤ 1 month > 1 - 3 months Jumlah - 361.880 Total TAGIHAN DAN LIABILITAS DERIVATIF 11. DERIVATIVE RECEIVABLES AND PAYABLES Bank melakukan transaksi derivatif terutama dalam bentuk kontrak berjangka, swap pertukaran mata uang asing dan swap suku bunga. Jangka waktu dari pembelian dan penjualan berjangka valuta asing berkisar antara 3 hari sampai 5 tahun. The Bank’s derivative financial instruments principally consist of forward, cross currency swap and interest rate swap agreements. The Bank’s derivative financial instruments have terms ranging from 3 days to 5 years. Pada tanggal 31 Desember 2015 dan 2014, tidak ada transaksi derivatif untuk tujuan lindung nilai. Dengan demikian, seluruh laba atau rugi yang berasal dari transaksi derivatif diakui pada laba rugi tahun berjalan. As of December 31, 2015 and 2014, none of the Bank’s derivative transactions were designated as hedging instruments for accounting purposes. Accordingly, all gains and losses resulting from the derivative transactions are recognized in current year profit or loss. - 42 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Rincian tagihan dan liabilitas derivatif pada tanggal 31 Desember 2015 dan 2014 adalah sebagai berikut: The details of derivative receivables and payables as of December 31, 2015 and 2014 are as follows: 31 Desember/December 31, 2015 Jumlah nosional/ Notional amount Nilai wajar/Fair value Beli/ Jual/ Tagihan/ Liabilitas/ Buy Sell Receivables Payables Rp Juta/ Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million Rp Million Pihak berelasi Kontrak berjangka Swap suku bunga Swap antar mata uang Swap mata uang asing Spot Subjumlah 304.762 1.025.432 729.686 150.567 98 Pihak ketiga Kontrak berjangka Swap suku bunga Swap antar mata uang Swap mata uang asing Spot Subjumlah 1.435.355 4.191.457 12.056.840 5.793.097 96.495 300.350 1.025.432 679.347 157.382 97 1.412.538 4.191.457 13.527.312 5.945.931 96.530 Jumlah 7.252 Related parties Forward Interest rate swap Cross currency swap Foreign currency swap Spot Subtotal 43.187 399 402.646 6.703 82 453.017 5.324 369.672 1.327.706 83.530 1.786.232 Third parties Forward Interest rate swap Cross currency swap Foreign currency swap Spot Subtotal 523.884 1.793.484 Total 4.710 774 65.382 1 70.867 479 23 6.750 - 31 Desember/December 31, 2014 Jumlah nosional/ Notional amount Nilai wajar/Fair value Beli/ Jual/ Tagihan/ Liabilitas/ Buy Sell Receivables Payables Rp Juta/ Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million Rp Million Pihak berelasi Kontrak berjangka Swap suku bunga Swap antar mata uang Swap mata uang asing Subjumlah 714.270 965.669 5.299.473 301.067 707.669 965.669 5.023.347 304.457 12.322 928 211.301 224.551 7.380 189 2.061 3.366 12.996 Related parties Forward Interest rate swap Cross currency swap Foreign currency swap Subtotal Pihak ketiga Kontrak berjangka Swap suku bunga Swap antar mata uang Swap mata uang asing Subjumlah 723.188 3.122.619 12.863.559 9.006.297 727.310 3.122.619 13.826.917 9.120.187 16.722 3.057 220.155 14.187 254.121 1.878 274.742 605.582 113.171 995.373 Third parties Forward Interest rate swap Cross currency swap Foreign currency swap Subtotal 478.672 1.008.369 Jumlah Total Di dalam tagihan dan liabilitas derivatif termasuk tagihan dan liabilitas derivatif yang timbul dari transaksi swap mata uang asing dan suku bunga atas efek-efek yang dibeli dengan janji dijual kembali (Catatan 9). Included in the derivative receivables and payables is derivative receivable and payable related to cross currency and interest rate swap of securities purchased under agreement to resell (Notes 9). Pada tahun 2015 dan 2014, jumlah keuntungan atas tagihan dan liabilitas derivatif yang diakui dalam laba rugi dalam akun ”keuntungan transaksi mata uang asing – bersih” masing-masing sebesar Rp 104.874 juta dan Rp 265.824 juta. In 2015 and 2014, the amount of gain on derivative receivables and payables recognized in profit or loss under “gains on foreign exchange transactions – net” amounted to Rp 104,874 million and Rp 265,824 million, respectively. - 43 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 12. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued KREDIT 12. Kredit memiliki suku bunga tetap maupun mengambang sehingga Bank terpapar risiko suku bunga atas nilai wajar (fair value interest rate risks) dan risiko suku bunga atas arus kas (cash flow interest rate risk). a. LOANS Loans are arranged at both fixed and floating interest rates, thus exposing the Bank to fair value interest rate risk and cash flow interest rate risk. Berdasarkan jenis kredit a. By type of loans 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million b. Rupiah Pinjaman berjangka Pinjaman karyaw an Subjumlah 3.524.850 5.246 3.530.096 1.468.158 4.538 1.472.696 Rupiah Term loans Employee loans Subtotal Mata uang asing Pinjaman sindikasi Pinjaman berjangka Subjumlah 3.195.530 439.865 3.635.395 1.878.785 572.972 2.451.757 Foreign currencies Syndicated loans Term loans Subtotal Jumlah Cadangan kerugian penurunan nilai Jumlah kredit - bersih 7.165.491 (22.111) 7.143.380 3.924.453 (19.622) 3.904.831 Total Allow ance for impairment losses Total loans - net Berdasarkan sektor ekonomi b. By economic sector 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Rupiah Telekomunikasi Perdagangan dan jasa Transportasi Kimia Manufaktur Lain-lain Subjumlah 2.794.404 380.446 350.000 5.246 3.530.096 350.000 733.902 293.649 90.607 4.538 1.472.696 Rupiah Telecommunication Trade and services Transportation Chemical Manufacturing Others Subtotal Mata uang asing Perdagangan dan jasa Pertambangan dan perkebunan Manufaktur Telekomunikasi Kimia Subjumlah 1.528.412 1.169.830 755.191 181.962 3.635.395 520.170 626.475 1.004.950 253.893 46.269 2.451.757 Foreign currencies Trade and services Mining and plantation Manufacturing Telecommunication Chemical Subtotal Jumlah Cadangan kerugian penurunan nilai Jumlah kredit - bersih 7.165.491 (22.111) 7.143.380 3.924.453 (19.622) 3.904.831 Total Allow ance for impairment losses Total loans - net - 44 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan c. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Berdasarkan pihak c. By parties 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Pihak berelasi Rupiah d. Related parties Rupiah 3.156 2.413 Pihak ketiga Rupiah Mata uang asing Subjumlah 3.526.941 3.635.394 7.162.335 1.470.283 2.451.757 3.922.040 Third parties Rupiah Foreign currencies Subtotal Jumlah Cadangan kerugian penurunan nilai Jumlah kredit - bersih 7.165.491 (22.111) 7.143.380 3.924.453 (19.622) 3.904.831 Total Allow ance for impairment losses Total loans - net Berdasarkan jangka waktu d. By maturity Jangka waktu kredit diklasifikasikan berdasarkan periode pinjaman dalam perjanjian kredit dan waktu yang tersisa sampai dengan saat jatuh temponya adalah sebagai berikut: Loans are classified based on the original term of the loan agreements and remaining periods from statement of financial position date to maturity date are as follows: Berdasarkan periode pinjaman dalam perjanjian kredit: Based on the original term of the loan agreements: 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million ≤ 1 tahun > 1 - 2 tahun > 2 - 5 tahun > 5 tahun 921.425 1.328.905 1.759.343 3.155.818 404.560 747.383 1.540.417 1.232.093 ≤ 1 year > 1 - 2 years > 2 - 5 years > 5 years Jumlah Cadangan kerugian penurunan nilai Jumlah kredit - bersih 7.165.491 (22.111) 7.143.380 3.924.453 (19.622) 3.904.831 Total Allowance for impairment losses Total loans - net Berdasarkan sisa umur jatuh tempo: Based on remaining periods to maturity date: 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million 1 bulan > 1 - 3 bulan > 3 - 12 bulan > 1 - 2 tahun > 2 - 5 tahun > 5 tahun 1.039.858 666.947 1.740.887 620.071 3.097.728 - 6.198 334.874 1.209.143 719.147 1.654.753 338 1 month > 1 - 3 months > 3 - 12 months > 1 - 2 years > 2 - 5 years > 5 years Jumlah Cadangan kerugian penurunan nilai 7.165.491 (22.111) 3.924.453 (19.622) Total Allowance for impairment losses Jumlah kredit - bersih 7.143.380 3.904.831 Total loans - net - 45 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Berikut adalah informasi pokok lainnya sehubungan dengan kredit: Other major information on loans are as follows: 1) Tingkat bunga efektif rata-rata per tahun untuk kredit dalam mata uang Rupiah adalah 10,02% pada tahun 2015 dan 8,48% pada tahun 2014, sedangkan dalam mata uang asing adalah 3,57% pada tahun 2015 dan 3,47% pada tahun 2014. 1) The average effective annual interest rates were 10.02% in 2015 and 8.48% in 2014 for loans in Rupiah and 3.57% in 2015 and 3.47% in 2014 for loans in foreign currencies. 2) Kredit dijamin dengan agunan yang diikat dengan hak tanggungan atau surat kuasa untuk menjual dan jaminan lain yang umumnya diterima oleh perbankan. Kredit juga dijamin dengan jaminan tunai standby letter of credit dari BNP Paribas Cabang Hong Kong dan BNP Paribas Cabang Singapura (Catatan 29). Manajemen berkeyakinan agunan yang diterima tersebut cukup untuk menutup kerugian yang mungkin timbul akibat tidak tertagihnya kredit yang diberikan. 2) Loans are secured by collateral, which are legalized by deed of encumbrance, power of attorney to sell and other collaterals that are generally accepted in the banking industry. Loans are also secured by cash collateral, in the form of standby letters of credit from BNP Paribas Hong Kong Branch and BNP Paribas Singapore Branch (Note 29). Management believes that collaterals received from debtors are adequate to cover possible losses on uncollectible loan. 3) Kredit untuk modal kerja dalam pinjaman berjangka dan pinjaman sindikasi terdiri dari operating loan dan receivable collateral loan. 3) Loans for working capital in term loans and syndicated loans include operating loan and receivable collateral loan. 4) Kredit dalam Rupiah berjangka waktu 1 sampai 3 tahun, sedangkan kredit dalam mata uang asing berjangka waktu antara 1 sampai 7 tahun. Kredit dalam rangka pembiayaan bersama dalam mata uang asing berjangka waktu 2 sampai 6 tahun. 4) Loans in Rupiah have terms ranging 1 to 3 years, while those in foreign currencies have terms ranging from 1 to 7 years. Syndicated loans in foreign currency have terms of 2 to 6 years. 5) Keikutsertaan Bank sebagai anggota sindikasi dengan persentase penyertaan masing-masing sebesar 3,08% sampai 50,00% pada tahun 2015 dan 3,00% sampai 50,00% pada tahun 2014. 5) The Bank’s participation as a member in syndicated loans was 3.08% to 50.00% in 2015 and 3.00% to 50.00% in 2014, respectively. 6) Kredit yang diberikan kepada karyawan Bank merupakan kredit untuk membeli kendaraan, rumah, properti pribadi lain, serta keperluan lain dan akan dibayar kembali dalam 1 sampai 5 tahun melalui pemotongan gaji setiap bulan. 6) Loans to employees represent loans that are intended for acquisition of vehicles, houses, other personal properties, and other necessities are repayable within 1 to 5 years through monthly payroll deductions. 7) Tidak ada kredit dalam proses restrukturisasi pada tanggal 31 Desember 2015 dan 2014. 7) There were no loans under restructuring process as of December 31, 2015 and 2014. 8) Tidak terdapat non-performing loan (NPL) pada tanggal 31 Desember 2015 dan 2014. 8) There were no non-performing loans (NPL) as of December 31, 2015 and 2014. 9) Dalam laporan Batas Maksimum Pemberian Kredit (BMPK) kepada Bank Indonesia pada tanggal 31 Desember 2015 dan 2014 tidak terdapat kredit yang tidak memenuhi ketentuan BMPK. 9) As of December 31, 2015 and 2014, there are no loans which exceeded the legal lending limit (BMPK) as stated in the legal lending limit report to Bank Indonesia. 10) Mutasi cadangan kerugian penurunan adalah sebagai berikut: nilai 31 Desember/ December 31, 2015 Rp Juta/ Rp Million Saldo awal tahun Penyisihan tahun berjalan - kolektif 19.622 2.489 Saldo akhir tahun 22.111 10) The changes in the allowance for impairment losses are as follows: 31 Desember/ December 31, 2014 Rp Juta/ Rp Million - - 46 - 19.622 Balance at beginning of year Provision during the year - collective 19.622 Balance at ending of year PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Manajemen berpendapat bahwa cadangan kerugian penurunan nilai kredit adalah cukup untuk menutup kerugian yang mungkin timbul akibat tidak tertagihnya kredit. Management believes that the allowance for impairment losses on loans is adequate to cover the losses which might arise from uncollectible loans. 11) Nilai tercatat biaya perolehan diamortisasi dari kredit adalah sebagai berikut: 11) The carrying amount of loans at amortized cost is as follows: 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Kredit - bersih Piutang bunga Pendapatan ditangguhkan (Catatan 20) 7.143.380 21.334 Jumlah 7.159.125 3.904.831 9.749 (5.589) (8.309) 3.906.271 12) Pada tanggal 31 Desember 2015 dan 2014, tidak terdapat kredit yang dijadikan agunan oleh Bank. 13. 13. Biay a perolehan: Perbaikan prasarana Perabotan kantor dan rumah Perlengkapan kantor dan komputer Kendaraan Aset dalam peny elesaian Jumlah Akumulasi peny usutan: Perbaikan prasarana Perabotan kantor dan rumah Perlengkapan kantor dan komputer Kendaraan Jumlah Jumlah tercatat bersih Penambahan/ Additions Rp Juta/ Rp Million 5.154 1.996 81 - 14.540 2.947 843 25.480 4.046 1.484 12.149 17.760 4.415 447 1.917 37 9.552 1.439 17.323 1.820 610 2.914 Deferred income (Note 20) Total 12) As of December 31, 2015 and 2014, there are no loans pledged as collateral by the Bank. ASET TETAP 1 Januari/ January 1, 2015 Rp Juta/ Rp Million Loans - net Interest receivables PREMISES AND EQUIPMENT Pengurangan/ Reklasif ikasi/ Deductions Reclassification Rp Juta/ Rp Juta/ Rp Million Rp Million 31 Desember/ December 31, 2015 Rp Juta/ Rp Million - 479 5.714 - 30 2.026 105 At cost: Leasehold improv ements Of f ice and residence f urniture Of f ice equipment and computer Motor v ehicles Construction in progress Total 645 1.010 - 1.655 - 18.046 3.421 12.378 41.585 - - 4.862 - - 1.954 - 10.727 1.039 18.582 Accumulated depreciation: Leasehold improv ements Of f ice and residence f urniture Of f ice equipment and computer Motor v ehicles Total 23.003 Net carry ing v alue - (614) 645 1.010 1.655 8.157 - 47 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 1 Januari/ January 1, 2014 Rp Juta/ Rp Million Biay a perolehan: Perbaikan prasarana Perabotan kantor dan rumah Perlengkapan kantor dan komputer Kendaraan Aset dalam peny elesaian Jumlah Akumulasi peny usutan: Perbaikan prasarana Perabotan kantor dan rumah Perlengkapan kantor dan komputer Kendaraan Jumlah Jumlah tercatat bersih Penambahan/ Additions Rp Juta/ Rp Million 4.474 694 1.990 6 10.665 3.885 1.268 22.282 PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Pengurangan/ Reklasif ikasi/ Deductions Reclassification Rp Juta/ Rp Juta/ Rp Million Rp Million 14 - 3.865 614 5.179 376 938 653 1.981 3.964 462 11 1.758 161 9.014 2.013 16.749 909 362 1.894 - - 5.154 - 1.996 386 - 14.540 2.947 843 25.480 - 4.415 - 1.919 - 9.552 1.437 17.323 (386) 371 938 1.320 31 Desember/ December 31, 2014 Rp Juta/ Rp Million 5.533 8.157 Pengurangan aset tetap merupakan penjualan dan penghapusan aset tetap dengan rincian sebagai berikut: At cost: Leasehold improv ements Of f ice and residence f urniture Of f ice equipment and computer Motor v ehicles Construction in progress Total Accumulated depreciation: Leasehold improv ements Of f ice and residence f urniture Of f ice equipment and computer Motor v ehicles Total Net carry ing v alue Deductions of premises and equipment represent the sales and write-off of premises and equipment with details as follows: 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Jumlah tercatat bersih - Hasil penjualan aset tetap Keuntungan penjualan aset tetap Penghapusan aset tetap Keuntungan penjualan dan (penghapusan) aset tetap - bersih 8 484 484 - 484 178 170 Net carrying value Proceeds from sale of premises and equipment Gain on sale of premises and equipment 653 Write off of premises and equipment (483) Total gain on sale and (w rite off) of premises and equipment - net Beban penyusutan untuk tahun-tahun yang berakhir 31 Desember 2015 dan 2014 yang dibebankan pada laba rugi masing-masing sebesar Rp 2.914 juta dan Rp 1.894 juta (Catatan 26). Depreciation expense for the years ended December 31, 2015 and 2014 charged to operations amounted to Rp 2,914 million and Rp 1,894 million, respectively (Note 26). Reklasifikasi merupakan jumlah bersih dari aset dalam penyelesaian yang direklasifikasi ke aset tetap. Pada tahun 2015 dan 2014, aset dalam penyelesaian telah direklasifikasi ke perbaikan prasarana, perabotan kantor dan rumah, dan perlengkapan kantor dan komputer. Reclassification is the net of amount of reclassification construction in progress to premises and equipment. In 2015 and 2014 construction in progress was reclassified to leasehold improvement, office and residence furniture and office equipment and computer. Aset dalam penyelesaian terdiri dari biaya set-up untuk data centre dan business continuing plan di lokasi lain, yang diperkirakan akan selesai pada Juni 2016. Construction in progress represents set up expense for data centre and business continuing plan in another location, which is estimated to be completed in June 2016. Nilai buku dari semua aset tetap yang telah disusutkan secara penuh dan masih digunakan atau tidak digunakan dan tidak diklasifikasikan untuk dijual per 31 Desember 2015 dan 2014 masing-masing sebesar Rp 13.482 juta dan Rp 13.952 juta. Gross carrying amount of all property and equipment that are fully depreciated and still in use or retired from active use and not classified as held for sale as of December 31, 2015 and 2014 amounted to Rp 13,482 million and Rp 13,952 million, respectively. - 48 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 14. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Manajemen berpendapat bahwa tidak terdapat indikasi terjadinya penurunan nilai aset tetap. Management believes that there is no indication of impairment in the value of premises and equipment. Aset tetap diasuransikan terhadap risiko kebakaran dan gempa bumi kepada PT Asuransi QBE Pool Indonesia dan PT Chartis Insurance Indonesia dengan jumlah pertanggungan sebesar US$ 887.578 dan EUR 1.003 pada tanggal 31 Desember 2015 dan kepada PT AIG Insurance Indonesia, PT Asuransi QBE Pool Indonesia dan PT Chartis Insurance sebesar Rp 63.014 juta, US$ 6.864 dan EUR 1.003 pada tanggal 31 Desember 2014. Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan. Premises and equipment are insured against fire and earthquake by PT Asuransi QBE Pool Indonesia and PT Chartis Insurance Indonesia for US$ 877,578 and EUR 1,003 as of December 31, 2015 and PT AIG Insurance Indonesia, PT Asuransi QBE Pool Indonesia and PT Chartis Insurance Indonesia for Rp 63,014 million, US$ 6,864 and EUR 1,003 as of December 31, 2014. Management believes that the insurance coverage is adequate to cover possible asset losses on the assets insured. BIAYA DIBAYAR DIMUKA DAN ASET LAIN-LAIN 14. PREPAID EXPENSES AND OTHER ASSETS 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Pihak berelasi Biaya dibayar dimuka Piutang bagi hasil Subjumlah 736 Related parties Prepaid expenses Profit sharing receivables Subtotal 736 1.672 1.315 2.987 Pihak ketiga Piutang bunga Biaya dibayar dimuka Setoran jaminan Lain-lain Subjumlah 39.933 4.610 4.277 1.107 49.927 41.933 3.049 3.693 431 49.106 Third parties Interest receivables Prepaid expenses Security deposits Others Subtotal Jumlah 50.663 52.093 Total - Piutang bunga Interest receivables Piutang bunga terdiri dari pendapatan bunga yang belum diterima dari penempatan pada bank lain, efek-efek, efek-efek yang dibeli dengan janji dijual kembali dan kredit. Interest receivables pertain to interest accrual from placements with other banks, securities, securities purchased under agreement to resell and loans. Biaya dibayar dimuka Prepaid expenses Biaya dibayar dimuka merupakan biaya sewa gedung kantor, asuransi, langganan data dan biaya dibayar dimuka lainnya dan diamortisasi per bulan menggunakan metode garis lurus. Prepaid expenses are the payment in advance for office space rental, insurance, data subscription and other fees and are amortized on a monthly basis using the straight-line method. Setoran jaminan Security deposits Setoran jaminan merupakan uang jaminan untuk sewa gedung kantor dan telepon. Security deposits are the deposits for office space rental and telephone. Piutang bagi hasil Profit sharing receivables Piutang bagi hasil terkait dengan pendapatan usaha dari pihak berelasi. Profit sharing receivables are related to operating income from related parties. - 49 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 15. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued SIMPANAN 15. Simpanan terdiri dari: DEPOSITS Deposits consist of: 31 Desember/December 31, 2015 Pihak berelasi/ Pihak ketiga/ Jumlah/Total Related parties Third parties Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million Giro Deposito berjangka 72.013 122.950 840.290 2.052.679 912.303 2.175.629 Demand deposits Time deposits Jumlah 194.963 2.892.969 3.087.932 Total 31 Desember/December 31, 2014 Pihak berelasi/ Pihak ketiga/ Jumlah/Total Related parties Third parties Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million Giro Deposito berjangka 149.179 73.000 686.095 2.238.596 835.274 2.311.596 Demand deposits Time deposits Jumlah 222.179 2.924.691 3.146.870 Total a. Giro terdiri atas: a. Demand deposits consist of: 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Pihak berelasi Rupiah Mata uang asing Subjumlah 71.299 714 72.013 149.141 38 149.179 Related parties Rupiah Foreign currency Subtotal Pihak ketiga Rupiah Mata uang asing Subjumlah 313.030 527.260 840.290 152.420 533.675 686.095 Third parties Rupiah Foreign currencies Subtotal Jumlah 912.303 835.274 Total Tingkat bunga efektif rata-rata per tahun: Rupiah Mata uang asing 4,28% 0,08% 3,85% - Tidak terdapat giro yang diblokir dan dijadikan jaminan kredit pada tanggal 31 Desember 2015 dan 2014. The average annual effective interest rates: Rupiah Foreign currencies As of December 31, 2015 and 2014, there were no demand deposits which are restricted or pledged as loan collateral. - 50 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan b. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Deposito berjangka terdiri atas: b. Time deposits consist of: 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Pihak berelasi Rupiah Related party Rupiah 122.950 73.000 Pihak ketiga Rupiah Mata uang asing Subjumlah 1.254.320 798.359 2.052.679 1.832.180 406.416 2.238.596 Third parties Rupiah Foreign currencies Subtotal Jumlah 2.175.629 2.311.596 Total Tingkat bunga efektif rata-rata per tahun: Rupiah Mata uang asing 8,77% 0,75% 7,03% 0,51% The average annual effective interest rates: Rupiah Foreign currencies Klasifikasi deposito berjangka berdasarkan periode dan sisa umur sampai dengan saat jatuh tempo adalah sebagai berikut: Classification of time deposits based on the original terms and remaining periods to maturity dates are as follows: Berdasarkan periode deposito berjangka: Based on the original terms of time deposits: 31 Desember/December 31, 2015 Mata uang asing/ Foreign Jumlah/ Rupiah currencies Total Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million 31 Desember/December 31, 2014 Mata uang asing/ Foreign Jumlah/ Rupiah currencies Total Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million 1 bulan 3 bulan 6 bulan 761.210 490.910 125.150 58.721 548.257 191.381 819.931 1.039.167 316.531 500.800 1.354.780 49.600 93.753 308.405 4.258 594.553 1.663.185 53.858 1 month 3 months 6 months Jumlah 1.377.270 798.359 2.175.629 1.905.180 406.416 2.311.596 Total Berdasarkan sisa umur sampai dengan saat jatuh tempo: Based on remaining periods to maturity date: 31 Desember/December 31, 2015 Mata uang asing/ Foreign Jumlah/ Rupiah currencies Total Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million 31 Desember/December 31, 2014 Mata uang asing/ Foreign Jumlah/ Rupiah currencies Total Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million 1 bulan > 1 - 3 bulan 1.189.420 187.850 689.037 109.322 1.878.457 297.172 1.414.700 490.480 402.158 4.258 1.816.858 494.738 1 month > 1 - 3 months Jumlah 1.377.270 798.359 2.175.629 1.905.180 406.416 2.311.596 Total - 51 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Tidak terdapat deposito berjangka yang diblokir dan dijadikan jaminan kredit pada tanggal 31 Desember 2015 dan 2014. 16. As of December 31, 2015 and 2014, there were no time deposits which are restricted or pledged as loan collaterals. SIMPANAN DARI BANK LAIN 16. Simpanan dari bank lain terdiri dari: DEPOSITS FROM OTHER BANKS Deposits from other banks consist of: 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Pihak berelasi Giro Rupiah Mata uang asing Subjumlah 270.930 68.925 339.855 Pihak ketiga Penempatan pasar uang antar bank Rupiah Mata uang asing Subjumlah 200.000 413.550 613.550 Jumlah 953.405 Tingkat bunga efektif rata-rata per tahun: per tahun: Rupiah Mata uang asing 2 2 161.005 161.005 161.007 8,83% 0,41% 470.930 482.475 Total Classification of interbank money market and time deposit based on the original terms and remaining periods to maturity dates are as follows: 31 Desember/December 31, 2015 Mata uang asing/ Foreign Jumlah/ Rupiah Currency Total Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million 1 bulan Third parties Interbank money market Rupiah Foreign currency Subtotal The average annual effective interest rates: Rupiah Foreign currency 0,23% Klasifikasi penempatan pasar uang antar bank dan deposito berjangka berdasarkan periode dan sisa umur sampai dengan saat jatuh tempo adalah sebagai berikut: Related parties Demand deposits Rupiah Foreign currency Subtotal 953.405 - 52 - 31 Desember/December 31, 2014 Mata uang asing/ Foreign Jumlah/ Rupiah Currency Total Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million 2 161.005 161.007 1 month PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 17. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued PINJAMAN YANG DITERIMA 17. Pada tanggal 20 Maret 2014, Bank kembali menerima fasilitas pinjaman sebesar US$ 250 juta dari BNP Paribas S.A., Paris untuk kebutuhan pendanaan dan rencana likuiditas kontinjensi. Fasilitas pinjaman ini tersedia sampai dengan 2 tahun sejak perjanjian ini ditandatangani. Tingkat bunga pinjaman yang diterima sesuai dengan LIBOR 3 bulan + tambahan yang berkisar antara 0,55% 1,25%. Bank telah menggunakan fasilitas pinjaman tersebut dan saldo pinjaman adalah masing-masing sebesar US$ 120 juta (atau setara Rp 1.723.125 juta) dan US$ 120 juta (atau setara Rp 1.486.200 juta) pada tanggal 31 Desember 2015 dan 2014. Utang bunga dari pinjaman yang diterima masing-masing sebesar US$ 77.108 (atau setara Rp 1.063 juta) dan US$ 121.909 (atau setara Rp 1.510 juta) pada tanggal 31 Desember 2015 dan 2014. 18. BORROWINGS On March 20, 2014, the Bank received borrowing facility from BNP Paribas S.A., Paris for the purpose of funding requirement and contingency liquidity plan amounting to US$ 250 million. This loan facility is valid for 2 years from the date of the agreement. The borrowings bear an interest rate of 3 month LIBOR + spread with a range of 0.55% - 1.25%. The Bank has utilized this facility and the borrowings amounted to US$ 125 million (or equivalent to Rp 1,723,125 million) and US$ 120 million (or equivalent to Rp 1,486,200 million) as of December 31, 2015 and 2014, respectively. Interest payable from borrowing is US$ 77,108 (or equivalent to Rp 1,063 million) and US$ 121,909 (or equivalent to Rp 1,510 million) as of December 31, 2015 and 2014, respectively. UTANG PAJAK 18. TAXES PAYABLE 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million 19. Pajak kini (Catatan 28) Pajak penghasilan Pasal 21 Pasal 23 dan 4(2) Pajak pertambahan nilai 114 39.169 1.585 1.488 94 1.269 1.779 27 Jumlah 3.281 42.244 PINJAMAN SUBORDINASI 19. Current tax (Note 28) Income tax Article 21 Article 23 and 4(2) Value added tax Total SUBORDINATED LOANS Pada tanggal 20 Desember 2006, Bank menyampaikan rencananya kepada Bank Indonesia untuk mengadakan perjanjian pinjaman subordinasi dengan BNP Paribas S.A., Paris. Tujuan pinjaman subordinasi adalah untuk memperkuat struktur modal Bank. Rencana tersebut telah disetujui oleh Bank Indonesia melalui Surat Bank Indonesia No. 8/310/DInt tertanggal 21 Desember 2006. Pada tanggal 22 Desember 2006, Bank melakukan perjanjian pinjaman subordinasi dengan BNP Paribas S.A. senilai US$ 30 juta (atau setara Rp 365.100 juta) dengan jangka waktu 10 tahun. On December 20, 2006, the Bank informed Bank Indonesia of its plan to enter into a subordinated loan agreement with BNP Paribas S.A., Paris. The purpose of this subordinated loan is to strengthen the Bank’s capital structure. The plan was approved by Bank Indonesia through Bank Indonesia Letter No. 8/310/DInt dated December 21, 2006. On December 22, 2006, the Bank entered into a ten-year subordinated loan agreement amounting to US$ 30 million (or equivalent to Rp 365,100 million) with BNP Paribas S.A., Paris. Tingkat bunga pinjaman adalah LIBOR + 1,35% per tahun untuk lima tahun pertama dan LIBOR + 1,85% per tahun untuk lima tahun berikutnya. The loan bears an interest rate at LIBOR + 1.35% per annum for the first five years and LIBOR + 1.85% per annum for the next five years. Pada tanggal 17 Januari 2014, Bank telah melakukan pelunasan dipercepat seluruh pinjaman subordinasi. On January 17, 2014, the Bank has fully paid the subordinated loan through early settlement. - 53 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Pada tanggal 28 Desember 2015, Bank menerima pinjaman subordinasi sebesar US$ 50 juta dari BNP Paribas S.A., Paris dengan jangka waktu 10 tahun. Tujuan pinjaman ini untuk meningkatkan kebijakan modal Bank. Pinjaman ini tersedia menjadi 2 tranche: US$ 25 juta pada tranche pertama yang harus habis dipinjam sebelum tanggal 31 Desember 2015 dan US$ 25 juta pada tranche kedua yang harus habis dipinjam sebelum tanggal 31 Oktober 2016. Tingkat bunga pinjaman yang diterima adalah LIBOR + 2,850% per tahun. Pada tanggal 31 Desember 2015, Bank telah menggunakan pinjaman subordinasi tranche pertama sejumlah US$ 25 juta (atau setara Rp 344.625 juta). Utang bunga dari pinjaman subordinasi sebesar US$ 9.592 (atau setara Rp 132 juta) pada tanggal 31 Desember 2015. 20. On December 28, 2015, the Bank has entered into a ten-year subordinated loan agreement with BNP Paribas S.A., Paris. The purpose of this subordinated loan is to increase the Bank’s capital regulatory. This loan was made available in 2 tranches: US$ 25 million for the first tranche which shall be drawn on any date before December 31, 2015 and US$ 25 million for the second tranche which shall be drawn on any date before October 31, 2016. The loan bears an interest rate at LIBOR + 2,850% per annum. As of December 31, 2015, the Bank has utilized the first tranche of subordinated loan amounting to US$ 25 million (or equivalent to Rp 344,625 million). Interest payable from subordinated loan amounted to US$ 9,592 (or equivalent to Rp 132 million) as of December 31, 2015. LIABILITAS LAIN-LAIN 20. OTHER LIABILITIES 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Pihak berelasi Biaya masih harus dibayar Utang bunga Subjumlah 64.577 2.271 66.848 52.141 2.235 54.376 Pihak ketiga Liabilitas atas penjualan reverse repo - bersih Biaya masih harus dibayar Setoran jaminan Pendapatan ditangguhkan Utang bunga Lain-lain Subjumlah 2.881.824 30.345 26.447 25.815 3.589 25.174 2.993.194 1.567.468 26.276 25.515 20.233 7.357 16.741 1.663.590 Jumlah 3.060.042 1.717.966 Related parties Accrued expenses Interest payables Subtotal Third parties Liability on sale of reverse repo - net Accrued expenses Margin deposits Deferred income Interest payables Others Subtotal Total Liabilitas atas penjualan reverse repo Liability on sale of reverse repo Akun ini terdiri dari liabilitas yang timbul dari penjualan Surat Utang Negara terkait dengan efekefek yang dibeli dengan janji dijual kembali (reverse repo) (Catatan 9). This account consists of liabilities arising from sale of Indonesian Government Bonds related to securities purchased under agreement to resell (reverse repo) (Note 9). Biaya masih harus dibayar Accrued expenses Biaya masih harus dibayar terdiri dari biaya pemeliharaan, pemrosesan data, bonus, pelatihan dan utilitas yang belum dibayar. Accrued expenses are the unpaid maintenance, data processing, bonus, training and utilities expenses. Utang bunga Interest payables Utang bunga terdiri dari beban bunga yang belum dibayar atas simpanan, simpanan dari bank lain, pinjaman diterima dan pinjaman subordinasi. Interest payables pertain to interest accrual from deposits, deposits from other banks, borrowings and subordinated loans. - 54 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 21. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Setoran jaminan Margin deposits Setoran jaminan merupakan jaminan yang disyaratkan atas transaksi penerbitan garansi bank. Margin deposits are required for the issuance of bank guarantees. Pendapatan ditangguhkan Deferred income Pendapatan ditangguhkan merupakan pendapatan provisi kredit dan provisi lainnya yang diterima dan belum diamortisasi. Deferred income is unamortized unearned fees on loans and other transactions. MODAL SAHAM 21. The shareholders’ composition as of December 31, 2015 and 2014 were as follows: Susunan pemegang saham pada tanggal 31 Desember 2015 dan 2014 adalah sebagai berikut: Pemegang saham CAPITAL STOCK 31 Desember/December 31, 2015 dan/and 2014 Jumlah saham yang ditempatkan dan disetor penuh/ Number of shares issued and % kepemilikan/ Jumlah/ fully paid % of ownership Amount Rp Juta/ Rp Million Shareholders BNP Paribas S.A, Paris 1.051.549 99,00 1.051.549 BNP Paribas S.A, Paris PT BNP Paribas Securities Indonesia 10.621 1,00 10.621 PT BNP Paribas Securities Indonesia 1.062.170 100,00 1.062.170 Jumlah Total Modal ditempatkan dan disetor penuh adalah saham biasa yang memberikan hak satu suara per saham dan berpartisipasi dalam dividen. The shares issued and fully paid are ordinary shares which entitle the holder one vote per share and to participate in dividends. Berdasarkan Surat Bank Indonesia No. 15/55/DPB2/ PB2-2/Rahasia tanggal 30 Desember 2013, Bank Indonesia menyetujui rencana Bank dan BNP Paribas S.A., Paris, untuk mempercepat pelunasan pinjaman subordinasi sekaligus membatalkan perjanjian pinjaman subordinasi serta meningkatkan modal Bank dari Rp 726.320 juta menjadi Rp 1.062.170 juta. Based on Bank Indonesia Letter No. 15/55/DPB2/ PB2-2/Rahasia dated December 30, 2013, Bank Indonesia approved the plan of the Bank and BNP Paribas S.A., Paris to settle the subordinated loan and to cancel the subordinated loans agreement, as well as to increase its capital from Rp 726,320 million to Rp 1,062,170 million. Berdasarkan Akta Notaris No. 22 tanggal 17 Januari 2014 yang dibuat dihadapan notaris Linda Herawati S.H., notaris di Jakarta, Bank meningkatkan modal dasar, modal ditempatkan dan modal disetor dari sebesar Rp 726.320 juta menjadi Rp 1.062.170 juta, yang terbagi atas 1.062.170 saham masing-masing bernilai nominal sebesar Rp 1 juta. Pengambilan saham oleh para pemegang saham dilakukan secara proposional berdasarkan kepemilikan saham yang ada atas seluruh saham yang dikeluarkan untuk peningkatan modal ditempatkan dan modal disetor. Perubahan ini telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. AHU-07358.AH.01.02.Tahun 2014. Based on Notarial Deed No. 22 dated January 17, 2014 of Linda Herawati S.H., notary in Jakarta, the Bank increased its authorized, fully issued and paid up share capital from Rp 726,320 million to Rp 1,062,170 million which consists of 1,062,170 shares with par value of Rp 1 million per share. Shares are proportionally withdrawn by shareholders based on its ownership of the total shares issued to increase its fully issued and paid up share capital. This change was approved by the Ministry of Law and Human Rights of the Republic of Indonesia through Decision Letter No. AHU07358.AH.01.02.Year 2014. - 55 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 22. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued PENDAPATAN BUNGA 22. Rupiah Rp Juta/ Rp Million Kredit Efek-efek Penempatan pada Bank Indonesia dan bank lain Efek-efek yang dibeli dengan janji dijual kembali 198.400 109.034 Jumlah 369.227 2015 Mata uang asing/ Foreign currencies Rp Juta/ Rp Million 35.040 Rupiah Rp Juta/ Rp Million Kredit Efek-efek Penempatan pada Bank Indonesia dan bank lain Efek-efek yang dibeli dengan janji dijual kembali 126.137 95.070 Jumlah 260.532 284.302 109.034 1.223 27.976 - 35.040 87.125 2014 Mata uang asing/ Foreign currencies Rp Juta/ Rp Million 86 28.223 28.137 - 11.188 61.628 Simpanan Efek-efek yang dijual dengan janji dibeli kembali Pinjaman yang diterima Simpanan dari bank lain Pinjaman subordinasi 23. Jumlah 2015 Mata uang asing/ Foreign currencies Rp Juta/ Rp Million 99.991 322.160 Total Jumlah/ Total Rp Juta/ Rp Million 101.940 5.376 - 20.227 71 132 38.689 20.227 5.447 132 144.056 22.379 166.435 38.689 Loans Securities Placements with Bank Indonesia and other banks Securities purchased under agreement to resell INTEREST EXPENSES 1.949 - Total Total interest revenues from related parties amounted to Rp 1,001 million and Rp 375 million in 2015 and 2014, respectively (Note 29). BEBAN BUNGA Rupiah Rp Juta/ Rp Million Loans Securities Placements with Bank Indonesia and other banks Securities purchased under agreement to resell Jumlah/ Total Rp Juta/ Rp Million 187.679 95.070 Jumlah pendapatan bunga yang diperoleh dari pihakpihak berelasi pada tahun 2015 dan 2014 masingmasing sebesar Rp 1.001 juta dan Rp 375 juta (Catatan 29). 23. 456.352 61.542 - 11.188 Jumlah/ Total Rp Juta/ Rp Million 85.902 - 26.753 INTEREST REVENUES - - 56 - Deposits Securities sold under agreement to repurchase Borrowings Deposits from other banks Subordinated loans Total PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 2014 Mata uang asing/ Foreign currencies Rp Juta/ Rp Million Rupiah Rp Juta/ Rp Million Simpanan Efek-efek yang dijual dengan janji dibeli kembali Simpanan dari bank lain Pinjaman subordinasi Pinjaman yang diterima 56.487 2.873 59.360 10.114 5.060 - 7.746 386 4.720 10.114 12.806 386 4.720 Deposits Securities sold under agreement to repurchase Deposits from other banks Subordinated loans Borrowings Jumlah 71.661 15.725 87.386 Total Jumlah beban bunga kepada pihak-pihak berelasi pada tahun 2015 dan 2014 masing-masing sebesar Rp 28.743 juta dan Rp 15.683 juta (Catatan 29). 24. 25. Jumlah/ Total Rp Juta/ Rp Million Total interest expenses to related parties amounted to Rp 28,743 million and Rp 15,683 million in 2015 and 2014, respectively (Note 29). PROVISI DAN KOMISI LAINNYA 24. OTHER COMMISSIONS AND FEES Akun ini terdiri dari bagi hasil (profit sharing) yang diterima dari entitas BNP Paribas lainnya atas penjualan produk-produk entitas tersebut setelah dikurangi bagi biaya (cost sharing) atas biaya administrasi entitas BNP Paribas lainnya. Jumlah bagi hasil bersih yang dibayar pada tahun 2015 dan 2014 adalah masing-masing Rp 48.196 juta dan Rp 47.073 juta (Catatan 29). This account consists of profit sharing received from other BNP Paribas entities from the sale of their products net of cost sharing from other BNP Paribas entities. Total net profit sharing paid in 2015 and 2014 amounted to Rp 48,196 million and Rp 47,073 million, respectively (Note 29). Provisi dan komisi pihak ketiga terdiri dari pendapatan dan beban provisi dan komisi dari jasa perbankan lainnya. Provisi dan komisi bersih yang diterima pada tahun 2015 dan 2014 adalah masingmasing Rp 28.915 juta dan Rp 35.990 juta. Third parties other commissions and fees consist of commissions and fees received and paid from other banking services. Net commissions and fees received in 2015 and 2014 amounted to Rp 28,915 million and Rp 35,990 million, respectively. BEBAN KEPEGAWAIAN 25. 2015 Rp Juta/ Rp Million PERSONNEL EXPENSES 2014 Rp Juta/ Rp Million Gaji dan tunjangan Gratifikasi dan bonus Pelatihan dan pendidikan Imbalan pasca kerja (Catatan 27) Lain-lain 53.839 23.322 3.058 1.788 5.183 38.890 15.635 3.125 1.315 3.764 Salaries and benefits Gratuities and bonuses Training and education Post-employment benefits (Note 27) Others Jumlah 87.190 62.729 Total - 57 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 26. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued BEBAN UMUM DAN ADMINISTRASI 26. 2015 Rp Juta/ Rp Million 27. GENERAL AND ADMINISTRATION EXPENSES 2014 Rp Juta/ Rp Million Pemrosesan data elektronik Sew a Jasa profesional Penyusutan (Catatan 13) Perbaikan dan pemeliharaan Transportasi Jasa teknis Perjamuan Utilitas Pelatihan Komunikasi Promosi dan iklan Lain-lain 22.458 11.475 6.941 2.914 2.395 1.334 1.282 1.147 1.031 945 790 372 2.413 11.881 7.963 7.757 1.894 2.499 688 977 1.047 724 197 764 409 1.958 Electronic data processing Rental Professional fees Depreciation (Note 13) Repairs and maintenance Transportation Technical assistance Entertainment Utilities Training Communication Promotion and advertising Others Jumlah 55.497 38.758 Total Jumlah pemrosesan data elektronik, jasa teknis, pelatihan dan sewa kepada pihak berelasi sebesar masing-masing Rp 20.519 dan Rp 9.364 di 2015 dan 2014 (Catatan 29). Total electronic data processing, technical assistance, training and rental to related parties amounted to Rp 20,519 and Rp 9,364, respectively in 2015 and 2014 (Note 29). Perusahaan mempunyai perjanjian sewa dengan PT Grand Indonesia dan PT Bumi Serpong Damai, Tbk untuk penyewaan ruang kantor. Periode sewa dengan PT Grand Indonesia dan PT Bumi Serpong Damai, Tbk selama 3 tahun dan akan berakhir masing-masing sampai dengan 31 Desember 2016 dan 31 Januari 2017. Pembayaran minimum sewa berdasarkan perjanjian sewa pada tanggal 31 Desember 2015 dan 2014 masing-masing sebesar Rp 8.614 juta dan Rp 15.528 juta. The Bank entered into a rental agreement with PT Grand Indonesia and PT Bumi Serpong Damai, Tbk for office space. The lease period with PT Grand Indonesia and PT Bumi Serpong Damai, Tbk is for 3 years until December 31, 2016 and January 31, 2017, respectively. The minimum lease payments based on the lease agreement as of December 31, 2015 and 2014 is Rp 8,614 million and Rp 15,528 million, respectively. IMBALAN PENSIUN PASCA KERJA DAN PROGRAM 27. POST-EMPLOYMENT BENEFITS AND PENSION PLAN Bank membukukan liabilitas imbalan kerja jangka panjang dan imbalan pasca kerja lainnya untuk karyawan sesuai dengan Undang-undang Ketenagakerjaan No. 13/2003 tanggal 25 Maret 2003. Jumlah karyawan yang berhak memperoleh manfaat tersebut sebanyak 56 dan 41 karyawan masing-masing untuk tahun 2015 dan 2014. The Bank provides provision for long-term and other post-employment benefits to its employees in accordance with Labor Law No. 13/2003 dated March 25, 2003. The number of employees entitled to the benefits is 56 and 41 in 2015 and 2014, respectively. Program pensiun imbalan pasti memberikan eksposur Bank terhadap risiko aktuarial seperti risiko tingkat bunga dan risiko gaji. The defined benefit pension plan typically expose the Bank to actuarial risks such as interest rate risk and salary risk. Risiko Investasi Investment Risk Nilai kini kewajiban imbalan pasti dihitung menggunakan tingkat diskonto yang ditetapkan dengan mengacu pada imbal hasil obligasi korporasi berkualitas tinggi. The present value of the defined benefit plan liability is calculated using a discount rate determined by reference to high quality corporate bond yields. - 58 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Risiko Tingkat Bunga Interest Risk Penurunan suku bunga obligasi akan meningkatkan liabilitas program; Namun, sebagian akan di offset (saling hapus) oleh peningkatan imbal hasil atas investasi instrumen utang. A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan’s debt investments. Risiko Gaji Salary Risk Nilai kini kewajiban imbalan pasti dihitung dengan mengacu pada gaji masa depan peserta program. Dengan demikian, kenaikan gaji peserta program akan meningkatkan liabilitas program itu. The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability. Beban imbalan pasca kerja yang diakui di laporan laba rugi dan penghasilan komprehensif lain adalah: The amounts recognized in the statement of profit or loss and other comprehensive income in respect of these post-employment benefits are as follows: 2015 Rp Juta/ Rp Million Diakui pada laporan laba rugi Biaya jasa kini Beban bunga Jumlah Diakui pada laporan penghasilan komprehensif lain Pengukuran kembali kew ajiban imbalan pasti neto Kerugian (keuntungan) aktuarial Jumlah yang diakui di laporan laba rugi dan penghasilan komprehensif lain 2014 Rp Juta/ Rp Million 1.438 350 1.064 251 1.788 1.315 (71) 170 1.717 Mutasi dari nilai kini kewajiban imbalan pasti pada tahun berjalan adalah sebagai berikut: 1.485 Recognized in profit or loss Current service cost Interest cost Total Recognized in other comprehensive income Remeasurement on the net-defined benefit obligation Actuarial loss (gain) Total recognized in statement of profit or loss and other comprehensive income Movement of present value of defined benefits obligation in the current year are as follows: 2015 Rp Juta/ Rp Million 2014 Rp Juta/ Rp Million Saldo aw al Biaya jasa kini Biaya bunga Pengukuran kembali: Kerugian (keuntungan) aktuaria pengalaman Kerugian (keuntungan) aktuaria asumsi keuangan 4.574 1.438 350 Saldo akhir 3.089 1.064 251 (574) 33 503 137 6.291 4.574 Beginning balance Current service cost Interest cost Remeasurement: Actuarial losses (gains) experience Actuarial losses (gains) financial assumption Ending balance Asumsi aktuarial yang signifikan untuk penentuan kewajiban imbalan pasti adalah tingkat diskonto dan kenaikan gaji yang diharapkan. Sensitivitas analisis di bawah ini ditentukan berdasarkan masing-masing perubahan asumsi yang mungkin terjadi pada akhir periode pelaporan, dengan semua asumsi lain konstan. Significant actuarial assumptions for the determination of the defined obligation are discount rate and expected salary increase. The sensitivity analyses below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant. Jika tingkat diskonto lebih tinggi (lebih rendah) 100 basis poin, kewajiban imbalan pasti akan berkurang sebesar Rp 362 (meningkat sebesar Rp 396). - 59 - If the discount rate is 100 basis points higher (lower), the defined benefit obligation would decrease by Rp 362 (increase by Rp 396). PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Jika pertumbuhan gaji yang diharapkan naik (turun) sebesar 1%, kewajiban imbalan pasti akan naik sebesar Rp 959 (turun sebesar Rp 829). If the expected salary growth increases (decreases) by 1%, the defined benefit obligation would increase by Rp 959 (decrease by Rp 829). Analisis sensitivitas yang disajikan di atas mungkin tidak mewakili perubahan yang sebenarnya dalam kewajiban imbalan pasti mengingat bahwa perubahan asumsi terjadinya tidak terisolasi satu sama lain karena beberapa asumsi tersebut mungkin berkorelasi. The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Selanjutnya, dalam menyajikan analisis sensitivitas di atas, nilai kini kewajiban imbalan pasti dihitung dengan menggunakan metode projected unit credit pada akhir periode pelaporan, yang sama dengan yang diterapkan dalam menghitung liabilitas manfaat pasti yang diakui dalam laporan posisi keuangan. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the statement of financial position. Durasi rata-rata anggota aktif pada tanggal 31 Desember 2015 adalah 12,41 tahun (2014: 11,42 tahun). The average duration of active members at December 31, 2015 is 12,41 years (2014: 11,42 years). Analisa umur estimasi pembayaran liabilitas imbalan pasca kerja pada tanggal 31 Desember 2015 adalah sebagai berikut: Aging analysis of estimated payment of postemployment benefits as of December 31, 2015 are as follows: 31 Desember/ December 31, 2015 Rp Juta/ Rp Million < 10 tahun 10 - 20 tahun 20 - 30 tahun > 30 tahun 14.751 33.840 2.590 142 < 10 year 10 - 20 years 20 - 30 years > 30 years Jumlah 51.323 Total Perhitungan penyisihan imbalan kerja jangka panjang dan imbalan pasca kerja lainnya dilakukan oleh PT Towers Watson Purbajaga, aktuaris independen. Asumsi utama yang digunakan dalam menentukan penilaian aktuaris adalah sebagai berikut: Usia pensiun normal Tingkat diskonto Tingkat proyeksi kenaikan gaji Tingkat mortalitas Tingkat pengunduran diri The provision for long term and other postemployment benefits is calculated by PT Towers Watson Purbajaga, an independent actuary. The actuarial valuation was carried out using the following key assumptions: 2015 2014 55 tahun / years 8.75% 55 tahun / years 7.75% 7.00% Tabel Mortalita Indonesia/ Indonesian Mortality Table 2011 (TMI3) 6.00% Tabel Mortalita Indonesia/ Indonesian Mortality Table 2011 (TMI3) 10% per tahun dari usia 20 tahun dan menurun secara linier hingga 0% per tahun pada usia 45 tahun/ 10% p.a. from age 20 reducing linearly to 0% at age 45 10% per tahun dari usia 20 tahun dan menurun secara linier hingga 0% per tahun pada usia 45 tahun/ 10% p.a. from age 20 reducing linearly to 0% at age 45 - 60 - Normal retirement age Discount rate Projected salary increment rate Mortality rate Resignation rate PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 28. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Dana Pensiun Pension Fund Sejak tahun 2000, Bank mendanai program pensiun iuran pasti untuk semua karyawan lokal tetap dengan masa kerja minimum 6 bulan. Program tersebut dikelola oleh Dana Pensiun Lembaga Keuangan Manulife Indonesia, yang telah disetujui oleh Menteri Keuangan dengan Surat Keputusannya No KEP-140/KM.6/2001, tertanggal 9 Juli 2001. Iuran untuk program pensiun tersebut yang berasal dari Bank bervariasi antara 5,00% sampai dengan 15,00% dari gaji bulanan karyawan sesuai dengan masa kerjanya. Tidak ada iuran wajib dari karyawan untuk program pensiun tersebut. Starting 2000, the Bank funds a defined contribution plan covering all of its permanent local employees with a minimum of 6 months service. The plan was administered by Dana Pensiun Lembaga Keuangan Manulife Indonesia, which was approved by the Minister of Finance in its decision letter No KEP-140/KM.6/2001, dated July 9, 2001. The pension fund contribution by the Bank ranges from 5.00% to 15.00% of the employees monthly salary depending on the length of service. There is no compulsory employee contribution for this pension plan. Kontribusi yang didanai oleh Bank untuk tahun yang berakhir 31 Desember 2015 dan 2014 adalah Rp 2.089 juta dan Rp 1.655 juta yang dicatat dalam beban kepegawaian pada laba rugi. The Bank’s contributions as of December 31, 2015 and 2014 amounted to Rp 2,089 million and Rp 1,655 million, respectively, and are recorded as part of personnel expenses account in profit or loss. PAJAK PENGHASILAN 28. Beban pajak terdiri atas: INCOME TAX Tax expense consists of the following: 2015 Rp Juta/ Rp Million 2014 Rp Juta/ Rp Million Pajak kini Pajak tangguhan 55.224 (1.080) 108.029 (25.324) Jumlah beban pajak 54.144 82.705 Current tax Deferred tax Total tax expense Pajak Kini Current Tax Rekonsiliasi antara laba sebelum pajak menurut laporan laba rugi dan penghasilan komprehensif lain dengan laba kena pajak adalah sebagai berikut: Reconciliation between income before tax per statement of profit or loss and other comprehensive income and taxable income is as follows: 2015 Rp Juta/ Rp Million Laba sebelum pajak Perbedaan temporer: Penyusutan aset tetap Cadangan kerugian penurunan nilai Kerugian belum direalisasi atas perubahan nilai w ajar efek-efek diperdagangkan Penyisihan bonus Beban imbalan pasca kerja Penyisihan lainnya Jumlah Perbedaan permanen: Kenikmatan natura dan beban yang tidak dapat dikurangkan Laba kena pajak 2014 Rp Juta/ Rp Million 206.315 (1.856) (27.520) 10.928 7.236 1.788 13.744 4.320 323.225 (1.003) (2.010) 98.633 2.499 1.315 1.865 101.299 10.258 7.591 220.893 432.115 - 61 - Income before tax Temporary differences: Depreciation expense Provision for impairment losses Unrealized losses from changes in fair value of trading securities Provision bonuses Expenses for post-employment benefits Other provisions Total Permanent differences: Benefits in kind and non-deductible expenses Taxable income PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Rincian beban dan utang pajak kini adalah sebagai berikut: Current tax expense and current tax payable are computed as follows: 2015 Rp Juta/ Rp Million Beban pajak kini: 25% X Rp 220.893 juta tahun 2015 Rp 432.115 juta tahun 2014 Jumlah Dikurangi pembayaran pajak dimuka: Pasal 25 2014 Rp Juta/ Rp Million 55.224 55.224 108.029 108.029 Current tax expense: 25% X Rp 220,893 million in 2015 Rp 432,115 million in 2014 Total (55.110) (68.860) Less prepaid income tax: Article 25 Utang pajak kini (Catatan 18) 114 39.169 Current tax payable (Note 18) Pajak Tangguhan Deferred Tax Rincian dari aset (liabilitas) pajak tangguhan Bank adalah sebagai berikut: The details of the Bank’s deferred tax assets (liabilities) are as follows: 1 Januari/ January 1, 2014 Rp Juta/ Rp Million Beban penyusutan Cadangan kerugian penurunan nilai Kerugian (keuntungan) yang belum direalisasi atas perubahan nilai w ajar efek-efek diperdagangkan Penyisihan bonus Liabilitas imbalan pasca kerja Penyisihan lainnya Kerugian (keuntungan) yang belum direalisasi atas perubahan nilai w ajar efek-efek tersedia untuk dijual Kerugian (keuntungan) aktuarial yang belum direalisasi Aset pajak tangguhan bersih Dikreditkan (dibebankan) ke pendapatan Dikreditkan komprehensif (dibebankan) lain/ ke laba rugi/ Credited Credited (charged) to (charged) to other 31 Desember/ income for comprehensive December 31, the year income 2014 Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million 490 Dikreditkan (dibebankan) ke pendapatan Dikreditkan komprehensif (dibebankan) lain/ ke laba rugi/ Credited Credited (charged) to (charged) to other 31 Desember/ income for comprehensive December 31, the year income 2015 Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million (251) - 239 (464) - (225) (503) - (5.507) (6.880) - (12.387) 1.525 2.344 24.658 625 - 26.183 2.969 2.732 1.809 - 28.915 4.778 1.107 2.256 329 466 - 1.436 2.722 447 3.436 - 1.883 6.158 (5.004) 78 - (1.584) (1.506) - (334) - 43 (291) - 2.462 25.324 (1.541) - 62 - 26.245 2.371 (18) 1.080 2.353 865 (309) 29.678 Depreciation expense Provision for impairment losses Unrealized (gains) losses from changes in fair value of trading securities Provision for bonuses Post-employment benefits obligation Other provisions Unrealized losses (gains) from changes in fair value of available-for-sale securities Unrealized actuarial losses (gains) Deferred tax assets net PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Rekonsiliasi antara beban pajak dan hasil perkalian laba akuntansi sebelum pajak dengan tarif pajak efektif yang berlaku adalah sebagai berikut: A reconciliation between the total tax expense and the amounts computed by applying the effective tax rates to income before tax is as follows: 2015 Rp Juta/ Rp Million Laba sebelum pajak menurut laporan laba rugi komprehensif 206.315 323.225 Beban pajak berdasarkan tarif pajak yang berlaku 25% X Rp 206.315 juta tahun 2015 Rp 323.225 juta tahun 2014 Jumlah 51.579 51.579 80.807 80.807 Pengaruh pajak atas beban yang tidak dapat dikurangkan menurut fiskal 2.565 1.898 54.144 82.705 Jumlah beban pajak 29. 2014 Rp Juta/ Rp Million SIFAT DAN BERELASI TRANSAKSI DENGAN PIHAK 29. Income before tax per statements of comprehensive income Tax expense at effective tax rates 25% X Rp 206,315 million in 2015 Rp 323,225 million in 2014 Total Tax effect of non-deductible expenses Total tax expense NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES Sifat Berelasi Nature of Relationship a. BNP Paribas S.A., Paris merupakan pemegang saham pengendali utama. a. BNP Paribas S.A., Paris controlling shareholder. b. PT BNP Paribas Securities Indonesia merupakan pemegang saham Bank yang dikendalikan oleh pemegang saham pengendali utama. b. PT BNP Paribas Securities Indonesia is the Bank’s shareholder controlled by the ultimate controlling shareholder. c. Perusahaan dan entitas di bawah ini dimiliki oleh pemegang saham pengendali yang sama: c. The companies and entities below are owned by the same controlling shareholder: d. - BNP Paribas N.A., Amerika Serikat BNP Paribas, Cabang London BNP Paribas, Cabang Amsterdam Fortis Bank S.A./N.V., Belgia BNP Paribas, Cabang Hong Kong BNP Paribas, Cabang Singapura BNP Paribas, Cabang Tokyo BNP Paribas, Cabang Milano BNP Paribas, Cabang Dubai BNP Paribas Malaysia Berhad BNP Paribas (China) Limited, Cabang Beijing Fortis Bank S.A./N.V., Cabang Austria BNP Paribas, Cabang Labuan BNP Paribas Arbitrage S.N.C. BNL SpA, Italia BPP Holdings Pte. Ltd., Singapura PT BNP Paribas Investment Partners, Indonesia BNP Paribas, Cabang Sydney - Dewan komisaris dan direksi merupakan personil manajemen kunci Bank. d. - 63 - is the ultimate BNP Paribas N.A., USA BNP Paribas, London Branch BNP Paribas, Amsterdam Branch Fortis Bank S.A./N.V., Belgium BNP Paribas, Hong Kong Branch BNP Paribas, Singapore Branch BNP Paribas, Tokyo Branch BNP Paribas, Milano Branch BNP Paribas, Dubai Branch BNP Paribas Malaysia Berhad BNP Paribas (China) Limited, Beijing Branch Fortis Bank S.A./N.V., Austria Branch BNP Paribas, Labuan Branch BNP Paribas Arbitrage S.N.C. BNL SpA, Italy BPP Holdings Pte. Ltd., Singapore PT BNP Paribas Investment Partners, Indonesia BNP Paribas, Sydney Branch Board of Directors and Commissioners are the key management personnel of the Bank. PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Transaksi-transaksi Pihak Berelasi Transactions with Related Parties Dalam kegiatan usahanya, Bank juga mengadakan transaksi tertentu dengan pihak-pihak berelasi. Transaksi-transaksi tersebut meliputi antara lain: In the business, the Bank entered into certain transactions with related parties. These transactions included, among others, the following: Pihak Berelasi Sifat Transaksi BNL SpA, Italia BNP Paribas (China) Limited, Cabang Beijing Fortis Bank S.A./N.V., Belgia BNP Paribas, Cabang M ilano BNP Paribas, Cabang Amsterdam Fortis Bank S.A./N.V., Cabang Austria Komitmen dan kontinjensi dari pihak-pihak berelasi Komitmen dan kontinjensi dari pihak-pihak berelasi Komitmen dan kontinjensi dari pihak-pihak berelasi Komitmen dan kontinjensi dari pihak-pihak berelasi Komitmen dan kontinjensi dari pihak-pihak berelasi Komitmen dan kontinjensi dari pihak-pihak berelasi Giro pada bank lain Simpanan dari bank lain Liabilitas lain-lain BNP Paribas, Cabang Hong Kong Catatan/ Notes 30 30 30 30 30 30 6 16 20 Beban pemrosesan data elektronik dan jasa teknis dalam beban umum dan administrasi Komitmen dan kontinjensi dari pihak-pihak berelasi Pendapatan bunga Penempatan dana dari pihak-pihak berelasi dalam bentuk simpanan Pembayaran bunga Liabilitas lain-lain Giro pada bank lain Giro pada bank lain Pembayaran bunga Komitmen dan kontinjensi dari pihak-pihak berelasi Giro pada bank lain Pendapatan bunga Tagihan dan liabilitas derivatif Simpanan dari bank lain Pinjaman yang diterima Pembayaran bunga Liabilitas lain-lain Komitmen dan kontinjensi dari pihak-pihak berelasi Pendapatan bunga Penempatan dana dari pihak-pihak berelasi dalam bentuk simpanan Pembayaran bunga Pendapatan bunga Simpanan dari bank lain Pembayaran bunga Liabilitas lain-lain Tagihan derivatif Transaction Type Related Parties Commitments and contingencies by related parties Commitments and contingencies by related parties Commitments and contingencies by related parties Commitments and contingencies by related parties Commitments and contingencies by related parties Commitments and contingencies by related parties Demand deposit with other banks Deposits from other banks Other liabilities BNL SpA, Italy BNP Paribas (China) Limited, Beijing Branch Fortis Bank S.A./N.V., Belgium BNP Paribas, M ilano Branch BNP Paribas, Amsterdam Branch Fortis Bank S.A./N.V., Austria Branch 26 Electronic data processing and technical assistance fees in general and administrative expenses 30 22 Commitments and contingencies by related parties Receipt of interest BNP Paribas, Hong Kong Branch 15 Placement of funds by related paraties in the form of deposits 23 20 6 6 23 30 6 22 11 16 17 23 20 30 22 Payment of interest Other liabilities Demand deposit with other banks Demand deposit with other banks Payment of interest Commitments and contingencies by related parties Demand deposit with other banks Receipt of interest Derivative receivables and payables Deposits from other banks Borrowings Payment of interest Other liabilities Commitments and contingencies by related parties Receipt of interest 15 Placement of funds by related paraties in the form of deposits 23 22 16 23 20 11 Payment of interest Receipt of interest Deposits from other banks Payment of interest Other liabilities Derivative receivables Beban pemrosesan data elektronik dan jasa teknis dalam beban umum dan administrasi 26 Electronic data processing and technical assistance fees in general and administrative expenses BNP Paribas, Cabang Tokyo BPP Holdings Pte. Ltd., Singapura Komitmen dan kontinjensi dari pihak-pihak berelasi Giro pada bank lain Komitmen dan kontinjensi dari pihak-pihak berelasi 30 6 30 Commitments and contingencies by related parties Demand deposit with other banks Commitments and contingencies by related parties BNP Paribas, Tokyo Branch BPP Holdings Pte. Ltd., Singapore Dewan Direksi dan Komisaris Kompensasi kepada Dewan Direksi dan Komisaris 27 Compensations of the Board of Directors and Commissioners Board of Directors and Commissioners Karyawan Pemberian kredit Biaya dibayar dimuka 12 14 Granting of loans Prepaid expenses Employee PT BNP Paribas Investment Partners, Indonesia BNP Paribas, Cabang London BNP Paribas N.A., Amerika Serikat BNP Paribas S.A., Paris PT BNP Paribas Securities Indonesia BNP Paribas, Cabang Singapura Persentase penempatan pada bank lain, giro pada bank lain, tagihan derivatif, kredit dan biaya dibayar dimuka dan aset lain-lain kepada pihak berelasi terhadap jumlah aset adalah sebagai berikut: Penempatan pada bank lain Giro pada bank lain Tagihan derivatif Kredit Biaya dibayar dimuka dan aset lain-lain PT BNP Paribas Investment Partners, Indonesia BNP Paribas, London Branch BNP Paribas N.A., USA BNP Paribas S.A., Paris PT BNP Paribas Securities Indonesia BNP Paribas, Singapore Branch The percentage of demand deposits with other banks, placements with other banks, derivative receivables, loans and prepaid expenses and other assets for related parties to total assets are as follows: 2015 % 2014 % 0,51 0,55 0,02 0,83 0,40 2,30 0,02 Placements w ith other banks Demand deposits w ith other banks Derivative receivables Loans 0,01 0,03 Prepaid expenses and other assets - 64 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Persentase simpanan, simpanan dari bank lain, liabilitas derivatif, pinjaman yang diterima, pinjaman subordinasi dan liabilitas lain-lain dari pihak berelasi terhadap jumlah liabilitas adalah sebagai berikut: Simpanan Simpanan dari bank lain Liabilitas derivatif Pinjaman yang diterima Pinjaman subordinasi Liabilitas lain-lain The percentage of deposits, deposits from other banks, derivative payables, borrowings, subordinated loans and other liabilities from related parties to total liabilities are as follows: 2015 % 2014 % 1,77 3,09 0,07 15,70 3,13 0,61 2,80 0,16 18,74 0,69 Persentase pendapatan bunga, beban bunga, pendapatan operasional lainnya dan beban umum dan administrasi dari atau kepada pihak berelasi terhadap jumlah pendapatan bunga, beban bunga, pendapatan operasional lainnya serta beban umum dan administrasi adalah sebagai berikut: Pendapatan bunga Beban bunga Pendapatan operasional lainnya Beban operasional lainnya The percentage of interest revenues, interest expenses, other operating revenues and general and administration expenses from or to related parties to total interest revenues, interest expenses, other operating revenues and general and administration expenses are as follows: 2015 % 2014 % 0,22 17,27 (66,24) 36,97 0,12 17,95 (23,90) - Persentase tagihan dan liabilitas komitmen dan tagihan dan liabilitas kontinjensi dari atau kepada pihak berelasi terhadap jumlah tagihan dan liabilitas komitmen dan tagihan dan liabilitas kontinjensi adalah sebagai berikut: Tagihan komitmen Liabilitas komitmen Tagihan kontinjensi Liabilitas kontinjensi Deposits Deposits from other banks Derivative payables Borrow ings Subordinated loans Other liabilities Interest revenues Interest expenses Other operating revenues Other operating expenses The percentage of commitment receivables and liabilities and contingent receivables and liabilities from or to related parties to total commitment receivables and liabilities and contigent receivables and liabilities are as follows: 2015 % 2014 % 94,70 99,98 67,29 74,71 10,94 99,89 68,68 Bank menyediakan manfaat pada Dewan Direksi dan Komisaris, personil manajemen kunci Bank, sebagai berikut: Commitment receivables Commitment liabilities Contingent receivables Contingent liabilities The Bank provides benefits to the Board of Directors and Commissioners, key management personnel of the Bank, as follows: 2015 Rp Juta/ Rp Million 2014 Rp Juta/ Rp Million Imbalan kerja jangka pendek Imbalan kerja jangka panjang lainnya 21.568 399 19.916 421 Short-term employee benefits Other long-term employee benefits Jumlah 21.967 20.337 Total 25,19 32,42 Persentase terhadap beban kepegaw aian - 65 - Percentage to personnel expenses PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 30. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued KOMITMEN DAN KONTINJENSI 30. COMMITMENTS AND CONTINGENCIES 31 Desember/December 31, 2015 2014 Rp Juta/ Rp Juta/ Rp Million Rp Million Kom itm en Tagihan komitmen Fasilitas pinjaman yang diterima dan belum digunakan Mata uang asing Kontrak pembelian spot yang belum diselesaikan Rupiah Mata uang asing Jumlah tagihan komitmen Liabilitas komitmen Fasilitas kredit kepada nasabah yang belum digunakan Rupiah Mata uang asing Irrevocable letter of credit yang masih berjalan Mata uang asing Kontrak penjualan spot yang belum diselesaikan Rupiah Mata uang asing Jumlah liabilitas komitmen Jumlah liabilitas komitmen - bersih 1.723.125 - 1.610.050 96.593 275.067 887.476 1.819.718 2.772.593 Com m itm ents Commitment receivables Undraw n borrow ing facilities Foreign currency Unsettled spot purchase contracts Rupiah Foreign currencies Total commitment receivables Commitment liabilities Unused loan commitments granted to customers Rupiah Foreign currency Outstanding irrevocable letter of credit Foreign currencies 3.408.373 2.191.624 2.250.911 1.825.197 38.216 122.016 96.627 891.304 273.657 5.734.840 5.363.085 Total commitment liabilities (3.915.122) (2.590.492) Total commitment liabilities - net - Kontinjensi Tagihan kontinjensi Garansi bank yang diterima Rupiah Mata uang asing 6.195.603 4.487.074 2.099.767 7.611.866 Jumlah tagihan kontinjensi 10.682.677 9.711.633 Unsettled spot sell contracts Rupiah Foreign currencies Contingencies Contingent receivables Bank guarantees received Rupiah Foreign currencies Total contingent receivables Liabilitas kontinjensi Garansi bank yang diterbitkan Rupiah Mata uang asing 1.539.865 392.204 286.285 1.575.769 Contingent liabilities Bank guarantees issued Rupiah Foreign currencies Jumlah liabilitas kontinjensi 1.932.069 1.862.054 Total contingent liabilities 8.750.608 7.849.579 Jumlah tagihan kontinjensi - bersih - 66 - Total contingent receivables - net PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Garansi bank yang diterima merupakan standby letters of credit yang diterbitkan oleh bank lain sebagai jaminan atas kredit yang diberikan oleh Bank. Pada tanggal 31 Desember 2015 dan 2014, garansi bank yang diterima dari pihak berelasi berasal dari BNP Paribas Cabang Hong Kong dan BNP Paribas Cabang Singapura masing-masing sebesar Rp 12.238.251 juta Rp 6.525.862 juta (Catatan 29). 31. ASET DAN LIABILITAS MONETER MATA UANG ASING DALAM Bank guarantees received represents standby letters of credit issued by other banks to serve as guarantee for loans issued by the Bank. As of December 31, 2015 and 2014, related party bank guarantees were received from BNP Paribas Hong Kong Branch and BNP Paribas Singapore Branch amounted to Rp 12,238,251 million and Rp 6,525,862 million, respectively. (Note 29). 31. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES 31 Desember/December 31, 2015 31 Desember/December 31, 2014 Mata uang Mata uang asing asing (nilai penuh)/ Ekuiv alen (nilai penuh)/ Ekuiv alen Foreign dalam Rp Juta/ Foreign dalam Rp Juta/ currencies Equivalent currencies Equivalent (full amount) in Rp Million (full amount) in Rp Million Aset Giro pada Bank Indonesia Giro pada bank lain Penempatan pada Bank Indonesia dan bank lain Tagihan akseptasi Tagihan deriv atif Kredit Biay a dibay ar dimuka dan aset lain-lain USD EUR SGD USD AUD HKD JPY CHF GBP CNY 19.300.689 4.005.667 5.203.329 412.332 19.041 59.032 785.923 431 196 471 266.060 60.312 50.779 5.684 192 105 90 6 4 1 20.600.646 1.352.324 3.042.495 926.363 2.956 19.412 782.155 479 367.164 501 255.139 20.357 28.527 11.473 30 31 81 6 7.082 1 USD USD SGD USD EUR USD 32.197.243 86.606 263.721.074 443.839 1.304 3.635.395 6.500.040 28.767.622 596.511 35.914.736 7.573 197.961.809 80.503 356.287 5.593 444.804 114 2.451.757 USD EUR 906.202 - 12.492 4.476.263 819.378 199 10.148 3 3.671.936 1.074.470 231.675 20.137 49 2 482.475 1.209.229 1.711 1.723.125 344.625 30.995 51.139 564 362 5.170.558 49.794.752 21.475.293 10.239 4.927 13.000.000 28.767.622 596.511 51.850.061 7.972 120.000.000 2.967.625 1.633.428 73.073 315.597 Jumlah aset Liabilitas Simpanan Simpanan dari bank lain Liabilitas akseptasi Liabilitas deriv atif Pinjaman y ang diterima Pinjaman subordinasi Liabilitas lain-lain Jumlah liabilitas Jumlah aset (liabilitas) - bersih USD EUR SGD AUD GBP USD USD SGD USD EUR USD USD SGD USD EUR HKD 77.944.868 15.386.868 2.063.440 4.859 98 35.000.000 87.720.638 113.637 125.000.000 25.000.000 3.176.061 3.709.757 37.458 203.519 (694.295) - 67 - 616.708 323.275 96 50 161.005 356.287 5.593 642.163 120 1.486.200 27.825 20.230 1.100 504 3.641.156 30.780 Assets Demand deposits with Bank Indonesia Demand deposits with other banks Placement with Bank Indonesia and other bank Acceptances receiv able Deriv ativ e receiv ables Loans Prepaid expenses and other assets Total assets Liabilities Deposits Deposits f rom other banks Acceptances pay able Deriv ativ e pay ables Borrowings Subordinated loans Other liabilities Total liabilities Total assets (liabilities) - net PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Kurs yang digunakan untuk menjabarkan aset dan liabilitas dalam mata uang asing adalah kurs Reuters dengan rincian sebagai berikut: Mata uang asing 1 1 1 1 1 1 1 1 1 Dollar Amerika Serikat Euro Dollar Singapura Poundsterling Inggris Yen Jepang Dollar Australia Franc Sw iss Dollar Hong Kong Yuan Cina 2015 2014 13.785,00 15.056,67 9.758,95 20.439,02 114,52 10.083,73 13.919,33 1.778,70 2.122,85 12.385,00 15.053,35 9.376,19 19.288,40 103,56 10.148,27 12.515,80 1.596,98 1.995,62 32. JAMINAN PEMERINTAH TERHADAP KEWAJIBAN PEMBAYARAN BANK UMUM 33. The foreign exchange rates used for assets and liabilities of the Bank denominated in foreign currencies were Reuters spot rates at as follows: Foreign currencies 1 1 1 1 1 1 1 1 1 U.S. Dollar Euro Singapore Dollar Great Britain Poundsterling Japanese Yen Australian Dollar Sw iss Franc Hong Kong Dollar Chinese Yuan 32. GOVERNMENT GUARANTEE OBLIGATIONS OF COMMERCIAL BANKS ON Berdasarkan Salinan Peraturan Lembaga Penjamin Simpanan (LPS) No. 1/PLPS/2005 pada tanggal 26 September 2005 tentang Program Penjaminan Simpanan yang menyatakan bahwa sejak tanggal 22 September 2005, LPS menjamin simpanan yang meliputi giro, deposito berjangka, sertifikat deposito, tabungan, dan atau bentuk lain yang dipersamakan dengan itu yang merupakan simpanan yang berasal dari masyarakat termasuk yang berasal dari bank lain. Based on the Indonesia Deposit Insurance Agency (LPS) Regulation No. 1/PLPS/2005 dated September 26, 2005 regarding Deposit Guarantee Program, since September 22, 2005 LPS will guarantee bank deposits consisting of demand deposits, time deposits, certificate of deposits, savings deposit, and other forms of deposits, including deposits from other banks. Berdasarkan Peraturan Pemerintah No. 66/2008 tanggal 13 Oktober 2008 tentang Besaran Nilai Simpanan yang Dijamin LPS, saldo yang dijamin untuk setiap nasabah pada satu bank adalah maksimal Rp 2.000 juta. Based on Government Regulation No. 66/2008 dated October 13, 2008 regarding Deposits Balance Guaranted by LPS, the guaranted bank balance of each customer is Rp 2,000 million. Beban premi penjaminan Pemerintah yang dibayar untuk tahun 2015 dan 2014 masing-masing sebesar Rp 4.543 juta dan Rp 5.042 juta dicatat dan diakui pada akun lain-lain dalam beban operasional lainnya. The Government guarantee premiums paid in 2015 and 2014 amounting to Rp 4,543 million and Rp 5,042 million, respectively, are included under others in other operating. RASIO KEWAJIBAN MINIMUM PENYEDIAAN MODAL 33. Sebagai bank yang beroperasi di Indonesia, Bank diwajibkan oleh Bank Indonesia untuk memenuhi kewajiban penyediaan modal minimum (KPMM) diatas persentase tertentu. CAPITAL ADEQUACY RATIO As a bank operating in Indonesia, the Bank is required by Bank Indonesia to maintain all the times a capital adequacy ratio (CAR) above a specified percentage. - 68 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Tujuan manajemen permodalan Bank adalah untuk memastikan bahwa Bank memiliki permodalan yang kuat sehingga mampu menyerap potensi kerugian baik akibat krisis keuangan dan ekonomi, memenuhi seluruh kegiatan operasionalnya dan peraturan permodalan, serta mendukung pertumbuhan bisnis dan pelanggan, deposan, dan kepercayaan pasar. Praktik manajemen permodalan Bank difokuskan untuk menjaga kualitas posisi keuangan dengan mempertahankan modal dasar yang kuat dan memaksimalkan laba ke Kantor Pusat. The Bank’s capital management objective is to ensure that the Bank is well capitalized and able to absorb potential losses from financial and economic crisis, fulfill all operational activity and regulatory capital, support business growth and sustain customers, depositors and market confidence. The Bank’s capital management practices are focused on preserving the quality of its financial position by maintaining a solid capital base and maximizing returns to the Bank’s Head Office. Sepanjang tahun, Bank telah mematuhi seluruh persyaratan modal eksternal yang telah ditetapkan. The Bank has complied with all externally imposed capital requirements throughout the year. 31 Desember/ December 31, 2015 31 Desember/ December 31, 2014 Modal Modal inti Modal pelengkap 1.781.127 439.265 1.603.330 70.729 Capital Core capital Supplementary capital Jumlah modal 2.220.392 1.674.059 Total capital Aset tertimbang menurut risiko: untuk risiko kredit untuk risiko operasional untuk risiko pasar 7.571.161 524.426 1.348.693 5.658.348 277.504 2.015.746 Risk w eighted assets: for credit risk for operational risk for market risk Rasio KPMM dengan memperhitungkan risiko kredit dan operasional 27,43% 28,20% CAR w ith credit and operational risk Rasio KPMM dengan memperhitungkan risiko kredit, operasional dan pasar 23,51% 21,05% CAR w ith credit, operational and market risk Perhitungan rasio KPMM dilakukan sesuai dengan Peraturan Bank Indonesia No. 14/18/PBI/2012 tanggal 28 November 2012 dan Surat Edaran Bank Indonesia No. 14/37/DPNP tanggal 27 Desember 2012. Untuk perhitungan risiko kredit, operasional dan pasar didasarkan pada Surat Edaran Bank Indonesia No. 13/6/DPNP tanggal 18 Pebruari 2011 untuk risiko kredit, Surat Edaran Bank Indonesia No. 11/3/DPNP tanggal 27 Januari 2009 untuk risiko operasional dan Surat Edaran Bank Indonesia No. 14/21/DPNP tanggal 18 Juli 2012 untuk risiko pasar. Capital Adequacy Ratio Calculation was calculated in accordance with the Bank Indonesia Regulation No. 14/18/PBI/2012 dated November 28, 2012 and the Circular Letter of Bank Indonesia No. 14/37/DPNP dated December 27, 2012. As for the calculation of credit, operational and market risk are based on Bank Indonesia Circular Letter of No. 13/6/DPNP dated February 18, 2011 for credit risk, Bank Indonesia Circular Letter No. 11/3/DPNP dated January 27, 2009 for operational risk and Circular Letter of Bank Indonesia No. 14/21/DPNP dated July 18, 2012 for market risk. - 69 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 34. KLASIFIKASI KEUANGAN ATAS ASET DAN Pinjaman yang diberikan dan piutang/ Loans and receivables Rp Juta/ Rp Million PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued LIABILITAS 34. CLASSIFICATION OF FINANCIAL ASSETS AND LIABILITIES 31 Desember/December 31, 2015 Diukur pada nilai wajar melalui Biaya perolehan laba rugi (FVTPL)/ diamortisasi Measured at fair lainnya/ value through Tersedia Other profit or loss untuk dijual/ amortized (FVTPL) Available-for-sale costs Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million Jumlah tercatat/ Total carrying amount Rp Juta/ Rp Million Aset Keuangan Giro pada Bank Indonesia Giro pada bank lain Penempatan pada Bank Indonesia dan bank lain Efek-efek Efek-efek yang dibeli dengan janji dijual kembali Tagihan derivatif Kredit Biaya dibayar dimuka dan aset lain-lain Jumlah 414.297 118.761 - 204.969 73.803 - 2.881.824 7.143.380 - 44.210 10.881.244 - - 414.297 118.761 - 204.969 1.540.185 - - - 2.881.824 523.884 7.143.380 - - - 44.210 - 12.871.510 746.842 523.884 719.540 1.270.726 719.540 Liabilitas Keuangan Simpanan Simpanan dari bank lain Liabilitas derivatif Pinjaman yang diterima Pinjaman subordinasi Liabilitas lain-lain - 1.793.484 - - 3.087.932 953.405 1.723.125 344.625 3.009.053 3.087.932 953.405 1.793.484 1.723.125 344.625 3.009.053 Jumlah - 1.793.484 - 9.118.140 10.911.624 Pinjaman yang diberikan dan piutang/ Loans and receivables Rp Juta/ Rp Million 31 Desember/December 31, 2014 Diukur pada nilai wajar melalui Biaya perolehan laba rugi (FVTPL)/ diamortisasi Measured at fair lainnya/ value through Tersedia Other profit or loss untuk dijual/ amortized (FVTPL) Available-for-sale costs Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million Jumlah 886.047 68.647 666.409 - - - 1.172.705 549.310 1.567.468 361.880 3.904.831 - - 46.941 - - 7.502.223 478.672 1.651.377 549.310 Total Financial Liabilities Deposits Deposits from other banks Derivative payables Borrowings Subordinated loans Other liabilities Total Jumlah tercatat/ Total carrying amount Rp Juta/ Rp Million Aset Keuangan Giro pada Bank Indonesia Giro pada bank lain Penempatan pada Bank Indonesia dan bank lain Efek-efek Efek-efek yang dibeli dengan janji dijual kembali Tagihan akseptasi Tagihan derivatif Kredit Biaya dibayar dimuka dan aset lain-lain Financial Assets Demand deposits with Bank Indonesia Demand deposits with other banks Placements with Bank Indonesia and other banks Securities Securities purchased under agreement to resell Derivative receivables Loans Prepaid expenses and other assets Financial Assets Demand deposits with Bank Indonesia Demand deposits with other banks Placements with Bank Indonesia and other banks Securities Securities purchased under agreement to resell Acceptances receivable Derivative receivables Loans Prepaid expenses and other assets - 886.047 68.647 - 666.409 1.722.015 - 1.567.468 361.880 478.672 3.904.831 - 46.941 - 9.702.910 Total Liabilitas Keuangan Simpanan Simpanan dari bank lain Liabilitas akseptasi Liabilitas derivatif Pinjaman yang diterima Liabilitas lain-lain - 1.008.369 - - 3.146.870 161.007 361.880 1.486.200 1.680.991 3.146.870 161.007 361.880 1.008.369 1.486.200 1.680.991 Financial Liabilities Deposits Deposits from other banks Acceptances payable Derivative payables Borrowings Other liabilities Jumlah - 1.008.369 - 6.836.948 7.845.317 Total - 70 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 35. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued NILAI WAJAR ATAS ASET DAN LIABILITAS KEUANGAN 35. Selain yang dijelaskan pada tabel dibawah ini, manajemen mempertimbangkan nilai tercatat aset keuangan dan liabilitas mendekati nilai wajarnya. FAIR VALUE LIABILITIES OF FINANCIAL ASSETS AND Except as detailed in the following table, the management considers the carrying amount of financial assets and liabilities approximate their fair values. 31 Desember/December 31, 2015 Pinjaman yang diberikan dan piutang/ Loans and receivables Rp Juta/ Rp M illion Aset Keuangan Efek-efek yang dibeli dengan janji dijual kembali Kredit Jumlah Diukur pada nilai wajar melalui laba rugi (FVTPL)/ M easured at fair value through profit or loss (FVTPL) Rp Juta/ Rp M illion Tersedia untuk dijual/ Available-for-sale Rp Juta/ Rp M illion Biaya perolehan diamortisasi lainnya/ Other amortized costs Rp Juta/ Rp M illion Jumlah tercatat/ Total carrying amount Rp Juta/ Rp M illion Nilai wajar/ Fair value Rp Juta/ Rp M illion 2.881.824 7.143.380 - - - 2.881.824 7.143.380 2.822.736 7.142.245 Financial Assets Securities purchased under agreement to resell Loans 10.025.204 - - - 10.025.204 9.964.981 Total 31 Desember/December 31, 2014 Pinjaman yang diberikan dan piutang/ Loans and receivables Rp Juta/ Rp M illion Diukur pada nilai wajar melalui laba rugi (FVTPL)/ M easured at fair value through profit or loss (FVTPL) Rp Juta/ Rp M illion Tersedia untuk dijual/ Available-for-sale Rp Juta/ Rp M illion Biaya perolehan diamortisasi lainnya/ Other amortized costs Rp Juta/ Rp M illion Jumlah tercatat/ Total carrying amount Rp Juta/ Rp M illion Nilai wajar/ Fair value Rp Juta/ Rp M illion Aset Keuangan Efek-efek yang dibeli dengan janji dijual kembali Kredit Jumlah 1.576.161 3.904.831 - - - 1.576.161 3.904.831 1.576.161 3.903.795 Financial Assets Demand deposits with Bank Securities purchased under agreement to resell Loans 5.480.992 - - - 5.480.992 5.479.956 Total Teknik penilaian dan asumsi yang diterapkan untuk tujuan pengukuran nilai wajar Valuation techniques and assumptions applied for the purposes of measuring fair value Nilai wajar aset dan liabilitas keuangan ditentukan sebagai berikut: The fair values of financial assets and liabilities are determined as follows: Manajemen berpendapat bahwa nilai tercatat giro pada Bank Indonesia, giro pada bank lain, penempatan pada Bank Indonesia dan bank lain, investasi jangka pendek pada lembaga keuangan lain, efek-efek yang dibeli dengan janji dijual kembali, tagihan akseptasi, kredit, aset keuangan atas biaya dibayar dimuka dan aset lain-lain, simpanan, simpanan dari bank lain, liabilitas akseptasi, pinjaman yang diterima, pinjaman subordinasi dan piutang serta utang bunga terkait yang diakui dalam laporan keuangan mendekati nilai wajarnya karena jatuh tempo dalam jangka pendek atau yang memiliki tingkat suku bunga pasar. Management believes that carrying amount of demand deposits with Bank Indonesia, demand deposits with other banks, placements with Bank Indonesia and other banks, short-term investment to other financial institution, securities purchased under agreement to resell, acceptances receivable, loans, financial assets under prepaid expenses and others assets, deposits, deposits from other banks, acceptances payable, borrowings, subordinated loans and the related interest receivables and payables that are recognized in the financial statements approximate their fair values either because of their short-term maturities or they carry market rates of interest. Nilai wajar efek-efek dengan syarat dan kondisi standar dan diperdagangkan di pasar aktif ditentukan dengan mengacu pada kuotasi harga pasar. Fair value of securities with standard terms and conditions and traded in active market is determined by reference to the quoted market prices. Nilai wajar tagihan dan liabilitas derivatif diukur dengan menggunakan kurs kuotasi dan kurva yield yang berasal dari suku bunga kuotasi mencocokkan jatuh tempo kontrak. The fair value of derivative receivables and payables are measured at the exchange rate quotations and yield curves derived from quotations to match the interest rate maturity of the contract. - 71 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Nilai wajar aset dan liabilitas keuangan lainnya (tidak termasuk yang dijelaskan di atas) ditentukan sesuai dengan model penentuan harga yang berlaku umum berdasarkan analisis discounted cash flow menggunakan harga dari transaksi pasar yang dapat diamati saat ini dan kutipan dealer untuk instrumen sejenis. Tabel berikut ini memberikan analisis dari instrumen keuangan yang diukur setelah pengakuan awal sebesar nilai wajar, dikelompokkan ke tingkat 1 sampai 3 didasarkan pada sejauh mana nilai wajar diamati. Tingkat 1/ Level 1 Rp Juta/ Rp Million Aset diakui pada nilai w ajar Aset keuangan Aset keuangan tersedia untuk dijual Efek- efek Diperdagangkan Efek-efek Tagihan derivatif Liabilitas yang nilai w ajarnya diungkapkan Efek yang dibeli dengan janji dijual kembali Aset yang nilai w ajarnya diungkapkan Pinjaman yang dberikan dan piutang Kredit Efek yang dibeli dengan janji dijual kembali Liabilitas diakui pada nilai w ajar Liabilitas derivatif The fair values of other financial assets and financial liabilities (excluding those described above) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments. The following table provides an analysis of financial instruments that are subsequently measured at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable. 31 Desember/December 31, 2015 Tingkat 2/ Tingkat 3/ Jumlah/ Level 2 Level 3 Total Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million Assets measured at fair value Financial Asset 719.540 719.540 - - 719.540 719.540 746.842 - - 746.842 - 523.884 1.270.726 746.842 2.822.736 523.884 523.884 - - 2.822.736 Available-for-sale Securities Trading Securities Derivative receivables Liabilities for w hich fair values are disclosed Securities purchased w ith agreement to resell Assets for w hich fair values are disclosed Loans and receivable 2.822.736 2.822.736 - - 7.142.245 7.142.245 - 7.142.245 2.822.736 9.964.981 1.793.484 - 1.793.484 Loans Securities purchased w ith agreement to resell Liabilities measured at fair value Derivative payables Pada tahun 2015 dan 2014, tidak terdapat perpindahan metode pengukuran nilai wajar dari tingkat 1 menjadi tingkat 2, dan sebaliknya. In 2015 and 2014, there were no movement of fair value measurement method from level 1 to level 2, and vice versa. Nilai tercatat aset keuangan yang menghasilkan bunga dan nilai tercatat liabilitas keuangan yang berbunga adalah sebesar Rp 12.256.508 juta dan Rp 5.920.781 juta pada tanggal 31 Desember 2015 dan Rp 8.311.247 juta dan Rp 4.995.872 juta pada tanggal 31 Desember 2014. The carrying amount of the interest bearing financial assets and liabilities amounting to Rp 12,256,508 million and Rp 5,920,781 million and as of December 31, 2015 and Rp 8,311,247 million and Rp 4,995,872 million as of December 31, 2014. - 72 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 36. MANAJEMEN RISIKO PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 36. RISK MANAGEMENT Bank telah mengimplementasikan kebijakan dan prosedur manajemen risiko sesuai dengan Peraturan Bank Indonesia tentang Penerapan Manajemen Risiko bagi bank umum No. 5/8/PBI/2003 yang telah diubah dengan Peraturan Bank Indonesia No. 11/25/PBI/2009 dan Surat Edaran Bank Indonesia No. 5/21/DPNP tentang Penerapan Manajemen Risiko Bagi Bank Umum yang telah diubah dengan Surat Edaran Bank Indonesia No. 11/16/DPNP tentang Penerapan Manajemen Risiko untuk Risiko Likuiditas. Menurut surat edaran tersebut, penerapan manajemen risiko harus dilakukan tidak hanya pada risiko kredit, risiko pasar maupun risiko operasional, namun juga untuk risiko likuiditas, risiko hukum, risiko reputasi, risiko strategis dan risiko kepatuhan. The Bank has implemented risk management policy and procedure in accordance with Bank Indonesia regulation No. 5/8/PBI/2003 which has been amended with Bank Indonesia Regulation No. 11/25/PBI/2009 concerning “Application of Risk Management for Commercial Bank and Bank Indonesia Circular Letter No. 5/21/DPNP concerning on Application of Risk Management for Commercial Bank which has been amended with Bank Indonesia Circular Letter No.11/16/DPNP concerning on Application of Risk Management for Liquidity Risk. As stipulated in the circular letter, application of risk management shall be implemented for credit risk, market risk, operational risk, liquidity risk, legal risk, reputation risk, strategic risk and compliance risk. Bank menyadari bahwa dalam pelaksanaan kegiatannya, terdapat risiko yang melekat antara lain dalam bentuk risiko pasar, risiko likuiditas, risiko kredit dan risiko operasional. Untuk itu, Bank telah mengimplementasikan Struktur Manajemen Risiko Terpadu yang merupakan sarana penentuan strategi, organisasi, kebijakan dan pedoman untuk memastikan bahwa semua risiko yang dihadapi Bank dapat diidentifikasi, diukur, dipantau dan dikendalikan dengan baik. The Bank realizes that in operating its business there will always be inherent risks, i.e. market risk, liquidity risk, credit risk and operational risk. Therefore, the Bank has implemented an Integrated Risk Management Framework, which is a tool for determining strategy, organization, policies and guidelines, to assure that all risks faced by the Bank can be properly identified, measured, monitored, and controlled. Bank memiliki Komite Manajemen Risiko untuk menentukan kebijakan dan pedoman penerapan manajemen risiko serta membahas permasalahan risiko yang dihadapi Bank secara keseluruhan. Untuk pelaksanaan sehari-hari, Bank telah membentuk Unit Manajemen Risiko yang tugasnya mengidentifikasi, mengukur dan memantau segala kegiatan yang mengandung risiko. The Bank has a Risk Management Committee, which is in charge of determining the policies and guidelines of risk management implementation and discussing the overall risk faced by the Bank. For daily operations, the Bank has a Risk Management Unit, whose duties are to identify, measure and monitor all activities entailing risks. RISIKO KREDIT CREDIT RISK Bank secara terus menerus memonitor risiko kredit untuk memastikan kemungkinan kerugian dari tidak dibayarnya kredit dan kontrak keuangan lainnya seminimal mungkin, baik untuk debitur individual maupun secara keseluruhan. The Bank continuously monitors credit risk to ensure that the potential loss from default on financial and contractual agreements is minimized, at both an individual borrower and portfolio level. Struktur kredit yang telah dibakukan menjamin diterapkannya kebijakan dan pelaksanaan pemberian pinjaman secara hati-hati oleh Bank. Kebijakan pemberian pinjaman tertentu telah dilakukan untuk mencerminkan pengalaman dari kredit manajemen, yang bekerja dalam batas tertentu untuk memastikan semua keputusan pemberian pinjaman disetujui dan diketahui pada tingkatan tanggung jawab yang sesuai di Bank. A formalized credit structure ensures prudent lending policies and practices are adopted throughout the Bank. Specific lending discretions have been granted to reflect the experience of lending management, who operates within a defined framework which ensures all lending decisions are approved and noted at the appropriate levels of responsibility within the Bank. Risiko kredit dikelola melalui analisis kemampuan peminjam untuk memenuhi kewajiban pembayaran bunga dan pokok. Bank juga memonitor risiko batas maksimum pemberian kredit. Exposure to credit risk is managed through regular analysis of the ability of borrowers to meet interest and principal repayment obligations. The Bank also monitors its legal lending limits. - 73 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Eksposur maksimum terhadap risiko kredit (setelah memperhitungkan cadangan kerugian penurunan nilai dan pendapatan bunga yang ditangguhkan) adalah sebagai berikut: 31 Desember/ December 31, 2015 Rp Juta/ Rp Million Laporan Posisi Keuangan Giro pada Bank Indonesia Giro pada bank lain Penempatan pada Bank Indonesia dan bank lain Efek-efek Efek-efek yang dibeli dengan janji dijual kembali Tagihan akseptasi Tagihan derivatif Kredit Biaya dibayar dimuka dan aset lain-lain Subjumlah Komitmen dan Kontinjensi Fasilitas kredit kepada nasabah yang belum digunakan Bank garansi yang diterbitkan Irrevocable letter of credit yang masih berjalan Kontrak penjualan spot yang belum diselesaikan Subjumlah Jumlah Maximum exposure to credit risk (net of allowance of impairment losses and unearned interest income) are as follows: 31 Desember/ December 31, 2014 Rp Juta/ Rp Million 414.297 118.761 886.047 68.647 204.969 1.540.185 666.409 1.722.015 2.881.824 523.884 7.143.380 1.567.468 361.880 478.672 3.904.831 Statement of Financial Position Demand deposits with Bank Indonesia Demand deposits with other banks Placements with Bank Indonesia and other banks Securities Securities purchased under agreement to resell Acceptances receivable Derivative receivables Loans 44.210 12.871.510 46.941 9.702.910 Prepaid expenses and other assets Subtotal 5.599.997 1.932.069 4.076.108 1.862.054 38.216 122.016 Commitments and Contingencies Unused loan commitments granted to customers Bank guarantees issued Outstanding irrevocable letter of credit 96.627 7.666.909 1.164.961 7.225.139 20.538.419 16.928.049 Konsentrasi kredit atas aset keuangan, komitmen dan kontinjensi berdasarkan jenis debitur sebelum cadangan kerugian penurunan nilai adalah sebagai berikut: Unsettled spot sell contract Subtotal Total Credit concentration of financial assets, commitments and contingencies by type of debtors excluding allowance for impairment losses are as follows: 31 Desember/December 31, 2015 Giro pada Bank Penempatan pada Indonesia dan Bank Indonesia bank lain/ dan bank lain/ Demand deposits Placements with Bank with Bank Indonesia Indonesia and other banks and other banks Rp Juta/ Rp Juta/ Rp Million Rp Million Pemerintah dan Bank Indonesia Bank-bank Korporasi dan perorangan Jumlah 414.297 118.761 204.969 - - - 533.058 204.969 Efek-efek/ Securities Rp Juta/ Rp Million 1.540.185 1.540.185 Efek-efek yang dibeli dengan janji dijual kembali/ Securities purchased under agreement to resell Rp Juta/ Rp Million 2.881.824 2.881.824 Tagihan derivatif/ Derivative receivables Rp Juta/ Rp Million 3.310 479.042 Kredit/ Loans Rp Juta/ Rp Million - Biaya dibayar dimuka dan aset lain-lain/ Komitmen dan Prepaid kontinjensi/ expenses and Commitments and other assets contingencies Rp Juta/ Rp Juta/ Rp Million Rp Million Jumlah/ Total Rp Juta/ Rp Million % 18.599 1.224.306 2.181.360 4.703.933 11,04 23,80 - 41.532 7.165.491 25.611 5.648.754 12.881.388 65,17 523.884 7.165.491 44.210 6.873.060 19.766.681 100,01 - 74 - Government and Bank Indonesia Banks Corporates and personal Total PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 31 Desember/December 31, 2014 Giro pada Bank Penempatan pada Indonesia dan Bank Indonesia bank lain/ dan bank lain/ Demand deposits Placements with Bank with Bank Indonesia Indonesia and other banks and other banks Rp Juta/ Rp Juta/ Rp Million Rp Million Pemerintah dan Bank Indonesia Bank-bank Korporasi dan perorangan Jumlah 886.047 68.647 585.906 80.503 - - 954.694 666.409 Efek-efek/ Securities Rp Juta/ Rp Million 1.722.015 1.722.015 Efek-efek yang dibeli dengan janji dijual kembali/ Securities Tagihan akseptasi/ purchased under Acceptances agreement to resell receivable Rp Juta/ Rp Juta/ Rp Million Rp Million 1.567.468 Tagihan derivatif/ Derivative receivables Rp Juta/ Rp Million - 1.567.468 Kredit/ Loans Rp Juta/ Rp Million 519 439.894 - 24.556 11.320 1.968.049 Jumlah/ Total Rp Juta/ Rp Million 3.219.043 4.135.881 % 19,00 24,40 361.880 38.259 3.924.453 11.065 5.257.090 9.592.747 56,60 361.880 478.672 3.924.453 46.941 7.225.139 16.947.671 100,00 Tabel di bawah menunjukkan kualitas kredit per jenis instrumen keuangan (diluar cadangan kerugian penurunan nilai): Belum jatuh tempo dan tidak mengalami penurunan nilai/ Neither past due nor impaired Dalam perhatian Lancar/ khusus/Special Current mention Rp Juta/ Rp Juta/ Rp Million Rp Million Biaya dibayar dimuka dan aset lain-lain/ Komitmen dan Prepaid kontinjensi/ expenses and Commitments and other assets contingencies Rp Juta/ Rp Juta/ Rp Million Rp Million Government and Bank Indonesia Banks Corporates and personal Total The table below shows credit quality per class of financial assets (gross of allowance for impairment losses) as follow: 31 Desember/ December 31 , 2015 Telah jatuh tempo dan mengalami penurunan nilai/ Past due and impaired Kurang lancar/ Less performing Rp Juta/ Rp Million Diragukan/ Doubted Rp Juta/ Rp Million Macet/ Default Rp Juta/ Rp Million Jumlah/ Total Rp Juta/ Rp Million Nilai w ajar melalui laba rugi Efek-efek Tagihan derivatif 820.645 523.884 - - - - 820.645 523.884 Fair value through profit or loss Securities Derivative receivables Tersedia untuk dijual Efek-efek 719.540 - - - - 719.540 Available-for-sale Securities Pinjaman yang diberikan dan piutang Giro pada Bank Indonesia 414.297 - - - - 414.297 Giro pada bank lain Penempatan pada Bank Indonesia dan bank lain Efek-efek yang dibeli dengan janji dijual kembali Kredit Biaya dibayar dimuka dan aset lain-lain 118.761 - - - - 118.761 Jumlah 204.969 - - - - 204.969 2.881.824 7.165.491 - - - - 2.881.824 7.165.491 44.210 - - - - 44.210 12.893.621 - - - - 12.893.621 Belum jatuh tempo dan tidak mengalami penurunan nilai/ Neither past due nor impaired Dalam perhatian Lancar/ khusus/Special Current mention Rp Juta/ Rp Juta/ Rp Million Rp Million Nilai w ajar melalui laba rugi Efek-efek Tagihan derivatif Tersedia untuk dijual Efek-efek Giro pada bank lain Penempatan pada Bank Indonesia dan bank lain Efek-efek yang dibeli dengan janji dijual kembali Tagihan akseptasi Kredit Biaya dibayar dimuka dan aset lain-lain Kurang lancar/ Less performing Rp Juta/ Rp Million Diragukan/ Doubted Rp Juta/ Rp Million Macet/ Default Rp Juta/ Rp Million Jumlah/ Total Rp Juta/ Rp Million 1.172.705 478.672 - - - - 1.172.705 478.672 549.310 - - - - 549.310 886.047 - - - - 886.047 Jumlah 68.647 - - - - 68.647 666.409 - - - - 666.409 1.567.468 361.880 3.864.453 - - - - 1.567.468 361.880 3.924.453 46.941 - - - - 46.941 - - - 9.722.532 9.662.532 60.000 60.000 Total 31 Desember/ December 31 , 2014 Telah jatuh tempo dan mengalami penurunan nilai/ Past due and impaired Pinjaman yang diberikan dan piutang Giro pada Bank Indonesia Loans and receivables Demand deposits w ith Bank Indonesia Demand deposits w ith other banks Placements w ith Bank Indonesia and other banks Securities purchased under agreement to resell Loans Prepaid expenses and other assets - 75 - Fair value through profit or loss Securities Derivative receivables Available-for-sale Securities Loans and receivables Demand deposits w ith Bank Indonesia Demand deposits w ith other banks Placements w ith Bank Indonesia and other banks Securities purchased under agreement to resell Acceptances receivable Loans Prepaid expenses and other assets Total PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Bank menerapkan pemeringkatan kredit internal berdasarkan pengelompokkan kualitas kredit peraturan Bank Indonesia. Peringkat kualitas kredit ditentukan berdasarkan penilaian atas kriteria di bawah ini: The Bank implements internal credit rating that is based on credit quality categorization of Bank Indonesia regulation. The credit quality rating is decided based on assessment of the following criteria: a. Risiko bisnis - Lingkungan Politik, ekonomi dan lingkungan sosial Sektor usaha dan posisi debitur dalam sektor tersebut - Penilaian manajemen a. Business risk - Environment Politic, economic and social environment Business sector and position of the counterparty within the sector - Management appraisal b. Risiko keuangan - Kemampuan pembayaran kembali - Sumber-sumber pembiayaan b. Financial risk - Repayment capacity - Financing sources Kategorisasi pemeringkatan kualitas kredit ditentukan sebagai berikut: The credit quality categorization is defined as follows: Kategori/Categories Lancar/Current Definisi Indikatif/Indicative Definition Unggul/Excellent Sangat baik/Very good Baik/Good Diatas rata-rata/Above average Rata-rata/Average Di baw ah rata-rata/Below average Rendah/Poor Lemah/Weak Spekulatif/Speculative Kurang lancar/Substandard Gagal/Default Gagal dan tidak dapat dipulihkan/Irreversible default Dalam perhatian khusus/Special mention Kurang lancar/Less performing Diragukan/Doubted Macet/Default Peringkat/Rating 1+, 1, 12+, 2, 23+, 3, 34+, 4, 45+, 5, 56+, 6, 67+, 7, 78+, 8, 89+, 9, 910+, 10, 1011 12 Agunan Collateral Dalam rangka mitigasi risiko kredit, salah satu bentuk upaya yang dilakukan Bank adalah dengan meminta nasabah memberikan agunan yang akan digunakan sebagai jaminan atas pelunasan fasilitas kredit yang telah diberikan oleh Bank jika nasabah mengalami kesulitan keuangan yang menyebabkan nasabah tidak dapat melunasi kewajibannya kepada Bank. In order to mitigate credit risk, one of the efforts undertaken by the Bank is requesting customers to provide collateral to be pledged as assurance for repayment of the loan facility which has been granted by the Bank if the customer is experiencing financial difficulties which cause customers not to repay their obligations to the Bank. Bentuk-bentuk jaminan yang dapat diterima sesuai dengan kebijakan kredit Bank meliputi: - deposito berjangka, rekening tabungan dan deposito angsuran - standby L/C - piutang - tanah dan/atau bangunan - mesin dan peralatan - persediaan - garansi perusahaan maupun garansi perorangan Forms of acceptable collateral in accordance with the loan policy of the Bank include: - deposits, savings accounts and installment deposit - standby L/C - receivables - land and/or building - machineries and equipment - inventories - corporate guarantee or personal guarantee Prosedur penilaian jaminan untuk tanah dan bangunan maupun mesin dan peralatan menggunakan pihak ketiga sebagai penilai independen dan akan dinilai kembali secara berkala setiap dua tahun sekali. Collateral assessment procedure for land and building as well as machineries and equipment is using a third party as an independent appraiser and will periodically re-assessed every two years. - 76 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Berikut adalah portofolio kredit (sebelum dikurangi cadangan kerugian penurunan nilai) yang dimiliki Bank beserta agunan yang menjadi jaminannya: Pinjaman perorangan/ Personal loan Rp Juta/ Rp Million Eksposur kredit Nilai jaminan Eksposur jumlah kredit tanpa jaminan Bagian tanpa jaminan dari eksposur kredit (%) Jenis agunan Standby L/C Kendaraan 5.246 9.106 Jenis agunan Standby L/C Kendaraan Jumlah Jumlah/ Total Rp Juta/ Rp Million 0,00% 211.370 211.370 100,00% 7.165.490 3.106.539 4.062.811 56,70% Credit exposure Collateral v alue Total unsecured credit exposure Unsecured portion of credit exposure (%) 9.106 3.097.433 - - 3.097.433 9.106 Ty pes of collateral Standby L/C Vehicles 9.106 3.097.433 - 3.106.539 Total - Pinjaman perorangan/ Personal loan Rp Juta/ Rp Million Eksposur kredit Nilai jaminan Eksposur jumlah kredit tanpa jaminan Bagian tanpa jaminan dari eksposur kredit (%) 31 Desember/December 31 , 2015 Pinjaman Pinjaman komersial/ keuangan/ Commercial Financial loan loan Rp Juta/ Rp Juta/ Rp Million Rp Million 6.948.874 3.097.433 3.851.441 55,43% - Jumlah The following are loan (gross of allowance for impairment losses) portfolio owned by the Bank and its collateral: 4.538 7.409 31 Desember/December 31 , 2014 Pinjaman Pinjaman komersial/ keuangan/ Commercial Financial loan loan Rp Juta/ Rp Juta/ Rp Million Rp Million Jumlah/ Total Rp Juta/ Rp Million 0,00% 3.585.520 2.212.797 1.372.723 38,29% 334.395 334.395 100,00% 3.924.453 2.220.206 1.707.118 43,50% Credit exposure Collateral v alue Total unsecured credit exposure Unsecured portion of credit exposure (%) 7.409 2.212.797 - - 2.212.797 7.409 Ty pes of collateral Standby L/C Vehicles 7.409 2.212.797 - 2.220.206 Total - - RISIKO PASAR MARKET RISK Risiko pasar adalah risiko terjadinya penurunan nilai karena kecenderungan yang merugikan pada harga atau parameter pasar, baik yang secara langsung dapat atau tidak dapat diamati. Risiko pasar terutama timbul dari kegiatan perdagangan yang dilaksanakan oleh tim Fixed Income Bank dan mencakup faktorfaktor risiko sebagai berikut: Market risk is the risk of incurring a loss of value due to adverse trends in market prices or parameters, whether directly observable or not. Market risk arises mainly from trading activities carried out by the Fixed Income team within the Bank and encompasses different risk factors defined as follows: risiko suku bunga yakni risiko berubahnya nilai instrumen keuangan karena perubahan suku bunga pasar; interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates; risiko nilai tukar yakni risiko berubahnya nilai instrumen keuangan karena perubahan nilai tukar mata uang. foreign exchange risk is the risk that the value of an instrument will fluctuate due to changes in foreign exchange rates. Pada Bank, Market Risk berkaitan dengan penetapan, pemantauan, dan penilaian kepekaan akan risiko dan faktor-faktor risiko, dan pengukuran serta pengendalian Value at Risk (VaR), yang merupakan indikator global atas kerugian potensial. Pengelolaan Market Risk memastikan bahwa seluruh kegiatan usaha dilaksanakan sesuai dengan batasan-batasan yang disetujui oleh Direksi. Within the Bank, Market Risk has the responsibility to define, monitor and analyse risk sensitivities and risk factors, and to measure and control Value at Risk (VaR), which is the global indicator of potential losses. Market Risk ensures that all business activity complies with the limits approved by the BOD. - 77 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Bank menggunakan sistem terintegrasi untuk memantau posisi perdagangan dan mengelola perhitungan VaR secara harian. Sistem ini tidak hanya melacak VaR, tetapi juga parameter posisi rinci dan kepekaan terhadap pasar berdasarkan berbagai kriteria (seperti mata uang, produk, dan lawan transaksi). Sistem ini juga mencakup batasan, cadangan, dan uji stres perdagangan. The Bank uses an integrated system to follow the trading positions on a daily basis and manage VaR calculations. This system not only tracks the VaR, but also detailed positions and sensitivities to market parameters based on various criteria (such as by currency, product, counterparty). This system is also configured to include trading limits, reserves and stress tests. 1. Analisis Value at Risk (VaR) 1. Value at Risk (VaR) Analysis Value At Risk (VaR) merupakan perkiraan kerugian terburuk atas portofolio tertentu selama suatu jangka waktu dan dalam suatu interval keyakinan tertentu karena pergerakan pasar normal. VaR merupakan pengukuran statistik sesuai dengan tingkat keyakinan. Nilai ini bukan merupakan kerugian maksimum dan pada keadaan-keadaan tertentu bisa lebih, contohnya pada saat kondisi pasar yang tidak normal. The Value at Risk (VaR) is the worst loss expected for a given portfolio over a given time horizon and within a given confidence interval due to normal market movements. The VaR is a statistical measure corresponding to a level of confidence. It is not a maximum loss and it can potentially be exceeded in some cases, for example in the event of abnormal market conditions. Metode VaR bertujuan untuk menghitung secara cermat VaR pada suatu hari dengan tingkat keyakinan 99%. Perhitungan VaR dilakukan berdasarkan pendekatan Monte-Carlo, yang tidak hanya melakukan simulasi normal atau log-normal tetapi juga mensimulasikan ketidaknormalan yang sering terjadi pada pasar keuangan, serta menghitung korelasi diantara faktor-faktor risiko. Data pasar historis satu tahun yang berkelanjutan (dikinikan setiap bulan) digunakan untuk melakukan simulasi Monte Carlo. Kumpulan faktor-faktor utama simulasi mencakup: suku bunga, bentang kredit, nilai tukar, harga saham, harga komoditi, dan pengaruh-pengaruh terkait lainnya. VaR methodology aims to accurately compute a one-day Value at Risk at the 99% confidence level. The VaR calculation is based on a Monte-Carlo approach, which not only performs normal or lognormal simulations but also accounts for the nonnormality often observed in financial markets as well as correlation between risk factors. A one year rolling window of historical market data (updated every month) is used to calibrate the Monte Carlo simulation. The principle groups of simulated factors includes: interest rates, credit spreads, exchange rates, equity prices, commodities prices, and associated volatilities Di bawah ini angka VaR per 31 Desember 2015 dan 2014 (dalam angka penuh Euro): Following is the Bank’s VaR figures as of December 31, 2015 and 2014 (in full amount Euro): VaR historis (99%, 1 hari) berdasarkan tipe risiko Nilai tukar mata uang asing Tingkat bunga Jumlah eksposur VaR VaR historis (99%, 1 hari) berdasarkan tipe risiko Nilai tukar mata uang asing Tingkat bunga Jumlah eksposur VaR 31 Desember/December 31, 2015 Rata-rata/ Akhir tahun/ Batas/Limit Average Year ended EUR EUR EUR 2.000.000 85.397 658.793 657.059 34.788 734.695 741.673 31 Desember/December 31, 2014 Rata-rata/ Akhir tahun/ Batas/Limit Average Year ended EUR EUR EUR 2.500.000 91.543 1.275.123 1.276.285 - 78 - 15.583 1.494.467 1.495.005 Historical VaR (99%, one-day) by risk type Foreign exchange Interest rate Total VaR exposure Historical VaR (99%, one-day) by risk type Foreign exchange Interest rate Total VaR exposure PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued While VaR captures the Bank’s daily exposure to currency and interest rate risk, sensitivity analysis evaluates the impact of a reasonably possible change in interest or foreign currency rates over a year. The longer time frame of sensitivity analysis complements VaR and helps the Bank to assess its market risk exposures. Sementara VaR mencakup eksposur harian terhadap risiko mata uang dan suku bunga Bank, analisis sensitivitas mengevaluasi dampak dari perubahan yang mungkin terjadi pada bunga atau nilai tukar mata uang asing selama setahun. Kerangka waktu yang lebih lama dari analisis sensitivitas melengkapi VaR dan membantu Bank untuk menilai eksposur risiko pasarnya. 2. Risiko Suku Bunga 2. Interest Rate Risk Risiko tingkat bunga timbul dari berbagai macam layanan perbankan bagi nasabah termasuk deposito dan pinjaman yang diberikan, fasilitas giro dan rekening administratif (off balance sheet) seperti kontrak berjangka, swap mata uang asing dan swap suku bunga. Interest rate risk arises from provision of a variety of banking services to customers including deposit taking and lending, current account facilities and off-balance sheet items such as forward, cross currency swap and interest rate swap. Komite Aset dan Liabilitas Bank (ALCO) yang terdiri dari manajemen tingkat atas bertanggung jawab atas penerapan serta pengawasan kebijakan manajemen risiko tingkat bunga sesuai dengan batasan dan panduan yang dirancang khusus. Tujuan utama manajemen risiko tingkat bunga adalah untuk membatasi dampak buruk dari pergerakan tingkat bunga terhadap laba dan untuk meningkatkan pendapatan di dalam batasan tertentu. Bila aktivitas lindung nilai alami masih menyebabkan hasil ketidakcocokan tingkat bunga, lindung nilai dilakukan di dalam batasan yang telah ditentukan sebelumnya melalui penggunaan instrumen keuangan fisik swap tingkat bunga dan instrumen keuangan derivatif lainnya. Sebagian besar deposito nasabah dan pinjaman yang diberikan dengan tingkat bunga variabel, langsung berhubungan dengan tingkat bunga pasar atau tingkat bunga yang diumumkan secara berkala dimana mencerminkan pergerakan pasar. The Bank’s Asset and Liability Committee (ALCO), which comprise of executive management is responsible for implementing and monitoring interest rate risk management policies within specifically defined policy guidelines and limits. The main objective of the management of interest rate risk is to limit the adverse effect of interest rate movements on profits and to enhance earnings within defined parameters. Where natural hedging still leaves a resultant interest rate mismatch, these are hedged within predefined limits through the use of physical financial instruments, interest rate swaps and other derivative financial instruments. A substantial portion of customer deposits and lending at variable interest rates, is either directly linked to market rates or based upon published rates which are periodically adjusted to reflect market movements. Tabel di bawah ini merupakan tingkat suku bunga rata-rata per tahun untuk aset dan liabilitas yang penting untuk tahun-tahun yang berakhir 31 Desember 2015 dan 2014: The tables below summarize the weighted average interest rates per annum for significant assets and liabilities for the years ended December 31, 2015 and 2014: 2015 Rupiah/ Rupiah % Mata uang asing/ Foreign currencies % Aset Penempatan pada Bank Indonesia dan bank lain Efek-efek - tersedia untuk dijual Efek-efek - diperdagangkan Efek-efek - yang dibeli dengan janji dijual kembali Kredit 5,63 7,59 7,64 - 8,25 10,02 3,57 Assets Placements with Bank Indonesia and other banks Securities - available-for-sale Securities - trading Securities - purchased under agreement to resell Loans Liabilitas Simpanan Simpanan dari bank lain Pinjaman yang diterima Pinjaman subordinasi 5,75 8,83 - 0,75 0,41 0,84 3,45 Liabilities Deposits Deposits from other banks Borrowings Subordinated loans - 79 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 2014 Rupiah/ Rupiah % Aset Penempatan pada Bank Indonesia dan bank lain Efek-efek - diperdagangkan Efek-efek - tersedia untuk dijual Efek-efek yang dibeli dengan janji dijual kembali Kredit Liabilitas Simpanan Simpanan dari bank lain Pinjaman yang diterima Mata uang asing/ Foreign currencies % 5,75 8,13 6,69 0,06 - 5,25 8,48 3,47 Assets Placements with Bank Indonesia and other banks Securities - trading Securities - available-for-sale Securities purchased under agreement to resell Loans 5,44 - 0,51 0,23 0,67 Liabilities Deposits Deposits from other banks Borrowings Manajemen risiko suku bunga atas batasan repricing gap dilakukan dengan memonitor sensitifitas aset dan liabilitas keuangan atas berbagai skenario suku bunga baik standar dan non-standar. Skenario standar yang dilakukan tiap bulan mencakup kenaikan atau penurunan paralel 50 basis poin pada kurva imbal hasil. Analisis atas sensitivitas Bank atas kenaikan atau penurunan tingkat suku bunga pasar, dengan asumsi bahwa tidak ada pergerakan asimetris di kurva imbal hasil dan posisi laporan posisi keuangan yang tetap adalah sebagai berikut (dalam jutaan Rupiah): The management of interest rate risk against repricing gap limits is supplemented by monitoring the sensitivity of the Bank’s financial assets and liabilities to various standard and non-standard interest rate scenarios. Standard scenarios that are considered on a monthly basis include a 50 basis points parallel fall or rise in all curves. An analysis of the Bank’s sensitivity to an increase or decrease in market interest rates, assuming no asymmetrical movement in curves and a constant position of statements of financial position is as follows (in million Rupiah): Kenaikan (penurunan) paralel 50 basis poin/ Parallel increase (decrease) 50 basis point 2015 2014 Sensitivitas atas proyeksi pendapatan bunga - bersih Per 31 Desember Rata-rata 12 bulan 21.345/(21.345) 1.779/(1779) 22.003/(22.003) 1.834/(1.834) Tabel di bawah ini menunjukkan repricing profile aset dan liabilitas keuangan (sebelum dikurangi cadangan kerugian penurunan nilai) Bank yang sensitif terhadap suku bunga dan diurutkan berdasarkan mana yang lebih awal kapan suku bunga tersebut di-repricing (untuk suku bunga mengambang) atau tanggal jatuh temponya (untuk suku bunga tetap). Sensitivity of projected net interest revenues As of December 31 Average 12 months The table below shows the repricing profile of the Bank’s rate sensitive financial assets (gross of allowance for impairment losses) and liabilities, sorted by repricing date for floating rate assets or liabilities and by maturity for fixed rate assets or liabilities. - 80 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan Suku bunga variabel/Variable interest rate Sampai dengan 1 bulan/ 1-12 bulan/ >1 tahun/ 1 month or less 1-12 months >1 year Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million Aset keuangan Kas Giro pada Bank Indonesia Giro pada bank lain Penempatan pada Bank Indonesia dan bank lain Efek-efek Efek-efek yang dibeli dengan janji dijual kembali Tagihan derivatif Kredit Biaya dibayar dimuka dan aset lain-lain Jumlah aset keuangan Liabilitas keuangan Simpanan Simpanan pada bank lain Liabilitas derivatif Pinjaman yang diterima Pinjaman subordinasi Liabilitas lain-lain Jumlah liabilitas keuangan - - - - - 9.763 3.484.718 124.757 3.675.527 - 3.494.481 3.800.284 334.765 294.568 - - 1.233.133 1.723.125 2.956.258 1.878.457 1.878.457 464.269 344.625 808.894 - 334.765 Liabilitas keuangan Simpanan Simpanan pada bank lain Liabilitas akseptasi Liabilitas derivatif Pinjaman yang diterima Liabilitas lain-lain Jumlah liabilitas keuangan 3. - - - - - - 2.484.690 - - 25.714 1.435.225 2.484.690 1.460.939 - - 154.495 - 111.483 154.495 111.483 204.969 89.599 - Tanpa suku bunga/Non-interest bearing Sampai dengan 1 bulan/ 1-12 bulan/ >1 tahun/ 1 month or less 1-12 months >1 year Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million - 15.992 410 26.315 193 12.292 4.643 2.881.824 523.884 7.165.491 3.375.472 23.532 572.998 16.692 43.200 3.986 20.921 44.210 12.893.627 - 912.303 953.405 28.747 20.000 2.488.913 2.488.913 3.087.932 953.405 1.793.484 1.723.125 344.625 3.009.053 10.911.624 Financial liabilities Deposits Deposits from other banks Derivative payables Borrowings Subordinated loan Other liabilities Total financial liabilites 6 414.297 118.761 564.027 886.559 392.911 2.488.913 - 956.938 277.172 277.172 666.409 49.976 - 422.947 - 6 414.297 118.761 - - 204.969 1.540.185 - 67.335 - 81.794 1.976.249 438.346 525.681 Tanpa suku bunga/Non-interest bearing Sampai dengan 1 bulan/ 1-12 bulan/ >1 tahun/ 1 month or less 1-12 months >1 year Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million - - - - - 31 Desember/December 31, 2014 Suku bunga tetap/Fixed interest rate Sampai dengan 1 bulan/ 1-12 bulan/ >1 tahun/ 1 month or less 1-12 months >1 year Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million - 2 886.047 68.647 1.249.092 - - - - - - 2.816.560 15.525 1.151.721 13.936 236.426 771.092 1.486.200 2.257.292 494.738 494.738 Risiko Nilai Tukar Mata Uang Asing - 3. - 680.778 2 166.774 93.078 74.592 1.015.224 92 1.567.468 1.567.560 3.146.870 161.007 361.880 1.008.369 1.486.200 1.680.991 7.845.317 Financial liabilities Deposits Deposits from other banks Acceptances payable Derivative payables Borrowings Other liabilities Total financial liabilites 666.409 1.722.015 195.106 27.279 105 - 46.941 9.722.534 - 166.774 14.726 1.816.859 161.005 1.977.864 17.480 23.140 - - 422.947 1.567.468 361.880 478.672 3.924.453 2 886.047 68.647 1.567.468 - 716.385 1.227 4.433 Financial assets Cash Demand deposits with Bank Indonesia Demand deposits with other banks Placements with Bank Indonesia and other banks Securities Securities purchased under agreement to resell Acceptances receivable Derivative receivables Loans Prepaid expenses and other assets Total financial assets - - 409.726 Jumlah / Total Rp Juta/ Rp Million - - 409.726 Jumlah / Total Rp Juta/ Rp Million Financial assets Cash Demand deposits with Bank Indonesia Demand deposits with other banks Placements with Bank Indonesia and other banks Securities Securities purchased under agreement to resell Derivative receivables Loans Prepaid expenses and other assets Total financial assets - - - Suku bunga variabel/Variable interest rate Sampai dengan 1 bulan/ 1-12 bulan/ >1 tahun/ 1 month or less 1-12 months >1 year Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million Aset keuangan Kas Giro pada Bank Indonesia Giro pada bank lain Penempatan pada Bank Indonesia dan bank lain Efek-efek Efek-efek yang dibeli dengan janji dijual kembali Tagihan akseptasi Tagihan derivatif Kredit Biaya dibayar dimuka dan aset lain-lain Jumlah aset keuangan 31 Desember/December 31, 2015 Suku bunga tetap/Fixed interest rate Sampai dengan 1 bulan/ 1-12 bulan/ >1 tahun/ 1 month or less 1-12 months >1 year Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million - - PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 195.106 32.624 38.931 266.661 - - Foreign Exchange Risk Risiko mata uang Bank pada umumnya timbul dari produk-produk nilai tukar mata uang asing terhadap klien perusahaan dan komersial di pasar pertukaran mata uang asing antar bank. The Bank’s currency risk arises primarily from the provision of foreign currency exchange rate products to corporate and commercial clients in the interbank foreign currency exchange market. Kegiatan perdagangan meliputi transaksi nilai tukar mata uang asing (spot) dan kontrak berjangka mata uang asing (forward), swap mata uang asing, opsi mata uang asing dan pinjaman serta deposito dalam mata uang asing. Trading activities include spot and forward foreign currency transactions, foreign currency swaps, options and foreign currency denominated loans and deposits. Risiko mata uang dimonitor dan dilaporkan setiap hari untuk memastikan bahwa pergerakan nilai tukar mata uang asing yang memburuk tetap terkendali dalam batas-batas yang telah ditentukan. Currency risk is monitored and reported daily to ensure that exposure to adverse foreign currency exchange rate movements is maintained within predefined limits. - 81 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Tabel dibawah menggambarkan posisi mata uang asing atas aset dan liabilitas moneter yang tidak diperdagangkan pada tanggal 31 Desember 2015 dan 2014 dimana Bank memiliki risiko yang signifikan terhadap arus kas masa depan. Analisis tersebut menghitung pengaruh dari pergerakan wajar mata uang asing yang memungkinkan terhadap Rupiah, dengan seluruh variabel lain dianggap konstan, terhadap laporan laba-rugi dan penghasilan komprehensif lain (akibat adanya perubahan aset dan liabilitas moneter yang tidak diperdagangkan yang sensitif terhadap nilai tukar). Kenaikan (penurunan) dalam basis poin/ Increase (decrease) in basis point Mata uang Dollar Amerika Serikat Euro Dollar Singapura 100/(100) 100/(100) 100/(100) The table below indicates the foreign currencies position of non-trading monetary assets and liabilities as of December 31, 2015 and 2014 which the Bank has significant exposure against its forecast cash flows. The analysis calculates the effect of a reasonably possible movement of the currency rate against the Indonesian Rupiah, with all variables held constant, on the statements of comprehensive income (due to change of currency sensitive non-trading monetary assets and liabilities). Sensitivitas dalam laporan laba rugi/ Sensitivity of profit (loss) 2015 2014 2.175/(2.175) 1.719/(1.719) 4/(4) Berdasarkan Peraturan Bank Indonesia No. 5/13/PBI/2003 tanggal 17 Juli 2003 dan perubahannya, Peraturan Bank Indonesia No. 6/20/PBI/2004 tanggal 15 Juli 2004, No. 7/37/PBI/2005 tanggal 30 September 2005, No. 12/10/PBI/2010 tanggal 1 Juli 2010, dan No. 14/5/PBI/2012 tanggal 8 Juni 2012, bankbank diwajibkan untuk memelihara posisi devisa netonya setinggi-tingginya 20% dari modal. Berdasarkan pedoman Bank Indonesia, “posisi devisa neto” merupakan penjumlahan dari nilai absolut atas selisih bersih aset dan liabilitas untuk setiap mata uang asing dan selisih bersih tagihan dan liabilitas, berupa komitmen dan kontinjensi di rekening administratif, untuk setiap mata uang, yang semuanya dinyatakan dalam Rupiah. 5249/(5.249) 3.040/(3.040) 6/(6) Currencies US Dollar Euro Singapore Dollar Based on Bank Indonesia Regulation No.5/13/PBI/2003 on July 17, 2003 and its amendments, Bank Indonesia Regulation No.6/20/PBI/2004 on July 15, 2004, No.7/37/PBI/2005 on September 30, 2005, No.12/10/PBI/2010 on July 1, 2010, and No. 14/5/PBI/2012 on June 8, 2012, banks are obliged to maintain maximum NOP at 20% of total capital. Under Bank Indonesia guidelines, “net open position” means the sum of the absolute value of the net difference between asset and liability balances for each foreign currency, and the net differences between claims and liabilities, in the form both commitments and contingencies in administrative accounts, for each foreign currency, which are stated in Rupiah. - 82 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued The following table shows the Bank’s Net Open Position (NOP): Berikut ini disajikan rincian Posisi Devisa Neto Bank (PDN): Mata Uang Dollar Amerika Serikat Euro Dollar Singapura Poundsterling Inggris Y en Jepang Dollar Australia Franc Swiss Dollar Hong Kong Y uan Cina Jumlah 31 Desember/December 31 , 2015 Liabilitas dan liabilitas Aset dan tagihan komitmen komitmen dan dan kontinjensi/ kontinjensi/Liabilities, Assets, commitment and commitment and contingent contingent receivables liabilities Mata uang Mata uang asing (nilai asing (nilai penuh)/ Ekuiv alen penuh)/ Ekuiv alen Foreign dalam Rp Juta/ Foreign dalam Rp Juta/ currencies Equivalent currencies Equivalent (full amount) in Rp Million (full amount) in Rp Million Posisi Dev isa Bersih absolut/ Net Open Position absolute Mata uang asing (nilai penuh)/ Ekuiv alen Foreign dalam Rp Juta/ currencies Equivalent (full amount) in Rp Million 1.210.683.530 33.993.785 5.208.583 16.689.272 511.833 50.830 1.212.270.737 35.413.554 5.051.920 16.711.152 533.210 49.301 1.587.207 1.419.769 156.663 21.880 21.377 1.529 181 782.228 19.080 445 59.772 701 4 90 192 6 106 1 17.252.334 97 2.000 4.857 2 49 84 780.228 14.223 445 758.985 701 2 90 143 6 135 1 45.163 135.667 - 241 17.293.955 Jumlah Modal 2.220.392 Persentase PDN terhadap modal Mata Uang Dollar Amerika Serikat Euro Dollar Singapura Poundsterling Inggris Y en Jepang Dollar Australia Franc Swiss Dollar Hong Kong Y uan Cina Jumlah 2,03% 31 Desember/December 31 , 2014 Liabilitas dan liabilitas Aset dan tagihan komitmen komitmen dan dan kontinjensi/ kontinjensi/Liabilities, Assets, commitment and commitment and contingent contingent receivables liabilities Mata uang Mata uang asing (nilai asing (nilai penuh)/ Ekuiv alen penuh)/ Ekuiv alen Foreign dalam Rp Juta/ Foreign dalam Rp Juta/ currencies Equivalent currencies Equivalent (full amount) in Rp Million (full amount) in Rp Million 1.639.147.229 43.706.673 3.639.037 20.300.838 657.932 34.120 367.801 784.228 2.879 10.157 19.394 701 7.094 81 29 127 31 1 21.000.253 1.634.212.458 43.844.981 3.574.382 20.239.721 660.014 33.514 4.934.771 138.308 64.655 61.117 2.082 606 12 367.162 784.228 2.020 459 296.306 701 7.082 81 21 6 473 1 71.469 639 4.899 9.698 315.700 - Jumlah Modal Posisi Dev isa Bersih absolut/ Net Open Position absolute Mata uang asing (nilai penuh)/ Ekuiv alen Foreign dalam Rp Juta/ currencies Equivalent (full amount) in Rp Million 50 121 504 20.933.936 1.674.059 Persentase PDN terhadap modal 4,27% Batas nilai (absolut) PDN dengan menggunakan modal akhir tahun pada tanggal 31 Desember 2015 dan 31 Desember 2014 masing-masing sebesar Rp 444.078 juta dan Rp 334.812 juta. PDN Bank tidak melampaui batas nilai (absolut) yang diperkenankan oleh Bank Indonesia. Currencies U.S. Dollar Euro Singapore Dollar Great Britain Poundsterling Japanese Y en Australian Dollar Swiss Franc Hong Kong Dollar Chinese Y uan Total Total Capital Percentage of NOP to capital Currencies U.S. Dollar Euro Singapore Dollar Great Britain Poundsterling Japanese Y en Australian Dollar Swiss Franc Hong Kong Dollar Chinese Y uan Total Total Capital Percentage of NOP to capital The (absolute) value of NOP as of December 31, 2015 and December 31, 2014 using capital at the end of the year amounting to Rp 444,078 million and Rp 334,812 million, respectively. NOP of the Bank did not exceed the maximum (absolute) limit permitted by Bank Indonesia. - 83 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued RISIKO LIKUIDITAS LIQUIDITY RISK Sumber dan jatuh tempo deposito diatur dan dilaporkan setiap hari untuk menghindari berlebihnya konsentrasi dana dan penahanan aset yang lancar di tingkat tertentu untuk menjaga tingkat likuiditas secara terus menerus. The source and maturity of deposits are managed and reported daily to avoid undue concentrations of funding and also to hold appropriate levels of liquid assets in order to maintain a prudent level of liquidity at all times. Bank mengukur dan memantau risiko likuiditas melalui analisis perbedaan jatuh tempo likuiditas dan rasiorasio likuiditas. Salah satu rasio likuiditas adalah rasio dari aset likuid terhadap liabilitas lancar. Pada tanggal 31 Desember 2015 dan 2014, rasio dari aset likuid terhadap liabilitas lancar adalah sebagai berikut: The Bank measures and monitors liquidity risk through analysis of liquidity gap and liquidity ratios. One of the liquidity ratios is liquid assets to liquid liabilities. As of December 31, 2015 and 2014, the ratios were as shown below: 2015 Rp Juta/ Rp Million 2014 Rp Juta/ Rp Million Kas Giro pada Bank Indonesia Giro pada bank lain Penempatan pada Bank Indonesia dan bank lain Efek-efek Jumlah aset likuid bersih 6 414.297 118.761 2 886.047 68.647 204.969 1.540.185 2.278.218 666.409 1.722.015 3.343.120 Cash Demand deposits w ith Bank Indonesia Demand deposits w ith other banks Placements w ith Bank Indonesia and other banks Securities Total net liquid assets Simpanan Simpanan dari bank lain Jumlah liabilitas lancar 3.087.932 953.405 4.041.337 3.146.870 161.007 3.307.877 Deposits Deposits from other banks Total liquid liabilities Rasio lancar 56,37% 101,07% Tabel berikut merupakan rincian sisa jatuh tempo kontrak untuk liabilitas keuangan non-derivatif dengan periode pembayaran yang disepakati. Tabel telah disusun berdasarkan arus kas tidak terdiskonto dari liabilitas keuangan berdasarkan tanggal awal di mana Bank harus melakukan pembayaran. Tabel ini mencakup arus kas bunga dan pokok. Apabila arus kas bunga menggunakan tingkat bunga mengambang, maka jumlah tidak terdiskonto berasal dari kurva suku bunga pada akhir periode pelaporan. Jatuh tempo kontrak didasarkan pada tanggal awal di mana Bank melakukan pembayaran. Liquidity ratio The following tables detail the Bank’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on earliest date on which the Bank is required to pay. The table includes both interest and principle cash flow. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the Bank is required to pay. - 84 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 31 Desember/December 31 , 2015 Sampai dengan 1 bulan/ 1 month or less Rp Juta/ Rp Million 1-3 bulan/ 1-3 months Rp Juta/ Rp Million 3-6 bulan/ 3-6 months Rp Juta/ Rp Million Tanpa bunga Simpanan Simpanan dari bank lain Liabilitas lain-lain 817.260 70.930 81.794 20.000 1.195 - Instrumen tingkat bunga variabel Simpanan Simpanan dari Bank lain Pinjaman yang diterima Pinjaman subordinasi 95.043 401.668 491 - - - 9.242 2.640 3.955 - - Instrumen tingkat bunga tetap Simpanan Simpanan dari bank lain 2.648.867 492.806 428.713 - - Jumlah 4.608.859 452.548 13.197 6-12 bulan/ 6-12 months Rp Juta/ Rp Million > 12 bulan/ > 12 months Rp Juta/ Rp Million 34.998 2.881.824 837.260 70.930 3.009.053 Non-interest bearing Deposits Deposits from other banks Other liabilities 702.034 - 1.049.442 344.739 95.043 401.668 1.758.562 344.739 Variable interest rate instruments Deposits Deposits from other Banks Borrow ings Subordinated loans 3.077.580 492.806 Fixed interest rate instruments Deposits Deposits from other banks - - 737.032 4.276.005 Jumlah/ Total Rp Juta/ Rp Million 10.087.641 Total 31 Desember/December 31 , 2014 Sampai dengan 1 bulan/ 1 month or less Rp Juta/ Rp Million 1-3 bulan/ 1-3 months Rp Juta/ Rp Million 3-6 bulan/ 3-6 months Rp Juta/ Rp Million - Tanpa bunga Simpanan Simpanan dari bank lain Liabilitas lain-lain 680.778 2 74.592 - Instrumen tingkat bunga variabel Simpanan Pinjaman yang diterima 154.495 363 - 1.510 6-12 bulan/ 6-12 months Rp Juta/ Rp Million > 12 bulan/ > 12 months Rp Juta/ Rp Million 8.879 28.542 1.567.468 680.778 2 1.680.991 Non-interest bearing Deposits Deposits from other banks Other liabilities 2.362 1.242.481 248.219 154.495 1.494.923 Variable interest rate instruments Deposits Borrow ings 2.317.373 161.011 Fixed interest rate instruments Deposits Deposits from other banks 6.489.573 Total 1.498 Instrumen tingkat bunga tetap Simpanan Simpanan dari bank lain 1.820.398 161.011 496.975 - - Jumlah 2.891.639 499.983 11.241 - - 1.271.023 1.815.687 Jumlah/ Total Rp Juta/ Rp Million The following tables detail the Bank’s liquidity analysis for its derivative financial instruments. The table has been drawn up based on the undiscounted contractual net cash inflows and outflows on derivative instruments that settle on a net basis, and the undiscounted gross inflows and outflows on those derivatives that require gross settlement. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves at the end of the reporting period. Tabel berikut merinci analisis likuiditas Bank untuk instrumen derivatif keuangan. Tabel telah disusun berdasarkan arus kas masuk dan arus kas keluar bersih kontraktual tidak didiskontokan dari instrumen derivatif yang diselesaikan secara neto dan arus masuk dan arus kas keluar bruto tidak didiskontokan atas derivatif tersebut yang mengharuskan penyelesaian secara bruto. Ketika jumlah utang atau piutang tidak tetap, jumlah yang diungkapkan telah ditentukan dengan mengacu pada suku bunga diproyeksikan seperti yang digambarkan oleh kurva yield pada akhir periode pelaporan. 31 Desember/December 31 , 2015 Sampai dengan 1 bulan/ 1 month or less Rp Juta/ Rp Million Penyelesaian bersih Sw ap suku bunga Penyelesaian kotor Sw ap antar mata uang Kontrak berjangka Sw ap mata uang asing Jumlah (59) 1-3 bulan/ 1-3 months Rp Juta/ Rp Million 38 3-6 bulan/ 3-6 months Rp Juta/ Rp Million 20.044 6-12 bulan/ 6-12 months Rp Juta/ Rp Million (1) > 12 bulan/ > 12 months Rp Juta/ Rp Million 348.482 368.504 Net settled Interest rate sw ap 859.678 (42.094) 83.576 Gross settled Cross currency sw ap Forw ard Foreign currency sw ap (9.674) (6.893) 19.647 28.937 (2.881) 49.909 124.540 (4.125) 14.020 165.989 (15.902) - 549.886 (12.293) - 3.021 76.003 154.479 150.086 886.075 - 85 - Jumlah/ Total Rp Juta/ Rp Million 1.269.664 Total PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 31 Desember/December 31 , 2014 Sampai dengan 1 bulan/ 1 month or less Rp Juta/ Rp Million 1-3 bulan/ 1-3 months Rp Juta/ Rp Million Penyelesaian bersih Sw ap suku bunga - - Penyelesaian kotor Sw ap antar mata uang Kontrak berjangka Sw ap mata uang asing (8.257) 86.605 Jumlah 78.348 3-6 bulan/ 3-6 months Rp Juta/ Rp Million 6-12 bulan/ 6-12 months Rp Juta/ Rp Million > 12 bulan/ > 12 months Rp Juta/ Rp Million (1.276) 1.283 270.939 4.120 (4.546) 15.745 (5.836) (3.117) - 87.476 (2.736) - 15.319 (10.229) 86.023 90.427 (1.131) 360.235 Jumlah/ Total Rp Juta/ Rp Million 270.946 Net settled Interest rate sw ap 176.187 (19.787) 102.350 Gross settled Cross currency sw ap Forw ard Foreign currency sw ap 529.696 Total Analisis Perbedaan Jatuh Tempo Maturity Mismatch Analysis Tabel di bawah ini menyajikan analisis perbedaan jatuh tempo aset dan liabilitas keuangan Bank pada tanggal 31 Desember 2015 dan 2014, berdasarkan jangka waktu yang tersisa sampai tanggal jatuh tempo kontrak dan asumsi perilaku (behavioral assumptions): The table below shows the maturity mismatch analysis as of December 31, 2015 and 2014, based on maturity and behavioral assumptions: 31 Desember/December 31, 2015 Aset Tanpa bunga Kas Giro pada Bank Indonesia Giro pada bank lain Tagihan derivatif Kredit Biaya dibayar muka dan aset lain-lain Suku bunga variabel Tagihan derivatif Kredit Suku bunga tetap Penempatan pada Bank Indonesia dan bank lain Efek-efek Efek-efek yang dibeli denagn janji dijual kembali Jumlah aset keuangan Liabilitas Tanpa bunga Simpanan Simpanan dari bank lain Liabilitas derivatif Liabilitas lain-lain Suku bunga variabel Simpanan Simpanan dari bank lain Liabilitas derivatif Pinjaman Subordinasi Pinjaman yang diterima Suku bunga tetap Simpanan Simpanan dari bank lain Jumlah liabilitas keuangan Selisih Sampai dengan 1 bulan/ 1 month 1 - 3 bulan/ 3 - 6 bulan/ 6 - 12 bulan/ > 12 bulan/ or less Rp Juta/ Rp Million 1 - 3 months Rp Juta/ Rp Million 3 - 6 months Rp Juta/ Rp Million 6 - 12 months Rp Juta/ Rp Million > 12 months Rp Juta/ Rp Million 6 414.297 118.761 15.992 410 5.077 70 5.333 9 23.532 13.342 3.146 204 3.986 44.210 9.763 1.039.448 87.347 666.877 10.249 525.608 27.161 1.281.209 334.765 3.647.103 469.285 7.160.245 204.969 89.599 100.387 115.875 347.765 886.559 204.969 1.540.185 2.488.913 2.881.824 7.378.261 12.893.627 1.916.777 - Total Rp Juta/ Rp Million 15.905 114 - - Jumlah/ 873.100 392.911 1.053.131 1.672.358 - 12.292 4.643 6 414.297 118.761 54.599 5.246 817.260 70.930 28.747 81.794 20.000 52.105 1.195 15.226 9.242 4 34.998 2.881.824 837.260 70.930 96.082 3.009.053 95.043 400.000 - 116.287 - 154.833 - 193.149 - 1.233.133 344.625 1.723.125 95.043 400.000 1.697.402 344.625 1.723.125 1.878.457 482.475 277.172 - 3.854.706 466.759 179.301 228.151 6.182.707 10.911.624 (1.937.929) 406.341 873.830 1.444.207 1.195.554 1.982.003 - - - 86 - - 2.155.629 482.475 Assets Non-interest bearing Cash Demand deposits with Bank Indonesia Demand deposits with other banks Derivative receivables Loans Prepaid expenses and other assets Variable interest rate Derivative receivables Loans Fixed interest rate Placements with Bank Indonesia and other banks Securities Securities purchased under agreements to resell Total financial assets Liabilities Non-interest bearing Deposits Deposits from other banks Derivative payables Other liabilities Variable interest rate Deposits Deposits from other banks Derivative payables Subordinated loan Borrowings Fixed interest rate Deposits Deposits from other banks Total financial liabilities Difference PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 31 Desember/December 31, 2014 Aset Tanpa bunga Kas Giro pada Bank Indonesia Giro pada bank lain Tagihan akseptasi Tagihan derivatif Kredit Biaya dibayar muka dan aset lain-lain Suku bunga variabel Tagihan derivatif Kredit Suku bunga tetap Penempatan pada Bank Indonesia dan bank lain Efek-efek Efek-efek yang dibeli denagn janji dijual kembali Jumlah aset keuangan Sampai dengan 1 bulan/ 1 month 1 - 3 bulan/ 3 - 6 bulan/ 6 - 12 bulan/ > 12 bulan/ or less Rp Juta/ Rp Million 1 - 3 months Rp Juta/ Rp Million 3 - 6 months Rp Juta/ Rp Million 6 - 12 months Rp Juta/ Rp Million > 12 months Rp Juta/ Rp Million 2 886.047 68.647 166.774 14.726 - 195.106 15.112 17 15.525 11.041 2.895 154.770 14.486 43.814 6.193 666.409 49.976 1.874.299 Liabilitas Tanpa bunga Simpanan Simpanan dari bank lain Liabilitas akseptasi Liabilitas derivatif Liabilitas lain-lain Suku bunga variabel Simpanan Liabilitas derivatif Pinjaman yang diterima Suku bunga tetap Simpanan Simpanan dari bank lain 1.816.859 161.005 Jumlah liabilitas keuangan Selisih 680.778 2 166.774 93.078 74.592 - - 9.405 11.228 1.345.348 1.984 - 376.046 491.563 1.227 4.433 17.480 46.941 409.726 2.369.790 435.440 3.919.915 1.249.092 666.409 1.722.015 1.567.468 1.567.468 1.361.410 5.619.216 9.722.534 - 7.845.317 Total financial liabilities 1.794.364 1.877.217 Difference 92 1.567.468 7.375 - 99.987 - 771.092 1.486.200 154.495 882.575 1.486.200 494.738 - - - 3.147.583 721.785 22.543 128.554 (1.273.284) (345.739) 469.020 1.232.856 - - Total financial assets 3.824.852 25 28.542 4.121 Prepaid expenses and other assets Variable interest rate Derivative receivables Loans Fixed interest rate Placements with Bank Indonesia and other banks Securities Securities purchased under agreements to resell 2.311.597 161.005 6.289 8.879 - - Assets Non-interest bearing Cash Demand deposits with Bank Indonesia Demand deposits with other banks Acceptances receivable Derivative receivables Loans Liabilities Non-interest bearing Deposits Deposits from other banks Acceptances payable Derivative payables Other liabilities Variable interest rate Deposits Derivative payables Borrowings Fixed interest rate Deposits Deposits from other banks 680.778 2 361.880 125.794 1.680.991 154.495 - 195.106 26.310 1.510 - Total Rp Juta/ Rp Million 2 886.047 68.647 361.880 43.232 4.538 2.762 88 - 420.963 - - Jumlah/ - - Giro dapat ditarik setiap waktu, sedangkan deposito berjangka dapat ditarik pada tanggal jatuh tempo yang sebagian besar akan jatuh tempo dalam 30 hari. Namun demikian, pada kenyataannya, sebagian dari giro dan deposito berjangka seringkali disimpan untuk jangka waktu yang lama tanpa penarikan (contohnya deposito berjangka yang diperpanjang). Sebagai bagian dari strategi bisnis, Bank telah melakukan langkah-langkah untuk mempertahankan nasabahnya dan menarik nasabah baru untuk meningkatkan pertumbuhan simpanannya. Demand deposits can be withdrawn at any time, while time deposits may be withdrawn on the specified maturity dates, which are mostly 30 days. However, in reality, certain percentages of these demands and time deposits are often maintained for long periods without withdrawal (e.g. time deposits are rolled over). As part of the business strategy, the Bank has measured in place to maintain its existing depositors and attract new depositors to promote the growth of its deposit liabilities. RISIKO OPERASIONAL OPERATIONAL RISK Risiko operasional adalah risiko kerugian karena sistem dan pengendalian yang tidak memadai, kesalahan manusia atau kegagalan manajemen. Termasuk didalamnya adalah bencana alam, kegagalan sistem, risiko asuransi, risiko manajemen dana, risiko kendali operasi, penyelewengan dan ketidakpatuhan terhadap peraturan dan perundangundangan. Operational risk is the risk of losses as a result of inadequate systems and controls, human error or management failure. It includes the threat of natural disasters, systems failure, insurance risk, funds management risk, custodial operations risk, fraud and non-compliance with legislation and regulations. - 87 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Kerangka kerja yang sistematis diterapkan untuk memastikan risiko operasional dapat diidentifikasi dan dikendalikan. Termasuk didalamnya adalah bermacam-macam pengendalian kebijakan yang telah diformalkan, prosedur yang didokumentasikan, praktik usaha dan pengawasan kepatuhan. Kendali-kendali tersebut akan ditinjau kembali dan disempurnakan secara berkala. A systematic framework is in place to ensure operational risk is identified and controlled. This encompasses a variety of controls including formal policies, documented procedures, business practices and compliance monitoring. These controls are subject to frequent review and improvement. RISIKO HUKUM LEGAL RISK Risiko hukum merupakan risiko yang disebabkan oleh adanya kelemahan aspek yuridis, yang antara lain disebabkan adanya tuntutan hukum, ketiadaan peraturan perundang-undangan yang mendukung atau kelemahan pengikatan seperti tidak dipenuhinya syarat sahnya kontrak dan pengikatan agunan yang tidak sempurna. Legal risks can be caused by weaknesses in the legal aspects such as law suits, an absence of clear and supportive laws, or weaknesses in contracts, claims or collateral agreement. Pengelolaan risiko hukum dilakukan untuk memastikan agar seluruh aktivitas dan hubungan kegiatan usaha Bank dengan pihak ketiga didasarkan pada aturan dan persyaratan yang dapat melindungi kepentingan Bank dari segi hukum. Legal risks are managed to ensure that all activities and business relationships between the Bank and third parties are based on rules and conditions that are capable of protecting the Bank’s interests from a legal perspective. RISIKO STRATEJIK STRATEGIC RISK Risiko stratejik adalah risiko yang disebabkan adanya penetapan dan pelaksanaan strategi Bank yang tidak tepat, pengambilan keputusan bisnis yang tidak tepat atau kurang responsifnya Bank terhadap perubahan eksternal. Bank mengelola risiko stratejik melalui pemantauan terhadap realisasi rencana bisnis Bank. Strategic risk is a risk caused by adoption and implementation of an inappropriate strategy of the Bank, inappropriate decision making in the business affairs of the Bank or lack of responsiveness of the Bank to external change. The Bank manages the strategic risk through monitoring of the realization of the Bank’s business plan. Dalam pengelolaan kebijakan risiko stratejik, Bank menyusun rencana stratejik dan rencana kerja (business plan) sesuai dengan ketentuan yang berlaku dengan mempertimbangkan faktor eksternal yang dapat mempengaruhi strategi bisnis Bank. Pemantauan atas eksposur risiko ini dilakukan secara periodik dengan cara membandingkan antara realisasi dengan rencana bisnis yang telah ditetapkan. In the strategic risk management policy, the Bank sets the strategic plan and business plan according to the prevailing regulation by considering the external factors which might have impact to the Bank’s business strategy. The monitoring of the risks exposures are done periodically by comparing the business realization with stated Bank’s business plan. RISIKO KEPATUHAN COMPLIANCE RISK Risiko kepatuhan merupakan risiko yang timbul ketika Bank tidak mematuhi atau tidak melaksanakan peraturan perundang-undangan dan ketentuan lain yang berlaku. Risiko kepatuhan, jika tidak dikelola dengan baik, berpotensi pada pengenaan denda, hukuman atau rusaknya reputasi. Compliance risk is the risk when the Bank does not comply or implement law and regulations and other policies applied. If compliance risk is not managed well, it will potentially lead to penalty charges, punishment or reputation damage. Bank secara aktif melakukan penilaian terhadap kebijakan Pedoman dan Prosedur Internal untuk memastikan bahwa seluruh peraturan eksternal telah diakomodasi sedemikian rupa dan selanjutnya untuk dipatuhi dalam pelaksanaannya. The Bank actively assesses the Bank’s Internal Guidelines and Procedures to ensure that all external regulations have been accommodated and implemented. - 88 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan 37. PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued Dalam menilai dan mengevaluasi manajemen risiko, Dewan Direksi telah memberlakukan pendekatan risk-based bank rating (RBBR) yang diterapkan oleh Bank Indonesia dalam menilai kesehatan umum menyeluruh bank di Indonesia. In assessing and evaluating risk management, the Board of Directors has enacted risked-based bank rating approach as applied by Bank Indonesia in assessing the overall general soundness of banks in Indonesia. Bank memiliki Rasio Kewajiban Penyediaan Modal Minimum (KPMM) jauh di atas persyaratan minimum Bank Indonesia sebesar 8,00%. Tidak terdapat kasus pelanggaran dan sanksi terhadap batas maksimum pemberian kredit. The Banks has Capital Adequacy Ratio (CAR) that is well above Bank Indonesia's minimum requirement of 8.00%. There were no cases of violations and sanctions against legal lending limit. RISIKO REPUTASI REPUTATION RISK Risiko reputasi adalah risiko yang ada atau akan ada terhadap nilai pemegang saham yang timbul dari pandangan buruk termasuk publisitas negatif. Reputational risk is the risk that exists or will exist against shareholder value arising from the poor outlook including a negative publicity. Bank menindaklanjuti seluruh keluhan nasabah dan akan selalu berusaha menanganinya secara tepat waktu. Tidak terdapat kasus publikasi negatif. Karena itu, risiko yang mungkin timbul dari tingkat Grup BNP Paribas yang berdampak langsung atau tidak langsung pada reputasi Bank adalah rendah. The Bank follows up on any customer complaints and tries to resolve them in a timely manner. There were no cases of negative publicity. Also, the possibility of risk that may arise from the BNP Paribas Group level which may have direct or indirect impact on the Bank’s reputation is low. Bank menerapkan pengendalian yang kuat bagi pelaksanaan strategi dan kebijakan risiko reputasi. Bank menjalankan secara cermat prosedur dan kebijakan tertulis yang sesuai dengan prinsip transparansi dan peningkatan mutu pelayanan kepada para nasabah dan pihak-pihak berkepentingan lain dalam pengendalian risiko reputasi. The Bank implements strong controls for the implementation of strategies and policies for reputational risk. The Bank runs carefully written policies and procedures which are in accordance with the principles of transparency and improvement of service quality to customers and other interested parties in risk control reputation. Bank berupaya untuk meningkatkan kepatuhan terhadap ketentuan-ketentuan hukum yang berlaku dan bertekad untuk mengambil tindakan segera dalam menyelesaikan setiap keluhan nasabah dan tindakan-tindakan hukum yang dapat meningkatkan eksposur risiko reputasi. The Bank seeks to improve adherence to legal provisions that apply and are determined to take immediate action in resolving any customer complaints and legal actions that can increase reputation risk exposure. Salah satu bentuk mitigasi atas risiko reputasi adalah dengan melakukan penilaian atau pemeringkatan atas kemampuan pemenuhan komitmen keuangan jangka panjang. Pada tahun 2015, Bank telah meminta PT PEFINDO sebagai Perusahaan pemeringkat yang terakreditasi oleh Bank Indonesia (Bank Sentral) untuk melakukan pemeringkatan tersebut. Pada tanggal 22 Pebruari 2016, Bank telah menerima hasil pemeringkatan AAA untuk periode 22 Pebruari 2016 sampai dengan 1 Pebruari 2017. A mitigation of reputation risk is to conduct assessment or ratings on the Bank’s ability to fulfill long-term financial commitments. In 2015, the Bank has appointed PT PEFINDO as a rating agency accredited by Bank Indonesia (Central Bank) to do the ratings. On February 22, 2016, the Bank has received the rating result as AAA for the period February 22, 2016 to February 1, 2017. REKLASIFIKASI AKUN 37. Manajemen mereklasifikasi beberapa akun dalam laporan keuangan untuk tahun yang berakhir pada tanggal 31 Desember 2014 untuk menyesuaikan dengan penyajian laporan keuangan untuk tahun buku yang berakhir pada tanggal 31 Desember 2015. Berikut ini adalah ringkasan akun-akun signifikan di laporan keuangan pada tahun 2014 sebelum dan sesudah reklasifikasi: RECLASSIFICATION OF ACCOUNTS Management has reclassified certain accounts in the financial statement for the year ended December 31, 2014 to conform with the year ended December 31, 2015 financial statement presentation. Following is summary of significant accounts in the 2014 financial statement before and after the reclassifications: - 89 - PT BANK BNP PARIBAS INDONESIA CATATAN ATAS LAPORAN KEUANGAN 31 DESEMBER 2015 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT – Lanjutan PT BANK BNP PARIBAS INDONESIA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED – Continued 31 Desember/December 31 , 2014 As previously As reclassified reported Rp Juta/ Rp Juta/ Rp Million Rp Million Pendapatan bunga Beban bunga Provisi dan komisi lainnya - bersih Beban umum dan administrasi Lain-lain dalam beban operasional lainnya Pendapatan (beban) non-operasional 322.160 (87.386) (11.083) (38.758) (7.588) 529 321.633 (87.200) (16.089) (38.745) (1.725) Reklasifikasi hanya untuk menyajikan secara terpisah akun-akun yang berbeda karakteristik dan menggabungkan akun-akun yang memiliki karakteristik serupa sehingga penyajian neraca ketiga tidak diperlukan. 38. TANGGUNG JAWAB MANAJEMEN PERSETUJUAN LAPORAN KEUANGAN DAN Interest revenues Interest expenses Other commissions and fees - net General and administration expenses Others in other operating expenses Non-operating revenues (expenses) Reclassification is only to present separately accounts of different nature and to combine accounts with the same nature, therefore third balance sheet presentation is not applicable. 38. Penyusunan dan penyajian wajar laporan keuangan dari halaman 3 sampai dengan 90 merupakan tanggungjawab manajemen dan telah disetujui oleh Direksi untuk diterbitkan pada tanggal 4 April 2016. MANAGEMENT’S APPROVAL TO STATEMENTS RESPONSIBILITY AND ISSUE THE FINANCIAL The preparation and fair presentation of the financial statements on pages 3 to 90 were the responsibilities of the management, and were approved and authorized for issue by the Directors on April 4, 2016. ********* - 90 - CONTENTS CONSOLIDATED FINANCIAL STATEMENTS 4 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2015 STATEMENT OF NET INCOME AND CHANGES IN ASSETS AND LIABILITIES RECOGNISED DIRECTLY IN EQUITY BALANCE SHEET AT 31 DECEMBER 2015 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2015 STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY BETWEEN 1 JAN. 2014 AND 31 DEC. 2015 4 5 6 7 8 NOTES TO THE FINANCIAL STATEMENTS 10 1. 1.a 1.b 1.c 1.d 1.e 1.f 1.g 1.h 1.i 1.j 1.k 1.l 1.m SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES APPLIED BY THE GROUP Accounting standards Consolidation Financial assets and financial liabilities Accounting standards specific to the insurance business Property, plant, equipment and intangible assets Leases Non-current assets held for sale and discontinued operations Employee benefits Share-based payments Provisions recorded under liabilities Current and deferred taxes Cash flow statement Use of estimates in the preparation of the financial statements 10 10 12 16 27 29 30 31 32 33 34 35 35 36 2. RETROSPECTIVE IMPACT OF THE IFRIC 21 INTERPRETATION 37 3. 3.a 3.b 3.c 3.d 3.e 3.f 3.g 3.h NOTES TO THE PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2015 Net interest income Commission income and expense Net gain on financial instruments at fair value through profit or loss Net gain on available-for-sale financial assets and other financial assets not measured at fair value Net income from other activities Cost of risk Costs related to the comprehensive settlement with US authorities Corporate income tax 38 38 39 39 40 40 41 43 44 4. SEGMENT INFORMATION 45 5. 5.a 5.b 5.c 5.d 5.e NOTES TO THE BALANCE SHEET AT 31 DECEMBER 2015 Financial assets, financial liabilities and derivatives at fair value through profit or loss Derivatives used for hedging purposes Available-for-sale financial assets Measurement of the fair value of financial instruments Reclassification of financial instruments initially recognised as at fair value through profit or loss held for trading purposes or as available-for-sale assets Interbank and money-market items Customer items Past-due and doubtful loans Debt securities and subordinated debt Held-to-maturity financial assets Current and deferred taxes Accrued income/expense and other assets/liabilities Equity-method investments Property, plant, equipment and intangible assets used in operations, investment property Goodwill Technical reserves of insurance companies Provisions for contingencies and charges 48 48 50 50 52 63 5.f 5.g 5.h 5.i 5.j 5.k 5.l 5.m 5.n 5.o 5.p 5.q -2- Consolidated financial statements as at 31 December 2015 64 64 65 67 70 71 72 73 74 75 79 80 5.r 5.s Offsetting of financial assets and liabilities Transfers of financial assets 81 84 6. 6.a 6.b 6.c FINANCING COMMITMENTS AND GUARANTEE COMMITMENTS Financing commitments given or received Guarantee commitments given by signature Other guarantee commitments 85 85 85 86 7. 7.a 7.b 7.c 7.d 7.e SALARIES AND EMPLOYEE BENEFITS Salary and employee benefit expenses Post-employment benefits Other long-term benefits Termination benefits Share-based payments 87 87 87 95 95 96 8. 8.a 8.b 8.c 8.d 8.e 8.f 8.g 8.h 8.i 8.j 8.k ADDITIONAL INFORMATION Changes in share capital and earnings per share Contingent liabilities : legal proceedings and arbitration Business combinations Minority interests Significant restrictions in subsidiaries, joint ventures and associates Structured entities Compensation and benefits awarded to the Group’s corporate officers Other related parties Fair value of financial instruments carried at amortised cost Scope of consolidation Fees paid to the statutory auditors -3- 100 100 104 105 107 109 110 113 114 116 118 124 Consolidated financial statements as at 31 December 2015 CONSOLIDATED FINANCIAL STATEMENTS Prepared in accordance with International Financial Reporting Standards as adopted by the European Union The consolidated financial statements of the BNP Paribas Group are presented for the years ended 31 December 2015 and 31 December 2014. In accordance with Article 20.1 of Annex I of European Commission Regulation (EC) 809/2004, the consolidated financial statements for 2013 are provided in the registration document filed with the Autorité des marchés financiers on 6 March 2015 under number D.150107. P R O F I T A N D L O S S A C C O U N T F O R T H E Y E AR E N D E D 31 DECEMBER 2015 Notes Year to 31 Dec. 2015 Year to 31 Dec. 2014(1) 3.a 41,381 38,707 Interest expense Commission income 3.a 3.b (18,828) 13,335 (18,388) 12,661 Commission expense Net gain on financial instruments at fair value through profit or loss 3.b 3.c (5,720) 6,054 (5,273) 4,631 Net gain on available-for-sale financial assets and other financial assets not measured at fair value 3.d 1,485 1,969 Income from other activities Expense on other activities 3.e 3.e 38,289 (33,058) 35,760 (30,899) 42,938 39,168 (16,061) (14,801) (11,539) (10,157) (1,654) (1,566) 13,684 12,644 (3,797) (100) (3,705) (6,000) 9,787 2,939 407 In millions of euros Interest income REVENUES Salary and employee benefit expense 7.a Other operating expenses Depreciation, amortisation and impairment of property, plant and equipment and intangible assets 5.n GROSS OPERATING INCOME Cost of risk Costs related to the comprehensive settlement with US authorities 3.f 3.g OPERATING INCOME Share of earnings of equity-method entities 5.m 589 Net gain on non-current assets Goodwill 5.o 996 (993) 155 (351) 10,379 3,150 (3,335) (2,643) 7,044 507 350 350 6,694 157 PRE-TAX INCOME Corporate income tax 3.h NET INCOME Net income attributable to minority interests NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS (1) Basic earnings/(losses) per share 8.a 5.14 (0.07) Diluted earnings/(losses) per share 8.a 5.13 (0.07) Restated according to the IFRIC 21 interpretation (see notes 1.a and 2). -4- Consolidated financial statements as at 31 December 2015 ST ATEMENT OF NET INC OME AND CH ANGES IN ASSETS AND LIABILITIES RECOGNISED DIRECTLY IN EQUITY Year to 31 Dec. 2015 In millions of euros Year to 31 Dec. 2014(1) Net income for the period 7,044 507 Changes in assets and liabilities recognised directly in equity 1,086 3,913 Items that are or may be reclassified to profit or loss 629 4,287 - Changes in exchange rate items 531 1,518 - Changes in fair value of available-for-sale financial assets, including those reclassified as loans and receivables 619 2,422 - Changes in fair value of available-for-sale financial assets reported in net income, including those reclassified as loans and receivables (441) (880) - Changes in fair value of hedging instruments (176) 704 (22) 118 18 505 457 (374) 455 2 (355) (19) 8,130 4,420 7,790 340 3,932 488 - Changes in fair value of hedging instruments reported in net income - Changes in equity-method investments Items that will not be reclassified to profit or loss - Remeasurement gains (losses) related to post-employment benefit plans - Changes in equity-method investments Total - Attributable to equity shareholders - Attributable to minority interests (1) Restated according to the IFRIC 21 interpretation (see notes 1.a and 2). -5- Consolidated financial statements as at 31 December 2015 B AL ANCE SHEET AT 31 DECEMBER 2015 In millions of euros Notes 31 December 2015 31 December 2014(1) ASSETS Cash and amounts due from central banks Financial instruments at fair value through profit or loss Trading securities Loans and repurchase agreements Instruments designated as at fair value through profit or loss Derivative financial instruments Derivatives used for hedging purposes Available-for-sale financial assets Loans and receivables due from credit institutions Loans and receivables due from customers Remeasurement adjustment on interest-rate risk hedged portfolios Held-to-maturity financial assets Current and deferred tax assets Accrued income and other assets Equity-method investments Investment property Property, plant and equipment Intangible assets Goodwill 134,547 117,473 133,500 131,783 83,076 336,624 18,063 258,933 43,427 682,497 4,555 7,757 7,865 108,018 6,896 1,639 21,593 3,104 10,316 156,546 165,776 78,827 412,498 19,766 252,292 43,348 657,403 5,603 8,965 8,628 110,088 7,371 1,614 18,032 2,951 10,577 1,994,193 2,077,758 2,385 1,680 82,544 156,771 53,118 325,828 21,068 84,146 700,309 159,447 3,946 2,993 88,629 185,043 11,345 16,544 78,912 196,733 57,632 410,250 22,993 90,352 641,549 187,074 4,765 2,920 87,722 175,214 12,337 13,936 1,894,116 1,984,069 82,839 6,694 89,533 6,736 96,269 83,210 157 83,367 6,091 89,458 3,691 117 3,808 4,098 133 4,231 TOTAL CONSOLIDATED EQUITY 100,077 93,689 TOTAL LIABILITIES AND EQUITY 1,994,193 2,077,758 5.a 5.a 5.a 5.a 5.b 5.c 5.f 5.g 5.j 5.k 5.l 5.m 5.n 5.n 5.n 5.o TOTAL ASSETS LIABILITIES Due to central banks Financial instruments at fair value through profit or loss Trading securities Borrowings and repurchase agreements Instruments designated as at fair value through profit or loss Derivative financial instruments Derivatives used for hedging purposes Due to credit institutions Due to customers Debt securities Remeasurement adjustment on interest-rate risk hedged portfolios Current and deferred tax liabilities Accrued expenses and other liabilities Technical reserves of insurance companies Provisions for contingencies and charges Subordinated debt 5.a 5.a 5.a 5.a 5.b 5.f 5.g 5.i 5.k 5.l 5.p 5.q 5.i TOTAL LIABILITIES CONSOLIDATED EQUITY Share capital, additional paid-in capital and retained earnings Net income for the period attributable to shareholders Total capital, retained earnings and net income for the period attributable to shareholders Changes in assets and liabilities recognised directly in equity Shareholders' equity Retained earnings and net income for the period attributable to minority interests Changes in assets and liabilities recognised directly in equity Total minority interests (1) Restated according to the IFRIC 21 interpretation (see notes 1.a and 2). -6- Consolidated financial statements as at 31 December 2015 C ASH FLOW ST ATEMENT FOR THE YEAR ENDED 31 DECEMBER 2015 In millions of euros Notes Year to 31 Dec. 2015 Year to 31 Dec. 2014(1) Pre-tax income 10,379 3,150 Non-monetary items included in pre-tax net income and other adjustments Net depreciation/amortisation expense on property, plant and equipment and intangible assets Impairment of goodwill and other non-current assets Net addition to provisions Share of earnings of equity-method entities Net expense (income) from investing activities Net expense from financing activities Other movements 18,354 3,764 989 12,662 (589) (889) 2,545 (128) 9,399 3,442 361 12,385 (407) 47 40 (6,469) Net increase (decrease) in cash related to assets and liabilities generated by operating activities Net increase (decrease) in cash related to transactions with credit institutions Net increase (decrease) in cash related to transactions with customers Net increase (decrease) in cash related to transactions involving other financial assets and liabilities Net decrease in cash related to transactions involving non-financial assets and liabilities Taxes paid (8,408) (7,121) (1,780) 7,021 (4,153) (2,375) 3,988 10,875 46,407 (48,000) (2,911) (2,383) NET INCREASE IN CASH AND EQUIVALENTS GENERATED BY OPERATING ACTIVITIES 20,325 16,537 Net increase (decrease) in cash related to acquisitions and disposals of consolidated entities Net decrease related to property, plant and equipment and intangible assets 150 (1,756) (1,331) (1,727) NET DECREASE IN CASH AND EQUIVALENTS RELATED TO INVESTING ACTIVITIES (1,606) (3,058) Decrease in cash and equivalents related to transactions with shareholders Decrease in cash and equivalents generated by other financing activities (645) (5,069) (1,715) (2,126) NET DECREASE IN CASH AND EQUIVALENTS RELATED TO FINANCING ACTIVITIES (5,714) (3,841) 8,176 4,600 21,181 14,238 111,993 117,473 (1,680) 7,924 (11,618) (106) 97,755 100,787 (662) 7,239 (9,485) (124) 133,174 134,547 (2,385) 9,346 (8,527) 193 111,993 117,473 (1,680) 7,924 (11,618) (106) 21,181 14,238 EFFECT OF MOVEMENT IN EXCHANGE RATES ON CASH AND EQUIVALENTS NET INCREASE IN CASH AND EQUIVALENTS Balance of cash and equivalent accounts at the start of the period Cash and amounts due from central banks Due to central banks On demand deposits with credit institutions On demand loans from credit institutions Deduction of receivables and accrued interest on cash and equivalents 5.f 5.f Balance of cash and equivalent accounts at the end of the period Cash and amounts due from central banks Due to central banks On demand deposits with credit institutions On demand loans from credit institutions Deduction of receivables and accrued interest on cash and equivalents 5.f 5.f NET INCREASE IN CASH AND EQUIVALENTS (1) Restated according to the IFRIC 21 interpretation (see notes 1.a and 2). -7- Consolidated financial statements as at 31 December 2015 ST ATEMENT OF CH ANGE S IN SHARE HOLDERS’ Capital and retained earnings Attributable to shareholders Share Undated capital and NonSuper additional distributed Subordinated paid-in reserves Notes capital In millions of euros Capital and retained earnings at 31 December 2013 (before IFRIC 21) 26,812 6,614 Impact of IFRIC 21 Capital and retained earnings at 1 January 2014 (1) 26,812 6,614 Appropriation of net income for 2013 Increases in capital and issues (30) Movements in own equity instruments 136 Preferred Capital and shares retained eligible as earnings Tier 1 capital Total Total 52,064 85,490 3,528 3,528 49 49 1 1 52,113 85,539 3,529 3,529 (1,866) (1,866) (107) (107) 53 Reduction or redemption of capital Minority interests 53 (30) (25) Share-based payment plans Remuneration on preferred shares and undated super subordinated notes (121) (10) 19 19 (238) (238) Movements in consolidation scope impacting minority shareholders (1) 367 (1) 73 440 Acquisitions of additional interests or partial sales of interests (note 8.d) 12 12 21 21 Change in commitments to repurchase minority shareholders' interests 77 77 (130) (130) 27 27 (3) (3) (373) (373) (1) (1) Other movements (1) Changes in assets and liabilities recognised directly in equity (1) Net income for 2014 (1) Capital and retained earnings at 31 December 2014 (1) 26,971 6,589 19 2,094 Appropriation of net income for 2014 Increases in capital and issues Reduction or redemption of capital Movements in own equity instruments (93) 157 157 350 49,807 83,367 4,025 (1,867) (1,867) (131) (131) (2) 4,098 2,113 (862) (29) (891) 34 (56) (115) Share-based payment plans 350 73 7 7 (257) (257) (2) Impact of internal transactions on minority shareholders (note 8.d) (2) (2) 2 2 Movements in consolidation scope impacting minority shareholders (2) (2) (521) (521) Remuneration on preferred shares and undated super subordinated notes Acquisitions of additional interests or partial sales of interests (note 8.d) (3) (3) (4) (4) Change in commitments to repurchase minority shareholders' interests 49 49 (103) (103) (4) Other movements (11) (11) (4) Changes in assets and liabilities recognised directly in equity 451 451 6 6 6,694 6,694 350 350 54,781 89,533 3,618 Net income for 2015 Capital and retained earnings at 31 December 2015 (1) 26,897 7,855 73 Restated according to the IFRIC 21 interpretation (see notes 1.a and 2). -8- Consolidated financial statements as at 31 December 2015 3,691 EQUITY BETWEEN 1 JAN. 2014 AND 31 DEC. 2015 Changes in assets and liabilities recognised directly in equity Attributable to shareholders Exchange rates (1,879) Financial assets available for sale and Derivatives used for reclassified as loans hedging purposes and receivables 3,010 812 Total 1,943 Total equity Minority interests (6) 90,955 50 (1,879) 3,010 812 1,943 (6) 91,005 (1,973) 53 (30) (10) 19 (239) 440 33 (53) 24 1,588 1,855 705 4,148 139 3,913 (291) 4,865 1,517 6,091 133 93,689 507 (1,998) 2,113 (891) (115) 7 (259) (523) (7) (54) (15) 616 201 (172) 645 (16) 1,086 7,044 325 5,066 1,345 6,736 -9- 117 100,077 Consolidated financial statements as at 31 December 2015 NOTES TO THE FINANCIAL STATEMENTS Prepared in accordance with International Financial Reporting Standards as adopted by the European Union 1. SUMM ARY OF SIGNIFICANT ACCOUNTING P O L I C I E S A P P L I E D B Y T H E B N P P A R I B AS G R O U P 1.a ACCOUNTING STANDARDS 1.a.1 APPLICABLE ACCOUNTING STANDARDS The consolidated financial statements of the BNP Paribas Group have been prepared in accordance with international accounting standards (International Financial Reporting Standards – IFRS), as adopted for use in the European Union1. Accordingly, certain provisions of IAS 39 on hedge accounting have been excluded, and certain recent texts have not yet undergone the approval process. As of 1 January 2015, the Group has applied the IFRIC 21 “Levies” interpretation. As this interpretation has a retrospective effect, the comparative financial statements as at 1 January and 31 December 2014 have been restated as presented in note 2. The introduction of the other standards which are mandatory as of 1 January 2015 has no effect on the 2015 financial statements. The Group did not choose to early-adopt the new standards, amendments, and interpretations adopted by the European Union, whose application in 2015 was optional. Information on the nature and extent of risks relating to financial instruments as required by IFRS 7 “Financial Instruments: Disclosures” and to insurance contracts as required by IFRS 4 “Insurance Contracts”, along with information on regulatory capital required by IAS 1 “Presentation of Financial Statements” is presented in Chapter 5 of the Registration document. This information, which is an integral part of the notes to the BNP Paribas Group’s consolidated financial statements, is covered by the opinion of the Statutory Auditors concerning the consolidated financial statements, and is identified in the Annual Report by the word “Audited”. 1.a.2 NEW ACCOUNTING STANDARDS, PUBLISHED BUT NOT YET APPLICABLE IFRS 9 “Financial Instruments”, issued by the IASB in July 2014, will replace IAS 39 Financial Instruments: recognition and measurement, related to the classification and measurement of financial instruments. It sets out the new principles for the classification and measurement of financial instruments, for impairment for credit risk on financial assets and for general hedge accounting (i.e. micro hedging). IFRS 9 is mandatory for annual periods beginning on or after 1 January 2018 and must first be endorsed by the European Union for application in Europe. According to IFRS 9, classification and measurement of financial assets will depend on the business model and the contractual characteristics of the instruments. On initial recognition, financial assets will be measured at amortised cost, at fair value through shareholders’ equity (on a separate line), or at fair value through profit or loss. (1) The full set of standards adopted for use in the European Union can be found on the website of the European Commission at: http://ec.europa.eu/internal_market/accounting/ias_en.htm#adopted-commission. - 10 - Consolidated financial statements as at 31 December 2015 Application of these two criteria may lead to different classification and measurement of some financial assets compared with IAS 39. Investments in equity instruments such as shares will be classified as instruments at fair value through profit or loss, or, as an option, as instruments at fair value through shareholders’ equity (on a separate line). The only change introduced by IFRS 9 with respect to financial liabilities relates to recognition of changes in fair value attributable to changes in the credit risk of the liabilities designated as at fair value through profit or loss (fair value option), which will be recognised on a separate line in shareholders’ equity and not through profit or loss. IFRS 9 establishes a new credit risk impairment model based on expected losses. Under the impairment model in IAS 39, an impairment loss is recognised when there is an objective evidence of a decrease in value. Counterparties that are not individually impaired are risk-assessed on the basis of portfolios with similar characteristics and groups of counterparties which, as a result of events occurring since inception of the loans present objective indication of impairment, are subject to a portfolio-based impairment. Moreover, the Group may recognise additional collective impairment with respect to a given economic sector or geographic area affected by exceptional economic events. The new impairment model under IFRS 9 requires accounting for 12-month expected credit losses (that result from the risk of default in the next 12 months) on the financial instruments issued or acquired, as of the date of initial recognition on the balance sheet. Expected credit losses at maturity (that result from the risk of default over the life of the financial instrument) must be recognised if the credit risk has increased significantly since initial recognition. This model will apply to loans and debt instruments measured at amortised cost or at fair value through shareholders’ equity (on a separate line), to loan commitments and financial guarantees not recognised at fair value, as well as to lease receivables. The objective of the hedge accounting model under IFRS 9 is to better reflect risk management, especially by expanding the eligible hedging instruments and eliminating some overly prescriptive rules. On initial application of IFRS 9, the Group may choose either to apply the new hedge accounting provisions or to maintain the hedge accounting principles under IAS 39 until the new macro hedging standard comes into force. IFRS 9 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions of IAS 39 for these portfolio hedges, as adopted by the European Union, will continue to apply. The IFRS 9 implementation projects in the Group have started for each phase of the standard. At this stage, these projects focus mainly on analysing financial assets for the purposes of classification and defining the methodology for the new impairment model. IFRS 15 Revenue from Contracts with Customers, issued in May 2014, will supersede a number of standards and interpretations on revenue recognition (in particular IAS 18 Revenue and IAS 11 Construction Contracts). This standard does not apply to revenues from lease contracts, insurance contracts or financial instruments. It is based on a five-step model framework to determine the timing and amount of recognition of revenue from ordinary activities. IFRS 15 is mandatory for annual periods beginning on or after 1 January 2018 and must first be endorsed by the European Union for application in Europe. The Group is in the process of analysing the standard and its potential impacts. - 11 - Consolidated financial statements as at 31 December 2015 1.b 1.b.1 CONSOLIDATION SCOPE OF CONSOLIDATION The consolidated financial statements of BNP Paribas include entities that are controlled by the Group, jointly controlled, and under significant influence, with the exception of those entities whose consolidation is regarded as immaterial to the Group. The consolidation of an entity is regarded as immaterial if its contribution to the consolidated financial statements is below the following three thresholds: EUR 15 million of consolidated revenues, EUR 1 million of consolidated net income before tax, EUR 500 million of total consolidated assets. Companies that hold shares in consolidated companies are also consolidated. Subsidiaries are consolidated from the date on which the Group obtains effective control. Entities under temporary control are included in the consolidated financial statements until the date of disposal. 1.b.2 CONSOLIDATION METHODS Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For entities governed by voting rights, the Group generally controls the entity if it directly or indirectly holds the majority of voting rights and if there are no other agreements altering the power of these voting rights. Structured entities are defined as entities that are not governed by voting rights, such as when those voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of contractual arrangements. They often have the following features or attributes: restricted activities, a narrow and well-defined objective and insufficient equity to permit them to finance their activities without subordinated financial support. For these entities, the analysis of control shall consider the purpose and design of the entity, the risks to which the entity is designed to be exposed and to what extent the Group absorbs the related variability. The assessment of control shall consider all facts and circumstances able to determine the Group's practical ability to make decisions that could significantly affect its returns, even if such decisions are contingent on uncertain future events or circumstances. In assessing whether it has power, the Group considers only substantive rights which it holds or which are held by third parties. For a right to be substantive, the holder must have the practical ability to exercise that right when decisions about the relevant activities of the entity need to be made. Control shall be reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control. Where the Group contractually holds the decision-making power, for instance where the Group acts as fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated with a certain level of exposure to the variability of returns, this decision-making power may indicate that the Group is acting on its own account and that it thus has control over those entities. Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity’s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRSs. - 12 - Consolidated financial statements as at 31 December 2015 Enterprises over which the Group exercises significant influence (associates) are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of an enterprise without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting power of an enterprise. Interests of less than 20% are excluded from consolidation unless they represent a strategic investment and the Group effectively exercises significant influence. This applies to companies developed in partnership with other groups, where the BNP Paribas Group participates in strategic decisions of the enterprise through representation on the Board of Directors or equivalent governing body, exercises influence over the enterprise’s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise’s development. Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under “Investments in equity-method entities” and in the relevant component of shareholders’ equity. Goodwill on associates is also included under “Investments in equity-method entities”. Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under "Share of earnings of equity-method entities" in the consolidated income statement and can be reversed at a later date. If the Group’s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has a legal or constructive obligation to do so, or has made payments on behalf of this entity. Minority interests are presented separately in the consolidated profit and loss account and balance sheet within consolidated equity. The calculation of minority interests takes into account the outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when such shares are held outside the Group. As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair value through profit or loss, inasmuch as they are redeemable at market value at the subscriber’s initiative. For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured at its fair value through profit or loss. Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under “Net gain on non-current assets”. 1.b.3 CONSOLIDATION PROCEDURES The consolidated financial statements are prepared using uniform accounting policies for reporting like transactions and other events in similar circumstances. Elimination of intragroup balances and transactions Intragroup balances arising from transactions between consolidated enterprises, and the transactions themselves (including income, expenses and dividends), are eliminated. Profits and losses arising from intragroup sales of assets are eliminated, except where there is an indication that the asset sold is impaired. Unrealised gains and losses included in the value of available-for-sale assets are maintained in the consolidated financial statements. - 13 - Consolidated financial statements as at 31 December 2015 Translation of financial statements expressed in foreign currencies The consolidated financial statements of BNP Paribas are prepared in euros. The financial statements of enterprises whose functional currency is not the euro are translated using the closing rate method. Under this method, all assets and liabilities, both monetary and non-monetary, are translated using the spot exchange rate at the balance sheet date. Income and expense items are translated at the average rate for the period. The same method is applied to the financial statements of enterprises located in hyperinflationary economies, after adjusting for the effects of inflation by applying a general price index. Differences arising from the translation of balance sheet items and profit and loss items are recorded in shareholders’ equity under “Exchange rates” for the portion attributable to shareholders, and in “Minority interests” for the portion attributable to outside investors. Under the optional treatment permitted by IFRS 1, the Group has reset to zero all translation differences, by booking all cumulative translation differences attributable to shareholders and to minority interests in the opening balance sheet at 1 January 2004 to retained earnings. On liquidation or disposal of some or all of an interest held in a foreign enterprise located outside the euro zone, leading to a change in the nature of the investment (loss of control, loss of significant influence or loss of joint control without keeping a significant influence), the cumulative translation adjustment at the date of liquidation or sale, determined according to the step method, is recognised in the profit and loss account. Should the interest percentage held change without any modification in the nature of the investment, the translation adjustment is reallocated between the portion attributable to shareholders and that attributable to minority interests, if the enterprise is fully consolidated. For enterprises consolidated under the equity method, the portion related to the interest sold is recognised in the profit and loss account. 1.b.4 BUSINESS COMBINATIONS AND MEASUREMENT OF GOODWILL Business combinations Business combinations are accounted for using the purchase method. Under this method, the acquiree’s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale, which are accounted for at fair value less costs to sell. The acquiree’s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably. The cost of a business combination is the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree. Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss. Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss. The Group may recognise any adjustments to the provisional accounting within 12 months of the acquisition date. Goodwill represents the difference between the cost of the combination and the acquirer’s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer’s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree’s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option. - 14 - Consolidated financial statements as at 31 December 2015 Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate. On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value. Since the revised IFRS 3 is applied prospectively, business combinations completed prior to 1 January 2010 were not restated for the effects of changes to IFRS 3. As permitted under IFRS 1, business combinations that took place before 1 January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), have not been restated in accordance with the principles of IFRS 3. Measurement of goodwill The BNP Paribas Group tests goodwill for impairment on a regular basis. - Cash-generating units 2 The BNP Paribas Group has split all its activities into cash-generating units representing major business lines. This split is consistent with the Group’s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cashgenerating units, such as acquisitions, disposals and major reorganisations. - Testing cash-generating units for impairment Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount. - Recoverable amount of a cash-generating unit The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value in use. Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies. Value in use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit’s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit’s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved. (2) As defined by IAS 36. - 15 - Consolidated financial statements as at 31 December 2015 1.c FINANCIAL ASSETS AND FINANCIAL LIABILITIES 1.c.1 LOANS AND RECEIVABLES Loans and receivables include credit provided by the Group, the Group’s share in syndicated loans, and purchased loans that are not quoted in an active market, unless they are held for trading purposes. Loans that are quoted in an active market are classified as “Available-for-sale financial assets” and measured using the methods applicable to this category. Loans and receivables are initially measured at fair value or equivalent, which is usually the net amount disbursed at inception including directly attributable origination costs and certain types of fees or commission (syndication commission, commitment fees and handling charges) that are regarded as an adjustment to the effective interest rate on the loan. Loans and receivables are subsequently measured at amortised cost. The income from the loan, representing interest plus transaction costs and fees/commission included in the initial value of the loan, is calculated using the effective interest method and taken to profit or loss over the life of the loan. Commission earned on financing commitments prior to the inception of a loan is deferred and included in the value of the loan when the loan is made. Commission earned on financing commitments when the probability of drawdown is low, or when there is uncertainty as to the timing and amount of drawdowns, is recognised on a straight-line basis over the life of the commitment. 1.c.2 REGULATED SAVINGS AND LOAN CONTRACTS Home savings accounts (Comptes Épargne-Logement – “CEL”) and home savings plans (Plans d’Épargne Logement – “PEL”) are government-regulated retail products sold in France. They combine a savings phase and a loan phase which are inseparable, with the loan phase contingent upon the savings phase. These products contain two types of obligations for BNP Paribas: an obligation to pay interest on the savings for an indefinite period, at a rate set by the government at the inception of the contract (in the case of PEL products) or at a rate reset every six months using an indexation formula set by law (in the case of CEL products); and an obligation to lend to the customer (at the customer’s option) an amount contingent upon the rights acquired during the savings phase, at a rate set at the inception of the contract (in the case of PEL products) or at a rate contingent upon the savings phase (in the case of CEL products). The Group’s future obligations with respect to each generation (in the case of PEL products, a generation comprises all products with the same interest rate at inception; in the case of CEL products, all such products constitute a single generation) are measured by discounting potential future earnings from at-risk outstandings for that generation. At-risk outstandings are estimated on the basis of a historical analysis of customer behaviour, and are equivalent to: - for the loan phase: statistically probable loans outstanding and actual loans outstanding; - for the savings phase: the difference between statistically probable outstandings and minimum expected outstandings, with minimum expected outstandings being deemed equivalent to unconditional term deposits. Earnings for future periods from the savings phase are estimated as the difference between the reinvestment rate and the fixed savings interest rate on at-risk savings outstanding for the period in question. Earnings for future periods from the loan phase are estimated as the difference between the refinancing rate and the fixed loan interest rate on at-risk loans outstanding for the period in question. The reinvestment rate for savings and the refinancing rate for loans are derived from the swap yield curve and from the spreads expected on financial instruments of similar type and maturity. Spreads are determined on the basis of actual spreads on fixed rate home loans in the case of the loan phase and products offered to individual clients in the case of the savings phase. In order to reflect the uncertainty - 16 - Consolidated financial statements as at 31 December 2015 of future interest rate trends, and the impact of such trends on customer behaviour models and on atrisk outstandings, the obligations are estimated using the Monte-Carlo method. Where the sum of the Group’s estimated future obligations with respect to the savings and loan phases of any generation of contracts indicates a potentially unfavourable situation for the Group, a provision is recognised (with no offset between generations) in the balance sheet in “Provisions for contingencies and charges”. Movements in this provision are recognised as interest income in the profit and loss account. 1.c.3 SECURITIES Categories of securities Securities held by the Group are classified into one of four categories. - Financial assets at fair value through profit or loss Apart from derivative instruments, financial assets at fair value through profit or loss are composed of: - financial assets held for trading purposes; - financial assets that the Group has designated, on initial recognition, at fair value through profit or loss using the fair value option available under IAS 39. The conditions for applying the fair value option are set out in section 1.c.11. Securities in this category are measured at fair value at the balance sheet date. Transaction costs are directly posted in the profit and loss account. Changes in fair value (excluding accrued interest on fixed-income securities) are presented in the profit and loss account under “Net gain/loss on financial instruments at fair value through profit or loss”, along with dividends from variable-income securities and realised gains and losses on disposal. Income earned on fixed-income securities classified into this category is shown under “Interest income” in the profit and loss account. Fair value incorporates an assessment of the counterparty risk on these securities. - Loans and receivables Securities with fixed or determinable payments that are not traded on an active market, apart from securities for which the owner may not recover almost all of its initial investment due to reasons other than credit deterioration, are classified as “Loans and receivables” if they do not meet the criteria to be classified as “Financial assets at fair value through profit or loss”. These securities are measured and recognised as described in section 1.c.1. - Held-to-maturity financial assets Held-to-maturity financial assets are investments with fixed or determinable payments and fixed maturity that the Group has the intention and ability to hold until maturity. Hedges contracted to cover assets in this category against interest rate risk do not qualify for hedge accounting as defined in IAS 39. Assets in this category are accounted for at amortised cost using the effective interest method, which builds in amortisation of premium and discount (corresponding to the difference between the purchase price and redemption value of the asset) and acquisition costs (where material). Income earned from this category of assets is included in “Interest income” in the profit and loss account. - 17 - Consolidated financial statements as at 31 December 2015 - Available-for-sale financial assets Available-for-sale financial assets are fixed-income and variable-income securities other than those classified as “fair value through profit or loss” or “held-to-maturity” or “loans and receivables”. Assets included in the available-for-sale category are initially recorded at fair value, plus transaction costs where material. At the balance sheet date, they are remeasured at fair value, with changes in fair value (excluding accrued interest) shown on a separate line in shareholders’ equity. Upon disposal, these unrealised gains and losses are transferred from shareholders’ equity to the profit and loss account, where they are shown on the line “Net gain/loss on available-for-sale financial assets”. The same applies in the event of impairment. Income recognised using the effective interest method for fixed-income available-for-sale securities is recorded under “Interest income” in the profit and loss account. Dividend income from variable-income securities is recognised under “Net gain/loss on available-for-sale financial assets” when the Group’s right to receive payment is established. Repurchase agreements and securities lending/borrowing Securities temporarily sold under repurchase agreements continue to be recorded in the Group’s balance sheet in the category of securities to which they belong. The corresponding liability is recognised in the appropriate debt category on the balance sheet except in the case of repurchase agreements contracted for trading purposes where the corresponding liability is classified under “Financial liabilities at fair value through profit or loss”. Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group’s balance sheet. The corresponding receivable is recognised under “Loans and receivables” except in the case of reverse repurchase agreements contracted for trading purposes, where the corresponding receivable is recognised under “Financial assets at fair value through profit or loss”. Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under “Financial liabilities at fair value through profit or loss”. Date of recognition for securities transactions Securities classified as at fair value through profit or loss, held-to-maturity or available-for-sale financial assets are recognised at the trade date. Regardless of their classification (at fair value through profit or loss, loans and receivables or debt), temporary sales of securities as well as sales of borrowed securities are initially recognised at the settlement date. For reverse repurchase agreements and repurchase agreements, a financing commitment, respectively given and received, is recognized between the trade date and the settlement date when the transactions are recognised, respectively, as "Loans and receivables" and "Liabilities". When reverse repurchase agreements and repurchase agreements are recognised, respectively, as "Financial assets at fair value through profit or loss" and "Financial liabilities at fair value through profit or loss", the repurchase commitment is recognised as a derivative financial instrument. Securities transactions are carried on the balance sheet until the Group’s rights to receive the related cash flows expire, or until the Group has substantially transferred all the risks and rewards related to ownership of the securities. - 18 - Consolidated financial statements as at 31 December 2015 1.c.4 FOREIGN CURRENCY TRANSACTIONS The methods used to account for assets and liabilities relating to foreign currency transactions entered into by the Group, and to measure the foreign exchange risk arising on such transactions, depend on whether the asset or liability in question is classified as a monetary or a non-monetary item. 3 - Monetary assets and liabilities expressed in foreign currencies Monetary assets and liabilities expressed in foreign currencies are translated into the functional currency of the relevant Group entity at the closing rate. Translation differences are recognised in the profit and loss account, except for those arising from financial instruments designated as a cash flow hedge or a net foreign investment hedge, which are recognised in shareholders’ equity. - Non-monetary assets and liabilities expressed in foreign currencies Non-monetary assets may be measured either at historical cost or at fair value. Non-monetary assets expressed in foreign currencies are translated using the exchange rate at the date of the transaction if they are measured at historical cost, and at the closing rate if they are measured at fair value. Translation differences on non-monetary assets expressed in foreign currencies and measured at fair value (variable-income securities) are recognised in the profit and loss account if the asset is classified under “Financial assets at fair value through profit or loss”, and in shareholders’ equity if the asset is classified under “Available-for-sale financial assets”, unless the financial asset in question is designated as an item hedged against foreign exchange risk in a fair value hedging relationship, in which case the translation difference is recognised in the profit and loss account. 1.c.5 IMPAIRMENT AND RESTRUCTURING OF FINANCIAL ASSETS Doubtful assets Doubtful assets are defined as assets where the Bank considers that there is a risk that the debtors will be unable to honour all or part of their commitments. Impairment of loans and receivables and held-to-maturity financial assets, provisions for financing and guarantee commitments An impairment loss is recognised against loans and held-to-maturity financial assets where (i) there is objective evidence of a decrease in value as a result of an event occurring after inception of the loan or acquisition of the asset; (ii) the event affects the amount or timing of future cash flows; and (iii) the consequences of the event can be reliably measured. Loans are initially assessed for evidence of impairment on an individual basis, and subsequently on a portfolio basis. Similar principles are applied to financing and guarantee commitments given by the Group, with the probability of drawdown taken into account in any assessment of financing commitments. (3) Monetary assets and liabilities are assets and liabilities to be received or paid in fixed or determinable amounts of cash. - 19 - Consolidated financial statements as at 31 December 2015 At an individual level, objective evidence that a financial asset is impaired includes observable data regarding the following events: - the existence of accounts that are more than three months past due (six months past due for real estate loans and loans to local authorities); - knowledge or indications that the borrower meets significant financial difficulty, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; - concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been meeting financial difficulty (see section “Restructuring of assets classified as "Loans and receivables"”). The amount of the impairment is the difference between the carrying amount before impairment and the present value, discounted at the original effective interest rate of the asset, of those components (principal, interest, collateral, etc.) regarded as recoverable. Changes in the amount of impairment losses are recognised in the profit and loss account under “Cost of risk”. Any subsequent decrease in an impairment loss that can be related objectively to an event occurring after the impairment loss was recognised is credited to the profit and loss account, also under “Cost of risk”. Once an asset has been impaired, the theoretical income earned on the carrying amount of the asset calculated at the original effective interest rate used to discount the estimated recoverable cash flows is recognised under “Interest income” in the profit and loss account. Impairment losses on loans and receivables are usually recorded in a separate provision account which reduces the amount for which the loan or receivable was recorded in assets upon initial recognition. Provisions relating to off-balance sheet financial instruments, financing and guarantee commitments or disputes are recognised in liabilities. Impaired receivables are written off in whole or in part and the corresponding provision is reversed for the amount of the loss when all other means available to the Bank for recovering the receivables or guarantees have failed, or when all or part of the receivables have been waived. Counterparties that are not individually impaired are risk-assessed on a portfolio basis with similar characteristics. This assessment draws upon an internal rating system based on historical data, adjusted as necessary to reflect circumstances prevailing at the balance sheet date. It enables the Group to identify groups of counterparties which, as a result of events occurring since inception of the loans, have collectively acquired a probability of default at maturity that provides objective evidence of impairment of the entire portfolio, but without it being possible at that stage to allocate the impairment to individual counterparties. This assessment also estimates the amount of the loss on the portfolios in question, taking account of trends in the economic cycle during the assessment period. Changes in the amount of portfolio impairments are recognised in the profit and loss account under “Cost of risk”. Based on the experienced judgement of the Bank’s divisions or Risk Management, the Group may recognise additional collective impairment provisions with respect to a given economic sector or geographic area affected by exceptional economic events. This may be the case when the consequences of these events cannot be measured with sufficient accuracy to adjust the parameters used to determine the collective provision recognised against affected portfolios of loans with similar characteristics. Impairment of available-for-sale financial assets Impairment of available-for-sale financial assets (which mainly comprise securities) is recognised on an individual basis if there is objective evidence of impairment as a result of one or more events occurring since acquisition. In the case of variable-income securities quoted in an active market, the control system identifies securities that may be impaired on a long term basis and is based on criteria such as a significant decline in quoted price below the acquisition cost or a prolonged decline, which prompts the Group to carry out an additional individual qualitative analysis. This may lead to the recognition of an impairment loss calculated on the basis of the quoted price. - 20 - Consolidated financial statements as at 31 December 2015 Apart from the identification criteria, the Group has determined three indications of impairment, one being a significant decline in price, defined as a fall of more than 50% of the acquisition price, another being a prolonged decline over two consecutive years and the final one being a decline on average of at least 30% over an observation period of one year. The Group believes that a period of two years is what is necessary for a moderate decline in price below the purchase cost to be considered as something more than just the effect of random volatility inherent in the stock markets or a cyclical change lasting a few years, but which represents a lasting phenomenon justifying an impairment. A similar method is applied for variable-income securities not quoted in an active market. Any impairment is then determined based on the model value. In the case of fixed-income securities, impairment is assessed based on the same criteria applied to individually impaired loans and receivables. For securities quoted in an active market, impairment is determined based on the quoted price. For all the others, it is determined based on model value. Impairment losses taken against variable-income securities are recognised as a component of Revenues on the line “Net gain/loss on available-for-sale financial assets”, and may not be reversed through the profit and loss account until these securities are sold. Any subsequent decline in fair value constitutes an additional impairment loss, recognised in the profit and loss account. Impairment losses taken against fixed-income securities are recognised under “Cost of risk”, and may be reversed through the profit and loss account in the event of an increase in fair value that relates objectively to an event occurring after the last impairment was recognised. Restructuring of assets classified as "Loans and receivables" The restructuring of an asset classified in loans and receivables is considered to be a troubled debt restructuring when the Bank, for economic or legal reasons related to the borrower's financial difficulties, agrees to a modification of terms of the original transaction that it would not otherwise consider, resulting in the borrower's contractual obligation to the Bank, measured at present value, being reduced compared with the original terms. At the time of restructuring, a discount is applied to the loan to reduce its carrying amount to the present value of the new expected future cash flows discounted at the original effective interest rate. The decrease in the asset value is recognised in the profit and loss account under "Cost of risk". When the restructuring consists of a partial or full settlement with other substantially different assets, the original debt (see note 1.c.14) and the assets received in settlement are recognised at their fair value on the settlement date. The difference in value is recognised in profit or loss under "Cost of risk". - 21 - Consolidated financial statements as at 31 December 2015 1.c.6 RECLASSIFICATION OF FINANCIAL ASSETS The only authorised reclassifications of financial assets are the following: - - For a non-derivative financial asset which is no longer held for the purposes of selling it in the near-term, out of “Financial assets at fair value through profit or loss” and into: “Loans and receivables” if the asset meets the definition for this category and the Group has the intention and ability to hold the asset for the foreseeable future or until maturity; or Other categories only under rare circumstances when justified and provided that the reclassified assets meet the conditions applicable to the host portfolio. Out of “Available-for-sale financial assets” and into: “Loans and receivables” with the same conditions as set out above for "Financial assets at fair value through profit or loss”; “Held-to-maturity financial assets,” for assets that have a maturity, or “Financial assets at cost,” for unlisted variable-income assets. Financial assets are reclassified at fair value, or at the value calculated by a model, on the reclassification date. Any derivatives embedded in the reclassified financial assets are recognised separately and changes in fair value are recognised through profit or loss. After reclassification, assets are recognised according to the provisions applied to the host portfolio. The transfer price on the reclassification date is deemed to be the initial cost of the asset for the purpose of determining any impairment. In the event of reclassification from "Available-for-sale financial assets" to another category, gains or losses previously recognised through equity are amortised to profit or loss over the residual life of the instrument using the effective interest method. Any upward revisions to the estimated recoverable amounts are recognised through an adjustment to the effective interest rate as of the date on which the estimate is revised. Downward revisions are recognised through an adjustment to the financial asset's carrying amount. 1.c.7 ISSUES OF DEBT SECURITIES Financial instruments issued by the Group are qualified as debt instruments if the Group company issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group’s own equity instruments. Issues of debt securities are initially recognised at the issue value including transaction costs, and are subsequently measured at amortised cost using the effective interest method. Bonds redeemable for or convertible into equity instruments of the Group are accounted for as hybrid instruments with a debt component and an equity component, determined on initial recognition. 1.c.8 OWN EQUITY INSTRUMENTS AND OWN EQUITY INSTRUMENT DERIVATIVES The term “own equity instruments” refers to shares issued by the parent company (BNP Paribas SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes. Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders’ equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account. - 22 - Consolidated financial statements as at 31 December 2015 When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset initially against minority interests, with any surplus offset against retained earnings attributable to BNP Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group’s interest in a fully consolidated subsidiary is recognised in the Group's accounts as a change in shareholders' equity. Own equity instrument derivatives are treated as follows, depending on the method of settlement: - as equity instruments if they are settled by physical delivery of a fixed number of own equity instruments for a fixed amount of cash or other financial asset. Such instruments are not revalued; - as derivatives if they are settled in cash, or by choice, depending on whether they are settled by physical delivery of the shares or in cash. Changes in value of such instruments are taken to the profit and loss account. If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the bank must recognise the debt at its present value with an offsetting entry in equity. 1.c.9 DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING All derivative instruments are recognised in the balance sheet on the trade date at the transaction price, and are remeasured to fair value on the balance sheet date. Derivatives held for trading purposes Derivatives held for trading purposes are recognised in the balance sheet in “Financial assets at fair value through profit or loss” when their fair value is positive, and in “Financial liabilities at fair value through profit or loss” when their fair value is negative. Realised and unrealised gains and losses are recognised in the profit and loss account on the line “Net gain/loss on financial instruments at fair value through profit or loss”. Derivatives and hedge accounting Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge. Fair value hedges are particularly used to hedge interest rate risk on fixed rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed rate loans). Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues. At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship. On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the - 23 - Consolidated financial statements as at 31 December 2015 hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions. Under IAS 39 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows: - the risk designated as being hedged is the interest rate risk associated with the interbank rate component of interest rates on commercial banking transactions (loans to customers, savings accounts and demand deposits); - the instruments designated as being hedged correspond, for each maturity band, to a portion of the interest rate gap associated with the hedged underlyings; - the hedging instruments used consist exclusively of “plain vanilla” swaps; - prospective hedge effectiveness is established by the fact that all derivatives must, on inception, have the effect of reducing interest rate risk in the portfolio of hedged underlyings. Retrospectively, a hedge will be disqualified from hedge accounting once a shortfall arises in the underlyings specifically associated with that hedge for each maturity band (due to prepayment of loans or withdrawals of deposits). The accounting treatment of derivatives and hedged items depends on the hedging strategy. In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in “Net gain/loss on financial instruments at fair value through profit or loss”, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under “Remeasurement adjustment on interest rate risk hedged portfolios” in the case of a portfolio hedging relationship. If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately. In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders’ equity on a separate line, “Unrealised or deferred gains or losses”. The amounts taken to shareholders’ equity over the life of the hedge are transferred to the profit and loss account under “Net interest income” as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong. If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders’ equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account. If the hedged item ceases to exist, the cumulative amounts recognised in shareholders’ equity are immediately taken to the profit and loss account. Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under “Net gain/loss on financial instruments at fair value through profit or loss”. Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be currency derivatives or any other non-derivative financial instrument. - 24 - Consolidated financial statements as at 31 December 2015 Embedded derivatives Derivatives embedded in hybrid financial instruments are separated from the value of the host contract and accounted for separately as a derivative if the hybrid instrument is not recorded as a financial asset or liability at fair value through profit or loss, and if the economic characteristics and risks of the embedded derivative are not closely related to those of the host contract. 1.c.10 DETERMINATION OF FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the measurement date. The Group determines the fair value of financial instruments either by using prices obtained directly from external data or by using valuation techniques. These valuation techniques are primarily market and income approaches encompassing generally accepted models (e.g. discounted cash flows, BlackScholes model, and interpolation techniques). They maximize the use of observable inputs and minimize the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are not captured by the models or their underlying inputs but are nevertheless considered by market participants when setting the exit price. The unit of measurement is generally the individual financial asset or financial liability but a portfoliobased measurement can be elected, subject to certain conditions. Accordingly, the Group retains this portfolio-based measurement exception to determine the fair value when some group of financial assets and financial liabilities and other contracts within the scope of the standard relating to financial instruments with substantially similar and offsetting market risks or credit risks are managed on the basis of a net exposure, in accordance with the documented risk management strategy. Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of the fair value hierarchy: - Level 1: fair values are determined using directly quoted prices in active markets for identical assets and liabilities. Characteristics of an active market include the existence of a sufficient frequency and volume of activity and of readily available prices. - Level 2: fair values are determined based on valuation techniques for which significant inputs are observable market data, either directly or indirectly. These techniques are regularly calibrated and the inputs are corroborated with information from active markets. - Level 3: fair values are determined using valuation techniques for which significant inputs are unobservable or cannot be corroborated by market-based observations, due for instance to illiquidity of the instrument and significant model risk. An unobservable input is a parameter for which there are no market data available and that is therefore derived from proprietary assumptions about what other market participants would consider when assessing fair value. The assessment of whether a product is illiquid or subject to significant model risks is a matter of judgment. The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is based upon the lowest level input that is significant to the entire fair value. For financial instruments disclosed in Level 3 of the fair value hierarchy, a difference between the transaction price and the fair value may arise at initial recognition. This “Day One Profit” is deferred and released to the profit and loss account over the period during which the valuation parameters are expected to remain non-observable. When parameters that were originally non-observable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the profit and loss account. - 25 - Consolidated financial statements as at 31 December 2015 1.c.11 FINANCIAL ASSETS AND LIABILITIES DESIGNATED AS AT FAIR VALUE THROUGH PROFIT OR LOSS (FAIR VALUE OPTION) Financial assets or financial liabilities may be designated on initial recognition as at fair value through profit or loss, in the following cases: - hybrid financial instruments containing one or more embedded derivatives which otherwise would have been separated and accounted for separately; - where using the option enables the entity to eliminate or significantly reduce a mismatch in the measurement and accounting treatment of assets and liabilities that would arise if they were to be classified in separate categories; - when a group of financial assets and/or financial liabilities is managed and measured on the basis of fair value, in accordance with a documented risk management and investment strategy. 1.c.12 INCOME AND EXPENSES ARISING FROM FINANCIAL ASSETS AND FINANCIAL LIABILITIES Income and expenses arising from financial instruments measured at amortised cost and from fixedincome securities classified in “Available-for-sale financial assets” are recognised in the profit and loss account using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash flows through the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the asset or liability in the balance sheet. The effective interest rate calculation takes into account all fees received or paid that are an integral part of the effective interest rate of the contract, transaction costs, and premiums and discounts. The method used by the Group to recognise service-related commission income and expenses depends on the nature of the service. Commission treated as an additional component of interest is included in the effective interest rate, and is recognised in the profit and loss account in “Net interest income”. Commission payable or receivable on execution of a significant transaction is recognised in the profit and loss account in full on execution of the transaction, under “Commission income and expense”. Commission payable or receivable for recurring services is recognised over the term of the service, also under “Commission income and expense”. Commission received in respect of financial guarantee commitments is regarded as representing the fair value of the commitment. The resulting liability is subsequently amortised over the term of the commitment, under commission income in Revenues. 1.c.13 COST OF RISK Cost of risk includes movements in provisions for impairment of fixed-income securities and loans and receivables due from customers and credit institutions, movements in provisions for financing and guarantee commitments given, losses on irrecoverable loans and amounts recovered on loans written off. This caption also includes impairment losses recorded with respect to default risk incurred on counterparties for over-the-counter financial instruments, as well as expenses relating to fraud and to disputes inherent to the financing business. - 26 - Consolidated financial statements as at 31 December 2015 1.c.14 DERECOGNITION OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES The Group derecognises all or part of a financial asset either when the contractual rights to the cash flows from the asset expire or when the Group transfers the contractual rights to the cash flows from the asset and substantially all the risks and rewards of ownership of the asset. Unless these conditions are fulfilled, the Group retains the asset in its balance sheet and recognises a liability for the obligation created as a result of the transfer of the asset. The Group derecognises all or part of a financial liability when the liability is extinguished in full or in part. 1.c.15 OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES A financial asset and a financial liability are offset and the net amount presented in the balance sheet if, and only if, the Group has a legally enforceable right to set off the recognised amounts, and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Repurchase agreements and derivatives traded with clearing houses that meet the two criteria set out in the accounting standard are offset in the balance sheet. 1.d ACCOUNTING STANDARDS SPECIFIC TO THE INSURANCE BUSINESS The specific accounting policies relating to assets and liabilities generated by insurance contracts and financial contracts with a discretionary participation feature written by fully consolidated insurance companies are retained for the purposes of the consolidated financial statements. These policies comply with IFRS 4. All other insurance company assets and liabilities are accounted for using the policies applied to the Group’s assets and liabilities generally, and are included in the relevant balance sheet and profit and loss account headings in the consolidated financial statements. 1.d.1 ASSETS Financial assets and non-current assets are accounted for using the policies described elsewhere in this note. The only exceptions are shares in civil property companies (SCIs) held in unit-linked insurance contract portfolios, which are measured at fair value on the balance sheet date with changes in fair value taken to profit or loss. Financial assets representing technical provisions related to unit-linked business are shown in “Financial assets at fair value through profit or loss”, and are stated at the realisable value of the underlying assets at the balance sheet date. 1.d.2 LIABILITIES The Group’s obligations to policyholders and beneficiaries are shown in “Technical reserves of insurance companies” and are comprised of liabilities relating to insurance contracts carrying a significant insurance risk (e.g., mortality or disability) and to financial contracts with a discretionary participation feature, which are covered by IFRS 4. A discretionary participation feature is one which gives life policyholders the right to receive a share of actual profits as a supplement to guaranteed benefits. Liabilities relating to other financial contracts, which are covered by IAS 39, are shown in “Due to customers”. - 27 - Consolidated financial statements as at 31 December 2015 Unit-linked contract liabilities are measured in reference to the fair value of the underlying assets at the balance sheet date. The technical reserves of life insurance subsidiaries consist primarily of mathematical reserves, which generally correspond to the surrender value of the contract. The benefits offered relate mainly to the risk of death (term life insurance, annuities, loan repayment, guaranteed minimum on unit-linked contracts) and, for borrowers’ insurance, to disability, incapacity and unemployment risks. These types of risks are controlled by the use of appropriate mortality tables (certified tables in the case of annuity-holders), medical screening appropriate to the level of benefit offered, statistical monitoring of insured populations, and reinsurance programmes. Non-life technical reserves include unearned premium reserves (corresponding to the portion of written premiums relating to future periods) and outstanding claims reserves, inclusive of claims handling costs. The adequacy of technical reserves is tested at the balance sheet date by comparing them with the average value of future cash flows as derived from stochastic analyses. Any adjustments to technical reserves are taken to the profit and loss account for the period. A capitalisation reserve is set up in individual statutory accounts on the sale of amortisable securities in order to defer part of the net realised gain and hence maintain the yield to maturity on the portfolio of admissible assets. In the consolidated financial statements, the bulk of this reserve is reclassified to “Policyholders’ surplus” on the liabilities side of the consolidated balance sheet; a deferred tax liability is recognised on the portion taken to shareholders' equity. This item also includes the policyholders’ surplus reserve resulting from the application of shadow accounting. This represents the interest of policyholders, mainly within French life insurance subsidiaries, in unrealised gains and losses on assets where the benefit paid under the policy is linked to the return on those assets. This interest is an average derived from stochastic analyses of unrealised gains and losses attributable to policyholders in various scenarios. In the event of an unrealised loss on shadow accounted assets, a policyholders' loss reserve is recognised on the assets side of the consolidated balance sheet in an amount equal to the probable deduction from the policyholders' future profit share. The recoverability of the policyholders' loss reserve is assessed prospectively, taking into account policyholders' surplus reserves recognised elsewhere, capital gains on financial assets that are not shadow accounted due to accounting elections made (held-to-maturity financial assets and property investments measured at cost) and the company's ability and intention to hold the assets carrying the unrealised loss. The policyholders' loss reserve is recognised symmetrically with the corresponding assets and shown on the assets side of the balance sheet under the line item "Accrued income and other assets". 1.d.3 PROFIT AND LOSS ACCOUNT Income and expenses arising on insurance contracts written by the Group are recognised in the profit and loss account under “Income from other activities” and “Expense on other activities”. Other insurance company income and expenses are included in the relevant profit and loss account item. Consequently, movements in the policyholders’ surplus reserve are shown on the same line as gains and losses on the assets that generated the movements. - 28 - Consolidated financial statements as at 31 December 2015 1.e PROPERTY, PLANT, EQUIPMENT AND INTANGIBLE ASSETS Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases. Investment property comprises property assets held to generate rental income and capital gains. Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. Software developed internally by the BNP Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project. Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses. The only exceptions are shares in civil property companies (SCIs) held in unit-linked insurance contract portfolios, which are measured at fair value on the balance sheet date, with changes in fair value taken to profit or loss. The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life. Property, plant and equipment and intangible assets are depreciated or amortised using the straightline method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under “Depreciation, amortisation and impairment of property, plant and equipment and intangible assets”. Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP Paribas Group has adopted the component-based approach for property used in operations and for investment property. The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and 10 years for fixtures and fittings. Software is amortised, depending on its type, over periods of no more than 8 years in the case of infrastructure developments and 3 years or 5 years in the case of software developed primarily for the purpose of providing services to customers. Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost. Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units. If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in “Depreciation, amortisation and impairment of property, plant and equipment and intangible assets”. Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in “Net gain on non-current assets”. Gains and losses on disposals of investment property are recognised in the profit and loss account in “Income from other activities” or “Expense on other activities”. - 29 - Consolidated financial statements as at 31 December 2015 1.f LEASES Group companies may either be the lessee or the lessor in a lease agreement. 1.f.1 LESSOR ACCOUNTING Leases contracted by the Group as lessor are categorised as either finance leases or operating leases. Finance leases In a finance lease, the lessor transfers substantially all the risks and rewards of ownership of an asset to the lessee. It is treated as a loan made to the lessee to finance the purchase of the asset. The present value of the lease payments, plus any residual value, is recognised as a receivable. The net income earned from the lease by the lessor is equal to the amount of interest on the loan, and is taken to the profit and loss account under “Interest income”. The lease payments are spread over the lease term, and are allocated to reduction of the principal and to interest such that the net income reflects a constant rate of return on the net investment outstanding in the lease. The rate of interest used is the rate implicit in the lease. Individual and portfolio impairments of lease receivables are determined using the same principles as applied to other loans and receivables. Operating leases An operating lease is a lease under which substantially all the risks and rewards of ownership of an asset are not transferred to the lessee. The asset is recognised under property, plant and equipment in the lessor’s balance sheet and depreciated on a straight-line basis over the lease term. The depreciable amount excludes the residual value of the asset. The lease payments are taken to the profit and loss account in full on a straight-line basis over the lease term. Lease payments and depreciation expenses are taken to the profit and loss account under “Income from other activities” and “Expense on other activities”. 1.f.2 LESSEE ACCOUNTING Leases contracted by the Group as lessee are categorised as either finance leases or operating leases. Finance leases A finance lease is treated as an acquisition of an asset by the lessee, financed by a loan. The leased asset is recognised in the balance sheet of the lessee at the lower of its fair value or the present value of the minimum lease payments calculated at the interest rate implicit in the lease. A matching liability, equal to the fair value of the leased asset or the present value of the minimum lease payments, is also recognised in the balance sheet of the lessee. The asset is depreciated using the same method as that applied to owned assets, after deducting the residual value from the amount initially recognised, over the useful life of the asset. If there is no reasonable certainty that the lessee will obtain ownership by the end of the lease term, the asset shall be fully depreciated over the shorter of the lease term and its useful life. The lease obligation is accounted for at amortised cost. - 30 - Consolidated financial statements as at 31 December 2015 Operating leases The asset is not recognised in the balance sheet of the lessee. Lease payments made under operating leases are taken to the profit and loss account of the lessee on a straight-line basis over the lease term. 1.g NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS Where the Group decides to sell non-current assets and it is highly probable that the sale will occur within 12 months, these assets are shown separately in the balance sheet, on the line “Non-current assets held for sale”. Any liabilities associated with these assets are also shown separately in the balance sheet, on the line “Liabilities associated with non-current assets held for sale”. Once classified in this category, non-current assets and groups of assets and liabilities are measured at the lower of carrying amount or fair value less costs to sell. Such assets are no longer depreciated. If an asset or group of assets and liabilities becomes impaired, an impairment loss is recognised in the profit and loss account. Impairment losses may be reversed. Where a group of assets and liabilities held for sale represents a cash generating unit, it is categorised as a “discontinued operation”. Discontinued operations include operations that are held for sale, operations that have been shut down, and subsidiaries acquired exclusively with a view to resell. All gains and losses related to discontinued operations are shown separately in the profit and loss account, on the line “Post-tax gain/loss on discontinued operations and assets held for sale”. This line includes the post-tax profits or losses of discontinued operations, the post-tax gain or loss arising from remeasurement at fair value less costs to sell, and the post-tax gain or loss on disposal of the operation. - 31 - Consolidated financial statements as at 31 December 2015 1.h EMPLOYEE BENEFITS Employee benefits are classified in one of four categories: - short-term benefits, such as salary, annual leave, incentive plans, profit-sharing and additional payments; - long-term benefits, including compensated absences, long-service awards, and other types of cashbased deferred compensation; - termination benefits; - post-employment benefits, including top-up banking industry pensions and retirement bonuses in France and pension plans in other countries, some of which are operated through pension funds. Short-term benefits The Group recognises an expense when it has used services rendered by employees in exchange for employee benefits. Long-term benefits These are benefits, other than short-term benefits, post-employment benefits and termination benefits. This relates, in particular, to compensation deferred for more than 12 months and not linked to the BNP Paribas share price, which is accrued in the financial statements for the period in which it is earned. The actuarial techniques used are similar to those used for defined-benefit post-employment benefits, except that the revaluation items are recognised in the profit and loss account and not in equity. Termination benefits Termination benefits are employee benefits payable in exchange for the termination of an employee’s contract as a result of either a decision by the Group to terminate a contract of employment before the legal retirement age, or a decision by an employee to accept voluntary redundancy in exchange for these benefits. Termination benefits due more than 12 months after the balance sheet date are discounted. Post-employment benefits In accordance with IFRS, the BNP Paribas Group draws a distinction between defined-contribution plans and defined-benefit plans. Defined-contribution plans do not give rise to an obligation for the Group and do not require a provision. The amount of the employer’s contributions payable during the period is recognised as an expense. Only defined-benefit schemes give rise to an obligation for the Group. This obligation must be measured and recognised as a liability by means of a provision. The classification of plans into these two categories is based on the economic substance of the plan, which is reviewed to determine whether the Group has a legal or constructive obligation to pay the agreed benefits to employees. Post-employment benefit obligations under defined-benefit plans are measured using actuarial techniques that take demographic and financial assumptions into account. - 32 - Consolidated financial statements as at 31 December 2015 The net liability recognised with respect to post-employment benefit plans is the difference between the present value of the defined-benefit obligation and the fair value of any plan assets. The present value of the defined-benefit obligation is measured on the basis of the actuarial assumptions applied by the Group, using the projected unit credit method. This method takes into account various parameters, specific to each country or Group entity, such as demographic assumptions, the probability that employees will leave before retirement age, salary inflation, a discount rate, and the general inflation rate. When the value of the plan assets exceeds the amount of the obligation, an asset is recognised if it represents a future economic benefit for the Group in the form of a reduction in future contributions or a future partial refund of amounts paid into the plan. The annual expense recognised in the profit and loss account under “Salaries and employee benefits”, with respect to defined-benefit plans includes the current service cost (the rights vested by each employee during the period in return for service rendered), the net interests linked to the effect of discounting the net defined-benefit liability (asset), the past service cost arising from plan amendments or curtailments, and the effect of any plan settlements. Remeasurements of the net defined-benefit liability (asset) are recognised in shareholders’ equity and are never reclassified to profit or loss. They include actuarial gains and losses, the return on plan assets and any change in the effect of the asset ceiling (excluding amounts included in net interest on the defined-benefit liability or asset). 1.i SHARE-BASED PAYMENTS Share-based payment transactions are payments based on shares issued by the Group, whether the transaction is settled in the form of equity or cash of which the amount is based on trends in the value of BNP Paribas shares. IFRS 2 requires share-based payments granted after 7 November 2002 to be recognised as an expense. The amount recognised is the value of the share-based payment granted to the employee. The Group grants employees stock subscription option plans and deferred share-based or share pricelinked cash-settled compensation plans, and also offers them the possibility to purchase speciallyissued BNP Paribas shares at a discount, on condition that they retain the shares for a specified period. Stock option and share award plans The expense related to stock option and share award plans is recognised over the vesting period, if the benefit is conditional upon the grantee’s continued employment. Stock options and share award expenses are recorded under salary and employee benefits expenses, with a corresponding adjustment to shareholders' equity. They are calculated on the basis of the overall plan value, determined at the date of grant by the Board of Directors. In the absence of any market for these instruments, financial valuation models are used that take into account any performance conditions related to the BNP Paribas share price. The total expense of a plan is determined by multiplying the unit value per option or share awarded by the estimated number of options or shares awarded vested at the end of the vesting period, taking into account the conditions regarding the grantee’s continued employment. The only assumptions revised during the vesting period, and hence resulting in a remeasurement of the expense, are those relating to the probability that employees will leave the Group and those relating to performance conditions that are not linked to the price value of BNP Paribas shares. - 33 - Consolidated financial statements as at 31 December 2015 Share price-linked cash-settled deferred compensation plans The expense related to these plans is recognised in the year during which the employee rendered the corresponding services. If the payment of share-based variable compensation is explicitly subject to the employee's continued presence at the vesting date, the services are presumed to have been rendered during the vesting period and the corresponding compensation expense is recognised on a pro rata basis over that period. The expense is recognised under salary and employee benefits expenses with a corresponding liability in the balance sheet. It is revised to take into account any non-fulfilment of the continued presence or performance conditions and the change in BNP Paribas share price. If there is no continued presence condition, the expense is not deferred, but recognised immediately with a corresponding liability in the balance sheet. This is then revised on each reporting date until settlement to take into account any performance conditions and the change in the BNP Paribas share price. Share subscriptions or purchases offered to employees under the company savings plan Share subscriptions or purchases offered to employees under the company savings plan (Plan d’Épargne Entreprise) at lower-than-market rates over a specified period do not include a vesting period. However, employees are prohibited by law from selling shares acquired under this plan for a period of five years. This restriction is taken into account when measuring the benefit to the employees, which is reduced accordingly. Therefore, the benefit equals the difference, at the date the plan is announced to employees, between the fair value of the share (after allowing for the restriction on sale) and the acquisition price paid by the employee, multiplied by the number of shares acquired. The cost of the mandatory five-year holding period is equivalent to the cost of a strategy involving the forward sale of shares subscribed at the time of the capital increase reserved for employees and the cash purchase of an equivalent number of BNP Paribas shares on the market, financed by a loan repaid at the end of a five-year period out of the proceeds from the forward sale transaction. The interest rate on the loan is the rate that would be applied to a five-year general purpose loan taken out by an individual with an average risk profile. The forward sale price for the shares is determined on the basis of market parameters. 1.j PROVISIONS RECORDED UNDER LIABILITIES Provisions recorded under liabilities (other than those relating to financial instruments, employee benefits and insurance contracts) mainly relate to restructuring, claims and litigation, fines and penalties, and tax risks. A provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event, and a reliable estimate can be made of the amount of the obligation. The amount of such obligations is discounted, where the impact of discounting is material, in order to determine the amount of the provision. - 34 - Consolidated financial statements as at 31 December 2015 1.k CURRENT AND DEFERRED TAXES The current income tax charge is determined on the basis of the tax laws and tax rates in force in each country in which the Group operates during the period in which the income is generated. Deferred taxes are recognised when temporary differences arise between the carrying amount of an asset or liability in the balance sheet and its tax base. Deferred tax liabilities are recognised for all taxable temporary differences other than: - taxable temporary differences on initial recognition of goodwill; - taxable temporary differences on investments in enterprises under the exclusive or joint control of the Group, where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of tax losses only to the extent that it is probable that the entity in question will generate future taxable profits against which these temporary differences and tax losses can be offset. Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been or will have been enacted by the balance sheet date of that period. They are not discounted. Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under the jurisdiction of a single tax authority, and there is a legal right to offset. Current and deferred taxes are recognised as tax income or expenses in the profit and loss account, except for those relating to a transaction or an event directly recognised in shareholders’ equity, which are also recognised in shareholders’ equity. When tax credits on revenues from receivables and securities are used to settle corporate income tax payable for the period, the tax credits are recognised on the same line as the income to which they relate. The corresponding tax expense continues to be carried in the profit and loss account under “Corporate income tax”. 1.l CASH FLOW STATEMENT The cash and cash equivalents balance is composed of the net balance of cash accounts and accounts with central banks, and the net balance of interbank demand loans and deposits. Changes in cash and cash equivalents related to operating activities reflect cash flows generated by the Group’s operations, including cash flows related to investment property, held-to-maturity financial assets and negotiable certificates of deposit. Changes in cash and cash equivalents related to investing activities reflect cash flows resulting from acquisitions and disposals of subsidiaries, associates or joint ventures included in the consolidated group, as well as acquisitions and disposals of property, plant and equipment excluding investment property and property held under operating leases. Changes in cash and cash equivalents related to financing activities reflect the cash inflows and outflows resulting from transactions with shareholders, cash flows related to bonds and subordinated debt, and debt securities (excluding negotiable certificates of deposit). - 35 - Consolidated financial statements as at 31 December 2015 1.m USE OF ESTIMATES IN THE PREPARATION OF THE FINANCIAL STATEMENTS Preparation of the financial statements requires managers of core businesses and corporate functions to make assumptions and estimates that are reflected in the measurement of income and expense in the profit and loss account and of assets and liabilities in the balance sheet, and in the disclosure of information in the notes to the financial statements. This requires the managers in question to exercise their judgement and to make use of information available at the date of the preparation of the financial statements when making their estimates. The actual future results from operations where managers have made use of estimates may in reality differ significantly from those estimates, mainly according to market conditions. This may have a material effect on the financial statements. This applies in particular to: - impairment losses recognised to cover credit risks inherent in banking intermediation activities; - the use of internally-developed models to measure positions in financial instruments that are not quoted in active markets; - calculations of the fair value of unquoted financial instruments classified in “Available-for-sale financial assets”, “Financial assets at fair value through profit or loss” or “Financial liabilities at fair value through profit or loss”, and more generally calculations of the fair value of financial instruments subject to a fair value disclosure requirement; - whether a market is active or inactive for the purposes of using a valuation technique; - impairment losses on variable-income financial assets classified as "Available-for-sale"; - impairment tests performed on intangible assets; - the appropriateness of the designation of certain derivative instruments such as cash flow hedges, and the measurement of hedge effectiveness; - estimates of the residual value of assets leased under finance leases or operating leases, and more generally of assets on which depreciation is charged net of their estimated residual value; - the measurement of provisions for contingencies and charges. This is also the case for assumptions applied to assess the sensitivity of each type of market risk and the sensitivity of valuations to non-observable parameters. - 36 - Consolidated financial statements as at 31 December 2015 2. RETROSPECTIVE IMP ACT OF THE IFRIC 21 INTERPRETATION As of 1 January 2015, the Group has applied the IFRIC 21 “Levies” interpretation in the consolidated financial statements. As this interpretation has a retrospective effect, the comparative financial statements as at 1 January and 31 December 2014 have been restated. The IFRIC 21 interpretation provides guidance on the timing for recognising levies that are accounted for in accordance with IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”. These levies are mainly classified as other operating expenses in the profit and loss account. Income taxes and equivalent taxes that are within the scope of IAS 12 “Income Taxes” are excluded from the scope of this interpretation. The obligating event that gives rise to the recognition of a levy which is within the scope of IFRIC 21 is the activity that triggers the payment of the levy, as identified by the legislation. Thus, some levies which were previously recognised progressively over the fiscal year (such as the systemic risk contributions and the “Contribution Sociale de Solidarité” in France), have to be accounted for as at 1 January in their entirety. As regards the profit and loss account for the year ended 31 December 2014, the application of IFRIC 21 led to a EUR 2 million decrease in other operating expenses. As regards the balance sheet as at 1 January 2014, applying IFRIC 21 triggers an increase of EUR 49 million in the shareholders’ equity attributable to shareholders, reflecting the derecognition of the French “Contribution Sociale de Solidarité”, which was previously recognised as an expense in 2013, while it was payable in 2014. This increase in shareholders’ equity is balanced by the EUR 76 million decrease in accrued expenses and the EUR 27 million decrease in deferred tax assets. - 37 - Consolidated financial statements as at 31 December 2015 3. NOTES TO THE PROFIT AND LOSS ACCOUNT FOR THE YE AR ENDED 31 DECEMBER 2015 3.a NET INTEREST INCOME The BNP Paribas Group includes in “Interest income” and “Interest expense” all income and expense from financial instruments measured at amortised cost (interest, fees/commissions, transaction costs), and from financial instruments measured at fair value that do not meet the definition of a derivative instrument. These amounts are calculated using the effective interest method. The change in fair value on financial instruments at fair value through profit or loss (excluding accrued interest) is recognised under “Net gain/loss on financial instruments at fair value through profit or loss”. Interest income and expense on derivatives accounted for as fair value hedges are included with the revenues generated by the hedged item. Similarly, interest income and expense arising from derivatives used to hedge transactions designated as at fair value through profit or loss is allocated to the same accounts as the interest income and expense relating to the underlying transactions. Year to 31 Dec. 2015 In millions of euros Income Customer items Deposits, loans and borrowings Repurchase agreements Finance leases Interbank items Deposits, loans and borrowings Repurchase agreements Expense Year to 31 Dec. 2014 Net Income Expense Net 25,204 (7,498) 17,706 24,320 (8,025) 16,295 23,998 38 (7,438) (11) 16,560 27 23,065 25 (7,902) (41) 15,163 (16) 1,168 (49) 1,119 1,230 (82) 1,148 1,368 (1,305) 63 1,548 (1,391) 157 1,310 (1,165) 145 1,479 (1,257) 222 58 (140) (82) 69 (134) (65) (1,805) (1,805) (2,023) (2,023) Debt securities issued Cash flow hedge instruments 4,249 (3,334) 915 2,948 (2,565) 383 Interest rate portfolio hedge instruments 3,105 (3,409) (304) 2,709 (2,909) (200) Financial instruments at fair value through profit or loss 2,231 (1,477) (1,475) 203 Fixed-income securities 754 1,678 1,406 944 (348) (778) (161) (140) 154 580 (351) (351) 1,406 Loans / borrowings Repurchase agreements 187 638 Debt securities Available-for-sale financial assets Held-to-maturity financial assets Total interest income/(expense) 944 (273) (750) (119) (170) (452) (452) 4,840 4,840 5,063 5,063 384 384 441 441 22,553 38,707 41,381 (18,828) (18,388) 20,319 Interest income on individually impaired loans amounted to EUR 546 million in the year ended 31 December 2015 compared with EUR 574 million in the year ended 31 December 2014. - 38 - Consolidated financial statements as at 31 December 2015 3.b COMMISSION INCOME AND EXPENSE Commission income and expense on financial instruments not measured at fair value through profit or loss amounted to EUR 2,975 million and EUR 355 million respectively in 2015, compared with income of EUR 3,114 million and expense of EUR 334 million in 2014. Net commission income related to trust and similar activities through which the Group holds or invests assets on behalf of clients, trusts, pension and personal risk funds or other institutions amounted to EUR 2,539 million in 2015, compared with EUR 2,304 million in 2014. 3.c NET GAIN ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS Net gain on financial instruments at fair value through profit or loss includes all profit and loss items (including dividends) relating to financial instruments managed in the trading book and financial instruments that the Group has designated as at fair value through profit or loss under the fair value option, other than interest income and expense which are recognised in “Net interest income” (note 3.a). Gains and losses on financial instruments designated as at fair value through profit or loss are mainly related to instruments whose changes in value may be compensated by changes in the value of economic hedging trading book instruments. Year to 31 Dec. 2015 In millions of euros Year to 31 Dec. 2014 Trading book 2,622 3,641 Interest rate and credit instruments Equity financial instruments 1,668 3,416 132 4,092 (1,707) (782) (60) (509) 27 (14) 3,352 266 980 (277) 80 10 Foreign exchange financial instruments Other derivatives Repurchase agreements Financial instruments designated as at fair value through profit or loss of which debt remeasurement effect arising from BNP Paribas Group issuer risk (note 5.d) Impact of hedge accounting Fair value hedging derivatives Hedged items in fair value hedge Total 609 2,148 (529) (2,138) 6,054 4,631 Net gains on the trading book in 2015 and 2014 include a non-material amount related to the ineffective portion of cash flow hedges. - 39 - Consolidated financial statements as at 31 December 2015 3.d NET GAIN ON AVAILABLE-FOR-SALE FINANCIAL ASSETS AND OTHER FINANCIAL ASSETS NOT MEASURED AT FAIR VALUE Year to 31 Dec. 2015 In millions of euros Year to 31 Dec. 2014 Loans and receivables, fixed-income securities (1) Disposal gains and losses 510 512 510 512 Equities and other variable-income securities Dividend income Additions to impairment provisions 975 1,457 580 534 (333) 728 (210) 1,133 1,485 1,969 Net disposal gains Total (1) Interest income from fixed-income financial instruments is included in “Net interest income” (note 3.a), and impairment losses related to potential issuer default are included in “Cost of risk” (note 3.f). After the impact of insurance policyholders’ surplus reserve, unrealised gains and losses previously recorded under “Changes in assets and liabilities recognised directly in shareholders’ equity” and included in the pre-tax income, amount to a gain of EUR 635 million for the year ended 31 December 2015 compared with a net gain of EUR 1,046 million for the year ended 31 December 2014. The application of the automatic impairment criteria and qualitative analysis led to a first impairment of variable-income securities, for the following amounts: 3.e EUR 40 million linked to a decline in price of more than 50% of the acquisition price (EUR 11 million in 2014), EUR 39 million linked to the observation of an unrealised loss over two consecutive years (EUR 9 million in 2014), EUR 9 million linked to the observation of an unrealised loss of at least an average of 30% over one year (EUR 1 million in 2014), EUR 28 million linked to an additional qualitative analysis (EUR 29 million in 2014). NET INCOME FROM OTHER ACTIVITIES Year to 31 Dec. 2015 Income In millions of euros Net income from insurance activities Net income from investment property Expense Year to 31 Dec. 2014 Net Income Expense Net 29,184 74 (25,435) (60) 3,749 14 27,529 78 (24,088) (78) 3,441 - Net income from assets held under operating leases Net income from property development activities 6,249 1,031 (5,019) (834) 1,230 197 5,661 929 (4,576) (739) 1,085 190 Other net income 1,751 (1,710) 41 1,563 (1,418) 145 38,289 (33,058) 5,231 35,760 (30,899) 4,861 Total net income from other activities - 40 - Consolidated financial statements as at 31 December 2015 Net income from insurance activities Year to 31 Dec. 2015 In millions of euros Year to 31 Dec. 2014 Gross premiums written 23,633 23,588 Policy benefit expenses (14,763) (14,295) (7,024) (8,051) 2,143 2,513 (320) (394) 80 80 3,749 3,441 Changes in technical reserves Change in value of admissible investments related to unit-linked policies Reinsurance ceded Other income and expense Total net income from insurance activities "Policy benefit expenses" include expenses arising from surrenders, maturities and claims relating to insurance contracts. "Changes in technical reserves" reflect changes in the value of financial contracts, in particular unit-linked policies. Interest paid on such contracts is recognised in "Interest expense". 3.f COST OF RISK “Cost of risk” represents the net amount of impairment losses recognised in respect to credit risks inherent in the Group’s banking intermediation activities, plus any impairment losses in the cases of known counterparty risks on over-the-counter financial instruments. Cost of risk for the period Year to 31 Dec. 2015 In millions of euros Net allowances to impairment Recoveries on loans and receivables previously written off Irrecoverable loans and receivables not covered by impairment provisions Total cost of risk for the period Year to 31 Dec. 2014 (3,739) (3,501) 589 482 (647) (686) (3,797) (3,705) Cost of risk for the period by asset type Year to 31 Dec. 2015 In millions of euros Loans and receivables due from credit institutions Loans and receivables due from customers Year to 31 Dec. 2014 (10) (3,639) 48 (3,674) Available-for-sale financial assets Financial instruments of trading activities (18) (16) (19) 32 Other assets Commitments given and other items (17) (97) (7) (85) Total cost of risk for the period (3,797) (3,705) Cost of risk on a specific basis Cost of risk on a collective basis (3,961) 164 (4,135) 430 - 41 - Consolidated financial statements as at 31 December 2015 Credit risk impairment Impairment variance during the period Year to 31 Dec. 2015 In millions of euros Total impairment at beginning of year Year to 31 Dec. 2014 27,945 27,014 Net allowance to impairment 3,739 3,501 Impairment provisions used (4,342) (3,146) 334 576 27,676 27,945 Effect of exchange rate movements and other items Total impairment at end of year Impairment by asset type 31 December 2015 In millions of euros Impairment of assets Loans and receivables due from credit institutions (note 5.f) 31 December 2014 241 257 26,194 26,418 141 132 Available-for-sale financial assets (note 5.c) 75 85 Other assets 50 Loans and receivables due from customers (note 5.g) Financial instruments of trading activities - 39 - Total impairment of financial assets of which specific impairment 26,701 23,200 26,931 23,248 of which collective provisions 3,501 3,683 Provisions recognised as liabilities Provisions for commitments given - to credit institutions - to customers Other specific provisions Total provisions recognised for credit commitments (note 5.q) of which specific impairment for commitments given of which collective provisions Total impairment and provisions - 42 - 16 19 422 537 434 561 975 1,014 317 120 312 142 27,676 27,945 Consolidated financial statements as at 31 December 2015 3.g COSTS RELATED TO THE COMPREHENSIVE SETTLEMENT WITH US AUTHORITIES On 30 June 2014, the Group has come to a comprehensive settlement of the pending investigation relating to US dollar transactions involving parties subject to US sanctions, including agreements with the U.S. Department of Justice, the U.S. Attorney’s Office for the Southern District of New York, the New York County District Attorney’s Office, the Board of Governors of the U.S. Federal Reserve System (FED), the New York State Department of Financial Services (DFS), and the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). The settlement includes guilty pleas entered into by BNP Paribas SA in relation to violations of certain US laws and regulations regarding economic sanctions against certain countries and related recordkeeping. BNP Paribas also agrees to pay a total of USD 8.97 billion (EUR 6.55 billion). Beyond what had already been provisioned as at 31 December 2013 (EUR 0.8 billion), this resulted in an exceptional charge of EUR 5.75 billion recorded in the second quarter of 2014. An uncertainty remains regarding the fiscal rule that will apply eventually to the different Group entities involved in the settlement. BNP Paribas has also accepted a temporary suspension of one year, starting 1 January 2015, of the USD direct clearing focused mainly on the Oil & Gas Energy & Commodity Finance business line in certain locations. BNP Paribas has worked with the US authorities to resolve these issues and the resolution of these matters was coordinated by its home regulator (Autorité de Contrôle Prudentiel et de Résolution - ACPR) with its lead regulators. BNP Paribas maintains its licenses as part of the settlements. In advance of the settlement, the bank designed new robust compliance and control procedures. They involve important changes to the Group’s procedures. Specifically: a department called “Group Financial Security US”, part of the “Group Compliance” function, is headquartered in New York and ensures that BNP Paribas complies globally with US regulation related to international sanctions and embargoes; all USD flows for the entire BNP Paribas Group will be ultimately processed and controlled via the branch in New York. In 2014, the Group recorded a EUR 250 million provision for additional implementation costs related to the remediation plan agreed upon with US authorities, bringing the total costs related to the comprehensive settlement to EUR 6 billion for the year ended 31 December 2014. In 2015, the Group reassessed the costs related to the remediation plan and recognised an additional allowance of EUR 100 million. - 43 - Consolidated financial statements as at 31 December 2015 3.h CORPORATE INCOME TAX Reconciliation of the effective tax expense to the theoretical tax expense at standard tax rate in France(2) Corporate income tax expense on pre-tax income at standard tax rate in France (3) Year to 31 Dec. 2015 in millions of euros Year to 31 Dec. 2014(1) in millions of euros tax rate tax rate (4,098) 38.0% (1,176) 38.0% Impact of differently taxed foreign profits Impact of dividends and securities disposals taxed at reduced rate Tax impact of previously unrecognised deferred taxes (tax losses and temporary differences) Tax impact of using tax losses for which no deferred tax asset was previously recognised Impact of the non-deduction of the costs related to the comprehensive settlement with US authorities 450 334 -4.2% -3.1% 483 268 -15.6% -8.7% 7 -0.1% 87 -2.8% 30 -0.3% 28 -0.9% - - (2,185) 70.7% Other items (58) 0.6% (148) 4.7% (3,335) 30.9% (2,643) 85.4% Corporate income tax expense of which Current tax expense for the year to 31 December Deferred tax expense for the year to 31 December (note 5.k) (1) (2) (3) (2,428) (907) (2,634) (9) Restated according to the IFRIC 21 interpretation (see notes 1.a and 2). Including the 3.3% social security contribution tax and the exceptional 10.7% contribution calculated on French corporate tax at 33.33%, lifting it to 38%. Restated for the share of profits in equity-method entities and goodwill impairment. - 44 - Consolidated financial statements as at 31 December 2015 4. SEGMENT INFORM ATION The Group is composed of two operating divisions: Retail Banking and Services, which covers Domestic Markets and International Financial Services. Domestic Markets include retail banking networks in France (FRB), Italy (BNL banca commerciale), Belgium (BRB), and Luxembourg (LRB), as well as certain specialised retail banking divisions (Personal Investors, Leasing Solutions and Arval). International Financial Services is composed of all BNP Paribas Group retail banking businesses out of the Eurozone, split between Europe Mediterranean and BancWest in the United States, as well as the Insurance activity and the Wealth and Asset Management activities (Wealth Management, Investment Partners and Real Estate); Corporate and Institutional Banking (CIB), which includes Corporate Banking (Europe, Middle East, Africa, Asia, Americas, and Corporate Finance activities), Global Markets (Fixed Income, Currency and Commodities, as well as Equity and Prime Services), and Securities Services to management companies, financial institutions and other corporations. Other activities mainly include Principal Investments, activities related to the Group’s central treasury function, some costs related to cross-business projects, the residential mortgage lending business of Personal Finance (a significant part of which is managed in run-off), and certain investments. They also include non-recurring items resulting from applying the rules on business combinations. In order to provide consistent and relevant economic information for each core business, the impact of amortising fair value adjustments recognised in the net equity of entities acquired and restructuring costs incurred in respect to the integration of entities, have been allocated to the “Other Activities” segment. The same applies to transformation costs relating to the Group’s cross-business savings programme (Simple and Efficient). Inter-segment transactions are conducted at arm’s length. The segment information presented comprises agreed inter-segment transfer prices. The capital allocation is carried out on the basis of risk exposure, taking into account various conventions relating primarily to the capital requirement of the business as derived from the riskweighted asset calculations required under capital adequacy rules. Normalised equity income by segment is determined by attributing to each segment the income of its allocated equity. The equity allocation to segments is based on 9% of weighted assets. The breakdown of balance sheet by core business follows the same rules as the breakdown of the profit or loss by core business. So as to be comparable with 2015, the segment information for 2014 has been restated of the following main effects as if these had occurred from 1 January 2014: 1. In accordance with the new organisation announced by the Group on 5 February 2015, the restated quarterly series include the effect of the internal transfers of activities that have been made as of 1 January 2015, mainly: the transfer of Securities Services to Corporate and Institutional Banking; the transfer of Corporate Finance, previously part of Advisory and Capital Markets, to Corporate Banking; the creation, within Global Markets, of two new reporting segments, Fixed Income, Currency and Commodities (FICC) and Equity and Prime Services, after adjustment of the scope of activities. These changes do not affect the Group income but only its analytical breakdown. 2. As indicated in notes 1.a and 2 the Group has applied the IFRIC 21 “Levies” interpretation in the consolidated financial statements as of 1 January 2015. - 45 - Consolidated financial statements as at 31 December 2015 Income by business segment Year to 31 Dec. 2015 Revenues Operating expenses In millions of euros Year to 31 Dec. 2014(1) Exceptio Cost of nOperating risk al costs income (3) Nonoperating items Pre-tax Operating Revenues income expenses Cost of Exception- Operating risk al costs(3) income Nonoperating items Pre-tax income Retail Banking & Services Domestic Markets French Retail Banking (2) BNL banca commerciale (2) 6,322 (4,404) (341) 1,577 3 1,580 6,480 (4,385) (401) 1,694 2 1,696 3,051 (1,830) (1,248) (27) (1) (28) 3,158 (1,738) (1,397) 23 Belgian Retail Banking (2) 3,388 (2,357) (86) 945 (9) 936 3,227 (2,350) (129) 748 (10) 738 23 Other Domestic Markets activities (2) 2,616 (1,434) (136) 1,046 21 1,067 2,279 (1,262) (143) 874 (18) 856 4,744 (2,291) (1,176) 1,277 74 1,351 4,103 (1,962) (1,095) 1,046 99 1,145 Europe-Mediterranean (2) 2,482 (1,707) (466) 309 174 483 2,097 (1,461) (357) 279 106 385 BancWest (2) 2,785 (1,856) (50) 879 31 910 2,202 (1,424) (50) 728 4 732 Insurance 2,304 (1,160) (5) 1,139 157 1,296 2,180 (1,081) (6) 1,093 121 1,214 Wealth and Asset Management 3,020 (2,301) (25) 694 46 740 2,813 (2,174) (3) 636 75 711 Corporate Banking 3,736 (2,258) (139) 1,339 162 1,501 3,533 (2,029) (131) 1,373 14 1,387 Global Markets 6,124 (4,552) (79) 1,493 1,493 5,187 (4,108) 50 1,129 6 1,135 Securities Services 1,799 (1,468) 5 336 (1) 335 1,577 (1,288) 5 294 8 302 567 (1,636) (51) (100) (1,220) (65) (1,285) 332 (1,262) (48) (6,000) (6,978) (196) (7,174) 42,938 (29,254) (3,797) (100) 9,787 592 10,379 39,168 (26,524) (3,705) (6,000) 2,939 211 3,150 International Financial Services Personal Finance International Retail Banking Corporate & Institutional Banking Other Activities Total Group (1) Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.). (2) French Retail Banking, BNL banca commerciale, Belgian Retail Banking, Luxembourg Retail Banking, Europe-Mediterranean and BancWest after the reallocation within Wealth and Asset Management of one-third of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Turkey and the United States. (3) Costs related to the comprehensive settlement with US authorities. - 46 - Consolidated financial statements as at 31 December 2015 Assets and liabilities by business segment 31 December 2015 Asset In millions of euros 31 December 2014(1) Liability Asset Liability Retail Banking & Services Domestic Markets French Retail Banking BNL banca commerciale Belgian Retail Banking Other Domestic Markets activities 409,243 158,579 73,850 126,383 50,431 409,515 165,318 55,169 144,818 44,210 394,508 155,839 73,993 118,918 45,758 410,197 164,674 66,135 138,799 40,589 International Financial Services Personal Finance International Retail Banking Europe-Mediterranean BancWest Insurance Wealth and Asset Management 420,915 57,784 133,956 51,674 82,282 211,172 18,003 390,116 14,090 122,659 45,735 76,924 205,092 48,275 390,855 51,137 120,286 50,860 69,426 201,498 17,934 363,612 13,961 109,783 44,915 64,868 196,801 43,067 1,084,212 1,027,433 1,218,867 1,149,343 79,823 167,129 73,528 154,606 1,994,193 1,994,193 2,077,758 2,077,758 Corporate and Institutional Banking Other Activities Total Group (1)Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.). Information by business segment relating to goodwill is presented in note 5.o Goodwill. Information by geographic area The geographic split of segment results, assets and liabilities is based on the region in which they are recognised for accounting purposes, adjusted as per the managerial origin of the business activity. It does not necessarily reflect the counterparty's nationality or the location of operational businesses. Revenues by geographic area - Year to 31 Dec. 2015 In millions of euros Europe Year to 31 Dec. 2014(1) 31,484 29,644 North America 5,067 4,041 Asia & Pacific 3,223 2,713 Others 3,164 2,770 42,938 39,168 Total Group (1)Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.). Assets and liabilities, in contribution to the consolidated accounts, by geographic area - 31 December 2015 In millions of euros Europe 31 December 2014(1) 1,565,574 1,622,887 North America 231,988 250,880 Asia & Pacific 143,390 151,481 53,241 52,510 1,994,193 2,077,758 Others Total Group (1) Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.). - 47 - Consolidated financial statements as at 31 December 2015 5. NOTES TO THE BALANCE SHEET AT 31 DECEMBER 2015 5.a FINANCIAL ASSETS, FINANCIAL LIABILITIES AND DERIVATIVES AT FAIR VALUE THROUGH PROFIT OR LOSS FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS Financial assets and financial liabilities at fair value through profit or loss consist of held-for-trading transactions - including derivatives - and certain assets and liabilities designated by the Group as at fair value through profit or loss at the time of acquisition or issuance. 31 December 2015 Trading book In millions of euros 31 December 2014 Instruments designated as at fair value through profit or loss Trading book Instruments designated as at fair value through profit or loss Securities portfolio 133,500 83,043 156,546 78,563 Loans and repurchase agreements 131,783 33 165,776 264 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 265,283 83,076 322,322 78,827 Securities portfolio 82,544 Borrowings and repurchase agreements 156,771 Debt securities (note 5.i) 78,912 2,384 196,733 2,009 46,330 48,171 Subordinated debt (note 5.i) 1,382 1,550 Debt representative of shares of consolidated funds held by third parties 3,022 5,902 FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 239,315 53,118 275,645 57,632 Detail of these assets and liabilities is provided in note 5.d. FINANCIAL INSTRUMENTS DESIGNATED AS AT FAIR VALUE THROUGH PROFIT OR LOSS Financial assets designated as at fair value through profit or loss Assets designated by the Group as at fair value through profit or loss mainly include admissible investments related to unit-linked insurance policies and the insurance general fund, and to a lesser extent, assets with embedded derivatives that have not been separated from the host contract. Admissible investments related to unit-linked insurance policies include securities issued by the Group’s consolidated entities, which are not eliminated upon consolidation in order to keep the figures shown in respect of the assets invested under these contracts at the same level as the technical reserves set aside in respect of the corresponding policyholder liabilities. The fixed-income securities (certificates and Euro Medium Term Notes) not eliminated upon consolidation amounted to EUR 588 million at 31 December 2015 compared with EUR 700 million at 31 December 2014, and variableincome securities (shares mainly issued by BNP Paribas SA) amounted to EUR 89 million at 31 December 2015 compared with EUR 137 million at 31 December 2014. Eliminating these securities would not have a material impact on the financial statements for the period. - 48 - Consolidated financial statements as at 31 December 2015 Financial liabilities designated as at fair value through profit or loss Financial liabilities at fair value through profit or loss mainly consist of debt securities in issue, originated and structured on behalf of customers, where the risk exposure is managed in combination with the hedging strategy. These types of debt securities in issue contain significant embedded derivatives, whose changes in value may be compensated by changes in the value of economic hedging derivatives. The redemption value of debt issued and designated as at fair value through profit or loss at 31 December 2015 was EUR 51,325 million (EUR 51,592 million at 31 December 2014). DERIVATIVE FINANCIAL INSTRUMENTS The majority of derivative financial instruments held for trading are related to transactions initiated for trading purposes. They may result from market-making or arbitrage activities. BNP Paribas actively trades in derivatives. Transactions include trades in “ordinary” instruments such as credit default swaps, and structured transactions with complex risk profiles tailored to meet the needs of its customers. The net position is in all cases subject to limits. Some derivative instruments are also contracted to hedge financial assets or financial liabilities for which the Group has not documented a hedging relationship, or which do not qualify for hedge accounting under IFRS. This applies in particular to credit derivative transactions which are primarily contracted to protect the Group’s loan book. 31 December 2015 Positive market value In millions of euros Interest rate derivatives Negative market value 18,425 33,112 40,242 6,061 7,360 336,624 Derivative financial instruments Negative market value 295,651 57,211 44,532 14,213 14,738 31,077 Equity derivatives Other derivatives Positive market value 220,780 239,249 44,200 Foreign exchange derivatives Credit derivatives 31 December 2014 8,099 412,498 325,828 280,311 62,823 18,054 41,838 7,224 410,250 The table below shows the total notional amount of trading derivatives. The notional amounts of derivative instruments are merely an indication of the volume of the Group’s activities in financial instruments markets, and do not reflect the market risks associated with such instruments. 31 December 2015 In millions of euros Interest rate derivatives Foreign exchange derivatives Credit derivatives Equity derivatives Other derivatives Derivative financial instruments (1) Organised markets (1) Over-thecounter Total 8,434,019 21,691,606 3,184,346 968,859 3,243,459 1,123,988 651,221 30,267 1,459,546 143,518 13,268,712 27,662,117 13,257,587 59,113 155,129 808,325 113,251 14,393,405 31 December 2014 Organised markets (1) 18,427,162 28,833 590,153 773,280 89,464 19,908,892 Over-thecounter Total 13,000,642 31,427,804 3,443,439 1,210,331 3,472,272 1,800,484 643,631 79,431 1,416,911 168,895 18,377,474 38,286,366 Of which 90% of over-the-counter derivatives cleared through central clearing houses. - 49 - Consolidated financial statements as at 31 December 2015 5.b DERIVATIVES USED FOR HEDGING PURPOSES The table below shows the fair value of derivatives used for hedging purposes. 31 December 2015 31 December 2014 Positive fair value Negative fair value Positive fair value Negative fair value In millions of euros Fair value hedges Interest rate derivatives 15,071 17,905 15,976 19,326 15,071 17,897 15,976 19,321 Foreign exchange derivatives 8 Cash flow hedges Interest rate derivatives Foreign exchange derivatives 2,888 3,162 3,704 3,664 2,766 109 3,034 124 3,607 71 3,555 102 13 4 26 7 104 1 86 3 104 1 86 3 18,063 21,068 19,766 22,993 Other derivatives Net foreign investment hedges Foreign exchange derivatives Derivatives used for hedging purposes 5 The total notional amount of derivatives used for hedging purposes stood at EUR 993,828 million at 31 December 2015, compared with EUR 920,215 million at 31 December 2014. 5.c AVAILABLE-FOR-SALE FINANCIAL ASSETS 31 December 2015 of which impairment Net 31 December 2014 of which changes in value taken directly to equity of which impairment Net of which changes in value taken directly to equity In millions of euros Fixed-income securities Treasury bills and government bonds 239,899 (75) 13,554 234,032 (85) 15,761 131,269 (4) 8,559 123,405 (4) 8,869 Other fixed-income securities 108,630 (71) 4,995 110,627 (81) 6,892 19,034 (3,090) 4,238 18,260 (2,953) 3,833 5,595 13,439 (836) (2,254) 1,583 2,655 5,273 12,987 (945) (2,008) 1,707 2,126 258,933 (3,165) 17,792 252,292 (3,038) 19,594 Equities and other variable-income securities Listed securities Unlisted securities Total available-for-sale financial assets The gross amount of impaired fixed-income securities is EUR 131 million at 31 December 2015 (EUR 201 million at 31 December 2014). The Visa Europe shares, included in the unlisted variable-income securities, have been remeasured through shareholders’ equity, for EUR 430 million, to take into account the terms of the agreement of acquisition by Visa Inc. The remeasured value was calculated by applying a 25% discount to the estimated sale price, composed of a cash amount and preferred shares. - 50 - Consolidated financial statements as at 31 December 2015 This discount is representative of the following valuation uncertainties: the definitive closing of the transaction, subject to approvals by European authorities, the definitive breakdown of the sale price between sellers, the liquidity of preferred shares, the assessment of litigation related to Visa Europe’s activity. This agreement includes a clause of earn-out payable after the fourth anniversary of the closing, This earn-out has not been taken into account in the valuation of Visa Europe shares as at 31 December 2015. Changes in value taken directly to equity are detailed as follows: 31 December 2015 Fixedincome securities In millions of euros 31 December 2014 Equities and other variableincome securities Total Fixedincome securities Equities and other variableincome securities Total Non-hedged changes in value of securities, recognised in "Available-for-sale financial assets" Deferred tax linked to these changes in value 13,554 4,238 17,792 15,761 3,833 19,594 (4,548) (856) (5,404) (5,281) (842) (6,123) Insurance policyholders' surplus reserve from insurance entities, after deferred tax (6,960) (1,119) (8,079) (8,257) (1,072) (9,329) Group share of changes in value of available-for-sale securities owned by equitymethod entities, after deferred tax and insurance policyholders' surplus reserve 889 92 981 884 84 968 Unamortised changes in value of available-for-sale securities reclassified as loans and receivables (39) (39) (74) Other variations (55) (7) (62) (52) 14 (38) Changes in value of assets taken directly to equity under the heading "Financial assets available for sale and reclassified as loans and receivables" 2,841 2,348 5,189 2,981 2,017 4,998 Attributable to equity shareholders 2,735 2,331 5,066 2,859 2,006 4,865 106 17 123 122 11 133 Attributable to minority interests (74) Maturity schedule of available-for-sale fixed-income securities by contractual maturity: In millions of euros, at 31 December 2015 Fixed-income securities In millions of euros, at 31 December 2014 Fixed-income securities < 1 month 1 to 3 months 3 months to 1 year 1 to 5 years More than 5 years 9,924 17,900 85,614 115,113 1 to 3 months 3 months to 1 year 1 to 5 years More than 5 years 10,624 14,477 78,455 111,369 11,348 < 1 month 19,107 - 51 - TOTAL 239,899 TOTAL 234,032 Consolidated financial statements as at 31 December 2015 5.d MEASUREMENT OF THE FAIR VALUE OF FINANCIAL INSTRUMENTS VALUATION PROCESS BNP Paribas has retained the fundamental principle that it should have a unique and integrated processing chain for producing and controlling the valuations of financial instruments that are used for the purpose of daily risk management and financial reporting. All these processes are based on a common economic valuation which is a core component of business decisions and risk management strategies. Economic value is composed of mid-market value and additional valuation adjustments. Mid-market value is derived from external data or valuation techniques that maximise the use of observable and market-based data. Mid-market value is a theoretical additive value which does not take account of i) the direction of the transaction or its impact on the existing risks in the portfolio, ii) the nature of the counterparties, and iii) the aversion of a market participant to particular risks inherent in the instrument, the market in which it is traded, or the risk management strategy. Additional valuation adjustments take into account valuation uncertainty and include market and credit risk premiums to reflect costs that could be incurred in case of an exit transaction in the principal market. When valuation techniques are used for the purpose of deriving fair value, funding assumptions related to the future expected cash flows are an integral part of the mid-market valuation, notably through the use of appropriate discount rates. These assumptions reflect what the Bank anticipates as being the effective funding conditions of the instrument that a market participant would consider. This notably takes into account the existence and terms of any collateral agreement. In particular, for non- or imperfectly collateralized derivative instruments, they include an explicit adjustment to the interbank interest rate (Funding Valuation Adjustment – FVA). Fair value generally equals the economic value, subject to limited additional adjustments, such as own credit adjustments, which are specifically required by IFRS standards. The main additional valuation adjustments are presented in the section below. ADDITIONAL VALUATION ADJUSTMENTS Additional valuation adjustments retained by BNP Paribas for determining fair values are as follows: Bid/offer adjustments: the bid/offer range reflects the additional exit cost for a price taker and symmetrically the compensation sought by dealers to bear the risk of holding the position or closing it out by accepting another dealer’s price. BNP Paribas assumes that the best estimate of an exit price is the bid or offer price, unless there is evidence that another point in the bid/offer range would provide a more representative exit price. Input uncertainty adjustments: when the observation of prices or data inputs required by valuation techniques is difficult or irregular, an uncertainty exists on the exit price. There are several ways to gauge the degree of uncertainty on the exit price such as measuring the dispersion of the available price indications or estimating the possible ranges of the inputs to a valuation technique. Model uncertainty adjustments: these relate to situations where valuation uncertainty is due to the valuation technique used, even though observable inputs might be available. This situation arises when the risks inherent in the instruments are different from those available in the observable data, and therefore the valuation technique involves assumptions that cannot be easily corroborated. Credit valuation adjustment (CVA): the CVA adjustment applies to valuations and market quotations whereby the credit worthiness of the counterparty is not reflected. It aims to account for the possibility that the counterparty may default and that BNP Paribas may not receive the full fair value of the transactions. In determining the cost of exiting or transferring counterparty risk exposures, the relevant market is deemed to be an inter-dealer market. However, the determination of CVA remains judgemental due to i) the possible absence or lack of price discovery in the inter-dealer market, ii) the influence of the - 52 - Consolidated financial statements as at 31 December 2015 regulatory landscape relating to counterparty risk on the market participants’ pricing behaviour and iii) the absence of a dominant business model for managing counterparty risk. The CVA model is grounded on the same exposures as those used for regulatory purposes. The model attempts to estimate the cost of an optimal risk management strategy based on i) implicit incentives and constraints inherent in the regulations in force and their evolutions, ii) market perception of the probability of default and iii) default parameters used for regulatory purposes. Own-credit valuation adjustment for debts (OCA) and for derivatives (debit valuation adjustment - DVA): OCA and DVA are adjustments reflecting the effect of credit worthiness of BNP Paribas, on respectively the value of debt securities designated as at fair value through profit or loss and derivatives. Both adjustments are based on the expected future liability profiles of such instruments. The own credit worthiness is inferred from the market-based observation of the relevant bond issuance levels. The DVA adjustment is determined after taking into account the Funding Valuation Adjustment (FVA). Thus, the carrying value of debt securities designated as at fair value though profit or loss is increased by EUR 416 million as at 31 December 2015, compared with an increase in value of EUR 682 million as at 31 December 2014, i.e. a EUR 266 million variation recognised in net gain on financial instruments at fair value through profit or loss (note 3.c). INSTRUMENT CLASSES AND CLASSIFICATION WITHIN THE FAIR VALUE HIERARCHY FOR ASSETS AND LIABILITIES MEASURED AT FAIR VALUE As explained in the summary of significant accounting policies (note 1.c.10), financial instruments measured at fair value are categorised into a fair value hierarchy consisting of three levels. The disaggregation of assets and liabilities into risk classes is meant to provide further insight into the nature of the instruments: Securitised exposures are further broken down by collateral type. For derivatives, fair values are broken down by dominant risk factor, namely interest rate, foreign exchange, credit and equity. Derivatives used for hedging purposes are mainly interest rate derivatives. - 53 - Consolidated financial statements as at 31 December 2015 31 December 2015 Instruments designated as at fair value through profit or loss Trading book In millions of euros Securities portfolio Treasury bills and government bonds Level 1 Level 2 Level 3 102,232 29,517 48,509 4,632 - 12,059 Asset Backed Securities (1) CDOs / CLOs (2) Other Asset Backed Securities Total 1,751 Level 1 Level 2 Level 3 12,123 Total 3,743 Available-for-sale financial assets Level 1 Level 2 Level 3 133,500 67,177 53,141 1,849 1,329 13,388 - 832 1,305 2,137 - 16 11,227 24 11,251 - - 83,043 204,988 44,625 1,849 125,702 5,567 - - 3,312 - Total 9,320 258,933 131,269 7 3,319 3,296 7 3,303 16 Other fixed-income securities 12,531 10,889 238 23,658 1,405 4,949 77 6,431 71,220 32,400 1,691 105,311 Equities and other variable-income securities 41,192 1,937 184 43,313 63,923 7,174 3,666 74,763 8,066 3,346 7,622 19,034 - 130,928 855 131,783 - 33 - 33 130,495 855 131,350 102,232 160,445 2,606 265,283 67,177 12,156 3,743 83,076 204,988 44,625 9,320 258,933 Securities portfolio 75,894 6,231 419 82,544 - - - - Treasury bills and government bonds 55,724 1,383 5,387 4,797 14,783 - Loans and repurchase agreements Loans 433 Repurchase agreements FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS AND AVAILABLE-FOR-SALE FINANCIAL ASSETS Other fixed-income securities Equities and other variable-income securities Borrowings and repurchase agreements Borrowings 433 33 - 57,107 - 417 10,601 - 51 2 14,836 - 154,499 2,272 156,771 3,893 Repurchase agreements 33 - 3,893 150,606 2,272 152,878 2,296 88 2,384 2,296 88 2,384 - Debt securities (note 5.i) - - - - - 35,137 11,193 46,330 Subordinated debt (note 5.i) - - - - - 1,382 - 1,382 Debt representative of shares of consolidated funds held by third parties - - - - 2,415 607 - 3,022 FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 75,894 160,730 2,691 239,315 2,415 39,422 11,281 53,118 31 December 2014 Instruments designated as at fair value through profit or loss Trading book In millions of euros Securities portfolio Treasury bills and government bonds Level 1 Level 2 Level 3 119,509 33,221 57,043 5,369 Asset Backed Securities (1) CDOs / CLOs (2) Other Asset Backed Securities Total 3,816 Level 1 Level 2 Level 3 156,546 63,888 11,872 62,412 1,499 29 Total 2,803 Available-for-sale financial assets Level 1 Level 2 78,563 190,828 52,231 1,528 117,689 5,716 Level 3 Total 9,233 252,292 123,405 11,684 2,165 13,849 - 3,691 232 199 2,140 2,339 - 141 224 3,923 365 11,485 25 11,510 - 3,550 8 3,558 Other fixed-income securities 13,847 14,125 1,230 29,202 1,814 4,638 32 6,484 65,303 39,513 1,888 106,704 Equities and other variable-income securities 48,619 2,043 421 51,083 60,575 7,205 2,771 70,551 7,836 3,311 7,113 18,260 - 160,228 5,548 165,776 - 264 - 264 159,544 5,548 165,092 119,509 193,449 9,364 322,322 63,888 12,136 2,803 78,827 190,828 52,231 9,233 252,292 Securities portfolio 74,857 3,823 232 78,912 - - - - Treasury bills and government bonds 57,064 655 6,216 2,847 11,577 321 - 182,733 Loans and repurchase agreements Loans 684 Repurchase agreements FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS AND AVAILABLE-FOR-SALE FINANCIAL ASSETS Other fixed-income securities Equities and other variable-income securities Borrowings and repurchase agreements Borrowings Repurchase agreements 684 232 264 264 - 57,719 - 9,295 - 11,898 14,000 196,733 4,131 5 4,136 178,602 13,995 192,597 - 1,921 88 2,009 1,921 88 2,009 - Debt securities (note 5.i) - - - - - 36,537 11,634 48,171 Subordinated debt (note 5.i) - - - - - 1,540 10 1,550 Debt representative of shares of consolidated funds held by third parties - - - - 5,261 641 - 5,902 FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 74,857 186,556 14,232 275,645 5,261 40,639 11,732 57,632 (1) (2) These amounts do not represent the total amount of securitisation assets held by BNP Paribas, particularly those classified at inception as “Loans and Receivables”, and those reclassified as presented in note 5.e. Collateralised Debt Obligations / Collateralised Loan Obligations - 54 - Consolidated financial statements as at 31 December 2015 31 December 2015 Positive market value In millions of euros Level 1 Interest rate derivatives Level 2 626 Negative market value Level 3 Total Level 1 Level 2 Level 3 Total 232,907 5,716 239,249 704 217,611 2,465 220,780 Foreign exchange derivatives 44,178 22 44,200 1 44,456 75 44,532 Credit derivatives 13,677 1,061 14,738 13,022 1,191 14,213 40,242 Equity derivatives 5,646 23,845 1,586 31,077 5,824 29,547 4,871 Other derivatives 913 6,367 80 7,360 853 4,894 314 6,061 7,185 320,974 8,465 336,624 7,382 309,530 8,916 325,828 - 18,063 - 18,063 - 21,068 - 21,068 Derivative financial instruments not used for hedging purposes Derivative financial instruments used for hedging purposes 31 December 2014 Positive market value In millions of euros Interest rate derivatives Foreign exchange derivatives Level 1 Level 2 Negative market value Level 3 Total Level 1 Level 2 Level 3 Total 280 288,004 7,367 295,651 349 275,690 4,272 280,311 4 56,931 276 57,211 5 62,792 26 62,823 17,183 1,242 18,425 16,579 1,475 18,054 Credit derivatives Equity derivatives 5,415 25,997 1,700 33,112 5,671 31,116 5,051 41,838 Other derivatives 1,375 6,718 6 8,099 1,071 5,730 423 7,224 Derivative financial instruments not used for hedging purposes 7,074 394,833 10,591 412,498 7,096 391,907 11,247 410,250 - 19,766 - 19,766 - 22,993 - 22,993 Derivative financial instruments used for hedging purposes Transfers between levels may occur when an instrument fulfils the criteria defined, which are generally market and product dependent. The main factors influencing transfers are changes in the observation capabilities, passage of time, and events during the transaction lifetime. The timing of recognising transfers is determined at the end of the reporting period. During 2015, transfers between Level 1 and Level 2 were not significant. DESCRIPTION OF MAIN INSTRUMENTS IN EACH LEVEL The following section provides a description of the instruments in each level in the hierarchy. It describes notably instruments classified in Level 3 and the associated valuation methodologies. For main trading book instruments and derivatives classified in Level 3, further quantitative information is provided about the inputs used to derive fair value. Level 1 This level encompasses all derivatives and securities that are listed on exchanges or quoted continuously in other active markets. Level 1 includes notably equity securities and liquid bonds, shortselling of these instruments, derivative instruments traded on organised markets (futures, options, …). It includes shares of funds and UCITS, for which the net asset value is calculated on a daily basis, as well as debt representative of shares of consolidated funds held by third parties. - 55 - Consolidated financial statements as at 31 December 2015 Level 2 The Level 2 stock of securities is composed of securities which are less liquid than the Level 1 bonds. They are predominantly government bonds, corporate debt securities, mortgage backed securities, fund shares and short-term securities such as certificates of deposit. They are classified in Level 2 notably when external prices for the same security can be regularly observed from a reasonable number of market makers that are active in this security, but these prices do not represent directly tradable prices. This comprises amongst other, consensus pricing services with a reasonable number of contributors that are active market makers as well as indicative runs from active brokers and/or dealers. Other sources such as primary issuance market, collateral valuation and counterparty collateral valuation matching may also be used where relevant. Repurchase agreements are classified predominantly in Level 2. The classification is primarily based on the observability and liquidity of the repo market, depending on the underlying collateral. Debts issued designated as at fair value through profit and loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable. Derivatives classified in Level 2 comprise mainly the following instruments: - Vanilla instruments such as interest rate swaps, caps, floors and swaptions, credit default swaps, equity/foreign exchange (FX)/commodities forwards and options; - Structured derivatives such as exotic FX options, mono- and multi-underlying equity/funds derivatives, single curve exotic interest rate derivatives and derivatives based on structured rates. Derivatives are classified in Level 2 when there is a documented stream of evidence supporting one of the following: - Fair value is predominantly derived from prices or quotations of other Level 1 and Level 2 instruments, through standard market interpolation or stripping techniques whose results are regularly corroborated by real transactions; - Fair value is derived from other standard techniques such as replication or discounted cash flows that are calibrated to observable prices, that bear limited model risk and enable an effective offset of the risks of the instrument through trading Level 1 or Level 2 instruments; - Fair value is derived from more complex or proprietary valuation techniques but is directly evidenced through regular back-testing using external market-based data. Determining of whether an over-the-counter (OTC) derivative is eligible for Level 2 classification involves judgement. Consideration is given to the origin, transparency and reliability of external data used, and the amount of uncertainty associated with the use of models. It follows that the Level 2 classification criteria involve multiple analysis axis within an “observability zone” whose limits are determined by i) a predetermined list of product categories and ii) the underlying and maturity bands. These criteria are regularly reviewed and updated, together with the applicable additional valuation adjustments, so that the classification by level remains consistent with the valuation adjustment policy. - 56 - Consolidated financial statements as at 31 December 2015 Level 3 Level 3 securities of the trading book mainly comprise CLOs and CDOs of ABSs linked to legacy activity. Other Level 3 securities designated as at fair value through profit or loss or classified as available for sale comprise units of funds and unquoted equity shares. CLOs represent the large majority of the Level 3 trading book stock. Fair value is determined using a methodology that takes into consideration both the available external indicative prices as well as discounted expected cash flows. Constant prepayment rates are amongst the main unobservable inputs required to model the underlying pool of cash flow payments. Other unobservable inputs are related to the cash/synthetic funding basis and the discounting margin. CDOs of ABSs collateral pools comprise Commercial Real Estate Loans, Commercial Mortgage Backed Securities – CMBSs and Residential Mortgage Backed Securities – RMBSs. The fair value of CDOs is based on a “liquidation approach” and a “discounted expected cash flow” approach, depending on the distressed nature of the collateral. For RMBSs, prices are obtained to a large extent from external sources, while for Commercial Real Estate Loans prices are independently valued by an external provider. The Discounted Expected Cash flow approach for CDOs takes in consideration both an internal and an external independent set of hypotheses to derive expectations about the underlying cash flow payments. Such cash flow expectations are then passed through the CDO waterfall modelled in external platforms, allowing deriving cash flow expectations of the considered CDO tranche. Similarly to the above, fair value requires assumptions about the cash/synthetic funding basis and a discount margin. Fund units relate to real estate funds for which the valuation of the underlying investments is not frequent, as well as hedge funds for which the observation of the net asset value is not frequent. Unlisted private equities are systematically classified as Level 3, with the exception of UCITS with a daily net asset value, presented as unlisted securities in note 5.c , but which are classified in the Level 1 of the fair value hierarchy. Repurchase agreements: mainly long-term or structured repurchase agreements on corporate bonds and ABSs: The valuation of these transactions requires proprietary methodologies given the bespoke nature of the transactions and the lack of activity and price discovery in the long-term repo market. The curves used in the valuation are corroborated using available data such as the implied basis of the relevant benchmark bond pool, recent long-term repo trade data and price enquiry data. Additional valuation adjustments applicable to these exposures are commensurate with the degree of uncertainty inherent in the modelling choices and amount of data available. Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable. Derivatives Vanilla derivatives are classified in Level 3 when the exposure is beyond the observation zone for rate curves or volatility surfaces, or relates to less liquid markets such as tranches on old credit index series or emerging markets interest rates markets. The main instruments are: - 57 - Consolidated financial statements as at 31 December 2015 - Interest rate derivatives: exposures mainly comprise swap products in less liquid currencies. Classification is driven by the lower liquidity of some maturities, while observation capabilities through consensus may be available. The valuation technique is standard, and uses external market information and extrapolation techniques. - Credit derivatives (CDS): exposures mainly comprise CDSs beyond the maximum observable maturity and, to a much lesser extent, CDSs on illiquid or distressed names and CDSs on loan indices. Classification is driven by the lack of liquidity while observation capabilities may be available notably through consensus. Level 3 exposures also comprise CDS and Total Return Swaps (TRS) positions on securitised assets. These are priced along the same modelling techniques as the underlying bonds, taking into consideration the funding basis and specific risk premium. - Equity derivatives: exposures essentially comprise long dated forward or volatility products or exposures where there is a limited market for optional products. The marking of the forward curves and volatility surfaces beyond the maximum observable maturity relies on extrapolation techniques. However, when there is no market for model input, volatility or forward is generally determined on the basis of proxy or historical analysis. These vanilla derivatives are subject to additional valuation adjustments linked to uncertainty on liquidity, specialised by nature of underlying and liquidity bands. Complex derivatives classified in Level 3 predominantly comprise hybrid products (FX/Interest Rates hybrids, Equity hybrids), credit correlation products, prepayment-sensitive products, some stock basket optional products and some interest rate optional instruments. The main exposures, related valuation techniques and associated source of uncertainty are as follows: - Complex interest rate options are classified in Level 3 when they involve currencies where there is not sufficient observation or when they include a quanto feature where the pay-off is measured with a forex forward fixed rate (except for the main currencies). Long term complex derivatives are also classified in Level 3. - Hybrid FX/Interest rate products essentially comprise a specific product family known as Power Reverse Dual Currency (PRDC). The valuation of PRDCs requires complex modelling of joint behaviour of FX and interest rate, and is notably sensitive to the unobservable FX/ interest rate correlations. PRDCs valuations are corroborated with recent trade data and consensus data. - Securitisation swaps mainly comprise fixed rate swaps, cross currency or basis swaps whose notional is indexed to the prepayment behaviour of some underlying portfolio. The estimation of the maturity profile of securitisation swaps is corroborated by statistical estimates using external historical data. - Forward volatility options are generally products whose pay-off is indexed to the future variability of a rate index such as volatility swaps. These products involve material model risk as it is difficult to infer forward volatility information from the market-traded instruments. The valuation adjustment framework is calibrated to the uncertainty inherent in the product, and to the range of uncertainty from the existing external consensus data. - Inflation derivatives classified in Level 3 mainly comprise swap products on inflation indices that are not associated with a liquid indexed bond market, optional products on inflation indices (such as caps and floors) and other forms of inflation indices involving optionality on the inflation indices or on the inflation annual rate. Valuation techniques used for inflation derivatives are predominantly standard market models. Proxy techniques are used for a few limited exposures. Although the valuations are corroborated through monthly consensus data, these products are classified as Level 3 due to their lack of liquidity and some uncertainties inherent in the calibration. - 58 - Consolidated financial statements as at 31 December 2015 - The valuation of bespoke CDOs requires correlation of default events. This information is inferred from the active index tranche market through a proprietary projection technique and involves proprietary extrapolation and interpolation techniques. Multi-geography CDOs further require an additional correlation assumption. Finally, the bespoke CDO model also involves proprietary assumptions and parameters related to the dynamic of the recovery factor. CDO modelling, is calibrated on the observable index tranche markets, and is regularly back-tested against consensus data on standardised pools. The uncertainty arises from the model risk associated with the projection and geography mixing technique, and the uncertainty of associated parameters, together with the recovery modelling. - N to Default baskets are other forms of credit correlation products, modelled through standard copula techniques. The main inputs required are the pair-wise correlations between the basket components which can be observed in the consensus and the transactions. Linear baskets are considered observable. - Equity and equity-hybrid correlation products are instruments whose pay-off is dependent on the joint behaviour of a basket of equities/indices leading to a sensitivity of the fair value measurement to the correlation amongst the basket components. Hybrid versions of these instruments involve baskets that mix equity and non-equity underlyings such as commodity indices. Only a subset of the Equity/index correlation matrix is regularly observable and traded, while most cross-asset correlations are not active. Therefore, classification in Level 3 depends on the composition of the basket, the maturity, and the hybrid nature of the product. The correlation input is derived from a proprietary model combining historical estimators, and other adjustment factors, that are corroborated by reference to recent trades or external data. The correlation matrix is essentially available from consensus services, and when a correlation between two underlying instruments is not available, it might be obtained from extrapolation or proxy techniques. These complex derivatives are subject to specific additional valuation adjustments to cover uncertainties linked to liquidity, parameters and model risk. Valuation adjustments (CVA, DVA and FVA) The additional valuation adjustment for counterparty credit risk (CVA), own-credit risk for derivatives (DVA) and the explicit funding valuation adjustment (FVA) are deemed to be unobservable components of the valuation framework and therefore classified in Level 3. This does not impact, in general cases, the classification of individual transactions into the fair value hierarchy. However, a specific process allows to identify individual deals for which the marginal contribution of these adjustments and related uncertainty is significant. Are particularly concerned some insufficiently collateralized vanilla interest rate instruments with very long residual maturity. For these products classified in Level 3, the following table provides the range of values of main unobservable inputs. The ranges displayed correspond to a variety of different underlying instruments and are meaningful only in the context of the valuation technique implemented by BNP Paribas. The weighted averages, where relevant and available, are based on fair values, nominal amounts or sensitivities. - 59 - Consolidated financial statements as at 31 December 2015 Risk classes Balance Sheet valuation (in millions of euros) Asset Main product types composing the Level Valuation technique used for the product Main unobservable inputs for the product 3 stock within the risk class types considered types considered Discount margin Combination of liquidation approach and CDOs of ABSs (RMBSs, Commercial Real discounted future cash flow approach Estate Loans, CMBSs) 1,305 Constant payment rate (CLOs) Cash / synthetic funding basis (€) Repurchase agreements Interest rate derivatives 855 5,716 2,272 Long-term repo and reverse-repo agreements Proxy techniques, based amongst other on the funding basis of a benchmark bond pool, Long-term repo spread on private bonds that is actively traded and representative of (High Yield, High Grade) and on ABSs the repo underlying Hybrid Forex / Interest rates derivatives Hybrid Forex interest rate option pricing model Floors and caps on inflation rate or on the cumulative inflation (such as redemption floors), predominantly on European and French inflation Inflation pricing model 1,061 Correlation between FX rate and interest rates. Main currency pairs are EUR/JPY, USD/JPY, AUD/JPY 0 to 10% 10% (b) 5 bp to 6 bp not meaningful 0 bp to 113 bp 73 bp (c) 13% to 56% 41% (c) Volatility of the year on year inflation rate 0.3% to 1.7% Forward Volatility products such as volatility Interest rates option pricing model swaps, mainly in euro Forward volatility of interest rates 0.3% to 0.7% (d) Balance-guaranteed fixed rate, basis or cross currency swaps, predominantly on European collateral pools Constant prepayment rates 0.0 % to 40% 10% (c) Base correlation curve for bespoke portfolios 20% to 99% (d) Inter-regions default cross correlation 70 % to 90% 80%(a) 0 to 25% (d) 50% to 91% 58% (c) Credit default spreads beyond observation limit (10 years) 110 bp to 245 bp (2) 181 bp (a) Illiquid credit default spread curves (across main tenors) 5 bp to 1,338 bp (3) 180 bp (a) 0% to 94% (4) 28% (e) 25% to 98% 65% (a) (d) 2,465 Prepayment modelling Discounted cash flows Base correlation projection technique and recovery modelling Recovery rate variance for single name underlyings 1,191 Credit default model Default correlation Single name Credit Default Swaps (other than CDS on ABSs and loans indices) Stripping, extrapolation and interpolation Simple and complex derivatives on multiunderlying baskets on stocks Various volatility option models Unobservable equity volatility 1,586 306 bp (a) 0.8% to 11.1% N-to-default baskets Equity Derivatives 28 bp to 1,303 bp (1) Volatility of cumulative inflation Collateralised Debt Obligations and index tranches for inactive index series Credit Derivatives Weighted average Liability Collateralised Loan Obligations (CLO) Cash instruments Range of unobservable input across Level 3 population considered 4,871 Unobservable equity correlation The lower part of the range is relative to short-dated securities, while the upper relates to US CDOs of ABSs, which are not significant to the balance sheet since their prices are close to zero. Removing these outliers, the discount margin would range from 28bp to 745bp. (1) The upper part of the range relates to non-material balance sheet and net risk position on a European corporate. The other part relates mainly to sovereign issuers. (2) The upper bound of the range relates to an energy sector issuer that represents an insignificant portion of the balance sheet on CDSs with illiquid underlying. Removing this issuer which has the highest spread, the upper bound of the range would be 830bp. (3) The upper part of the range relates to 3 equity instruments representing a non-material portion of the balance sheet on options with equity underlying instruments. Removing this outlier, the upper bound of the range would be around 80 %. (4) (a) Weighting is not based on risks, but on an alternative methodology in relation with the Level 3 instruments (PV or notional) (b) The upper bound of the range relates to CLOs which represent the large majority of the exposures (c) Weights based on relevant risk axis at portfolio level (d) No weighting since no explicit sensitivity is attributed to these inputs (e) Simple averaging - 60 - Consolidated financial statements as at 31 December 2015 TABLE OF MOVEMENTS IN LEVEL 3 FINANCIAL INSTRUMENTS For Level 3 financial instruments, the following movements occurred between 1 January 2014 and 31 December 2015: Financial Assets Financial instruments at fair value through profit or loss held for trading Financial instruments designated as at fair value through profit or loss Available-forsale financial assets 14,237 2,859 7,680 24,776 8,725 2,743 3,532 15,000 In millions of euros At 31 December 2013 Purchases Financial Liabilities Issues TOTAL - Financial instruments at fair value through profit or loss held for trading Financial instruments designated as at fair value through profit or loss (16,896) (10,123) (27,019) (12,622) (4,506) (17,128) TOTAL - Sales (1,459) (2,562) (1,266) (5,287) Settlements (1) (7,727) (233) (1,262) (9,222) 3,838 2,507 6,345 90 3,294 (2,188) (4,178) (6,366) (3,106) (122) (409) (3,637) 332 4,197 4,529 132 48 (87) 93 880 239 1,119 5,302 70 (8) 5,364 2,127 313 2,440 151 798 (950) (181) (1,131) 812 812 Transfers to level 3 Transfers from level 3 Gains (or losses) recognised in profit or loss with respect to transactions expired or terminated during the period Gains (or losses) recognised in profit or loss with respect to unexpired instruments at the end of the period Changes in fair value of assets and liabilities recognised directly in equity - Items related to exchange rate movements 3,204 647 - Changes in fair value of assets and liabilities recognised in equity At 31 December 2014 Purchases 19,955 2,803 9,233 31,991 4,818 4,161 2,019 10,998 Issues Sales Settlements (1) Transfers to level 3 Transfers from level 3 Gains (or losses) recognised in profit or loss with respect to transactions expired or terminated during the period Gains (or losses) recognised in profit or loss with respect to unexpired instruments at the end of the period Changes in fair value of assets and liabilities recognised directly in equity - Items related to exchange rate movements (2,291) (11,355) (3,470) (89) (25,479) (11,732) (37,211) (2,128) (9,021) (11,149) 15,159 8,519 23,678 - (7,053) (12,443) - 1,012 130 245 1,387 (463) (1,607) (2,070) (1,750) (63) (440) (2,253) 1,440 2,464 3,904 (1,778) 122 (162) (1,818) 1,339 250 1,589 1,834 149 (58) 1,925 (716) 83 (633) 131 757 (759) (237) (996) 643 643 9,320 24,134 626 - Changes in fair value of assets and liabilities recognised in equity At 31 December 2015 (1,292) (999) - 11,071 3,743 (11,607) (11,281) (22,888) For the assets, includes redemptions of principal, interest payments as well as cash inflows and outflows relating to derivatives. For the liabilities, includes principal redemptions, interest payments as well as cash inflows and outflows relating to derivatives the fair value of which is negative. (1) Transfers out of Level 3 of derivatives at fair value include mainly the update of the observability tenor of certain yield curves, but also the effect of derivatives becoming only or mainly sensitive to observable inputs due to the shortening of their lifetime. The review of criteria for repurchase agreements allowed reclassifying as level 2 some agreements for which the valuation uncertainty is deemed to be immaterial. Transfers into Level 3 of instruments at fair value reflect the effect of the regular update of the observability zones. Transfers have been reflected as if they had taken place at the end of the reporting period. - 61 - Consolidated financial statements as at 31 December 2015 The Level 3 financial instruments may be hedged by other Level 1 and Level 2 instruments, the gains and losses of which are not shown in this table. Consequently, the gains and losses shown in this table are not representative of the gains and losses arising from management of the net risk on all these instruments. SENSITIVITY OF FAIR VALUE TO REASONABLY POSSIBLE CHANGES IN LEVEL 3 ASSUMPTIONS The following table summarises those financial assets and financial liabilities classified as Level 3 for which alternative assumptions in one or more of the unobservable inputs would change fair value significantly. The amounts disclosed are intended to illustrate the range of possible uncertainty inherent to the judgement applied when estimating Level 3 parameters, or when selecting valuation techniques. These amounts reflect valuation uncertainties that prevail at the measurement date, and even though such uncertainties predominantly derive from the portfolio sensitivities that prevailed at that measurement date, they are not predictive or indicative of future movements in fair value, nor do they represent the effect of market stress on the portfolio value. In estimating sensitivities, BNP Paribas either remeasured the financial instruments using reasonably possible inputs, or applied assumptions based on the additional valuation adjustment policy. For the sake of simplicity, the sensitivity on cash instruments that are not relating to securitised instruments was based on a uniform 1% shift in the price. More specific shifts were however calibrated for each class of the Level 3 securitised exposures, based on the possible ranges of the unobservable inputs. For derivative exposures, the sensitivity measurement is based on the additional credit valuation adjustment (CVA), the explicit funding valuation adjustment (FVA) and the parameter and model uncertainty additional adjustments related to Level 3. Regarding the additional credit valuation adjustment (CVA) and the explicit funding valuation adjustment (FVA), the uncertainty was calibrated based on prudent valuation adjustments described in the technical standard “Prudent Valuation” published by the European Banking Authority. For other additional adjustments, two scenarios were considered: a favourable scenario where all or portion of the additional valuation adjustment is not considered by market participants, and an unfavourable scenario where market participants would require as much as twice the additional valuation adjustments considered by BNP Paribas for entering into a transaction. 31 December 2015 In millions of euros Potential impact on income 31 December 2014 Potential impact on equity Potential impact on income Potential impact on equity Treasury bills and government bonds Asset Backed Securities (ABS) CDOs / CLOs Other Asset Backed Securities Other fixed-income securities +/-27 +/-43 +/-2 +/-26 +/-1 +/-43 +/-2 +/-3 +/-17 +/-10 +/-19 Equities and other variable-income securities +/-39 +/-76 +/-32 +/-71 Repurchase agreements +/-14 +/-84 Derivative financial instruments +/-856 +/-1,076 Interest rate derivatives Credit derivatives +/-623 +/-45 +/-831 +/-73 Equity derivatives Other derivatives +/-179 +/-9 +/-135 +/-37 Sensitivity of Level 3 financial instruments +/-939 - 62 - +/-93 +/-1,245 +/-92 Consolidated financial statements as at 31 December 2015 DEFERRED MARGIN ON FINANCIAL INSTRUMENTS MEASURED USING TECHNIQUES DEVELOPED INTERNALLY AND BASED ON INPUTS PARTLY UNOBSERVABLE IN ACTIVE MARKETS Deferred margin on financial instruments (“Day One Profit”) only concerns the scope of market activities eligible for Level 3. The day one profit is calculated after setting aside additional valuation adjustments for uncertainties as described previously and released to profit or loss over the expected period for which the inputs will be unobservable. The unamortised amount is included under “Financial instruments at fair value through profit or loss” as a reduction in the fair value of the relevant complex transactions. In millions of euros Deferred margin on Margin taken to the profit transactions during the and loss account during year the year Deferred margin at 31 December 2014 Deferred margin at 31 December 2015 Interest rate derivatives 248 150 (82) 316 Credit derivatives Equity derivatives 169 316 65 200 (115) (203) 119 313 Other derivatives 18 6 (16) 8 751 421 (416) 756 Derivative financial instruments 5.e RECLASSIFICATION OF FINANCIAL INSTRUMENTS INITIALLY RECOGNISED AS AT FAIR VALUE THROUGH PROFIT OR LOSS HELD FOR TRADING PURPOSES OR AS AVAILABLE-FOR-SALE ASSETS The amendments to IAS 39 and IFRS 7 adopted by the European Union on 15 October 2008 permit the reclassification of instruments initially held for trading or available-for-sale within the customer loan portfolios or as available-for-sale securities. Reclassification date In millions of euros Structured transactions and other fixed-income securities from the available-for-sale portfolio 31 December 2015 31 December 2014 Market or model value Carrying value Carrying value Market or model value 562 696 700 869 30 June 2011 333 388 419 495 of which Irish sovereign securities of which structured transactions and other fixedincome securities 30 June 2011 229 308 223 314 - - 58 60 Structured transactions and other fixed-income securities from the trading portfolio 1 October 2008 / 30 June 2009 1,395 1,388 1,979 1,970 of which Portuguese sovereign securities 30 June 2009 Without these reclassifications, the Group's net income would not have been significantly different for the year ended 31 December 2015, nor for the year ended 31 December 2014. Similarly, changes in value of assets and liabilities recognised directly in equity would not have been significantly different in 2015, nor in 2014. - 63 - Consolidated financial statements as at 31 December 2015 5.f INTERBANK AND MONEY-MARKET ITEMS Loans and receivables due from credit institutions 31 December 2015 In millions of euros On demand accounts Loans (1) Repurchase agreements Total loans and receivables due from credit institutions, before impairment of which doubtful loans of which doubtful loans Impairment of loans and receivables due from credit institutions (note 3.f) specific impairment collective provisions collective provisions Total loans and receivables due from credit institutions, net of impairment 31 December 2014 9,346 7,924 31,780 33,010 2,542 2,671 43,668 43,605 355 439 (241) (257) (203) (38) (230) (27) 43,427 43,348 Loans and receivables due from credit institutions include term deposits made with central banks, which amounted to EUR 1,665 million as at 31 December 2015 (EUR 1,973 million as at 31 December 2014). (1) Due to credit institutions 31 December 2015 In millions of euros On demand accounts Borrowings Repurchase agreements Total due to credit institutions 5.g 31 December 2014 8,527 70,109 11,618 72,956 5,510 5,778 84,146 90,352 CUSTOMER ITEMS Loans and receivables due from customers 31 December 2015 In millions of euros On demand accounts Loans to customers Repurchase agreements Finance leases Total loans and receivables due from customers, before impairment of which doubtful loans Impairment of loans and receivables due from customers (note 3.f) specific impairment collective provisions Total loans and receivables due from customers, net of impairment - 64 - 31 December 2014 46,790 58,444 628,796 596,293 5,448 1,832 27,657 27,252 708,691 683,821 41,251 42,896 (26,194) (22,730) (26,418) (22,762) (3,464) (3,656) 682,497 657,403 Consolidated financial statements as at 31 December 2015 Breakdown of finance leases 31 December 2015 In millions of euros Gross investment 31 December 2014 31,400 31,061 8,741 8,764 17,134 16,130 5,525 6,167 Unearned interest income (3,743) (3,809) Net investment before impairment 27,657 27,252 7,728 7,765 14,994 14,041 4,935 5,446 Impairment provisions (1,058) (1,038) Net investment after impairment 26,599 26,214 Receivable within 1 year Receivable after 1 year but within 5 years Receivable beyond 5 years Receivable within 1 year Receivable after 1 year but within 5 years Receivable beyond 5 years Due to customers 31 December 2015 In millions of euros 31 December 2014 On demand deposits 399,364 350,502 Savings accounts Term accounts and short-term notes 135,254 160,498 127,065 159,312 Repurchase agreements 5,193 4,670 Total due to customers 700,309 641,549 5.h PAST-DUE AND DOUBTFUL LOANS The following tables present the carrying amounts of financial assets that are past due but not impaired and impaired assets and related collateral or other guarantees. The amounts shown are stated before any provision on a portfolio basis. The amounts shown for collateral and other guarantees correspond to the lower of the value of the collateral or other guarantee and the value of the secured assets. - 65 - Consolidated financial statements as at 31 December 2015 Past-due but not impaired loans 31 December 2015 In millions of euros < 90 days > 90 days < 180 days > 180 days < 1 year > 1 year Collateral received Total Loans and receivables due from credit institutions Loans and receivables due from customers 168 13,960 395 211 136 168 14,702 315 7,793 Total past-due but not impaired loans 14,128 395 211 136 14,870 8,108 31 December 2014 In millions of euros < 90 days > 90 days < 180 days > 180 days < 1 year > 1 year Collateral received Total Loans and receivables due from credit institutions Loans and receivables due from customers 140 15,587 418 289 255 140 16,549 90 8,437 Total past-due but not impaired loans 15,727 418 289 255 16,689 8,527 Doubtful loans 31 December 2015 Doubtful loans Gross value In millions of euros Impairment Collateral received Net Available-for-sale financial assets (excl. variable-income securities) (note 5.c) Loans and receivables due from credit institutions (note 5.f) Loans and receivables due from customers (note 5.g) 131 355 41,251 (75) (203) (22,730) 56 152 18,521 303 11,814 Doubtful assets 41,737 (23,008) 18,729 12,117 Financing commitments given Guarantee commitments given 619 1,002 (32) (285) 587 717 515 - Off-balance sheet doubtful commitments 1,621 (317) 1,304 515 43,358 (23,325) 20,033 12,632 Total 31 December 2014 Doubtful loans Gross value In millions of euros Impairment Collateral received Net Available-for-sale financial assets (excl. variable-income securities) (note 5.c) Loans and receivables due from credit institutions (note 5.f) Loans and receivables due from customers (note 5.g) 201 439 42,896 (85) (230) (22,762) 116 209 20,134 109 13,190 Doubtful assets 43,536 (23,077) 20,459 13,299 Financing commitments given Guarantee commitments given 461 1,076 (32) (280) 429 796 321 Off-balance sheet doubtful commitments 1,537 (312) 1,225 321 45,073 (23,389) 21,684 13,620 Total - 66 - Consolidated financial statements as at 31 December 2015 5.i DEBT SECURITIES AND SUBORDINATED DEBT This note covers all debt securities in issue and subordinated debt measured at amortised cost and designated as at fair value through profit or loss. DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (note 5.a) Issuer / Issue date Currency Original amount in foreign currency (millions) Date of call or interest step-up Interest rate Interest step-up Conditions precedent for coupon payment (1) Amount (2) eligible to Tier 1 Amount (2) eligible to 31 December 2015 31 December 2014 Tier 2 In millions of euros Debt securities Subordinated debt 198 - Redeemable subordinated debt (3) - - Perpetual subordinated debt BNP Paribas Fortis Dec. 2007 198 EUR 3,000 Dec.-14 3-month Euribor +200 bp A Others 46,330 48,171 269 1,382 1,550 249 473 733 20 909 817 889 780 20 37 198 20 (1) Conditions precedent for coupon payment: (2) Given the eligibility criteria and prudential adjustments, including the own credit risk and amortisation of instruments. (3) After agreement from the banking supervisory authority and at the issuer’s initiative, these debt issues may contain a call provision authorising the Group to redeem the securities prior to maturity by repurchasing them in the stock market, via public tender offers, or in the case of private placements over the counter. Debt issued by BNP Paribas SA or foreign subsidiaries of the Group via placements in the international markets may be subject to early redemption of the capital and early payment of interest due at maturity at the issuer’s discretion on or after a date stipulated in th e issue particulars (call option), or in the event that changes in the applicable tax rules oblige the BNP Paribas Group issuer to compensate debt-holders for the consequences of such changes. Redemption may be subject to a notice period of between 15 and 60 days, and is in all cases subject to approval by the banking supervisory authorities. A Coupon payments are halted should the issuer have insufficient capital or the underwriters become insolvent or when the dividend declared for Ageas shares falls below a certain threshold. The perpetual subordinated debt recognised at fair value through profit or loss mainly consists of Convertible And Subordinated Hybrid Equity-linked Securities (CASHES) issued by BNP Paribas Fortis (previously Fortis Banque) in December 2007. The CASHES are perpetual securities but may be exchanged for Ageas (previously Fortis SA/NV) shares at the holder’s sole discretion at a price of EUR 239.40. However, as of 19 December 2014, the CASHES will be automatically exchanged into Ageas shares if their price is equal to or higher than EUR 359.10 for twenty consecutive trading days. The principal amount will never be redeemed in cash. The rights of the CASHES holders are limited to the Ageas shares held by BNP Paribas Fortis and pledged to them. Ageas and BNP Paribas Fortis have entered into a Relative Performance Note (RPN) contract, the value of which varies contractually so as to offset the impact on BNP Paribas Fortis of the relative difference between changes in the value of the CASHES and changes in the value of the Ageas shares. On 7 May 2015, BNP Paribas and Ageas reached a new agreement which allows BNP Paribas to purchase outstanding CASHES under the condition that these are converted into Ageas shares, leading to a proportional settlement of the RPN. The agreement between Ageas and BNP Paribas will expire by year-end 2016. BNP Paribas obtained the prior agreement from the European Central Bank to proceed to purchase of CASHES within a limit of EUR 200 million nominal amount. As at 31 December 2015, due to this prior agreement, the subordinated liability is eligible to Tier 1 capital for EUR 198 million (during the transitional period). - 67 - Consolidated financial statements as at 31 December 2015 Maturity schedule of medium and long-term debt securities and redeemable subordinated debt designated as at fair value through profit or loss with a maturity at issuance of more than one year, by contractual maturity: Maturity or call option date, in millions of euros Medium- and long-term debt securities 2016 Maturity or call option date, in millions of euros Medium- and long-term debt securities Redeemable subordinated debt Total 2018 2019 2021 2025 2020 After 2025 Total at 31 Dec. 2015 11,894 6,255 5,141 4,367 5,944 8,487 4,242 46,330 19 271 45 - 67 30 41 473 11,913 6,526 5,186 4,367 6,011 8,517 4,283 46,803 After 2024 Total at 31 Dec. 2014 Redeemable subordinated debt Total 2017 2015 2016 2017 2018 2020 2024 2019 9,773 7,759 5,667 4,699 5,631 8,665 5,977 48,171 254 16 279 43 - 98 43 733 10,027 7,775 5,946 4,742 5,631 8,763 6,020 48,904 - 68 - Consolidated financial statements as at 31 December 2015 DEBT SECURITIES MEASURED AT AMORTISED COST Issuer / Issue date Currency Original amount in foreign currency (millions) Date of call or interest step-up Interest rate Interest step-up Conditions precedent for coupon payment (1) Amount (2) eligible to Tier 1 Amount (2) eligible to 31 December 2015 31 December 2014 Tier 2 In millions of euros Debt securities 159,447 187,074 80,488 95,673 80,488 95,673 78,959 91,401 70,918 80,079 8,041 11,322 - Debt securities in issue with an initial maturity of less than one year Negotiable debt securities - Debt securities in issue with an initial maturity of more than one year Negotiable debt securities Bonds Subordinated debt - 10,689 16,544 13,936 - Redeemable subordinated debt (3) - 9,870 14,700 12,095 - Undated subordinated notes (3) - 597 1,613 1,607 BNP Paribas SA Oct. 85 EUR 305 - TMO 0.25% - B 254 254 254 BNP Paribas SA Sept. 86 USD 500 - 6-month Libor + 0.075% - C 252 252 226 BNP Paribas Cardif Nov. 14 EUR 1,000 Nov. - 25 4.032% 3-month Euribor + 393 bp D 1,000 1,000 Others - Participating notes BNP Paribas SA July 84 (4) EUR 337 - (5) - NA Others - Expenses and commission, related debt (1) - 91 107 127 222 222 222 215 215 215 7 7 7 - 9 12 Conditions precedent for coupon payment B Payment of the interest is mandatory, unless the Board of Directors decides to postpone these payments after the Shareholders’ General Meeting has officially noted that there is no income available for distribution, where this occurs within the 12-month period preceding the due date for payment of the interest. Interest payments are cumulative and are payable in full once dividend payments resume. C Payment of the interest is mandatory, unless the Board of Directors decides to postpone these payments after the Shareholders’ General Meeting in ordinary session has validated the decision not to pay out a dividend, where this occurs within the 12-month period preceding the due date for payment of the interest. Interest payments are cumulative and are payable in full once dividend payments resume. The bank has the option of resuming payment of interest arrears, even where no dividend is paid out. D Payment of the interest is mandatory, except for cases of regulatory deficiency, in agreement with the regulator, or of suspension of payments. Interest payments are cumulative and are payable in full, once coupon payments resume, or, if these events occur before, when the issuance is redeemed or when the issuer is liquidated. (2) Given the eligibility criteria and prudential adjustments, including amortisation of instruments. (3) See reference relating to "Debt securities at fair value through profit or loss". (4) The (5) participating notes issued by BNP Paribas SA may be repurchased as provided for in the law of 3 January 1983. The number of notes in the market is 1,434,092. Depending on net income subject to a minimum of 85% of the TMO rate and a maximum of 130% of the TMO rate. On 27 October 2014, BNP Paribas Fortis redeemed the perpetual subordinated notes issued in October 2004 for EUR 1 billion. On 25 November 2014, BNP Paribas Cardif issued EUR 1 billion of undated subordinated notes. On 20 January 2015, BancWest Corporation redeemed the USD 100 million redeemable subordinated notes issued in July 1997. Their euro-equivalent value as at 31 December 2014 was EUR 83 million and they were eligible to Tier 1. - 69 - Consolidated financial statements as at 31 December 2015 Maturity schedule of medium and long-term debt securities and redeemable subordinated debt carried at amortised cost with a maturity at issuance of more than one year, by contractual maturity: Maturity or call option date, in millions of euros 2016 Medium- and long-term debt securities Redeemable subordinated debt Total Maturity or call option date, in millions of euros Redeemable subordinated debt Total 2018 2019 2021 2025 2020 After 2025 Total at 31 Dec. 2015 13,835 15,636 6,957 7,760 9,371 23,806 1,594 78,959 2,705 3,385 484 177 147 4,743 3,059 14,700 16,540 19,021 7,441 7,937 9,518 28,549 4,653 93,659 2015 Medium- and long-term debt securities 5.j 2017 2016 2017 2018 2020 2024 2019 After 2024 Total at 31 Dec. 2014 19,717 13,166 13,580 5,685 8,348 27,480 3,425 91,401 1,240 1,420 3,938 633 195 2,207 2,462 12,095 20,957 14,586 17,518 6,318 8,543 29,687 5,887 103,496 HELD-TO-MATURITY FINANCIAL ASSETS 31 December 2015 In millions of euros Treasury bills and government bonds Other fixed-income securities Total held-to-maturity financial assets No held-to-maturity 31 December 2014. financial asset was impaired as at 31 31 December 2014 7,587 8,836 170 129 7,757 8,965 December 2015, nor as Maturity schedule of held-to-maturity financial assets by contractual maturity: In millions of euros, at 31 December 2015 Held-to-maturity financial assets In millions of euros, at 31 December 2014 Held-to-maturity financial assets < 1 month 1 to 3 months 3 months to 1 year 1 to 5 years More than 5 years 187 1,460 4,456 1,513 1 to 3 months 3 months to 1 year 1 to 5 years More than 5 years 721 662 5,596 1,959 141 < 1 month 27 - 70 - TOTAL 7,757 TOTAL 8,965 Consolidated financial statements as at 31 December 2015 at 5.k CURRENT AND DEFERRED TAXES 31 December 2015 In millions of euros 31 December 2014(1) Current taxes 1,487 1,470 Deferred taxes 6,378 7,865 7,158 8,628 826 2,167 2,993 794 2,126 2,920 Current and deferred tax assets Current taxes Deferred taxes Current and deferred tax liabilities (1) Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.). Change in deferred tax over the period: Year to 31 Dec. 2015 In millions of euros Net deferred taxes at start of period Year to 31 Dec. 2014(1) 5,032 5,728 (907) (9) Changes in deferred taxes linked to changes in value and reversal through profit or loss of changes in value of available-for-sale financial assets, including those reclassified as loans and receivables 89 (842) Changes in deferred taxes linked to changes in value and reversal through profit or loss of changes in value of cash flow hedge derivatives 14 (424) (199) 143 182 436 4,211 5,032 Net losses arising from deferred taxes (note 3.h) Changes in deferred taxes linked to items recognised directly in equity that will not be reclassified to profit and loss Effect of exchange rate, scope and other movements Net deferred taxes at end of period (1) Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.). Breakdown of deferred tax assets and liabilities by nature: 31 December 2015 In millions of euros 31 December 2014(1) (1,219) (629) (1,292) (571) Provisions for employee benefit obligations Provisions for credit risk 1,048 3,092 1,191 3,155 Other items Tax loss carryforwards (166) 2,085 81 2,468 Net deferred taxes 4,211 5,032 6,378 (2,167) 7,158 (2,126) Available-for-sale financial assets, including those reclassified as loans and receivables Unrealised finance lease reserve Deferred tax assets Deferred tax liabilities (1)Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.). Unrecognised deferred tax assets totalled EUR 2,177 million at 31 December 2015 compared with EUR 1,836 million at 31 December 2014. - 71 - Consolidated financial statements as at 31 December 2015 In order to determine the size of the tax loss carryforwards recognised as assets, the Group conducts every year a specific review for each relevant entity based on the applicable tax regime, notably incorporating any time limit rules, and a realistic projection of their future revenue and charges in line with their business plan. Main entities with deferred tax assets recognised on tax loss carryforwards: 31 December 2015 In millions of euros BNP Paribas Fortis BNP Paribas Securities Japan Ltd 1,590 84 Others Expected recovery period unlimited 9 years 5 years 9 years 411 Total deferred tax assets relating to tax loss carryforwards 5.l Statutory time limit on carryforwards 2,085 ACCRUED INCOME/EXPENSE AND OTHER ASSETS/LIABILITIES 31 December 2015 In millions of euros 31 December 2014(1) Guarantee deposits and bank guarantees paid 65,590 65,765 Settlement accounts related to securities transactions Collection accounts 11,798 446 12,703 427 Reinsurers' share of technical reserves Accrued income and prepaid expenses 2,909 5,062 2,782 5,520 Other debtors and miscellaneous assets 22,213 22,891 Total accrued income and other assets 108,018 110,088 50,284 41,936 7,337 1,085 13,908 1,004 Accrued expense and deferred income Other creditors and miscellaneous liabilities 7,697 22,226 8,030 22,844 Total accrued expense and other liabilities 88,629 87,722 Guarantee deposits received Settlement accounts related to securities transactions Collection accounts (1) Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.). The movement in “Reinsurers’ share of technical reserves” breaks down as follows: Year to 31 Dec. 2015 In millions of euros Reinsurers' share of technical reserves at start of period Increase in technical reserves borne by reinsurers Amounts received in respect of claims and benefits passed on to reinsurers Effect of changes in exchange rates and scope of consolidation Reinsurers' share of technical reserves at end of period - 72 - Year to 31 Dec. 2014 2,782 2,712 484 (358) 415 (347) 1 2 2,909 2,782 Consolidated financial statements as at 31 December 2015 5.m EQUITY-METHOD INVESTMENTS Cumulated financial information of associates and joint ventures is presented in the following table: Year to 31 Dec.2015 Share of net income In millions of euros Share of net income and changes in assets and liabilities recognised directly in equity Share of changes in assets and liabilities recognised directly in equity 31 December 2015 Year to 31 Dec.2014(1) Equity-method investments Share of changes in assets and liabilities recognised directly in equity Share of net income 31 December 2014(1) Share of net income and changes in assets and liabilities recognised directly in equity Equity-method investments Joint ventures 29 (38) (9) 1,059 (26) 119 93 1,049 Associates (2) 560 158 718 5,837 433 367 800 6,322 Total equity-method entities 589 120 709 6,896 407 486 893 7,371 (1)Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.). (2)Including controlled but non material entities consolidated under the equity method. Financing and guarantee commitments given by the Group to joint ventures are listed in the note 8.h Other related parties. The carrying amount of the Group’s investment in the main joint ventures and associates is presented in the following table: 31 December 2015 Country of registration Activity Interest (%) 31 December 2014 Equity-method investments Interest (%) Equity-method investments In millions of euros Joint ventures Bpost banque Belgium Union de Creditos Inmobiliarios Spain Retail banking Retail mortgage 50% 50% 366 273 50% 50% 405 283 Associates AG Insurance Klépierre Belgium France Insurance Shopping centre real estate 25% - 1,695 - 25% 22% 1,628 880 Bank of Nanjing China Retail banking 19% 1,308 16% 730 - 73 - Consolidated financial statements as at 31 December 2015 5.n PROPERTY, PLANT, EQUIPMENT AND INTANGIBLE ASSETS USED IN OPERATIONS, INVESTMENT PROPERTY 31 December 2015 Gross value In millions of euros Accumulated depreciation, amortisation and impairment 31 December 2014 Carrying amount Gross value Accumulated depreciation, amortisation and impairment Carrying amount Investment property 1,895 (256) 1,639 1,871 (257) 1,614 Land and buildings 7,676 (2,009) 5,667 7,364 (1,824) 5,540 Equipment, furniture and fixtures Plant and equipment leased as lessor under operating leases Other property, plant and equipment 7,061 (5,004) 2,057 6,989 (4,801) 2,188 17,486 (4,959) 12,527 13,100 (4,037) 9,063 2,406 (1,064) 1,342 2,340 (1,099) 1,241 Property, plant and equipment 34,629 (13,036) 21,593 29,793 (11,761) 18,032 Purchased software 3,270 (2,487) 783 3,036 (2,346) 690 Internally-developed software Other intangible assets 4,051 1,832 (3,158) (404) 893 1,428 3,713 1,668 (2,756) (364) 957 1,304 Intangible assets 9,153 (6,049) 3,104 8,417 (5,466) 2,951 Investment property Land and buildings leased by the Group as lessor under operating leases, and land and buildings held as investments in connection with the life insurance business, are recorded in “Investment property”. The estimated fair value of investment property accounted for at amortised cost at 31 December 2015 is EUR 1,846 million, compared with EUR 1,808 million at 31 December 2014. Operating leases Operating leases and investment property transactions are in certain cases subject to agreements providing for the following minimum future payments: In millions of euros Future minimum lease payments receivable under non-cancellable leases 31 December 2015 31 December 2014 Payments receivable within 1 year 5,650 2,539 4,468 1,989 Payments receivable after 1 year but within 5 years Payments receivable beyond 5 years 3,053 58 2,409 70 Future minimum lease payments receivable under non-cancellable leases are payments that the lessee is required to make during the lease term. Intangible assets Other intangible assets include leasehold rights, goodwill and trademarks acquired by the Group. - 74 - Consolidated financial statements as at 31 December 2015 Depreciation, amortisation and impairment Net depreciation and amortisation expense for the year ended 31 December 2015 EUR 1,661°million, compared with EUR 1,551 million for the year ended 31 December 2014. was The net decrease in impairment on property, plant, equipment and intangible assets taken to the profit and loss account in the year ended 31 December 2015 amounted to EUR 7 million, compared with a EUR 15 million increase for the year ended 31 December 2014. 5.o GOODWILL Year to 31 Dec. 2015 In millions of euros Carrying amount at start of period Year to 31 Dec. 2014 10,577 9,846 296 (9) (993) 440 5 503 (13) (351) 594 (2) Carrying amount at end of period 10,316 10,577 Gross value Accumulated impairment recognised at the end of period 13,031 (2,715) 12,284 (1,707) Acquisitions Divestments Impairment recognised during the period Exchange rate adjustments Other movements Goodwill by cash-generating unit is as follows: Impairment recognised during the period Year to Year to 31 December 2015 31 December 2014 31 Dec. 2015 31 Dec. 2014 Carrying amount In millions of euros Acquisitions during the period Year to 31 Dec. 2015 Year to 31 Dec. 2014 Retail Banking & Services 9,141 9,477 (993) (351) 268 484 Domestic Markets 1,275 1,931 (917) (297) 248 166 581 (917) (297) 139 549 6 317 917 138 553 6 7,866 7,546 298 4,581 131 177 1,291 438 377 223 319 31 292 4,125 102 169 1,376 438 375 251 389 29 1,172 1,097 278 433 461 274 408 415 Arval Italian Retail Banking Leasing Solutions Personal Investors Others International Financial Services Insurance BancWest Bank BGŻ BNP Paribas Investment Partners Personal Finance Personal Finance - partnership tested individually Real Estate Turk Ekonomi Bankasi A.S Wealth Management Others Corporate & Institutional Banking Corporate Banking Global Markets Securities Services Other Activities Total goodwill Change in value of goodwill recognised in the profit and loss account 3 3 10,316 10,577 - 75 - 245 (76) (54) 3 166 20 318 5 33 29 107 (14) 178 28 19 (51) (76) (3) - - 19 28 (993) (351) (993) (351) 296 Consolidated financial statements as at 31 December 2015 503 The homogeneous groups of businesses to which goodwill is allocated are: Arval: Specialist in multi-brand full-service corporate vehicle leasing, Arval offers its customers tailored solutions that optimise their employees’ mobility and outsource the risks associated with fleet management. Italian Retail Banking: BNL banca commerciale is Italy’s 6th largest bank in terms of total assets and loans to customers. It provides a comprehensive range of banking, financial and insurance products and services to meet the needs of its diversified client base. BNL bc has a strong position in lending, especially residential mortgages. BNL bc also has a long-stand tradition in supporting large companies and local authorities, with a reputation in cross-border payments, project financing and structured finance, as well as factoring through its specialised subsidiary Ifitalia. Leasing Solutions : BNP Paribas Leasing Solutions uses a multi-channel approach (direct sales, sales via referrals, partnerships and banking networks) to offer corporate and small business clients an array of leasing and rental solutions, ranging from equipment financing to fleet outsourcing. Personal Investors: BNP Paribas Personal Investors provides independent financial advice and a wide range of corporate and investment services to individual clients, mainly through digital channels. The business is mainly based in Germany (Consorsbank ! and DAB Bank), in France (Cortal Consors), in Austria (Hello bank !) and in Spain (Personal Investors). Insurance: BNP Paribas Cardif, a world leader in personal insurance, has designed, developed and marketed savings and protection products and services. BNP Paribas Cardif has developed new forms of insurance and extended its offer of protection to health insurance, budget insurance, revenue and means of payment insurance, warranty extensions, non-life insurance, unemployment insurance, return-to-work assistance, protection of private digital data, etc. BNP Paribas Cardif sells its products through the BNP Paribas Retail Banking channel, as well as the Partnerships channel and the Digital & Brokers channel. BancWest: In the United States, the Retail Banking business is conducted through Bank of the West and First Hawaiian Bank, subsidiaries of BancWest Corporation since 1998. Bank of the West markets a very broad range of retail banking products and services to individuals, small businesses and corporate clients, and has strong positions in certain niche lending markets. First Hawaiian Bank is Hawaii’s leading bank, offering banking services to a local clientele of private individuals and corporates. Bank BGŻ BNP Paribas: Bank BGŻ is a universal commercial bank, one of the leading banks in Poland. Its merger in 2015 with BNP Paribas Bank Polska led to the creation of Bank BGŻ BNP Paribas. Through its network of 508 agencies, it offers services to retail and institutional clients, including a sizeable group of businesses in the food and agricultural sector. Investment Partners: BNP Paribas Investment Partners (BNPP IP) is the dedicated asset management business line of the BNP Paribas Group and offers a comprehensive range of asset management services to both private and institutional investors worldwide. As a "multi-local" asset manager, BNPP IP develops 3 activity lines: Institutional (European and global customised management solutions), Distributors (wide range of savings and services solutions adapted to the needs of distributors and their customers) and Asia Pacific & Emerging Markets (combining local asset management companies and global skills to meet the needs of both institutional investors and distributors in these regions). Personal Finance: BNP Paribas Personal Finance is the Group’s consumer credit specialist. BNP Paribas Personal Finance operates in around 30 countries, and through brands such as Cetelem, Cofinoga, Findomestic and AlphaCredit, it provides a comprehensive range of consumer loans at point of sale (retail stores and car dealerships) and directly to clients either online or through its customer relation centres. The consumer credit business also operates within the Group’s retail banking network in the emerging countries, through the « PF Inside » set-up. In Germany, Bulgaria, France, Hungary and Italy, the lending and insurance offer of Personal Finance has been complemented by savings products. - 76 - Consolidated financial statements as at 31 December 2015 It is also developing an active strategy of partnerships with retail chains, car manufacturers and dealers, web merchants and other financial institutions (banking and insurance). A partnership of the BNP Paribas Personal Finance homogeneous group is tested individually for impairment. Real Estate: BNP Paribas Real Estate ranks as Continental Europe’s no. 1 provider of real estate services to corporates and as one of France’s leading players in residential property. Turk Ekonomi Bankasi: Present mostly in Turkey, Turk Ekonomi Bankasi offers its customers (Retail, Corporate and SME) a wide array of financial products and services, including retail and private banking, treasury and capital markets services, and financing. Wealth Management: BNP Paribas Wealth Management encompasses the private banking activities of BNP Paribas and serves a clientele of wealthy individuals, shareholder families and entrepreneurs seeking a one-stop shop for all their wealth management and financial needs. Corporate Banking : Corporate Banking comprises all financing products and services for corporate clients, corporate finance, from transaction banking (cash management, international trade finance and liquidity management) to financing solutions : vanilla lending, specialised financing (aircraft, shipping, real estate, export, leveraged financing, project, corporate acquisition financing and media telecom). This offer has been expanded with a line of products dedicated to the gathering of corporate deposits. Global Markets: Global Markets incudes Fixed Income, Currencies and Commodities (global player in credit, currency, interest-rate products and commodities), and Equity and Prime Services (division which offers equity, index and fund derivatives as well as financing solutions and an integrated equity brokerage platform, as well as primary equity capital market transactions). Securities Services: BNP Paribas Securities Services is one of the major global players in securities services and provides integrated solutions for all actors involved in the investment cycle, sell side, buy side and issuers. Goodwill impairment tests are based on three different methods: observation of transactions related to comparable businesses, share price data for listed companies with comparable businesses, and discounted future cash flows (DCF). If one of the two comparables-based methods indicates the need for impairment, the DCF method is used to validate the results and determine the amount of impairment required. The DCF method is based on a number of assumptions in terms of future revenues, expenses and cost of risk (cash flows) based on medium-term business plans over a period of five years. Cash flow projections beyond the 5-year forecast period are based on a growth rate to perpetuity and are normalised when the short-term environment does not reflect the normal conditions of the economic cycle. The key parameters which are sensitive to the assumptions made are the cost of capital, the cost/income ratio, the cost of risk and the growth rate to perpetuity. Cost of capital is determined on the basis of a risk-free rate, an observed market risk premium weighted by a risk factor based on comparables specific to each homogeneous group of businesses. The values of these parameters are obtained from external information sources. Allocated capital is determined for each homogeneous group of businesses based on the “Common Equity Tier One” regulatory requirements for the legal entity to which the homogeneous group of businesses belongs, with a minimum of 7%. - 77 - Consolidated financial statements as at 31 December 2015 The growth rate to perpetuity used is 2% for mature economies. For CGUs implemented in countries with high levels of inflation, a specific add-on is taken into account (calculated according to inflation rates disclosed by external sources). The following table shows the sensitivity of cash generating unit valuations to changes in the value of parameters used in the DCF calculation: the cost of capital, the cost/income ratio in terminal value, the cost of risk in terminal value and the growth rate to perpetuity. In consideration of the increased regulatory capital requirements for BNL, the goodwill allocated to the BNL bc homogeneous group (EUR 917 million as at 31 December 2014) has been impaired in its entirety. A EUR 297 million impairment allowance had been recognised in 2014. Sensitivity of the main goodwill valuations to a 10-basis point change in the cost of capital, a 1% change in the cost/income ratio in terminal value, a 5 % change of the cost of risk in terminal value and a 50-basis point change in the growth rate to perpetuity BancWest In millions of euros Cost of capital Adverse change (+10 basis points) Personal Finance 7.8% 9.4% (220) 228 (186) 192 Cost/income ratio Adverse change (+ 1 %) 55.6% 46.4% (440) (554) Positive change (-1 %) 440 554 Cost of risk Adverse change (+ 5 %) (357) (1,435) (145) (433) Positive change (- 5 %) 145 433 Growth rate to perpetuity Adverse change (-50 basis points) 2.0% 2.1% (550) (487) Positive change (+50 basis points) 653 558 Positive change (- 10 basis points) For the BancWest and Personal Finance homogeneous groups of businesses, there would be no grounds for goodwill impairment even if the four most adverse scenarios contained in the table were applied to the impairment test. - 78 - Consolidated financial statements as at 31 December 2015 5.p TECHNICAL RESERVES OF INSURANCE COMPANIES 31 December 2015 In millions of euros Liabilities related to insurance contracts 31 December 2014 135,664 128,396 50,082 46,382 85,582 82,014 Liabilities related to financial contracts with discretionary participation feature 33,516 30,444 Policyholders' surplus reserve - liability 15,863 16,374 Total technical reserves of insurance companies 185,043 175,214 Liabilities related to unit-linked financial contracts (1) 2,259 2,434 187,302 177,648 Gross technical reserves Unit-linked contracts Other insurance contracts Total liabilities related to contracts written by insurance companies (1)Liabilities related to unit-linked financial contracts are included in “Due to customers” (note 5.g) The policyholders’ surplus reserve arises from the application of shadow accounting. It represents the interest of policyholders within French and Italian life insurance subsidiaries in unrealised gains and losses and impairment losses on assets where the benefit paid under the policy is linked to the return on those assets. It is obtained from stochastic calculations modelling the unrealised gains and losses attributable to policyholders based on economic scenarios and assumptions as regards rates paid to customers and new business inflows. For France, this resulted in an interest of 90% in 2015, unchanged from 2014. The movement in liabilities related to insurance contracts breaks down as follows: Year to 31 Dec. 2015 In millions of euros Liabilities related to insurance contracts at start of period Additions to insurance contract technical reserves and deposits taken on financial contracts related to life insurance Claims and benefits paid Effect of changes in value of admissible investments related to unit-linked business Effect of movements in exchange rates Effect of changes in the scope of consolidation Liabilities related to insurance contracts at end of period Year to 31 Dec. 2014 177,648 157,488 22,040 31,413 (14,874) 2,143 (14,339) 2,513 300 45 482 91 187,302 177,648 See note 5.l for details of reinsurers’ share of technical reserves. - 79 - Consolidated financial statements as at 31 December 2015 5.q PROVISIONS FOR CONTINGENCIES AND CHARGES Provisions for contingencies and charges by type 31 Dec. 2014 Net additions to Provisions used provisions In millions of euros Provisions for employee benefits Effect of Changes in value movements in recognised exchange rates directly in equity and other movements 31 Dec. 2015 6,904 692 (695) (391) 171 6,681 4,769 119 (129) (368) 106 4,497 165 5 (1) (23) 4 150 1,086 213 (175) 58 1,182 382 36 (63) (13) 342 502 319 (327) 16 510 137 32 - - 169 Provisions for credit commitments (note 3.f) 1,014 74 (99) (14) 975 Provisions for litigations 2,193 50 (686) 33 1,590 Other provisions for contingencies and charges 2,089 123 (303) 21 1,930 Total provisions for contingencies and charges 12,337 971 (1,783) 211 11,345 of which post-employment benefits (note 7.b) of which post-employment healthcare benefits (note 7.b) of which provision for other long-term benefits (note 7.c) of which provision for voluntary departure, early retirement plans, and headcount adaptation plan (note 7.d) of which provision for share-based payments (note 7.e) Provisions for home savings accounts and plans (391) Provisions and discount for home savings accounts and plans 31 December 2015 In millions of euros Deposits collected under home savings accounts and plans of which deposits collected under home savings plans Aged more than 10 years 31 December 2014 17,429 15,016 3,424 16,287 13,744 3,840 4,503 7,089 3,760 6,144 Outstanding loans granted under home savings accounts and plans of which loans granted under home savings plans 164 29 233 42 Provisions and discount recognised for home savings accounts and plans provisions recognised for home savings plans 172 166 143 125 3 3 12 6 Aged between 4 and 10 years Aged less than 4 years provisions recognised for home savings accounts discount recognised for home savings accounts and plans - 80 - Consolidated financial statements as at 31 December 2015 5.r OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES The following table presents the amounts of financial assets and liabilities before and after offsetting. This information, required by IFRS 7, aims to enable the comparability with the accounting treatment applicable in accordance with generally accepted accounting principles in the United States (US GAAP), which are less restrictive than IAS 32 as regards offsetting. “Amounts set off on the balance sheet” have been determined according to IAS 32. Thus, a financial asset and a financial liability are offset and the net amount presented on the balance sheet when, and only when, the Group has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Amounts set off derive mainly from repurchase agreements and derivative instruments traded with clearing houses. The “impacts of master netting agreements and similar agreements” are relative to outstanding amounts of transactions within an enforceable agreement, which do not meet the offsetting criteria defined by IAS 32. This is the case of transactions for which offsetting can only be performed in case of default, insolvency or bankruptcy of one of the contracting parties. “Financial instruments given or received as collateral” include guarantee deposits and securities collateral recognised at fair value. These guarantees can only be exercised in case of default, insolvency or bankruptcy of one of the contracting parties. Regarding master netting agreements, the guarantee deposits received or given in compensation for the positive or negative fair values of financial instruments are recognised in the balance sheet in accrued income or expenses and other assets or liabilities. - 81 - Consolidated financial statements as at 31 December 2015 Impact of Master Gross Gross Net amounts Netting amounts of amounts set presented on Agreements financial off on the the balance (MNA) and assets balance sheet sheet similar agreements In millions of euros, at 31 December 2015 Financial instruments received as collateral Net amounts Assets Financial instruments at fair value through profit or loss Trading securities Loans Repurchase agreements 133,500 133,500 433 433 252,675 Instruments designated as at fair value through profit or loss Derivative financial instruments (including derivatives used for hedging purposes) Loans and receivables due from customers and credit institutions of which repurchase agreements (121,325) 83,076 433 (19,161) (111,526) 83,076 486,881 (132,194) 354,687 (272,364) (34,620) 47,703 727,212 (1,288) 725,924 (1,165) (6,784) 717,975 7,990 (1,165) (6,784) 41 69,683 108,018 (38,335) of which guarantee deposits paid 108,703 65,590 65,590 (38,335) Other assets not subject to offsetting 457,205 457,205 TOTAL ASSETS 2,249,685 (685) (255,492) 1,994,193 27,255 457,205 (292,690) Impact of Master Gross Gross Net amounts Netting amounts of amounts set presented on Agreements financial off on the the balance (MNA) and liabilities balance sheet sheet similar agreements In millions of euros, at 31 December 2015 663 83,076 7,990 Accrued income and other assets 131,350 133,500 (191,265) Financial instruments given as collateral 1,510,238 Net amounts Liabilities Financial instruments at fair value through profit or loss Trading securities 82,544 Borrowings 82,544 3,893 Repurchase agreements 274,203 Instruments designated as at fair value through profit or loss Derivative financial instruments (including derivatives used for hedging purposes) Due to customers and to credit institutions (130,494) 3,388 53,118 53,118 346,896 (272,364) (38,496) 36,036 785,743 (1,288) 784,455 (1,330) (9,136) 773,989 10,703 (1,330) (9,136) 237 89,314 88,629 (34,730) 53,899 50,284 50,284 (34,730) 15,554 381,703 381,703 (212,856) 1,388,570 2,149,608 - 82 - 3,893 (18,996) (132,194) Accrued expense and other liabilities TOTAL LIABILITIES 152,878 479,090 10,703 Other liabilities not subject to offsetting 3,893 (121,325) 53,118 of which repurchase agreements of which guarantee deposits received 82,544 (685) (255,492) 1,894,116 381,703 (292,690) Consolidated financial statements as at 31 December 2015 Impact of Master Gross Gross Net amounts Netting amounts of amounts set presented on Agreements financial off on the the balance (MNA) and assets balance sheet sheet similar agreements In millions of euros, at 31 December 2014(1) Financial instruments received as collateral Net amounts Assets Financial instruments at fair value through profit or loss Trading securities 156,546 Loans 156,546 684 Repurchase agreements 270,731 Instruments designated as at fair value through profit or loss Derivative financial instruments (including derivatives used for hedging purposes) Loans and receivables due from customers and credit institutions of which repurchase agreements 684 (105,639) 78,827 165,092 684 (32,176) (128,899) 78,827 712,876 (280,612) 432,264 (350,206) (33,258) 48,800 701,323 (572) 700,751 (878) (3,516) 696,357 4,503 (878) (3,516) 109 70,419 110,088 (39,669) of which guarantee deposits paid 112,575 65,765 65,765 (39,669) Other assets not subject to offsetting 433,506 433,506 TOTAL ASSETS 2,467,068 (2,487) (389,310) 2,077,758 26,096 433,506 (383,260) Impact of Master Gross Gross Net amounts Netting amounts of amounts set presented on Agreements financial off on the the balance (MNA) and liabilities balance sheet sheet similar agreements In millions of euros, at 31 December 2014(1) 4,017 78,827 4,503 Accrued income and other assets 156,546 (205,342) Financial instruments given as collateral 1,489,156 Net amounts Liabilities Financial instruments at fair value through profit or loss Trading securities 78,912 Borrowings 4,136 Repurchase agreements 298,236 Instruments designated as at fair value through profit or loss Derivative financial instruments (including derivatives used for hedging purposes) Due to customers and to credit institutions (149,703) 11,541 57,632 57,632 433,243 (350,206) (46,936) 36,101 732,473 (572) 731,901 (1,701) (8,121) 722,079 10,448 (1,701) (8,121) 626 87,722 (33,665) 54,057 41,936 41,936 (33,665) 397,926 397,926 90,209 TOTAL LIABILITIES 4,136 (31,353) (280,612) Accrued expense and other liabilities of which guarantee deposits received 192,597 713,855 10,448 Other liabilities not subject to offsetting 78,912 4,136 (105,639) 57,632 of which repurchase agreements (1) 78,912 2,373,379 (2,487) (389,310) 1,984,069 8,271 397,926 (383,260) (238,425) 1,362,384 Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.) - 83 - Consolidated financial statements as at 31 December 2015 5.s TRANSFERS OF FINANCIAL ASSETS Financial assets that have been transferred but not derecognised by the Group are mainly composed of securities sold temporarily under repurchase agreements or securities lending transactions, as well as securitised assets. The liabilities associated to securities temporarily sold under repurchase agreements consist of debts recognised under the “repurchase agreements” heading. The liabilities associated to securitised assets consist of the securitisation notes purchased by third parties. Securities lending, repurchase agreements and other transactions: 31 December 2015 In millions of euros, at Carrying amount of transferred assets 31 December 2014 Carrying amount of associated liabilities Carrying amount of transferred assets Carrying amount of associated liabilities Securities lending operations Securities at fair value through profit or loss Securities classified as loans and receivables 3,870 12 Available-for-sale financial assets 2,970 2,104 20 56 Repurchase agreements 55,976 1,215 55,188 1,180 11,884 11,878 327 477 477 50,375 71,732 68,723 Securities at fair value through profit or loss 39,631 38,602 Securities classified as loans and receivables Available-for-sale financial assets 1,093 10,373 1,090 10,356 327 58,276 Other transactions Securities at fair value through profit or loss Total Securitisation transactions partially refinanced by external investors, whose recourse is limited to the transferred assets: In millions of euros, at 31 December 2015 Carrying amount Carrying amount of transferred of associated assets liabilities Fair value of transferred assets Fair value of associated liabilities Net position Securitisation Securities at fair value through profit or loss - Loans and receivables Available-for-sale financial assets 16,189 298 15,088 295 16,839 299 15,242 299 1,597 - Total 16,487 15,383 17,138 15,541 1,597 In millions of euros, at 31 December 2014 Carrying amount Carrying amount of transferred of associated assets liabilities Fair value of transferred assets Fair value of associated liabilities Net position Securitisation 64 56 64 56 8 13,450 359 15,484 365 13,376 322 2,108 Available-for-sale financial assets 15,159 393 Total 15,616 13,865 15,913 13,754 2,159 Securities at fair value through profit or loss Loans and receivables 43 There have been no significant transfers leading to partial or full derecognition of the financial assets where the Bank has a continuing involvement in them. - 84 - Consolidated financial statements as at 31 December 2015 6. FIN ANCING COMMITMENT S AND GU AR ANTEE COMMITMENTS 6.a FINANCING COMMITMENTS GIVEN OR RECEIVED Contractual value of financing commitments given and received by the Group: 31 December 2015 In millions of euros Financing commitments given - to credit institutions - to customers 31 December 2014 5,879 3,626 269,937 242,755 209,425 60,512 202,363 40,392 275,816 246,381 - from credit institutions - from customers 100,343 104,857 1,601 2,180 Total financing commitments received 101,944 107,037 Confirmed financing commitments Other commitments given to customers Total financing commitments given Financing commitments received 6.b GUARANTEE COMMITMENTS GIVEN BY SIGNATURE 31 December 2015 In millions of euros Guarantee commitments given - to credit institutions - to customers Property guarantees Sureties provided to tax and other authorities, other sureties Other guarantees Total guarantee commitments given - 85 - 31 December 2014 11,995 13,722 109,892 1,206 45,813 62,873 110,584 1,066 51,120 58,398 121,887 124,306 Consolidated financial statements as at 31 December 2015 6.c OTHER GUARANTEE COMMITMENTS Financial instruments given as collateral: 31 December 2015 In millions of euros Financial instruments (negotiable securities and private receivables) lodged with central banks and eligible for use at any time as collateral for refinancing transactions after haircut 31 December 2014 113,192 118,764 20,153 93,039 22,761 96,003 Securities sold under repurchase agreements 275,497 301,444 Other financial assets pledged as collateral for transactions with credit institutions, financial customers or subscribers of covered bonds issued by the Group (1) 120,871 127,904 - Used as collateral with central banks - Available for refinancing transactions (1)Notably including "Société de Financement de l’Économie Française" and "Caisse de Refinancement de l’Habitat" financing. Financial instruments given as collateral by the Group that the beneficiary is authorised to sell or reuse as collateral amounted to EUR 357,722 million at 31 December 2015 (EUR 385,415 million at 31 December 2014). Financial instruments received as collateral: 31 December 2015 In millions of euros Financial instruments received as collateral (excluding repurchase agreements) of which instruments that the Group is authorised to sell and reuse as collateral Securities received under repurchase agreements 31 December 2014 83,649 89,283 59,817 40,317 266,093 271,548 The financial instruments received as collateral or under repurchase agreements that the Group effectively sold or reused as collateral amounted to EUR 207,333 million at 31 December 2015 (compared with EUR 226,850 million at 31 December 2014). - 86 - Consolidated financial statements as at 31 December 2015 7. S AL ARIES AND EMPLOYE E BENEFITS 7.a SALARY AND EMPLOYEE BENEFIT EXPENSE Year to 31 Dec. 2015 In millions of euros Fixed and variable remuneration, incentive bonuses and profit-sharing Employee benefit expense Payroll taxes Total salary and employee benefit expense 7.b Year to 31 Dec. 2014 11,882 10,779 3,660 519 3,487 535 16,061 14,801 POST-EMPLOYMENT BENEFITS IAS 19 distinguishes between two categories of plans, each handled differently depending on the risk incurred by the entity. When the entity is committed to paying a fixed amount, stated as a percentage of the beneficiary's annual salary, for example, to an external entity handling payment of the benefits based on the assets available for each plan member, it is described as a defined-contribution plan. Conversely, when the entity's obligation is to manage the financial assets funded through the collection of contributions from employees and to bear the cost of benefits itself or to guarantee the final amount subject to future events, it is described as a defined-benefit plan. The same applies, if the entity entrusts management of the collection of premiums and payment of benefits to a separate entity, but retains the risk arising from management of the assets and/or from future changes in the benefits. Defined-contribution pension plans for Group entities The BNP Paribas Group has implemented over the past few years a wide campaign of converting defined-benefit plans into defined-contribution plans. Thus, in France, the BNP Paribas Group pays contributions to various nationwide basic and top-up pension schemes. BNP Paribas SA and certain subsidiaries have set up a funded pension plan under a company-wide agreement. Under this plan, employees will receive an annuity on retirement in addition to the pension paid by nationwide schemes. Since defined-benefit plans have been closed to new employees in most countries outside France, they are offered the benefit of joining defined-contribution pension plans. The amount paid into defined-contribution post-employment plans for the year to 31 December 2015 was EUR 606 million, compared with EUR 551 million for the year to 31 December 2014. - 87 - Consolidated financial statements as at 31 December 2015 The breakdown by major contributors is determined as follows: Contribution amount In millions of euros Year to 31 Dec. 2015 France Year to 31 Dec. 2014 299 292 Italy UK 60 57 57 44 USA Turkey 38 43 29 41 Others 109 88 TOTAL 606 551 In Italy, the plan introduced by BNL is funded by employer contributions (4% of salaries) and employee contributions (2% of salaries). Employees can also make additional voluntary contributions. In the United Kingdom, the employer contributes 12% of salaries for the majority of employees; employees can make additional voluntary contributions. In the US, the bank matches the voluntary contributions made by employees, within certain limits. Main defined-benefit pension plans for Group entities, of which indemnities payable on retirement In Belgium, BNP Paribas Fortis funds a defined-benefit plan, based on final salary and number of years of service, for its management and employees who joined the bank before its pension plans were harmonised on 1 January 2002. Actuarial liabilities under this scheme are pre-funded at 97 % at 31 December 2015 (compared with 89 % at 31 December 2014) through AG Insurance, in which the BNP Paribas Group owns a 25% equity interest. BNP Paribas Fortis senior managers are covered by a top-up pension plan, paying a lump sum based on the number of years of service and final salary. This plan is pre-funded at 85 % as at 31 December 2015 (74 % at 31 December 2014) through AXA Belgium and AG Insurance. This scheme has been closed on 1 January 2015 for new senior managers and has been replaced by a defined-contribution scheme with guaranteed returns, which has been opened to current senior managers who would like to shift from the previous scheme to this new scheme. In addition, the law requires employers to guarantee a minimum return on assets saved under definedcontribution schemes. The employer guarantee rate will be revised as at 1 January 2016. As a result of this obligation, these plans are classified as defined-benefit schemes. An annual review ensures that the financial assets are sufficient to honour the guaranteed return imposed upon the employer. At 31 December 2015, the amount of assets is 10 % higher than that of obligations (5 % at 31 December 2014). In France, BNP Paribas pays a top-up banking industry pension arising from rights acquired to 31 December 1993 by retired employees and active employees in service at that date. At 31 December 2015, the Group's residual obligations for employees of BNP origin were recognised on the balance sheet in full. The defined-benefit plans previously granted to Group executives formerly employed by BNP, Paribas or Compagnie Bancaire have all been closed to new employees and converted into top-up type schemes. The amounts allocated to residual beneficiaries, subject to their presence within the Group at retirement, were fixed when these schemes were closed. At 31 December 2015, 93 % of these pension plans were funded through insurance companies (91 % at 31 December 2014). In the United Kingdom, defined-benefit pension plans (pension funds) still exist but are closed to new employees. Under these plans, the defined pension is generally based on final salary and number of years of service. Pension schemes are managed by independent management bodies (Trustees). At 31 December 2015, obligations for all UK entities were 109 % covered by financial assets, compared with 96 % at 31 December 2014. - 88 - Consolidated financial statements as at 31 December 2015 In Switzerland, liabilities relate to top-up pension plans based on the principle of defined-contribution schemes with guaranteed returns, paying an annuity under pre-defined terms. These schemes are managed by a foundation. At the end of 2015, obligations were 88 % covered by financial assets, compared with 97 % at the end of 2014. In the United States, defined-benefit pension plans are based on annual vesting rights to a lump sum comprising a pension expressed as a percentage of annual salary and paying interest at a pre-defined rate. These plans are closed to new entrants and have offered almost no new vesting rights since 2012. At 31 December 2015, the obligation was 70 % covered by financial assets, (unchanged from 31 December 2014). In Turkey, the pension plan replaces the national pension scheme (these obligations are measured based on the terms of the eventual transfer to the Turkish State) and offers guarantees exceeding the minimal legal requirements. At the end of 2015, obligations under this plan are fully funded by financial assets held with an external foundation; these financial assets exceed the related obligations, but since it is not refundable, this surplus is not recognised as an asset by the Group. The funding coverage rate at 31 December 2015 reached 172 % (195 % at 31 December 2014). - Other post-employment benefits Group employees also receive various other contractual post-employment benefits, such as indemnities payable on retirement, determined according to minimal legal requirements (Labour Code, collective agreements) or according to specific company-level agreements. In France, the obligations for these benefits are funded through a contract held with a third-party insurer. At 31 December 2015, this obligation was 85 % covered by financial assets, compared with 79 % at 31 December 2014. In other countries, the gross obligations of the Group related to these benefits are mainly concentrated in Italy. They are representative of rights vested up to 31 December 2006, since pension reforms changed Italian termination indemnity schemes into defined-contribution plans. - 89 - Consolidated financial statements as at 31 December 2015 - Obligations under defined-benefit plans and other post-employment benefits Assets and liabilities recognised on the balance sheet In millions of euros, at 31 December 2015 Belgium Defined-benefit obligation arising from wholly or partially funded plans Definedbenefit obligation arising from unfunded plans Present value of definedbenefit obligation Fair value of Fair value reimburseof plan ment rights assets (1) Effect of asset ceiling 3,011 17 3,028 (38) France 1,422 134 1,556 (1,224) 332 UK 1,460 1 1,461 (1,587) (126) Switzerland 1,080 14 1,094 (954) 140 681 179 860 (604) 256 390 390 USA Italy (2,912) of which of which asset obligation of which net of which fair recognised in recognised in Net assets of value of the balance the balance obligation definedreimbursesheet for sheet for benefit plans ment rights defineddefined-benefit benefit plans plans 281 32 313 (484) Others 591 228 819 (474) (27) TOTAL 8,526 995 9,521 (5,365) (2,939) In millions of euros, at 31 December 2014 Belgium Definedbenefit obligation arising from unfunded plans Present value of definedbenefit obligation 203 (2,912) Fair value of Fair value reimburseof plan ment rights assets (1) 203 Effect of asset ceiling (2,778) 332 (131) (131) 5 140 (2) (2) 258 390 32 32 (32) (5) (27) 350 1,420 (3,077) (138) (2,939) 4,497 of which of which asset obligation of which net of which fair recognised in recognised in Net assets of value of the balance the balance obligation definedreimbursesheet for sheet for benefit plans ment rights defineddefined-benefit benefit plans plans 19 3,215 (33) France 1,584 135 1,719 (1,265) 454 UK 1,470 1 1,471 (1,410) 61 Switzerland 908 16 924 (882) 42 USA 646 169 815 (572) 243 432 432 404 (2,778) (2,778) 253 36 289 (492) Others 583 156 739 (440) (24) 239 TOTAL 8,640 964 9,604 (5,094) (2,802) 239 3,182 454 (12) (12) 73 42 (2) (2) 245 432 Turkey 2,990 318 3,196 Italy (2,912) 390 Turkey Defined-benefit obligation arising from wholly or partially funded plans 78 432 36 36 275 (30) (6) (24) 305 1,947 (2,822) (20) (2,802) 4,769 The reimbursement rights are principally found on the balance sheet of the Group’s insurance subsidiaries and associated companies - notably AG Insurance with respect to BNP Paribas Fortis’ defined-benefit plan - to hedge their commitments to other Group entities that were transferred to them to cover the post-employment benefits of certain employee categories. (1) - 90 - Consolidated financial statements as at 31 December 2015 - Change in the present value of the defined-benefit obligation Year to 31 Dec. 2015 In millions of euros Present value of defined-benefit obligation at start of period Current service cost Interest cost Past service cost Settlements Actuarial (gains)/losses on change in demographic assumptions Actuarial (gains)/losses on change in financial assumptions Actuarial (gains)/losses on experience gaps Actual employee contributions Benefits paid directly by the employer Benefits paid from assets/reimbursement rights Exchange rate (gains)/losses on obligation (Gains)/losses on obligation related to changes in the consolidation scope Others Present value of defined-benefit obligation at end of period - Year to 31 Dec. 2014 9,604 8,392 293 181 269 240 (5) - (2) (10) 22 (346) 52 988 (1) 24 (152) 24 (123) (477) (108) (354) 241 108 222 46 - (3) 9,521 9,604 Change in the fair value of plan assets and reimbursement rights Plan assets In millions of euros Fair value of assets at start of period Expected return on assets Settlements Actuarial gains/(losses) on assets Actual employee contributions Employer contributions Benefits paid from assets Exchange rate gains/(losses) on assets Gains/(losses) on assets related to changes in the consolidation scope Others Fair value of assets at end of period - 91 - Reimbursement rights Year to 31 Dec. 2015 5,094 Year to 31 Dec. 2014 4,477 Year to 31 Dec. 2015 2,802 Year to 31 Dec. 2014 2,658 126 157 (6) 40 64 99 14 284 14 184 10 112 10 112 (264) 162 (199) 114 (213) 110 (155) 179 203 4 1 5,365 1 1 5,094 3 (1) 2,939 3 2,802 Consolidated financial statements as at 31 December 2015 - Components of the cost of defined-benefit plans Year to 31 Dec. 2015 In millions of euros Service costs Current service cost Past service cost Settlements Net financial expense Interest cost Interest income on plan asset Interest income on reimbursement rights Total recognised in salary and employee benefit expense - Year to 31 Dec. 2014 288 293 263 269 (5) - (2) (4) 34 181 38 240 (106) (41) 322 (138) (64) 301 Other items recognised directly in equity Year to 31 Dec. 2015 In millions of euros Other items recognised directly in equity Year to 31 Dec. 2014 639 (463) Actuarial (losses)/gains on plan assets or reimbursement rights Actuarial (losses)/gains of demographic assumptions on the present value of obligations 283 (22) 396 (52) Actuarial (losses)/gains of financial assumptions on the present value of obligations Experience (losses)/gains on obligations 346 1 (988) 152 31 29 Variation of the effect of assets limitation - 92 - Consolidated financial statements as at 31 December 2015 Main actuarial assumptions used to calculate obligations - In the Eurozone, United Kingdom and United States, the Group discounts its obligations using the yields of high quality corporate bonds, with a term consistent with the duration of the obligations. The ranges of rates used are as follows: 31 December 2015 31 December 2014 Discount rate Compensation increase rate (1) Discount rate Compensation increase rate (1) Belgium 0.40%-2.00% 2.40%-3.30% 0.40%-1.50% 1.95%-3.30% France UK 0.60%-2.00% 2.50%-3.70% 2.30%-3.30% 2.00%-4.70% 0.70%-1.50% 3.40%-4.10% 2.00%-3.00% 2.00%-4.75% Switzerland USA 0.40%-0.80% 4.40% 1.90% 4.00% 1.10%-1.30% 4.15% 2.20% 4.00% Italy Turkey 0.80%-2.00% 10.30% 1.80%-2.90% 6.00% 0.70%-2.20% 8.60% 2.80% 6.00% In % (1) Including price increases (inflation) Observed weighted average rates are as follows: - In the Eurozone: 1.48 % at 31 December 2015 (1.06 % at 31 December 2014), - In the United Kingdom: 3.70 % at 31 December 2015 (3.40 % at 31 December 2014), - In Switzerland: 0.80 % at 31 December 2015 (1.10% at 31 December 2014). The impact of a 100 bp change in discount rates on the present value of post-employment benefit obligations is as follows: 31 December 2015 Change in the present value of obligations In millions of euros Discount rate -100bp 31 December 2014 Discount rate +100bp Discount rate -100bp Discount rate +100bp Belgium 277 (236) 269 (225) France UK 156 389 (131) (292) 181 365 (150) (273) Switzerland USA 102 106 (140) (91) 140 108 (108) (91) 30 17 (30) (14) 36 20 (30) (16) Italy Turkey - 93 - Consolidated financial statements as at 31 December 2015 Actual rate of return on plan assets and reimbursement rights over the period - Year to 31 December 2015 Weighted average rates Range of value (reflecting the existence of several plans in the same country) Weighted average rates 1.10%-6.00% 3.72% 1.30%-8.30% 6.68% France UK 3.50% 2.30%-6.90% 3.50% 5.82% 3.60% 3.30%-21.00% 3.60% 17.07% Switzerland USA 1.70%-5.10% 1.11%-2.00% 1.84% 1.48% 7.80%-8.00% 6.22%-11.94% 7.94% 7.57% 10.80% 10.80% 8.72% 8.72% In % Belgium Range of value (reflecting the existence of several plans in the same country) Year to 31 December 2014 Turkey Breakdown of plan assets - 31 December 2015 Shares NonGovernment Government Real-estate al bonds al bonds 31 December 2014 Deposit account Others Shares NonGovernment Government Real-estate al bonds al bonds Deposit account Others In % Belgium 6% 56% 18% 2% 0% 18% 2% 63% 17% 0% 0% 18% France 7% 66% 18% 9% 0% 0% 6% 68% 18% 8% 0% 0% UK 29% 54% 9% 0% 2% 6% 31% 50% 12% 0% 2% 5% Switzerland 38% 32% 0% 14% 3% 13% 38% 34% 0% 13% 4% 11% USA 47% 35% 13% 2% 1% 2% 48% 24% 26% 2% 0% 0% Turkey 0% 0% 0% 5% 93% 2% 0% 1% 0% 5% 91% 3% Others 7% 13% 8% 1% 19% 52% 10% 15% 12% 1% 13% 49% GROUP 17% 47% 12% 4% 7% 13% 15% 49% 14% 3% 7% 12% The Group introduced an asset management governance for assets backing defined-benefit pension plan commitments, the main objectives of which are the management and control of the risks in term of investment. It sets out investment principles, in particular, by defining an investment strategy for plan assets, based on financial objectives and financial risk management, to specify the way in which plan assets have to be managed, via financial management servicing contracts. The investment strategy is based on an assets and liabilities management analysis that should be realised at least on an annual basis for plans with assets in excess of EUR 100 million and every three years for plans with assets of between EUR 20 and EUR 100 million. Post-employment healthcare benefits The Group offers some healthcare benefit plans for retired employees, mainly in the United States and Belgium. These plans are mainly closed to new entrants. The current value of post-employment healthcare benefit obligations stood at EUR 150 million at 31 December 2015, down from EUR 165 million at 31 December 2014, i.e. a decrease of EUR 15 million in 2015, of which EUR 23 million recognised directly in shareholders’ equity. - 94 - Consolidated financial statements as at 31 December 2015 7.c OTHER LONG-TERM BENEFITS BNP Paribas offers its employees various long-term benefits, mainly long-service awards, the ability to save up paid annual leave in time savings accounts, and certain guarantees protecting them in the event they become incapacitated. The net provision amounted to EUR 546 million at 31 December 2015 (EUR 520 million at 31 December 2014). As part of the Group’s variable compensation policy, annual deferred compensation plans are set up for certain high-performing employees or pursuant to special regulatory frameworks. Under these plans, payment is deferred over time and is subject to the performance achieved by the business lines, divisions and Group. Since 2013, BNP Paribas has introduced a Group loyalty scheme with a cash payment, at the end of a three-year vesting period, which fluctuates according to the Group’s intrinsic performance. The aim of this loyalty scheme is to make different categories of managerial staff partners in the Group’s development and profitability objectives. These personnel are representative of the Group’s talent and the breadth of its managerial framework i.e. senior managers, managers in key positions, line managers and experts, high-potential managers, high-performing young executives with good career development prospects and key contributors to the Group’s results. The amounts allocated under this plan are linked to changes in the Group’s operational performance over three years (for 80%) and to the achievement of the Group’s Corporate Social Responsibility (CSR) targets (for 20%). These nine targets are in line with the four pillars on which the Group’s CSR policy is based. In addition, the final payment is subject to continuous service within the Group between the grant date and the payment date, provided that the Group’s operating income and pre-tax income for the year prior to payment are strictly positive. For employees subject to special regulatory frameworks, this loyalty scheme is adjusted in accordance with the CRD4 European Directive. The net obligation related to deferred compensation plans and loyalty schemes amounts to EUR 532 million at 31 December 2015 (EUR 456 million at 31 December 2014). 31 December 2015 In millions of euros 31 December 2014 Net provisions for other long-term benefits 1,078 976 Asset recognised in the balance sheet under the other long-term benefits Obligation recognised in the balance sheet under the other long-term benefits (104) 1,182 (110) 1,086 7.d TERMINATION BENEFITS BNP Paribas has implemented a number of voluntary redundancy plans and headcount adaptation plans for employees who meet certain eligibility criteria. The obligations to eligible active employees under such plans are provided for as soon as a bilateral agreement or a bilateral agreement proposal for a particular plan is made. Besides, BNP Paribas recognises costs related to redundancy plans in a restructuring context as soon as the Group formalises a detailed plan which has been notified to the interested parties. 31 December 2015 In millions of euros Provision for voluntary departure, early retirement plans, and headcount adaptation plans - 95 - 342 31 December 2014 382 Consolidated financial statements as at 31 December 2015 7.e SHARE-BASED PAYMENTS SHARE-BASED LOYALTY, COMPENSATION AND INCENTIVE SCHEMES BNP Paribas has set up several share-based payment schemes for certain employees: - deferred share price-linked, cash-settled long term compensation plans, mainly for employees whose activities are likely to have an impact on the Group's risk exposure; - until 2012, a Global Share-Based Incentive Plan including: o performance shares plans, o stock subscription or purchase option plans. Deferred share price-linked, cash-settled compensation plans As part of the Group’s variable remuneration policy, deferred annual compensation plans offered to certain high-performing employees or set up pursuant to special regulatory frameworks may entitle beneficiaries to variable compensation settled in cash but linked to the share price, payable over several years. - Variable compensation for employees, subject to special regulatory frameworks Since the publication of the Decree by the French ministry of finance on 13 December 2010, and following the provisions of the European Directive CRD4 of 26 July 2013 transposed into the French law in the Monetary and Financial Code by the Order of 20 February 2014 as well as the Decrees and Orders of 3 November 2014 and the delegated European regulation of 4 March 2014, the variable compensation plans apply to Group employees performing activities that may have a material impact on the Group’s risk profile. Under these plans, payment is deferred over time and is contingent on the performance achieved by the business lines, core businesses and Group. Sums are mostly paid in cash linked to the increase or decrease in the BNP Paribas share price. In addition, in accordance with the regulatory requirements in force, some of the variable compensation granted over the year in respect of the performance of the previous year is also indexed to the BNP Paribas share price and paid to beneficiaries during the year of attribution. - Deferred variable compensation for other Group employees Sums due under the annual deferred compensation plans for high-performing employees are partly paid in cash linked to the increase or decrease in the BNP Paribas share price. Global Share-Based Incentive Plan Until 2012, BNP Paribas set up a Global Share-Based Incentive Plan for some Group employees, including stock options and performance share awards. The option exercise price under these plans is determined at the time of issuance and no discount is offered. The duration of the options granted is 8 years. Performance shares awarded between 2009 and 2012 vest after a period of 3 or 4 years, depending on the case and provided that the employee is still a member of the Group. The compulsory holding period for performance shares is two years for France-based employees. Since 2010, the conditional portion granted has been set at 100% of the total award for members of the BNP Paribas Group Executive Committee and senior managers and 20% for other beneficiaries. Under stock option plans set up between 2003 and 2011, the performance condition was not fully met on seven out of thirty occasions and the adjustments described above were therefore implemented. Under performance share plans awarded between 2009 and 2012, the performance condition was not met on three out of ten occasions and the relevant contingent portion therefore lapsed. All unexpired plans settle in a potential subscription or transfer of BNP Paribas shares. - 96 - Consolidated financial statements as at 31 December 2015 - Expense of share-based payment Year to 31 Dec. 2014 Year to 31 Dec. 2015 Expense / (revenue) in millions of euros Stock subscription and purchase option plans Variable deferred compensation plans Performance share plans Prior deferred compensation plans Deferred compensation plans for the year Global Share-Based Incentive Plan Total 1 6 1 6 Total expense Total expense 58 58 (80) 261 261 7 221 19 319 326 160 Valuation of stock option plans and performance share plans As required under IFRS 2, BNP Paribas attributes a value to stock options and performance shares granted to employees and recognises an expense, determined at the date of grant, calculated respectively on the basis of the fair value of the options and shares concerned. This initial fair value may not subsequently be adjusted for changes in the quoted market price of BNP Paribas shares. The only assumptions that may result in a revision of the fair value during the vesting period, and hence an adjustment in the expense, are those related to the population of beneficiaries (loss of rights) and internal performance conditions. The Group’s share-based payment plans are valued by an independent specialist firm. - 97 - Consolidated financial statements as at 31 December 2015 History of plans granted under the Global Share-Based Incentive Plan The tables below give details of the characteristics and terms of all unexpired plans at 31 December 2015: - Stock subscription option plan Options outstanding at end of period Characteristics of the plan Originating company Date of grant Number of options granted (1) Number of grantees Start date of Option exercise expiry date period Adjusted exercise price (in euros) Number of options (1) (1) BNP Paribas SA (2) BNP Paribas SA (2) BNP Paribas SA (2) BNP Paribas SA (2) Remaining period until expiry of options (years) 18/04/2008 2,402 4,085,347 18/04/2012 15/04/2016 64.47 3,270,321 0.3 06/04/2009 05/03/2010 1,397 1,820 2,437,234 2,423,700 08/04/2013 05/03/2014 05/04/2017 02/03/2018 35.11 51.20 1,016,769 1,884,845 1.3 2.2 04/03/2011 1,915 2,296,820 04/03/2015 04/03/2019 56.45 2,030,024 3.2 Total options outstanding at end of period 8,201,959 (1) The number of options and the exercise price have been adjusted, where appropriate, for the detachment of pre-emptive subscription rights on 30 September 2009, in accordance with the regulations in force. (2) The plan is subject to vesting conditions under which a proportion of the options granted to employees is conditional upon the performance of the BNP Paribas share relative to the Dow Jones EURO STOXX Banks index during the applicable holding period. Based on this relative performance condition, the adjusted exercise price for these options has been set at EUR 67.74 for 214,186 options under the 4 March 2011 plan, outstanding at the year-end. - Performance share plans Characteristics of the plan Originating company Date of grant Number of shares Expiry date of outstanding at Number of Number of shares Vesting date of holding period for end of period grantees granted shares granted shares granted BNP Paribas SA (1) (2) 2009-2011 BNP Paribas SA 06/03/2012 2,610 1,072,480 09/03/2015 09/03/2017 1,380 06/03/2012 2,755 849,455 07/03/2016 07/03/2016 753,640 (1) BNP Paribas SA 1,393 Total shares outstanding at end of period (1) (2) 756,413 The vesting date for certain shares has been deferred due to the beneficiaries’ absence on the date initially scheduled. The number of shares has been adjusted for the pre-emptive subscription rights allotted on 30 September 2009. - 98 - Consolidated financial statements as at 31 December 2015 - Movements over the past two years Stock subscription option plans Year to 31 Dec. 2015 Number of options Year to 31 Dec. 2014 Weighted average exercise price (in euros) Number of options Weighted average exercise price (in euros) Options outstanding at 1 January 12,416,877 62.16 17,441,393 63.11 Options exercised during the period (427,478) (3,787,440) 42.98 (1,185,557) (3,838,959) 44.94 Options outstanding at 31 December 8,201,959 56.09 12,416,877 62.16 Options exercisable at 31 December 8,201,959 56.09 10,281,117 63.35 Options expired during the period The average quoted stock market price over the option exercise period in 2015 is EUR 56.61 (EUR 56.99 in 2014). - Performance share plans Shares outstanding at 1 January Shares vested during the period Shares expired during the period Shares outstanding at 31 December - 99 - Year to 31 Dec. 2015 Year to 31 Dec. 2014 Number of shares Number of shares 2,179,141 3,264,620 (1,340,114) (82,614) (773,316) (312,163) 756,413 2,179,141 Consolidated financial statements as at 31 December 2015 8. ADDITION AL INFORM ATI ON 8.a CHANGES IN SHARE CAPITAL AND EARNINGS PER SHARE At 31 December 2015, the share capital of BNP Paribas SA amounted to EUR 2,492,770,306, and was divided into 1,246,385,153 shares. The nominal value of each share is EUR 2. At 31 December 2014, the share capital amounted to EUR 2,491,915,350 and was divided into 1,245,957,675 shares. Ordinary shares issued by BNP Paribas and held by the Group Proprietary transactions Trading transactions Carrying amount (in millions of euros) Number of shares Shares held at 31 December 2013 2,798,942 Acquisitions 138 Number of shares (375,580) Total (1) Carrying amount (in millions of euros) (22) Number of shares Carrying amount (in millions of euros) 2,423,362 116 1,987,822 99 1,987,822 99 Disposals Shares delivered to employees (650,904) (773,316) (35) (32) (650,904) (773,316) (35) (32) Capital decrease Other movements (390,691) (30) (390,691) (2,867,888) (271,615) (30) (138) (20) 895,726 (903,592) 47 (47) Shares held at 31 December 2014 Acquisitions Disposals Shares delivered to employees Other movements Shares held at 31 December 2015 (1) 2,971,853 140 895,726 (903,592) 47 (47) (1,340,114) (59) 1,623,873 81 (2,867,888) (3,243,468) (138) (160) 3,081,539 151 (1,340,114) 3,081,539 (59) 151 (161,929) (9) 1,461,944 72 Transactions realised in the framework of an activity of trading and arbitrage transactions on equity indices. At 31 December 2015, the BNP Paribas Group was a net holder of 1,461,944 BNP Paribas shares representing an amount of EUR 72 million, which was recognised as a decrease in equity. During 2015, BNP Paribas SA purchased 65,000 shares (excluding the liquidity contract) on the market at an average share price of EUR 44.83 per share, with the intention of cancelling these shares. Under the Bank’s market-making agreement relating to the BNP Paribas share on the Italian market made with Exane BNP Paribas, and in line with the Code of Ethics recognised by the AMF, the Bank bought back 830,726 shares in 2015 at an average share price of EUR 53.18, and sold 903,592 shares at an average share price of EUR 53.76. At 31 December 2015, 100,000 shares worth EUR 5.3 million were held by BNP Paribas SA under this agreement. From 1 January 2015 to 31 December 2015, 1,340,114 shares were delivered following the definitive award of performance shares to their beneficiaries. - 100 - Consolidated financial statements as at 31 December 2015 Preferred shares and Undated Super Subordinated Notes eligible as Tier 1 regulatory capital - Preferred shares issued by the Group’s foreign subsidiaries BNP Paribas Personal Finance made in 2004 two issues of undated non-voting preferred shares through a structured entity governed by UK law and which is exclusively controlled. Since the first call date, these preferred shares are redeemable at par at the issuer’s discretion at each quarterly coupon date. Issuer Cofinoga Funding II LP Date of issue January and May 2004 Currency Amount (in millions of euros) EUR Total at 31 December 2015 (1) (2) 80 Rate and term before 1st call Rate after 1st call date date TEC 10 (1) +1.35% 10 years TEC 10 (1) + 1.35% 73 (2) TEC 10 is the daily long-term government bond index, corresponding to the yield-to-maturity of a fictitious 10-year Treasury note. Value at the date of acquisition of control over the LaSer group. These issues and the related dividends are recorded under “Minority interests” in the balance sheet. - Undated Super Subordinated Notes issued by BNP Paribas SA BNP Paribas has issued Undated Super Subordinated Notes which pay a fixed or floating rate coupon and are redeemable at the end of a fixed period and thereafter at each coupon date. Some of these issues will pay a coupon indexed to Euribor, Libor or a swap rate if the notes are not redeemed at the end of this period. On 17 June 2015, BNP Paribas SA has issued Undated Super Subordinated Notes for an amount of EUR 750 million, which pay a 6.125% fixed rate coupon. The notes could be redeemed at the end of a 7-year period. If the notes are not redeemed in 2022, a 5-year euro swap rate coupon will be paid halfyearly. This issue is eligible to Additional Tier 1 capital. On 29 June 2015, BNP Paribas redeemed the June 2005 issue for a total amount of USD 1,070 million at the first call date. These notes paid a 5.186% fixed-rate coupon. On 19 August 2015, BNP Paribas SA has issued Undated Super Subordinated Notes for an amount of USD 1,500 million which pay a 7.375% fixed-rate coupon. The notes could be redeemed at the end of a 10-year period. If the notes are not redeemed in 2025, a 5-year dollar swap rate coupon will be paid half-yearly. This issue is eligible to Additional Tier 1 capital. - 101 - Consolidated financial statements as at 31 December 2015 The following table summarises the characteristics of these various issues: Date of issue Currency Amount (in millions of currency units) Coupon payment date Rate and term before 1st call date Rate after 1st call date October 2005 EUR 1,000 annual 4.875% 6 years 4.875% October 2005 April 2006 USD EUR 400 549 annual annual 6.25% 6 years 4.73% 10 years 6.250% 3-month Euribor + 1.690% April 2006 July 2006 GBP EUR 450 150 annual annual 5.945% 10 years 5.45% 20 years GBP 3-month Libor + 1.130% 3-month Euribor + 1.920% July 2006 April 2007 GBP EUR 163 638 annual annual 5.954% 10 years 5.019% 10 years GBP 3-month Libor + 1.810% 3-month Euribor + 1.720% June 2007 June 2007 USD USD 6.5% 5 years 7.195% 30 years 6.50% USD 3-month Libor + 1.290% October 2007 June 2008 GBP EUR 200 500 annual annual 7.436% 10 years 7.781% 10 years GBP 3-month Libor + 1.850% 3-month Euribor + 3.750% September 2008 December 2009 EUR EUR 100 2 annual quarterly 7.57% 10 years 3-month Euribor + 3.750% 10 years 3-month Euribor + 3.925% 3-month Euribor + 4.750% December 2009 December 2009 EUR USD 17 70 annual quarterly 7.028% 10 years USD 3-month Libor + 3.750% 10 years 3-month Euribor + 4.750% USD 3-month Libor + 4.750% December 2009 June 2015 USD EUR 0.5 annual 750 semi-annual 7.384% 10 years 6.125% 7 years USD 3-month Libor + 4.750% EUR 5-year swap + 5.230% August 2015 USD 1,500 semi-annual 7.375% 10 years USD 5-year swap + 5.150% Total euro-equivalent historical value at 31 December 2015 (1) 600 quarterly 1,100 semi-annual 7,855 (1) Net of shares held in treasury by Group entities BNP Paribas has the option of not paying interest due on these Undated Super Subordinated Notes if no dividends were paid on BNP Paribas SA ordinary shares nor on Undated Super Subordinated Note equivalents in the previous year. Interest due has to be paid in case of dividend distribution on BNP Paribas SA ordinary shares. This clause is not stipulated in 2015 issues. Unpaid interest is not carried forward. The contracts relating to these Undated Super Subordinated Notes contain a loss absorption clause. Under the terms of this clause, in the event of insufficient regulatory capital, the nominal value of the notes may be reduced in order to serve as a new basis for the calculation of the related coupons until the capital deficiency is made up and the nominal value of the notes is increased to its original amount. The proceeds from these issues are recorded in equity under “Capital and retained earnings”. In accordance with IAS 21, issues denominated in foreign currencies are recognised at their historical value based on their translation into euros at the issue date. Interest on the instruments is treated in the same way as dividends. At 31 December 2015, the BNP Paribas Group held EUR 25 million of Undated Super Subordinated Notes which were deducted from shareholders’ equity. - 102 - Consolidated financial statements as at 31 December 2015 Earnings per share Basic earnings per share are calculated by dividing the net income for the period attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. The net income attributable to ordinary shareholders is determined by deducting the net income attributable to holders of preferred shares. Diluted earnings per share correspond to the net income for the period attributable to holders of ordinary shares, divided by the weighted average number of shares outstanding as adjusted for the maximum effect of the conversion of dilutive equity instruments into ordinary shares. In-the-money stock subscription options are taken into account in the diluted earnings per share calculation, as are performance shares granted under the Global Share-based Incentive Plan. Conversion of these instruments would have no effect on the net income figure used in this calculation. Year to 31 Dec. 2015 Net profit / (loss) used to calculate basic and diluted earnings per ordinary share (in millions of euros) (2) Year to 31 Dec. 2014(1) 6,385 (83) 1,242,989,279 1,241,924,953 1,195,923 458,927 2,480,136 485,047 736,996 1,995,089 1,244,185,202 1,244,405,089 Basic earnings / (losses) per share (in euros) 5.14 (0.07) Diluted earnings / (losses) per share (in euros) 5.13 (0.07) Weighted average number of ordinary shares outstanding during the year Effect of potentially dilutive ordinary shares - Stock subscription option plan (3) - Performance share attribution plan (3) Weighted average number of ordinary shares used to calculate diluted earnings per share (1)Restated according to the IFRIC 21 interpretation (see notes 1.a and 2). net profit/(loss) used to calculate basic and diluted earnings per share is the net profit/(loss) attributable to equity shareholders, adjusted for the remuneration on the Undated Super Subordinated Notes issued by BNP Paribas SA (treated as preferred share equivalents), which for accounting purposes is handled as dividends, as well as the related foreign exchange impact recognised directly in shareholders' equity. (3)See note 7.e Share-based payments for the description of share-based plans and performance share attribution plans. (2)The The dividend per share paid in 2015 out of the 2014 net income amounted to EUR 1.50, unchanged as compared with the dividend paid in 2014 out of the 2013 net income. - 103 - Consolidated financial statements as at 31 December 2015 8.b CONTINGENT LIABILITIES: LEGAL PROCEEDINGS AND ARBITRATION The Bank and certain of its subsidiaries are defendants in several actions pending before the United States Bankruptcy Court Southern District of New York brought by the Trustee appointed for the liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”). These actions, known generally as “clawback claims”, are similar to those brought by the BLMIS Trustee against numerous institutions, and seek recovery of amounts allegedly received by the BNP Paribas entities from BLMIS or indirectly through BLMIS-related “feeder funds” in which BNP Paribas entities held interests. The BLMIS Trustee claims in these actions that the amounts which BNP Paribas entities received are avoidable and recoverable under the U.S. Bankruptcy Code and New York state law. In the aggregate, the amount sought to be recovered in these actions approximates USD 1.3 billion. BNP Paribas has substantial and credible defenses to these actions and is defending against them vigorously. Various litigations and investigations are ongoing relating to the restructuring of the Fortis group, now Ageas, of which BNP Paribas Fortis is no longer part, and to events having occurred before BNP Paribas Fortis became part of the BNP Paribas Group. Among these are litigations brought by shareholder groups in The Netherlands and Belgium against Ageas and, among others, against BNP Paribas Fortis, in relation to its role as global coordinator of Fortis (now Ageas)'s capital increase in October 2007 to partly finance its acquisition of ABN Amro Bank N.V. These shareholder groups mainly allege that there has been a breach in the financial communication, as, inter alia, the disclosure regarding the exposure to subprime mortgages. Courts of Appeal’s decisions found Ageas liable for mismanagement regarding its communication. BNP Paribas Fortis is not a party to these cases. Litigation was also brought in Belgium by minority shareholders of Fortis against the Société fédérale de Participations et d’Investissement, Ageas and BNP Paribas seeking (amongst other things) damages from BNP Paribas as restitution for part of the BNP Paribas Fortis shares that were contributed to BNP Paribas in 2009, on the ground that the transfer of these shares was null and void. The Bank is vigorously defending itself in these proceedings. If these proceedings were nonetheless to succeed, they could have a financial impact on the Group. Such impact is unquantifiable at this stage but could be significant. Regulatory and law enforcement authorities in multiple jurisdictions are conducting investigations or making inquiries of a number of financial institutions regarding trading on the foreign exchange markets, including, among other things, possible collusion among financial institutions to manipulate certain benchmark currency exchange rates. The Bank has to date received requests for information in this respect from regulatory and law enforcement authorities in the United Kingdom, the United States and several countries in the Asia-Pacific region as well as from the European Competition Commission. The Bank is cooperating with the investigations and inquiries and responding to the information requests. In November 2014 the Financial Conduct Authority in the United Kingdom, in December 2014 the Hong Kong Monetary Authority and in October 2015, the Financial Services Agency in Japan informed the Bank that they had discontinued their investigation as to BNP Paribas. Moreover the Bank is conducting its own internal review of foreign exchange trading. While this review is ongoing, the Bank is not in a position to foresee the outcome of these investigations and proceedings nor their potential impact. The Bank, along with a number of other financial institutions, was named as a defendant in several consolidated civil class actions which were filed starting in March 2014 in the U.S. District Court of New York on behalf of purported classes of plaintiffs alleging manipulation of foreign exchange markets. It is worth noting that US antitrust proceedings provide for joint and several liability of all defendants. Without acknowledging liability, the Bank along with several of its co-defendants reached an agreement with plaintiffs to settle this consolidated civil class action. In December 2015, the U.S. District Court of New York issued a preliminary settlement order approving the settlement agreement entered into by the Bank in an amount of USD 115 million. In connection with the European Commission’s investigation into purported anti-competitive conduct in the Credit Default Swaps (“CDS”) market between a number of investment banks including BNP Paribas (the closure of which was announced by the European Commission on December 4, 2015), several class actions lawsuits were filed in U.S. courts against such parties. It is worth noting that US antitrust proceedings provide for joint and several liability of all defendants. Without acknowledging liability, the Bank and its co-defendants reached an agreement with the plaintiffs to settle these class actions. In October 2015, the U.S. District Court of New York issued a preliminary settlement order approving the settlement agreement entered into by the Bank in an amount of USD 89 million. - 104 - Consolidated financial statements as at 31 December 2015 8.c BUSINESS COMBINATIONS Operations realised in 2015 General Electric European Fleet Services business Arval, the BNP Paribas subsidiary specialised in corporate vehicle leasing, has purchased on 2 November 2015 the European Fleet Services business of General Electric Capital. This acquisition strengthens significantly the strategic positioning of Arval in Europe, and leads to a EUR 2.7 billion increase of the Group’s balance sheet. In particular, “Property, plant, equipment and intangible assets” rose by EUR 2.3 billion and debts “due to the credit institutions” by EUR 1.4 billion. The goodwill on this operation amounts to EUR 249 million. Operations realised in 2014 LaSer group On 25 July 2014, BNP Paribas Personal Finance acquired the 50% interest held by its partner, the Galeries Lafayette group, in the LaSer group, previously consolidated under the equity method. This acquisition is linked to the decision of the Galeries Lafayette group to exercise its sale option under the partnership agreements. The parties are involved in an arbitration. Following this acquisition, the BNP Paribas Group took control of the LaSer group, and the latter is fully consolidated. The change in the consolidation method had a EUR 63 million impact on the Group’s profit and loss account for the year ended 31 December 2014. The goodwill for the LaSer group amounts to EUR 125 million. The Group's balance sheet increased by EUR 2.9 billion as a result of this additional acquisition with change of control; “Loans and receivables”, in particular, rose by EUR 2.2 billion. Bank BGŻ Following a takeover bid during the second half of 2014 (finalised on 17 October 2014), BNP Paribas acquired an 88.98% interest in Bank BGŻ, 88.64% of which was contributed by Rabobank. As a result of this transaction, Bank BGŻ is fully consolidated by the BNP Paribas Group. Goodwill for Bank BGŻ amounts to EUR 136 million. A squeeze-out for the remaining 1.02% minority interest was launched on 23 December 2014 and completed on 7 January 2015. As at 31 December 2014, this commitment was recognised in liabilities in respect of the minority shareholders. This acquisition added EUR 8.7 billion to the Group's balance sheet. In particular, “Loans and receivables due from customers” rose by EUR 7.1 billion and amounts due to customers increased by EUR 7.6 billion. Bank BGŻ is a Polish credit institution which specialises in the food and agricultural sector. DAB Bank BNP Paribas acquired a 91.7% stake in DAB Bank in the second half of 2014, following an agreement with Unicredit and a takeover bid finalised on 17 December 2014. 81.4% was contributed by Unicredit. As a result of this transaction, DAB Bank is fully consolidated by the BNP Paribas Group. Goodwill arising from the transaction amounts to EUR 169 million. The effect of this acquisition was to increase the Group's balance sheet by EUR 5.3 billion, with notably EUR 3.4 billion added to “Available-for-sale financial assets” and EUR 5.2 billion to amounts “Due to customers”. - 105 - Consolidated financial statements as at 31 December 2015 This acquisition strengthens the digital banking activity in Germany, and also lays the foundations for the expansion of the bank's retail business in Austria. RCS BNP Paribas Personal Finance acquired RCS Investments Holdings on 6 August 2014. As a result of this transaction, RCS is fully consolidated by the BNP Paribas Group. Goodwill for RCS amounts to EUR 39 million. As a result of this acquisition, the Group's balance sheet rose by EUR 251 million at the acquisition date, with, in particular, “Loans and receivables due from customers” increasing by EUR 338 million. RCS is a South-African consumer finance institution which develops retail credit cards with distributors and grants individual loans. - 106 - Consolidated financial statements as at 31 December 2015 8.d MINORITY INTERESTS Main minority interests The assessment of the material nature of minority interests is based on the contribution of the relevant subsidiaries to the Group balance sheet (before elimination of intra-group balances and transactions) and to the Group profit and loss account. 31 December 2015 Total assets before elimination of intra-group transactions Year to 31 Dec.2015 Revenues Net income Net income and changes in assets and Minority liabilities shareholders' recognised interest (%) directly in equity In millions of euros Contribution of the entities belonging to the BGL BNP Paribas group 67,485 1,534 463 164 158 69 Other minority interests 186 182 62 TOTAL 350 340 131 31 December 2014 Total assets before elimination of intra-group transactions 453 Net income and changes in assets and Net income liabilities Dividends paid attributable to recognised to minority minority directly in shareholders interests equity attributable to minority interests 34% Year to 31 Dec.2014 Revenues Net income Net income and changes in assets and Minority liabilities shareholders' recognised interest (%) directly in equity In millions of euros (1) Contribution of the entities belonging to the BGL BNP Paribas group 163 245 59 Other minority interests 187 243 48 TOTAL 350 488 107 (1)Restated 63,917 1,546 437 668 34% Net income and changes in assets and Net income liabilities Dividends paid attributable to recognised to minority minority directly in shareholders interests equity attributable to minority interests according to the IFRIC 21 interpretation (see notes 1.a and 2.). There are no particular contractual restrictions on the assets of the BGL BNP Paribas Group related to the presence of the minority shareholder. - 107 - Consolidated financial statements as at 31 December 2015 Internal restructuring that led to a change in minority shareholders’ interest in the equity of subsidiaries No significant internal restructuring operation occurred during the year ended 31 December 2015, nor during the year ended 31 December 2014. Acquisitions of additional interests and partial sales of interests leading to changes in minority interests in the equity of subsidiaries 31 December 2015 Attributable to shareholders In millions of euros 31 December 2014 Minority interests Attributable to shareholders Minority interests BNP Paribas Bank Polska BNP Paribas Bank Polska SA realised a capital increase, fully subscribed by external investors. The Group's interest in this entity decreased from 99.83% to 84.94%. Turk Ekonomi Bankasi BNP Paribas Fortis Yatirimlar Holding bought out minority shareholders' interests representing 1.01% of the capital, lifting its interest pourcentage of Turk Ekonomi Bankasi AS to 69.48% (15) 67 16 (35) Other (3) (4) 11 (11) Total (3) (4) 12 21 Commitments to repurchase minority shareholders’ interests In connection with the acquisition of certain entities, the Group granted minority shareholders put options on their holdings. The total value of these commitments, which are recorded as a reduction in shareholders’ equity, amounts to EUR 707 million at 31 December 2015, compared with EUR 853 million at 31 December 2014. - 108 - Consolidated financial statements as at 31 December 2015 8.e SIGNIFICANT RESTRICTIONS IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES Significant restrictions related to the ability of entities to transfer cash to the Group The ability of entities to pay dividends or to repay loans and advances depends, inter alia, on local regulatory requirements for capitalisation and legal reserves, as well as the entities' financial and operating performance. During 2014 and 2015, no BNP Paribas Group entity was subject to significant restrictions other than those related to regulatory requirements. Significant restrictions relative to the Group's ability to use the assets lodged in consolidated structured entities Access to the assets of consolidated structured entities in which third-party investors have invested is limited inasmuch as these entities' assets are reserved for the holders of units or securities. These assets total EUR 23 billion as at 31 December 2015, unchanged from 31 December 2014. Significant restrictions related to the Group's ability to use assets pledged as collateral or under repurchase agreements The financial instruments pledged by the BNP Paribas Group as collateral or under repurchase agreements are presented in notes 5.s and 6.c. Significant restrictions related to liquidity reserves Significant restrictions related to liquidity reserves correspond to the mandatory deposits placed with central banks presented in chapter 5 of the registration document under “Liquidity risk”. Assets representative of unit-linked insurance contracts Assets representative of unit-linked insurance contracts designated as at fair value through profit or loss, which amount to EUR 50,859 million as at 31 December 2015 (compared with EUR 47,462 million as at 31 December 2014), are held for the benefit of the holders of these contracts. - 109 - Consolidated financial statements as at 31 December 2015 8.f STRUCTURED ENTITIES The BNP Paribas Group is engaged in transactions with sponsored structured entities mainly through its activities of securitisation of financial assets - as either originator or sponsor -, fund management and specialised asset financing. In addition, the BNP Paribas Group is also engaged in transactions with structured entities that it has not sponsored, notably in the form of investments in funds or securitisation vehicles. The method for assessing control for structured entities is detailed in Note 1.b.2. “Consolidation methods”. Consolidated structured entities The main categories of consolidated structured entities are: ABCP (Asset-Backed Commercial Paper) conduits: the ABCP securitisation conduits Starbird, Matchpoint and Scaldis fund securitisation transactions managed by the BNP Paribas Group on behalf of its customers. Details on how these are financed and the Group's risk exposure are presented in Chapter 5 of the Registration Document under "Securitisation as sponsor on behalf of clients / Shortterm refinancing". Proprietary securitisation: proprietary securitisation positions originated and held by the BNP Paribas Group are detailed in Chapter 5 of the Registration Document under "Proprietary securitisation activities (originator)". Funds managed by the Group: the BNP Paribas Group structures different types of funds for which it may act as fund manager, investor, custodian or guarantor. These funds are consolidated when the Group is both the manager and a significant investor, and is therefore exposed to variable returns. Unconsolidated structured entities The BNP Paribas Group has entered into relations with unconsolidated structured entities in the course of its business activities to meet the needs of its customers. Information relative to interests in sponsored structured entities The main categories of unconsolidated sponsored structured entities are as follows: Securitisation: the BNP Paribas Group structures securitisation vehicles for the purposes of offering customers financing solutions for their assets, either directly or through consolidated ABCP conduits. Each vehicle finances the purchase of customers' assets (receivables, bonds, etc.) primarily by issuing bonds backed by these assets and whose redemption is linked to their performance. Funds: the Group structures and manages funds to offer investment opportunities to its customers. Dedicated or public funds are offered to institutional and individual customers, and are distributed and commercially monitored by the BNP Paribas Group. The entities of the BNP Paribas Group responsible for managing these funds may receive management fees and performance commission. The BNP Paribas Group may hold units in these funds, as well as units in funds dedicated to the insurance activity not managed by the BNP Paribas Group. Asset financing: the BNP Paribas Group finances structured entities that acquire assets (aircraft, ships, etc.) intended for lease, and the lease payments received by the structured entity are used to repay the financing, which is guaranteed by the asset held by the structured entity. - 110 - Consolidated financial statements as at 31 December 2015 Other: on behalf of its customers, the Group may also structure entities which invest in assets or are involved in debt restructuring. An interest in an unconsolidated structured entity is a contractual or non-contractual link that exposes the BNP Paribas Group to variable returns from the performance of the entity. The Group's assets and liabilities related to the interests held in sponsored structured entities are as follows: In millions of euros, at 31 December 2015 Securitisation Funds Asset Financing Others Total INTERESTS ON THE GROUP BALANCE SHEET ASSETS Trading book Instruments designated as at fair value through profit or loss (1) Available-for-sale financial assets Loans and receivables 447 10,974 Other assets TOTAL ASSETS 681 190 1,843 3,161 25,587 18 68 25,673 2,990 145 388 3,523 86 13,431 166 24,657 9 441 8 3 461 11,430 29,785 13,792 2,468 57,475 1,107 633 13 2,910 4,663 18 44 1,868 22,086 LIABILITIES Trading book Instruments designated as at fair value through profit or loss Financial liabilities carried at amortised cost Other liabilities TOTAL LIABILITIES MAXIMUM EXPOSURE TO LOSS SIZE OF STRUCTURED ENTITIES (2) 26 769 18,782 667 24 327 36 20 407 1,900 19,768 716 4,816 27,200 15,427 30,157 16,016 2,899 64,499 90,737 241,915 48,478 11,083 392,213 - 111 - Consolidated financial statements as at 31 December 2015 In millions of euros, at 31 December 2014 INTERESTS ON THE GROUP BALANCE SHEET Securitisation Funds Asset Financing Others Total ASSETS Trading book Instruments designated as at fair value through profit or loss (1) Available-for-sale financial assets Loans and receivables 396 772 298 25,350 60 4,338 25,410 63 3,867 235 472 4,637 6,843 179 10,832 274 18,128 22 599 7,302 30,745 11,425 3,640 53,112 29 669 8 2,682 3,388 18 62 582 15,478 Other assets 577 TOTAL ASSETS 2,872 LIABILITIES Trading book Instruments designated as at fair value through profit or loss Financial liabilities carried at amortised cost 167 Other liabilities 384 270 41 13 708 TOTAL LIABILITIES 580 15,145 616 3,295 19,636 10,601 30,828 12,462 4,413 58,304 62,653 230,765 42,754 11,084 347,256 MAXIMUM EXPOSURE TO LOSS SIZE OF STRUCTURED ENTITIES (1) (2) (2) 44 14,162 567 of which EUR 16,981 million representative of unit-linked insurance contracts as at 31 December 2015, invested in funds managed by the BNP Paribas Group (EUR 17,096 million as at 31 December 2014). the size of sponsored structured entities equals the total assets of the structured entity for securitisation vehicles, the net asset value for funds (excluding management mandates) and the structured entity's total assets or the amount of the BNP Paribas Group's commitment for asset financing and other structures. The BNP Paribas Group's maximum exposure to losses on sponsored structured entities is the carrying amount of the assets, excluding, for available-for-sale financial assets, changes in value taken directly to equity, as well as the nominal amount of the financing commitments and guarantee commitments given and the notional amount of credit default swaps (CDS) sold. Information relative to interests in non-sponsored structured entities The main interests held by the BNP Paribas Group when it acts solely as an investor in non-sponsored structured entities are detailed below: Units in funds that are not managed by the Group, which are held by the Insurance business line: as part of the asset allocation strategy corresponding to investments related to the premiums for unitlinked contracts or for the general fund, the Insurance business line subscribes to units of structured entities. These short- or medium-term investments are held for their financial performance and meet the risk diversification criteria inherent to the business. They amounted to EUR 30 billion as at 31 December 2015 (EUR 31 billion as at 31 December 2014). Changes in value and the majority of the risks associated with these investments are borne by policyholders in the case of assets representative of unit-linked contracts, and by the insurer in the case of assets representative of the general fund; Other investments in funds not managed by the Group: as part of its trading business, the BNP Paribas Group invests in structured entities without any involvement in either managing or structuring these entities (investments in mutual funds, securities funds or alternative funds), particularly as economic hedge for structured products sold to customers. The Group also invests in minority holdings in support of companies as part of its venture capital business. These investments amounted to EUR 11 billion as at 31 December 2015 (EUR 10 billion as at 31 December 2014). Investments in securitisation vehicles: the breakdown of the Group's exposure and the nature of the securities held are presented in Chapter 5 of the Registration Document in the section "Securitisation as investor". - 112 - Consolidated financial statements as at 31 December 2015 COMPENSATION AND BENEFITS AWARDED TO THE GROUP’S CORPORATE OFFICERS 8.g The remuneration and benefits policy relating to the Group’s corporate officers, as well as the detailed information on an individual basis, are presented in chapter 2 Corporate Governance of the registration document. Remuneration and benefits awarded to the Group’s corporate officers Year to 31 Dec. 2015 Gross remuneration, including Directors' fees and benefits in kind - payable for the year - paid during the year Year to 31 Dec. 2014 €6,484,552 €4,761,620 €6,378,790 €7,925,248 €210,272 €1,395 €261,438 €1,857 Welfare benefits: premiums paid by BNP Paribas during the year €10,284 €13,692 Share-based payments Stock subscription options - value of stock options granted during the year - number of options held at 31 December Nil 321,193 Nil 966,287 Nil Nil Nil 7,000 €557,760 €621,000 Post-employment benefits Retirement bonuses: present value of the benefit obligation (payroll taxes excluded) Defined contribution pension plan : contributions paid by BNP Paribas during the year Performance shares - value of shares granted during the year - number of shares held at 31 December Long-term compensation - fair value at grant date (*) (*) Valuation according to the method described in note 1.i. As at 31 December 2015, no corporate officer is eligible to a contingent collective defined-benefit top-up pension plan. Directors’ fees paid to members of the board of directors The directors’ fees paid in 2015 to all members of the Board of Directors amount to EUR 974,999, compared with EUR 975,001 paid in 2014. The amount paid in 2015 to members other than corporate officers was EUR 880,257, compared with EUR 866,865 in 2014. Remuneration and benefits awarded to directors representing the employees In euros Year to 31 Dec. 2015 Gross remuneration paid during the year Directors' fees (paid to the trade unions) Premiums paid by BNP Paribas during the year into schemes related to Garantie Vie Professionnelle Accidents benefits and healthcare expense coverage Contributions paid by BNP Paribas during the year into the defined-contribution plan Year to 31 Dec. 2014 76,660 117,557 87,681 120,081 1,366 1,707 672 697 Loans, advances and guarantees granted to the Group’s corporate officers At 31 December 2015, the total outstanding loans granted directly or indirectly to the Group’s corporate officers and their spouses amounted to EUR 1,045,637 (EUR 1,352,551 at 31 December 2014). These loans representing normal transactions were carried out on an arm’s length basis. - 113 - Consolidated financial statements as at 31 December 2015 8.h OTHER RELATED PARTIES Other related parties of the BNP Paribas Group comprise consolidated companies (including entities consolidated under the equity method) and entities managing post-employment benefit plans offered to Group employees (except for multi-employer and multi-industry schemes). Transactions between the BNP Paribas Group and related parties are carried out on an arm’s length basis. RELATIONS BETWEEN CONSOLIDATED COMPANIES A list of companies consolidated by the BNP Paribas Group is provided in note 8.j “Scope of consolidation”. Transactions and outstanding balances between fully-consolidated entities are eliminated. The tables below show transactions with entities accounted for under the equity method. Outstanding balances of related-party transactions: 31 December 2015 Joint ventures In millions of euros 31 December 2014 Associates (1) Joint ventures Associates (1) ASSETS Loans, advances and securities On demand accounts 101 Loans 4,156 Securities 51 3,585 4,548 1,102 2 1,229 19 10 56 258 12 2 38 10 5,287 4,002 5,791 2,182 225 403 152 209 45 2,575 36 2,655 - - - 1 19 78 - 29 289 3,056 188 2,894 Financing commitments given 2,781 2,162 3,265 3,044 Guarantee commitments given 2 77 - 1,485 2,783 2,239 3,265 4,529 Securities held in the non-trading portfolio Other assets Total 2,083 LIABILITIES Deposits On demand accounts Other borrowings Debt securities Other liabilities Total FINANCING COMMITMENTS AND GUARANTEE COMMITMENTS Total (1) Including controlled but non material entities consolidated under the equity method. The Group also carries out trading transactions with related parties involving derivatives (swaps, options and forwards, etc.) and financial instruments purchased or underwritten and issued by them (equities, bonds, etc.). - 114 - Consolidated financial statements as at 31 December 2015 Related-party profit and loss items: Year to 31 Dec. 2015 In millions of euros Joint ventures Interest income Associates (1) 38 Services provided Services received Associates (1) 74 136 141 (1) (72) 4 (4) 509 (45) 5 (36) 379 (34) 1 22 (26) 1 15 Lease income 7 Total (1) Joint ventures (24) Interest expense Commission income Commission expense Year to 31 Dec. 2014 39 517 6 105 435 Including controlled but non material entities consolidated under the equity method. GROUP ENTITIES MANAGING CERTAIN POST-EMPLOYMENT BENEFIT PLANS OFFERED TO GROUP EMPLOYEES In Belgium, BNP Paribas Fortis funds a number of pension schemes managed by AG Insurance in which the BNP Paribas Group has a 25% equity interest. In other countries, post-employment benefit plans are generally managed by independent fund managers or independent insurance companies, and occasionally by Group companies (in particular BNP Paribas Asset Management, BNP Paribas Cardif, Bank of the West and First Hawaiian Bank). In Switzerland, a dedicated foundation manages pension plans for BNP Paribas Switzerland’s employees. At 31 December 2015, the value of plan assets managed by Group companies or by companies over which the Group exercises significant influence was EUR 3,884 million (EUR 3,684 million as at 31 December 2014). Amounts received by Group companies in the year to 31 December 2015 totalled EUR 4.3 million, and were mainly composed of management and custody fees (EUR 4.1 million in 2014). - 115 - Consolidated financial statements as at 31 December 2015 8.i FAIR VALUE OF FINANCIAL INSTRUMENTS CARRIED AT AMORTISED COST The information supplied in this note must be used and interpreted with the greatest caution for the following reasons: - These fair values are an estimate of the value of the relevant instruments as at 31 December 2015. They are liable to fluctuate from day to day as a result of changes in various parameters, such as interest rates and credit quality of the counterparty. In particular, they may differ significantly from the amounts actually received or paid on maturity of the instrument. In most cases, the fair value is not intended to be realised immediately, and in practice might not be realised immediately. Consequently, this fair value does not reflect the actual value of the instrument to BNP Paribas as a going concern; - Most of these fair values are not meaningful, and hence are not taken into account in the management of the commercial banking activities which use these instruments; - Estimating a fair value for financial instruments carried at historical cost often requires the use of modelling techniques, hypotheses and assumptions that may vary from bank to bank. This means that comparisons between the fair values of financial instruments carried at historical cost as disclosed by different banks may not be meaningful; - The fair values shown below do not include the fair values of finance lease transactions, nonfinancial instruments such as property, plant and equipment, goodwill and other intangible assets such as the value attributed to demand deposit portfolios or customer relationships. Consequently, these fair values should not be regarded as the actual contribution of the instruments concerned to the overall valuation of the BNP Paribas Group. Estimated fair value Carrying value In millions of euros 31 December 2015 Level 1 Level 2 Level 3 Total FINANCIAL ASSETS Loans and receivables due from credit institutions (note 5.f) Loans and receivables due from customers (note 5.g) (1) Held-to-maturity financial assets (note 5.j) 43,337 45 43,382 43,427 694 50,272 615,589 666,555 655,898 8,866 152 9,018 7,757 FINANCIAL LIABILITIES Due to credit institutions (note 5.f) 84,386 84,386 84,146 701,207 701,207 700,309 50,334 110,580 160,914 159,447 8,281 8,061 16,342 16,544 Due to customers (note 5.g) Debt securities (note 5.i) Subordinated debt (note 5.i) (1) Finance leases excluded - 116 - Consolidated financial statements as at 31 December 2015 Estimated fair value Carrying value In millions of euros, at 31 December 2014 Level 1 Level 2 Level 3 Total FINANCIAL ASSETS Loans and receivables due from credit institutions (note 5.f) 43,299 25 43,324 43,348 Loans and receivables due from customers (note 5.g) (1) 62,751 580,189 642,940 631,189 113 82 10,401 8,965 Held-to-maturity financial assets 10,206 FINANCIAL LIABILITIES Due to credit institutions (note 5.f) 90,729 90,729 90,352 643,156 643,156 641,549 79,463 109,805 189,268 187,074 5,116 8,579 13,695 13,936 Due to customers (note 5.g) Debt securities (note 5.i) Subordinated debt (note 5.i) (1) Finance leases excluded The valuation techniques and assumptions used by BNP Paribas ensure that the fair value of financial assets and liabilities carried at amortised cost is measured on a consistent basis throughout the Group. Fair value is based on prices quoted in an active market when these are available. In other cases, fair value is determined using valuation techniques such as discounting of estimated future cash flows for loans, liabilities and held-to-maturity financial assets, or specific valuation models for other financial instruments as described in note 1, “Summary of significant accounting policies applied by the BNP Paribas Group”. The description of the fair value hierarchy levels is also presented in the accounting principles (note 1.c.10). In the case of loans, liabilities and held-to-maturity financial assets that have an initial maturity of less than one year (including demand deposits) or of most regulated savings products, fair value equates to carrying amount. These instruments have been classified in Level 2, except for loans to customers, which are classified in Level 3. - 117 - Consolidated financial statements as at 31 December 2015 8.j SCOPE OF CONSOLIDATION 31 December 2015 Name BNP Paribas SA Country Method Voting (%) Interest (%) 31 December 2015 31 December 2014 Ref. Method Voting (%) Interest (%) Name Ref. Country Method Voting (%) Interest (%) 31 December 2014 Ref. Voting (%) Method Interest (%) BNP Paribas SA (Argentina branch) Argentina Full 100% 100% Full 100% 100% BGL BNP Paribas BNP Paribas SA (Australia branch) Australia Full 100% 100% Full 100% 100% BGL BNP Paribas (Germany branch) Luxembourg Full 66,0% 65,9% Full 66,0% 65,9% Germany Full 100% 65,9% Full 100% 65,9% Luxembourg Full 100% 65,9% Full 100% 65,9% BNP Paribas SA (Bahrain branch) Bahrain Full 100% 100% Full 100% 100% BGL BNP Paribas Factor SA BNP Paribas SA (Belgium branch) Belgium Full 100% 100% Full 100% 100% BNP Paribas Lease Group Luxembourg SA Luxembourg Full 100% 65,9% Full 100% 65,9% Cofhylux SA Luxembourg Full 100% 65,9% Full 100% 65,9% Luxembourg Full Full - - 73,9% BNP Paribas SA (Bulgaria branch) Bulgaria Full 100% 100% Full 100% 100% BNP Paribas SA (Canada branch) Canada Full 100% 100% Full 100% 100% BNP Paribas SA (Cayman Islands branch) BNP Paribas SA (China branch) BNP Paribas SA (Germany branch) BNP Paribas SA (Hong Kong branch) BNP Paribas SA (Hungary branch) BNP Paribas SA (India branch) Cayman Islands Full 100% 100% Full 100% Special Purpose Entities E2 Société Immobilière de Monterey SA 100% China - - S1 Retail Banking - Italy (BNL Banca Commerciale) Germany Full 100% 100% Full 100% 100% Hong Kong Full 100% 100% Full 100% 100% Artigiancassa SPA Italy Full 73,9% 73,9% Full 73,9% Hungary Full 100% 100% Full 100% 100% Banca Nazionale del Lavoro SPA Italy Full 100% 100% Full 100% India Full 100% 100% Full 100% 100% BNL Finance SPA Italy Full 100% 100% Full 100% 100% Italy Full 51,0% 51,0% Full 51,0% 51,0% Full 100% 100% Full 99,6% 99,6% Ireland Full 100% 100% Full 100% 100% BNL Positivity SRL Italy Full 100% 100% Full 100% 100% Business Partners Italia SCPA Italy Full 100% 99,9% BNP Paribas SA (Japan branch) Japan Full 100% 100% Full 100% 100% International Factors Italia SPA - Ifitalia Italy Full 99,6% 99,6% BNP Paribas SA (Jersey branch) Jersey Full 100% 100% Full 100% 100% Kuwait Full 100% 100% Full 100% 100% EMF-IT 2008-1 SRL Italy Full - - Luxembourg Full 100% 100% Full 100% 100% Vela ABS SRL Italy Full - - Italy Full - - BNP Paribas SA (Ireland branch) BNP Paribas SA (Italy branch) BNP Paribas SA (Kuwait branch) BNP Paribas SA (Luxembourg branch) V3 100% Full - - Full - - BNP Paribas SA (Malaysia branch) Malaysia Full 100% 100% Full 100% 100% BNP Paribas SA (Monaco branch) Monaco Full 100% 100% Full 100% 100% Vela Home SRL Italy Full - - Full - - Netherlands Full 100% 100% Full 100% 100% Vela Mortgages SRL Italy Full - - Full - - Full 100% 100% Vela OBG SRL Italy Full - - Full - - Italy Full - - Full - - Italy Full - - Full - - BNP Paribas SA (Norway branch) Norway S1 E2 Panama Full 100% 100% Full 100% 100% Vela Public Sector SRL Philippines Full 100% 100% Full 100% 100% Vela RMBS SRL BNP Paribas SA (Poland branch) Poland Full 100% 100% Full 100% 100% BNP Paribas SA (Portugal branch) Portugal Full 100% 100% Full 100% 100% Qatar Full 100% 100% Full 100% 100% Artel France Equity * 100% 100% E1 Rep. of Korea Full 100% 100% Full 100% 100% Arval AB Sweden Equity * 100% 100% E2 Denmark Equity * 100% 100% BNP Paribas SA (Panama branch) BNP Paribas SA (Philippines branch) BNP Paribas SA (Qatar branch) BNP Paribas SA (Republic of Korea branch) BNP Paribas SA (Saudi Arabia branch) BNP Paribas SA (Singapore branch) BNP Paribas SA (South Africa branch) BNP Paribas SA (Spain branch) Saudi Arabia Full 100% 100% Full 100% 100% Arval AS Equity * 100% 100% Singapore Full 100% 100% Full 100% 100% Arval Austria GmbH Austria Equity * 100% 100% Equity * 100% 100% Belgium Full 100% 100% Full 100% 100% South Africa Full 100% 100% Full 100% 100% Arval Belgium SA Spain Full 100% 100% Full 100% 100% Arval Benelux BV Netherlands Full 100% 100% Full 100% 100% Brazil Full 100% 100% Full 100% 100% Netherlands Full 100% 100% Full 100% 100% China Equity 40,0% 40,0% Equity * 100% 100% Czech Republic Full 100% 100% Full 100% 100% Germany Full 100% 100% Full 100% 100% Equity * 100% 100% BNP Paribas SA (Taiwan branch) Taiwan Full 100% 100% Full 100% 100% BNP Paribas SA (Thailand branch) Thailand Full 100% 100% Full 100% 100% Arval BV BNP Paribas SA (UK branch) BNP Paribas SA (United Arab Emirates branch) BNP Paribas SA (Viet Nam branch) U.S.A Full 100% 100% Full 100% 100% Arval China Co Ltd. UK Full 100% 100% Full 100% 100% Arval CZ SRO United Arab Emirates Viet Nam Full 100% Full 100% 100% Full 100% 100% Full 100% Arval Deutschland GmbH 100% 100% Retail Banking & Services Domestic Markets France Arval Hellas Car Rental SA Greece Equity * 100% 100% Equity * 100% 100% Arval India Private Ltd. India Equity * 100% 100% Equity * 100% 100% Arval Italy Fleet Services SRL Italy Full 100% 100% Luxembourg Equity * 100% 100% Equity * 100% Arval Magyarorszag KFT Hungary Equity * 100% 100% Equity * 100% 100% Arval Maroc SA Morocco Equity * 100% 88,9% Equity * 100% 89,0% Russia Full 100% 100% Full 100% 100% Arval OOO Retail Banking - France France Full (1) 51,0% 51,0% Full (1) 51,0% V3 Arval ECL Arval Luxembourg SA Banque de Wallis et Futuna 51,0% Arval Oy S4 E3 V3 100% Finland Equity * 100% 100% Equity * 100% 100% Switzerland Equity * 100% 100% Equity * 100% 100% BNP Paribas Developpement France Full 100% 100% Full 100% 100% Arval Schweiz AG BNP Paribas Factor France Full (1) 100% 100% Full (1) 100% 100% Arval Service Lease France Full 100% 100% Full 100% 100% (1) Full (1) 100% 100% Arval Service Lease Aluger Operational Automoveis SA Portugal Equity * 100% 100% Equity * 100% 100% 100% 100% Arval Service Lease Italia SPA Italy Full 100% 100% Full 100% 100% 100% 100% Arval Service Lease Polska SP ZOO BNP Paribas Factor (Spain branch) Spain Full 100% 100% BNP Paribas Factor AS Denmark Equity * 100% 99,9% BNP Paribas Factor Portugal Portugal Full 100% 100% Full BNP Paribas Guadeloupe France Full 100% 100% Full (1) E1 (1) Poland Full 100% 100% Full 100% 100% Romania Equity * 100% 100% Equity * 100% 100% Spain Full 100% 100% Full 100% 100% BNP Paribas Guyane France Full (1) 100% 100% Full (1) 100% 100% Arval Service Lease Romania SRL BNP Paribas Martinique France Full (1) 100% 100% Full (1) 100% 100% Arval Service Lease SA Slovakia Equity * 100% 100% Equity * 100% 100% France Equity * 100% 100% Equity * 100% 100% Arval UK Group Ltd. UK Full 100% 100% Full 100% 100% Arval UK Ltd. UK Full 100% 100% Full 100% 100% Equity * 100% 100% BNP Paribas Nouvelle Caledonie France Full (1) 100% 100% Full (1) 100% 100% Arval Slovakia BNP Paribas Réunion France Full (1) 100% 100% Full (1) 100% 100% Arval Trading Portzamparc Gestion France Portzamparc société de Bourse France Société Alsacienne de développement et d'expansion France S3 Full (1) Full 51,0% 100% 51,0% Full 65,9% (1) Full 51,0% 100% 51,0% Autovalley 65,9% BNP Paribas Fleet Holdings Ltd. Cofiparc GE Auto Service Leasing GmbH Retail Banking - Belgium Alpha Card SCRL (Group) Belgium Equity 50,0% 50,0% Belgian Mobile Wallet Belgium Equity 20,0% 20,0% UK Full 100% 99,9% Netherlands Full 100% 99,9% BNP Paribas Commercial Finance Ltd. BNP Paribas Factor Deutschland BV BNP Paribas Factor GmbH BNP Paribas Factoring Coverage Europe Holding NV BNP Paribas Fortis BNP Paribas Fortis (Austria branch) Germany Full 100% V3 99,9% GE Auto Service Leasing GmbH [Austria] Equity 50,0% 50,0% Equity 33,2% 33,2% Full 100% 99,9% GE Commercial Finance Fleet Services Ltd. Full 100% 99,9% GE Fleet Services BV 99,9% Full 100% V2&V3 GE Capital Largo Plazo SL France UK Full 100% 100% Full 100% 100% France Full 100% 100% Full 100% 100% Germany Full 100% 100% E3 Austria Equity * 100% 100% E3 Spain 100% 100% Full 100% 100% E3 UK Full 100% 100% E3 Netherlands Full 100% 100% E3 General Electric Capital Fleet Services FR France Full 100% 100% E3 Greenval Insurance Company Ltd. Ireland Full 100% 100% Itelcar - Automoveis de Aluguer, Unipessoal, Lda. Portugal Equity * 100% 100% E3 100% E3 Full 100% 99,9% Belgium Full 99,9% 99,9% Full 99,9% 99,9% Locadif Belgium Full 100% Austria Full 100% 99,9% Full 100% 99,9% Public Location Longue Durée France Equity * 100% 100% Equity * 100% 100% Full 100% 99,9% TEB Arval Arac Filo Kiralama AS Turkey Full 100% 75,0% Full 100% 75,0% Belgium Full 100% 83,0% Full 100% 83,0% UK Full 100% 83,0% Full 100% 83,0% Austria Equity * 100% 83,0% Equity * 100% 83,0% Germany Equity * 100% 83,0% Equity * France Full 51,0% 42,3% Czech Republic Full 100% 99,9% Full 100% 99,9% Denmark Full 100% 99,9% Full 100% 99,9% Finland Full 100% 99,9% Full 100% 99,9% Germany Full 100% 99,9% Full 100% 99,9% Ace Leasing Belgium Netherlands BNP Paribas Fortis (Netherlands branch) BNP Paribas Fortis (Norway branch) BNP Paribas Fortis (Romania branch) BNP Paribas Fortis (Spain branch) BNP Paribas Fortis (Sweden branch) BNP Paribas Fortis (U.S.A branch) BNP Paribas Fortis (UK branch) BNP Paribas Fortis Factor NV Leasing Solutions Ace Equipment Leasing E2 Netherlands Full 100% 99,9% Full 100% 99,9% Agrilease BV Norway Full 100% 99,9% Full 100% 99,9% Albury Asset Rentals Ltd. Full 100% 99,9% Full 100% 99,9% All In One Vermietung GmbH Spain Full 100% 99,9% Full 100% 99,9% Sweden Full 100% 99,9% Full 100% 99,9% All In One Vermietungsgesellschaft für Telekommunicationsanlagen MBH U.S.A Full 100% 99,9% Full 100% 99,9% Aprolis Finance Romania UK Belgium S1 Full 100% 99,9% 83,0% 42,3% 100% 42,3% 99,9% 99,9% Arius France Full 100% 83,0% Full 100% 83,0% 100% France Full 100% 83,0% Full 100% 83,0% Equity * 100% 99,9% 99,9% Equity 50,0% 50,0% Equity 50% 50,0% Artegy Ltd. Equity * 100% 99,9% Equity * 100% 99,9% BNP Paribas Finansal Kiralama AS Immobilière Sauvenière SA Belgium Equity * 100% 99,9% Equity * 100% 99,9% BNP Paribas Lease Group (Rentals) Ltd. (3) 100% 51,0% 100% Belgium Full (3) BNP Paribas Lease Group BPLG Special Purpose Entities BASS Master Issuer NV Belgium Full - - Full - - Esmée Master Issuer Belgium Full - - Full - - BNP Paribas Lease Group BPLG (Germany branch) S1 Full 100% Belgium Romania Equity * Full Demetris NV Full S3 Full Bpost banque Luxembourg S4 Aprolis Finance (Romania branch) Artegy BNP Paribas Fortis Funding SA (2) 99,9% BNP Paribas Fortis (Czech Republic branch) BNP Paribas Fortis (Germany branch) Full 100% Cayman Islands BNP Paribas Fortis (Finland branch) (2) Full BNP Paribas Fortis (Cayman Islands branch) BNP Paribas Fortis (Denmark branch) S4 Netherlands S1 E2 Arval Arval Brasil Ltda. BNP Paribas SA (U.S.A branch) E2 Special Purpose Entities Vela Consumer SRL BNP Paribas SA (Netherlands branch) Ref. Retail Banking - Luxembourg France D1 UK Equity * 100% 83,0% 100% 83,0% D1 Turkey Full 100% 82,5% Full 100% 82,4% V1 UK Full 100% 83,0% Full 100% 83,0% France Full (1) 100% 83,0% Full (1) 100% 83,0% Germany Full (1) 100% 83,0% Full (1) 100% 83,0% V4 Changes in the scope of consolidation New entries (E) in the scope of consolidation E1 Passing qualifying thresholds as defined by the Group (see note 1.b) E2 Incorporation E3 Purchase, gain of control or significant influence Removals (S) from the scope of consolidation S1 Cessation of activity (including dissolution, liquidation) S2 Disposal, loss of control or loss of significant influence S3 Entities removed from the scope because < qualifying thresholds (see note 1.b) S4 Merger, Universal transfer of assets and liabilities Variance (V) in voting or ownership interest V1 Additional purchase V2 Partial disposal V3 Dilution V4 Increase in % Equity * Controlled but non material entities consolidated under the equity method as associates Miscellaneous D1 Consolidation method change not related to fluctuation in voting or ownership interest D2 90 Construction-Sale Companies (Real Estate programmes) of which 80 fully and 10 equity method consolidated D3 The LaSer group was consolidated under the equity method until 25 July 2014. Following the additional purchase of interest by BNP Paribas Group, the LaSer group has been fully consolidated (see note 8.c.) Prudential scope of consolidation (1) (2) (3) - 118 - French subsidiaries whose supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP Paribas SA, in accordance with article 7.1 of Regulation n°575/2013 of the European Parliament and of the Council. Entites consolidated under the equity method for prudential purposes Jointly controlled entities under proportional consolidation for prudential purposes. Consolidated financial statements as at 31 December 2015 31 December 2015 Name BNP Paribas Lease Group BPLG (Italy branch) BNP Paribas Lease Group BPLG (Portugal branch) Country Italy Voting (%) Interest (%) Full (1) 100% 83,0% 31 December 2014 Ref. Voting (%) Method Interest (%) 31 December 2015 Ref. Name Full (1) 100% 83,0% Banco Cetelem SA Full (1) 100% 83,0% Full (1) 100% 83,0% Banco Cetelem SA (ex- Banco BGN SA) Spain Full (1) 100% 83,0% Full (1) 100% 83,0% Banco de Servicios Financieros SA BNP Paribas Lease Group IFN SA Romania Equity * 100% 83,0% Equity * 100% 83,0% Banque Solféa BNP Paribas Lease Group KFT Hungary Equity * 100% 83,0% Equity * 100% 83,0% BGN Mercantil E Servicos Ltda. Italy Full 100% 95,5% Full 100% 95,5% Bieffe 5 SPA Hungary Equity * 100% 83,0% Equity * 100% 83,0% BNP Paribas Personal Finance UK Full 100% 83,0% Full 100% 83,0% BNP Paribas Lease Group BPLG (Spain branch) BNP Paribas Lease Group Leasing Solutions SPA BNP Paribas Lease Group Lizing RT BNP Paribas Lease Group PLC Portugal Method Country Spain Method Full Brazil Full Argentina Equity France Equity Brazil Voting (%) 100% Interest (%) 31 December 2014 Ref. 100% Full 100% 100% Full 40,0% 40,0% Equity 44,9% 44,9% Equity Equity * 100% 100% (3) Voting (%) Method 100% Interest (%) 100% 100% 40,0% 40,0% 44,9% 44,9% Equity * 100% 100% Full 100% 100% 100% (3) S4 France Full 100% 100% Czech Republic Full 100% 100% Poland Equity * 100% 83,0% Equity * 100% 83,0% Belgium Full 100% 83,0% Full 100% 83,0% BNP Paribas Personal Finance BV Netherlands Full 100% 100% Full 100% BNP Paribas Leasing Solutions Luxembourg Full 100% 83,0% Full 100% 83,0% BNP Paribas Personal Finance EAD Bulgaria Full 100% 100% Full 100% BNP Paribas Leasing Solutions Immobilier Suisse Switzerland Equity * 100% 83,0% BNP Paribas Personal Finance SA de CV Mexico Full 100% 100% Full 100% 100% 51,0% 50,8% Full 51,0% 50,8% 40,0% 40,0% 39,2% 39,2% BNP Paribas Lease Group SA Belgium S4 BNP Paribas Leasing Solutions Ltd. UK Full 100% 83,0% Full 100% 83,0% Cafineo France Full BNP Paribas Leasing Solutions NV Netherlands Full 100% 83,0% Full 100% 83,0% Carrefour Banque France Equity BNP Paribas Leasing Solutions Suisse SA Switzerland Equity * Algeria (1) E2 (1) 100% V1 Equity S3 Equity * Full 100% 100% V3 Equity 26,0% 26,0% S4 100% 83,0% Equity * 100% 83,0% Cetelem Algérie France Full (1) 60,1% 49,9% Full (1) 60,1% 49,9% Cetelem America Ltda. Brazil Full 100% 100% Germany Full (1) 100% 49,9% Full (1) 100% 49,9% Cetelem Bank LLC Russia Equity 20,8% 20,8% Italy Full (1) 100% 49,9% Full (1) 100% 49,9% Cetelem Brasil SA Brazil Claas Financial Services (Poland branch) Poland Full (1) 100% 49,9% Full (1) 100% 49,9% Cetelem CR AS Full 100% 100% Claas Financial Services (Spain branch) Spain Full (1) 100% 49,9% Full (1) 100% 49,9% Cetelem IFN Romania Full 100% 100% Full 100% 100% 100% 100% 100% Claas Financial Services Claas Financial Services (Germany branch) Claas Financial Services (Italy branch) Claas Financial Services Inc. 100% 100% S4 Czech Republic U.S.A Full 100% 49,9% Full 100% 49,9% Cetelem Serviços Ltda. Brazil Full 100% Full Claas Financial Services Ltd. UK Full 51,0% 42,3% Full 51,0% 42,3% Cetelem Slovensko AS Slovakia Full 100% 100% Full 100% 100% CNH Industrial Capital Europe France Full (1) 50,1% 41,6% Full (1) 50,1% 41,6% CMV Médiforce France Full (1) 100% 100% Full (1) 100% 100% CNH Industrial Capital Europe (Belgium branch) Belgium Full (1) 100% 41,6% Full (1) 100% 41,6% Cofica Bail France Full (1) 100% 100% Full (1) 100% CNH Industrial Capital Europe (Germany branch) Germany Full (1) 100% 41,6% Full (1) 100% 41,6% Cofiplan France Full (1) 100% 100% Full (1) 100% 100% Italy Full (1) 100% 41,6% Full (1) 100% 41,6% Commerz Finanz Germany Full 50,1% 50,1% Full 50,1% 50,1% Poland Full (1) 100% 41,6% Full (1) 100% 41,6% S4 Full 100% (1) (1) S4 CNH Industrial Capital Europe (Italy branch) CNH Industrial Capital Europe (Poland branch) 100% V1&D3 Spain Full 100% 41,6% Full 100% 41,6% Compagnie de Gestion et de Prêts France Full 65,0% 65,0% V1&D3 Full 100% 41,6% Full 100% 41,6% Creation Consumer Finance Ltd. UK Full 100% 100% Full 100% 100% V1&D3 Austria Full 100% 41,6% Full 100% 41,6% Creation Financial Services Ltd. UK Full 100% 100% Full 100% 100% V1&D3 CNH Industrial Capital Europe Ltd. UK Full 100% 41,6% Full 100% 41,6% Creation Marketing Services Ltd. UK Full 100% 100% V1&D3 Commercial Vehicle Finance Ltd. UK Full 100% 83,0% Full 100% 83,0% Crédit Moderne Antilles Guyane France Full (1) 100% 100% Full (1) 100% 100% Belgium Full 100% 99,9% Full 100% 99,9% Crédit Moderne Océan Indien France Full (1) 97,8% 97,8% Full (1) 97,8% 97,8% Fortis Lease France Full 100% 83,0% Full 100% 83,0% Direct Services Bulgaria Full 100% 100% Full 100% 100% Fortis Lease Belgium Belgium Full 100% 83,0% Full 100% 83,0% Domofinance France Full (1) 55,0% 55,0% Full (1) 55,0% 55,0% Fortis Lease Car & Truck Belgium Effico France Full 100% 100% Full 100% 100% 100% CNH Industrial Capital Europe BV CNH Industrial Capital Europe GmbH ES-Finance Fortis Lease Deutschland GmbH Fortis Lease Iberia SA Fortis Lease Operativ Lizing Zartkoruen Mukodo Reszvenytarsasag Fortis Lease Polska Sp.zoo (1) (1) S4 Communication Marketing Services - CMS France 100% Netherlands CNH Industrial Capital Europe (Spain branch) E2 V1&D3 Italy BNP Paribas Personal Finance (Czech Republic branch) BNP Paribas Lease Group Polska SP ZOO Ref. 100% Germany Equity * 100% 83,0% Equity * 100% 83,0% Effico Iberia SA Spain Equity * 100% 100% Equity * 100% Spain Equity * 100% 86,6% Equity * 100% 86,6% EkspresBank Denmark Full 100% 100% Full 100% 100% V1&D3 EkspresBank (Norway branch) Norway Full 100% 100% Full 100% 100% V1&D3 Eos Aremas Belgium SA NV Belgium Equity 50,0% 49,9% Equity 50,0% 49,9% S4 Full 100% 100% S4 Full Hungary Equity * 100% 83,0% Equity * 100% 83,0% Poland Fortis Lease Portugal Portugal Fortis Lease Romania IFN SA Romania S3 Equity * 100% 83,0% Fortis Lease UK Ltd. UK Equity * 100% 83,0% Fortis Lease UK Retail Ltd. UK Equity * 100% Fortis Vastgoedlease BV Netherlands Heffiq Heftruck Verhuur BV Netherlands Eurocredito EFC SA Equity * 100% 83,0% Equity * 100% 83,0% Equity * 100% 83,0% D1 83,0% Equity * 100% 83,0% D1 Fimestic Expansion SA D1 Findomestic Banca SPA S3 Findomestic Banka AD S4 France Fidecom France Fidem France Equity * 100% 83,0% Equity * 100% 83,0% UK Full 100% 83,0% Full 100% 83,0% Humberclyde Commercial Investments Ltd. UK Full 100% 83,0% Full 100% 83,0% Gesellschaft für Capital & Vermögensverwaltung GmbH (GCV) JCB Finance JCB Finance (Germany branch) JCB Finance (Italy branch) JCB Finance (Spain branch) Spain Italy Full 82,4% 82,4% Full 100% 100% Full 100% Full 100% Serbia Full 100% 100% Full 100% 100% Germany Equity * 100% 99,9% 100% Equity * 100% 99,9% Equity * 100% 99,9% 100% 83,0% Full 100% 83,0% Gestion et Services Groupe Cofinoga GIE Full 100% 100% 100% 41,6% Full (1) 100% 41,6% Inkasso Kodat GmbH & CO KG Equity * 100% 99,9% 100% 41,6% Full (1) 100% 41,6% LaSer Cofinoga France S4 Full 100% 100% V1&D3 Italy Full (1) 100% 41,6% Full (1) 100% 41,6% LaSer Loyalty France S4 Full 100% 100% V1&D3 LaSer SA France S4 Full 100% 100% V1&D3 100% 100% (1) 51,0% 51,0% 100% 100% (1) 51,0% 51,0% 40,0% 40,0% S1 Equity * 100% 83,0% V3 Germany S4 Full 50,1% 41,6% Leval 20 France Full Equity * 100% 95,5% Loisirs Finance France Full Full 100% 100% Full (1) 51,0% 51,0% Full 100% 100% Full (1) 51,0% 51,0% Full 40,0% 40,0% Equity UK Full 51,0% 42,3% Full 51,0% 42,3% Magyar Cetelem Bank ZRT Hungary MFF France Full (1) 51,0% 42,3% Full (1) 51,0% 42,3% Nissan Finance Belgium NV Belgium Natiocrédibail France Full (1) 100% 100% Full (1) 100% 100% Norrsken Finance France Full Natiocrédimurs France Full (1) 100% 100% Full (1) 100% 100% Oney Magyarorszag Zrt Hungary Equity Prêts et Services SAS France Full (1) 100% 100% France Full (1) 100% 100% France Equity * Romania Equity * France Full Same Deutz Fahr Finance Ltd. UK Full SREI Equipement Finance Ltd. India Equity (1) (3) 100% 100% 100% 83,0% 100% 83,0% Equity * 100% 83,0% Full 50,0% 41,5% Equity 100% 100% 100% 83,0% RCS Botswana Proprietary Ltd. 100% 83,0% RCS Cards Proprietary Ltd. South Africa (3) 50,0% 41,5% RCS Collections Proprietary Ltd. South Africa S3 RCS Home Loans Proprietary Ltd. South Africa S3 RCS Investment Holdings Ltd. South Africa Projeo Full Belgium Full - - Italy E1 S3 Full - - Cortal Consors (Spain branch) DAB Bank AG Germany Spain Germany S4 Geojit BNP Paribas Financial Services Ltd. (Group) India Equity 34,4% 34,4% Geojit Technologies Private Ltd. India Equity * 57,4% 57,4% Austria Full 100% 100,0% Hellobank BNP Paribas Austria AG (ExDirektanlage.AT AG) Full 91,7% 91,7% Germany 100% E3 Full 100% 100% E3 Full 100% 100% E3 Full 100% 100% E3 Full 100% 100% E3 S3 Full 100% 100% E3 E1 100% 100% 100% D1 Equity * 100% 100% Servicios Financieros Carrefour EFC SA Spain Equity 37,3% 40,0% V4 Equity 37,3% 39,9% S4 Sundaram BNP Paribas Home Finance Ltd. India Equity 49,9% 49,9% Equity 49,9% 49,9% S4 Sygma Banque France S4 Full 100% 100% V1&D3 S4 Sygma Banque (Poland branch) Poland S1 Full 100% 100% V1&D3 E3 Sygma Banque (UK branch) UK S1 Full 100% 100% V1&D3 Sygma Funding Two Ltd. UK Full 100% 100% Full 100% 100% V1&D3 Symag France Full 100% 100% Full 100% 100% V1&D3 TEB Tuketici Finansman AS Turkey Full 100% 92,8% Full 100% 92,8% Hungary Full 100% 100% Full 100% 100% Union de Creditos Inmobiliarios - UCI (Group) Spain Equity 50,0% 50,0% Equity 50,0% 50,0% Von Essen GmbH & Co. KG Bankgesellschaft Germany Full 100% 99,9% Full 100% 99,9% D1 Full 57,4% 57,4% V1 V4 Full 100% 91,7% E3 UCB Ingatlanhitel RT (3) (3) Special Purpose Entities E3 International Financial Services Autonoria 2012 - 1 France Autonoria 2012 - 2 France Full - Autonoria 2014 France Full - UK Full Domos 2011 - A et B France Full Cofinoga Funding Two LP BNP Paribas Personal Finance Alpha Crédit SA 51,0% 100% 100% V1 - 100% 100% 51,0% Full 34,4% - Full 100% (1) Full France 34,4% Full 100% (1) Full S3 Retail Mobile Wallet Equity S4 Full Full V1 Namibia Special Purpose Entities DAB Bank AG (Ex- BNP Paribas Beteiligungsholding AG) Botswana RCS Investment Holdings Namibia Proprietary Ltd. Personal Investors France V1&D3 S4 (1) E2 Special Purpose Entities Cortal Consors (Germany branch) 100% (1) Spain France V1&D3 (1) Italy Cortal Consors 100% Full Locatrice Italiana SPA Vela Lease SRL 100% Full 41,6% BNP Paribas B Institutional II Short Term 100% Full Full 50,1% Same Deutz Fahr Finance 100% 82,4% 100% (1) UK Full RD Portofoliu SRL 100% 82,4% Full France UK Natioénergie 2 (1) Full S4 Germany JCB Finance Holdings Ltd. Manitou Finance Ltd. Spain Facet HFGL Ltd. Humberclyde Commercial Investments N°1 Ltd. S1 S1 Belgium Full 100% 99,9% Full 100% 99,9% FCC Domos 2008 France Axa Banque Financement France Equity 35,0% 35,0% Equity 35,0% 35,0% FCC Retail ABS Finance Noria 2009 France Full Banco BNP Paribas Personal Finance SA Portugal Full 100% 100% Full 100% 100% FCC U.C.I 5 -18 Spain Equity Full Banco Cetelem Argentina SA Argentina Full 100% 100% Full 100% 100% Fideicomiso Financiero Cetelem II, III et IV (3) Full - - - Full - - - Full - - E2 - - Full - - V1&D3 - - Full - - - - - - - - Full - - - - Equity - - - - Argentina Full S1 Full (3) E2 Changes in the scope of consolidation New entries (E) in the scope of consolidation E1 Passing qualifying thresholds as defined by the Group (see note 1.b) E2 Incorporation E3 Purchase, gain of control or significant influence Removals (S) from the scope of consolidation S1 Cessation of activity (including dissolution, liquidation) S2 Disposal, loss of control or loss of significant influence S3 Entities removed from the scope because < qualifying thresholds (see note 1.b) S4 Merger, Universal transfer of assets and liabilities Variance (V) in voting or ownership interest V1 Additional purchase V2 Partial disposal V3 Dilution V4 Increase in % Equity * Controlled but non material entities consolidated under the equity method as associates Miscellaneous D1 Consolidation method change not related to fluctuation in voting or ownership interest D2 90 Construction-Sale Companies (Real Estate programmes) of which 80 fully and 10 equity method consolidated D3 The LaSer group was consolidated under the equity method until 25 July 2014. Following the additional purchase of interest by BNP Paribas Group, the LaSer group has been fully consolidated (see note 8.c.) Prudential scope of consolidation (1) (2) (3) - 119 - French subsidiaries whose supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP Paribas SA, in accordance with article 7.1 of Regulation n°575/2013 of the European Parliament and of the Council. Entites consolidated under the equity method for prudential purposes Jointly controlled entities under proportional consolidation for prudential purposes. Consolidated financial statements as at 31 December 2015 31 December 2015 Name Florence 1 SRL Florence SPV SRL Noria 2015 Country Italy Italy Method Full Full 31 December 2014 Voting (%) Interest (%) - - - - - - E2 - - E2 Ref. 31 December 2015 Method Voting (%) Interest (%) Full - - BICI Bourse Full - - BNP Intercontinentale - BNPI France BNP Paribas Bank Polska SA Poland BNP Paribas El Djazair Ref. Name Country Ivory Coast Method Voting (%) Equity * 90,0% 53,5% Algeria Full 100% 100% 100% 100% Full 85,0% 84,9% Full 100% 100% 99,9% Full 100% 100% 100% 100% Full 100% 100% 100% 100% Full 100% 100% 49,8% 49,8% Equity 49,8% 49,8% Phedina Hypotheken 2010 BV Netherlands Full - - Full - - BNP Paribas Fortis Yatirimlar Holding AS Turkey Full 100% Phedina Hypotheken 2011-I BV Netherlands Full - - Full - - Phedina Hypotheken 2013-I BV Netherlands Full - - Full - - BNP Paribas IRB Participations (ex- BNP Paribas BDDI Participations) France Full BNP Paribas Yatirimlar Holding AS Turkey Full Equity Retail Banking in the United States of America Dominet SA Poland IC Axa Insurance JSC Ukraine Kronenburg Vastgoed BV S1 100% 69,5% Viet Nam S2 Equity 20,0% 20,0% Netherlands S3 Full 100% 69,5% E1 Full 100% 69,5% V1 Full 50,0% 50,0% Full 100% 70,8% Full 100% 100% Full 100% 100% Orient Commercial Bank U.S.A Full 100% 100% Full 100% 100% Stichting Effecten Dienstverlening Bancwest Investment Services Inc. U.S.A Full 100% 100% Full 100% 100% Sygma Bank Polska SA (Spolka Akcyjna) Poland Full 100,0% 88,3% E2 Bank of the West U.S.A Full 100% 100% Full 100% 100% TEB Faktoring AS Turkey Full 100% 72,5% V4 Cayman Islands Full 100% 100% Full 100% 100% TEB Holding AS Turkey Full 50,0% 50,0% TEB Portfoy Yonetimi AS Turkey Full 100% 72,5% S3 Bishop Street Capital Management Corporation U.S.A BW Insurance Agency Inc. U.S.A Center Club Inc. U.S.A Full 100% CFB Community Development Corporation U.S.A Full 100% Claas Financial Services LLC U.S.A Full Commercial Federal Affordable Housing Inc. U.S.A Commercial Federal Community Development Corporation Full 100% 100% TEB SH A Serbia Full 100% 50,0% Full 100% 100% TEB Yatirim Menkul Degerler AS Turkey Full 100% 72,5% 100% Full 100% 100% The Economy Bank NV 100% Full 100% 100% Turk Ekonomi Bankasi AS Turkey Full 100% 72,5% 75,9% 63,4% Full 75,9% 63,4% Turk Ekonomi Bankasi AS (Bahrain branch) Bahrain Full 100% 100% Full 100% 100% UkrSibbank Public JSC Ukraine Full 85,0% U.S.A Full 100% 100% Full 100% 100% Union Bancaire pour le Commerce et l'Industrie Tunisia Full Commercial Federal Insurance Corporation U.S.A Full 100% 100% Full 100% 100% Commercial Federal Investment Service Inc. U.S.A Full 100% 100% Full 100% 100% Belgium Equity Community Service Inc. U.S.A Full 100% 100% Equity Lending Inc. U.S.A S1 BNP Paribas Cardif BV Essex Credit Corporation U.S.A S4 BNP Paribas Cardif Emeklilik Anonim Sirketi FHB Guam Trust Co. U.S.A Full 100% 100% Full 100% 100% FHL SPC One Inc. U.S.A Full 100% 100% Full 100% First Bancorp U.S.A Full 100% 100% Full U.S.A Full 100% 100% First Hawaiian Bank Full 100% 100% S2 S1 V1 100% 50,0% Full 100% 69,5% V1 S3 Full 100% 69,5% V1 V1 Full 97,0% 69,5% V1 S1 Full 100% 69,5% V1 100% Full 85,0% 100% 50,1% 50,1% Full 50,1% 50,1% Netherlands Insurance AG Insurance (Group) 25,0% 25,0% Equity 25,0% 25,0% France Full (2) 100% 100% Full (2) 100% 100% Netherlands Full (2) 100% 100% Full (2) 100% Turkey Equity * 100% 100% Equity * 100% 100% BNP Paribas Cardif General Insurance Co. Ltd. Rep. of Korea Equity * 77,5% 77,5% Equity * 75,0% 75,0% 100% BNP Paribas Cardif Levensverzekeringen NV Netherlands Full (2) 100% 100% Full (2) 100% 100% 100% 100% BNP Paribas Cardif Pojistovna AS Czech Republic Full (2) 100% 100% Full (2) 100% 100% BNP Paribas Cardif V4 100% Full 100% 100% BNP Paribas Cardif PSC Ltd. UK Equity * 100% 100% Equity * 100% 100% S1 Full 100% 100% BNP Paribas Cardif Schadeverzekeringen NV Netherlands Full (2) 100% 100% Full (2) 100% 100% U.S.A S1 Full 100% 100% BNP Paribas Cardif Seguros de Vida SA Chile Full (2) 100% 100% Full (2) 100% 100% First Hawaiian Leasing Inc. U.S.A Full 100% 100% Full 100% 100% BNP Paribas Cardif Seguros Generales SA Chile Full (2) 100% 100% Full (2) 100% 100% First National Bancorporation U.S.A Full 100% 100% Full 100% 100% First Santa Clara Corporation U.S.A Full 100% 100% Full 100% 100% Chile Equity * 100% 100% Equity * 100% 100% Liberty Leasing Company U.S.A Full 100% 100% Full 100% 100% BNP Paribas Cardif Servicios y Asistencia Limitada (ex- Cardif Extension De Garantia y Asistencia Limitada) Mountain Falls Acquisition Corporation U.S.A Full 100% 100% Full 100% 100% Real Estate Delivery 2 Inc. U.S.A Full 100% 100% Full 100% 100% BNP Paribas Cardif TCB Life Insurance Company Ltd. Taiwan Equity 49,0% 49,0% Equity 49,0% 49,0% The Bankers Club Inc. U.S.A Full 100% 100% Full 100% 100% Ursus Real estate Inc. U.S.A Full 100% 100% Full 100% 100% Italy Full 100% 100% Full BOB-Cardif Life Insurance Company Ltd. China Equity 50,0% 50,0% Equity Cardif Assurance Vie France Full (2) 100% 100% Full Cardif Assurance Vie (Austria branch) Austria Full (2) 100% 100% Full BNP Paribas Cardif Vita Compagnia di Assicurazione E Riassicurazione SPA Special Purpose Entities U.S.A Full - - Bank of the West Auto Trust 2015-1 U.S.A Full - - E2 Bank of the West Auto Trust 2015-2 U.S.A Full - - E2 BOW Auto Receivables LLC U.S.A Full - - Commercial Federal Realty Investors Corporation U.S.A Commercial Federal Service Corporation U.S.A Equipment Lot FH U.S.A Full - Equipment Lot Siemens 1998A-FH U.S.A Full Glendale Corporate Center Acquisition LLC U.S.A LACMTA Rail Statutory Trust (FH1) Full - - E2 Full - - E2 S1 Full - - Cardif Assurance Vie (Italy branch) S1 Full - - Cardif Assurance Vie (Japan branch) - Full - - - - Full - Full - - Full U.S.A Full - - Lexington Blue LLC U.S.A Equity - - MNCRC Equipement Lot U.S.A Riverwalk Village Three Holdings LLC U.S.A Full - Santa Rita Townhomes Acquisition LLC U.S.A Full - Southwest Airlines 1993 Trust N363SW U.S.A ST 2001 FH-1 Statutory Trust U.S.A Full - SWB 99-1 U.S.A Full VTA 1998-FH U.S.A Full (2) 100% 100% 50,0% 50,0% (2) 100% 100% (2) 100% 100% Belgium Full (2) 100% 100% Full (2) 100% 100% Bulgaria Full (2) 100% 100% Full (2) 100% 100% Cardif Assurance Vie (Germany branch) Germany Full (2) 100% 100% Full (2) 100% 100% Italy Full (2) 100% 100% Full (2) 100% 100% Japan Full (2) 100% 100% Full (2) 100% 100% Cardif Assurance Vie (Portugal branch) Portugal Full (2) 100% 100% Full (2) 100% 100% - Cardif Assurance Vie (Romania branch) Romania Full (2) 100% 100% Full (2) 100% 100% - - Cardif Assurance Vie (Spain branch) Spain Full (2) 100% 100% Full (2) 100% 100% Full - - Cardif Assurance Vie (Switzerland branch) Switzerland Full (2) 100% 100% Full (2) 100% 100% Equity - - Cardif Assurance Vie (Taiwan branch) Taiwan Full (2) 100% 100% Full (2) 100% 100% Full - - Cardif Assurances Risques Divers France Full (2) 100% 100% Full (2) 100% 100% - Full - - Cardif Assurances Risques Divers (Austria branch) Austria Full (2) 100% 100% Full (2) 100% 100% - Full - - Cardif Assurances Risques Divers (Belgium branch) Belgium Full (2) 100% 100% Full (2) 100% 100% Full - - Cardif Assurances Risques Divers (Bulgaria branch) Bulgaria Full (2) 100% 100% Full (2) 100% 100% - Full - - - - Full - - Cardif Assurances Risques Divers (Germany branch) Germany Full (2) 100% 100% Full (2) 100% 100% - - Full - - Cardif Assurances Risques Divers (Italy branch) Italy Full (2) 100% 100% Full (2) 100% 100% S2 Cardif Assurance Vie (Belgium branch) (2) Cardif Assurance Vie (Bulgaria branch) S2 Cardif Assurances Risques Divers (Japan branch) Europe Mediterranean Cardif Assurances Risques Divers (Luxembourg branch) Full (2) 100% 100% Full (2) 100% 100% Full (2) 100% 100% Full (2) 100% 100% Poland Full 88,3% 88,3% V1&V3 Full 89,0% 89,0% Bank of Nanjing China Equity 18,8% 18,8% V1 Equity 16,2% 16,2% Cardif Assurances Risques Divers (Poland branch) Poland Full (2) 100% 100% Full (2) 100% 100% Banque Internationale du Commerce et de l'Industrie Burkina Faso Burkina Faso Full 51,0% 51,0% Full 51,0% 51,0% Cardif Assurances Risques Divers (Portugal branch) Portugal Full (2) 100% 100% Full (2) 100% 100% Banque Internationale du Commerce et de l'Industrie Cote d'Ivoire Ivory Coast Full 59,8% 59,8% Full 59,8% 59,8% Cardif Assurances Risques Divers (Romania branch) Romania Full (2) 100% 100% Full (2) 100% 100% Banque Internationale du Commerce et de l'Industrie Gabon Gabon Equity 47,0% 47,0% Equity 47,0% 47,0% Spain Full (2) 100% 100% Full (2) 100% 100% Banque Internationale du Commerce et de l'Industrie Guinée Switzerland Full (2) 100% 100% Full (2) 100% 100% Guinea Banque Internationale du Commerce et de l'Industrie Mali Taiwan Full (2) 100% 100% Full (2) 100% 100% Mali Full 85,0% 85,0% Full 85,0% 85,0% Cardif Biztosito Magyarorszag Zrt Hungary Equity * 100% 100% Equity * 100% 100% Banque Internationale du Commerce et de l'Industrie Senegal Senegal Full 54,1% 54,1% Full 54,1% 54,1% Cardif Colombia Seguros Generales SA Colombia Full 100% 100% 100% 100% 100% 100% Banque Marocaine du Commerce et de l'Industrie Morocco Full 66,7% 66,7% Full 67,0% 67,0% Banque Marocaine du Commerce et de l'Industrie Assurance Morocco Equity * 100% 66,7% Equity * 100% 67,0% Banque Marocaine du Commerce et de l'Industrie Crédit Conso Morocco Banque Marocaine du Commerce et de l'Industrie Gestion Asset Management Morocco Equity * 100% 66,7% V3 Equity * 100% 67,0% Banque Marocaine du Commerce et de l'Industrie Leasing Morocco Full 86,9% 58,0% V3 Full 86,9% 58,2% Banque Marocaine du Commerce et de l'Industrie Offshore Morocco Full 100% 66,7% V3 Full 100% 67,0% 55,6% 55,6% Equity * V3 55,6% 55,6% E3 Japan Luxembourg Bank BGZ BNP Paribas SA (ex- BGZ SA) Equity * V1 Full Cayman Islands Bank of the West Auto Trust 2014-1 (ex- BOW Auto Trust LLC) E1 V1 First Hawaiian Capital 1 First Hawaïan Bank (Cayman Islands branch) V3 Full U.S.A U.S.A (1) S3 BancWest Corporation Bank of the West Business Park Association LLC Ref. Netherlands 1897 Services Corporation Bank of the West (Cayman Islands branch) Interest (%) E1 Full Equity International Retail Banking Voting (%) Method S4 Full Spain (3) 31 December 2014 Ref. S4 France Fondo de Titulizacion de Activos, RMBS Prado I Interest (%) Cardif Assurances Risques Divers (Spain branch) Cardif Assurances Risques Divers (Switzerland branch) V1 Cardif Assurances Risques Divers (Taiwan branch) S4 (2) Full Peru Cardif do Brasil Seguros e Garantias SA Brazil Full (2) 100% 100% Full (2) 100% 100% Cardif do Brasil Vida e Previdencia SA Brazil Full (2) 100% 100% Full (2) 100% 100% Cardif El Djazair Algeria Equity * 100% 100% Cardif Forsakring AB Sweden Equity * 100% 100% Equity * 100% 100% Cardif Forsakring AB (Denmark branch) Denmark Equity * 100% 100% Equity * 100% 100% Cardif Forsakring AB (Norway branch) Norway Equity * 100% 100% Equity * 100% 100% Cardif Hayat Sigorta Anonim Sirketi Turkey Equity * 100% 100% Cardif Insurance Company LLC Russia Full 100% 100% Cardif I-Services France Equity * Cardif Leven Belgium Cardif Life Insurance CO. Ltd. Rep. of Korea S3 (2) Cardif del Peru Sa Compania de Seguros 100% 100% Full 100% 100% Equity * S4 Full (2) 85,0% 85,0% E1 E3 E1 S3 (2) Equity * E3 (2) 100% 100% Full (2) 100% 100% Full (2) 85,0% 85,0% Changes in the scope of consolidation New entries (E) in the scope of consolidation E1 Passing qualifying thresholds as defined by the Group (see note 1.b) E2 Incorporation E3 Purchase, gain of control or significant influence Removals (S) from the scope of consolidation S1 Cessation of activity (including dissolution, liquidation) S2 Disposal, loss of control or loss of significant influence S3 Entities removed from the scope because < qualifying thresholds (see note 1.b) S4 Merger, Universal transfer of assets and liabilities Variance (V) in voting or ownership interest V1 Additional purchase V2 Partial disposal V3 Dilution V4 Increase in % Equity * Controlled but non material entities consolidated under the equity method as associates Miscellaneous D1 Consolidation method change not related to fluctuation in voting or ownership interest D2 90 Construction-Sale Companies (Real Estate programmes) of which 80 fully and 10 equity method consolidated D3 The LaSer group was consolidated under the equity method until 25 July 2014. Following the additional purchase of interest by BNP Paribas Group, the LaSer group has been fully consolidated (see note 8.c.) Prudential scope of consolidation (1) (2) (3) - 120 - French subsidiaries whose supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP Paribas SA, in accordance with article 7.1 of Regulation n°575/2013 of the European Parliament and of the Council. Entites consolidated under the equity method for prudential purposes Jointly controlled entities under proportional consolidation for prudential purposes. Consolidated financial statements as at 31 December 2015 31 December 2015 Name Country Method Voting (%) Interest (%) 31 December 2014 Ref. Voting (%) Method 31 December 2015 Interest (%) Ref. Name Voting (%) Interest (%) 31 December 2014 Ref. Method Voting (%) Interest (%) Country Method BNP Paribas Investment Partners Belgium (Germany branch) Germany Full 100% 98,3% Full 100% 98,3% Netherlands Full 100% 98,3% Full 100% 98,3% Japan Full 100% 98,3% Full 100% 98,3% Cardif Livforsakring AB Sweden Equity * 100% 100% Equity * 100% 100% E1 Cardif Livforsakring AB (Denmark branch) Denmark Equity * 100% 100% Equity * 100% 100% E1 Cardif Livforsakring AB (Norway branch) Norway Equity * 100% 100% Equity * 100% 100% E1 66,7% 55,3% Full 66,7% 55,3% BNP Paribas Investment Partners Funds (Nederland) NV 100% 100% Equity * 100% 100% BNP Paribas Investment Partners Japan Ltd. 100% 100% Equity * 100% 100% BNP Paribas Investment Partners Latam SA Mexico Equity * 99,1% 97,4% Equity * 99,1% 97,4% 100% 100% Full 100% 100% BNP Paribas Investment Partners Luxembourg Luxembourg Full 99,7% 98,0% Full 99,7% 98,0% 100% 100% BNP Paribas Investment Partners Netherlands NV Netherlands Full 100% 98,3% Full 100% 98,3% BNP Paribas Investment Partners NL Holding NV Netherlands Cardif Lux Vie Luxembourg Full Mexico Equity * Cardif Mexico Seguros Generales SA de CV Mexico Equity * Cardif Nordic AB Sweden Full Cardif Osiguranje Dionicko Drustvo ZA Osiguranje Croatia Equity * Cardif Pinnacle Insurance Holdings PLC UK Full (2) 100% 100% Full (2) 100% 100% Cardif Pinnacle Insurance Management Services PLC UK Full (2) 100% 100% Full (2) 100% 100% Cardif Polska Towarzystwo Ubezpieczen na Zycie SA Poland Full (2) 100% 100% Full (2) 100% 100% Argentina Full (2) 100% 100% Full (2) 100% 100% France Equity * 100% 100% Italy Equity 50,0% 50,0% 50,0% 50,0% Cardif Mexico Seguros de Vida SA de CV Cardif Seguros SA Cardif Services SAS Cargeas Assicurazioni SPA (ex- UBI Assicurazioni SPA) CB (UK) Ltd. (2) (2) UK Full (2) 100% 100% Darnell Ltd. Ireland Full (2) 100% 100% F&B Insurance Holdings SA (Group) Belgium Financial Telemarketing Services Ltd. (2) (2) E1 E1 Equity S1 Full (2) Full (2) Equity 100% E3 Full 100% 98,3% Full 100% 98,3% BNP Paribas Investment Partners PT Indonesia Full 100% 98,3% Full 100% 98,3% BNP Paribas Investment Partners Singapore Ltd. Singapore Equity * 100% 98,3% Equity * 100% 98,3% BNP Paribas Investment Partners Societa di Gestione del Risparmio SPA Italy Full 100% 100% Full 100% 100% BNP Paribas Investment Partners UK Ltd. UK Full 100% 98,3% Full 100% 98,3% BNP Paribas Investment Partners USA Holdings Inc. U.S.A Full 100% 100% Full 100% 100% CamGestion France Full 100% 98,3% Full 100% 98,3% 100% Fischer Francis Trees & Watts Inc. 100% 100% Fischer Francis Trees & Watts UK Ltd. 50,0% 50,0% Fund Channel 100% 100% Full 100% 100% Equity * 100% 98,3% Equity * 100% 98,3% Equity 50,0% 49,1% Equity 50,0% 49,1% France Equity * 100% 98,3% Equity * 100% 98,3% France Full (2) 100% 99,0% Full (2) 100% 99,0% FundQuest Advisor (UK branch) UK Equity * 100% 98,3% Equity * 100% 98,3% France Full (2) 100% 100% Full (2) 100% 100% E3 FundQuest UK Ltd. UK Icare Assurance France Full (2) 100% 100% Full (2) 100% 100% E3 Brazil Equity 50,0% 50,0% Equity 50,0% 50,0% Haitong - Fortis Private Equity Fund Management CO. Ltd. China Equity 33,0% 32,4% Equity 33,0% 32,4% France Equity 50,0% 50,0% Equity 50,0% 50,0% HFT Investment Management CO Ltd. (Group) China Equity 49,0% 48,2% Equity 49,0% 48,2% Brazil Full (2) 100% 100% Full (2) 100% 100% Shinhan BNP Paribas Asset Management CO Ltd. Rep. of Korea Equity 35,0% 34,4% Equity 35,0% 34,4% UK Full (2) 100% 100% Full (2) 100% 100% THEAM Full 100% 98,3% Full 100% 98,3% Equity 50,0% 49,1% NCVP Participacoes Societarias SA Pinnacle Insurance PLC Pocztylion Arka Powszechne Towarzystwo Emerytalne SA Poland Equity 33,3% 33,3% Equity 33,3% 33,3% Poistovna Cardif Slovakia AS Slovakia Equity * 100% 100% Equity * 100% 100% Portes de Claye SCI France Equity 45,0% 45,0% V3 Equity 45,0% 56,9% Scoo SCI France Equity 46,4% 46,4% V3 Equity 46,4% 57,9% India Equity 26,0% 26,0% Equity 26,0% 26,0% BNP Paribas Actions Euroland France Full (2) - - BNP Paribas Aqua France Full (2) - - BNP Paribas Convictions France Full (2) - - E1 BNP Paribas Developpement Humain France Full (2) - - E1 BNP Paribas Global Senior Corporate Loans France Full (2) - - BNP Paribas Money 3M France Cardimmo France Full (2) - - Natio Fonds Ampère 1 France Full (2) - Odyssée SCI France Full (2) Luxembourg Full France Full State Bank of India Life Insurance Company Ltd. FundQuest Advisor Full UK Icare Natio Assurance S3 U.S.A Luxembourg GIE BNP Paribas Cardif Luizaseg UK V4 TKB BNP Paribas Investment Partners Holding BV Asset Partners V3 Atisreal Netherlands BV Société Immobilière du Royal Building SA Theam Quant Equity Europe Guru E1 Bank Insinger de Beaufort NV Bank Insinger de Beaufort NV (UK branch) BNP Paribas Espana SA Netherlands UK BNP Paribas Immobilier Promotion Immobilier d'Entreprise France Full 100% 100% Full 100% 100% BNP Paribas Immobilier Promotion Residentiel (exBNP Paribas Immobilier Residentiel Promotion Ile de France) Full 100% 100% Full 100% 100% Full 100% 100% Full 100% 100% Full (2) - - BNP Paribas Immobilier Residentiel France Full 100% 100% Full 100% 100% Full (2) - - - Full (2) - - BNP Paribas Immobilier Residentiel Service Clients France Full 100% 100% Full 100% 100% - - Full (2) - - Full (2) - BNP Paribas Immobilier Residentiel Transaction & Conseil France Full 100% 100% Full 100% 100% (2) - - BNP Paribas Immobilier Residentiel V2i France Full 100% 100% (2) - - - - E1 BNP Paribas Real Estate 63,0% 63,0% 100% 63,0% (1) (1) 100% 100% Full 63,0% 63,0% Full 100% 63,0% Spain Full 99,7% 99,7% Full 99,7% 99,7% Full (1) 100% 100% Full (1) 100% 100% BNP Paribas Wealth Management (Hong Kong branch) Hong Kong Full (1) 100% 100% Full (1) 100% 100% BNP Paribas Wealth Management (Singapore branch) Singapore Full (1) 100% 100% Full (1) 100% 100% Full 100% France Full Equity * 100% 100% France Full France 100% Full BNP Paribas Immobilier Residences Services Full Monaco Full 100% - 100,0% Conseil Investissement SNC 100% 100% - 100% BNP Paribas Wealth Management Monaco 100% Full (2) France BNP Paribas Wealth Management S4 Full France Full Full E1 France Netherlands Auguste-Thouard Expertise - S4 Full S2 - France France Netherlands (2) Wealth Management B*Capital S3 Full S3 (1) 100% 100% Full 100% 100% Equity * (1) V1 S4 France Full 100% 100% Full 100% 100% BNP Paribas Real Estate Advisory & Property Management Czech Republic SRO Czech Republic Full 100% 100% Full 100% 100% BNP Paribas Real Estate Advisory & Property Management Hungary Ltd. Hungary Full 100% 100% Full 100% 100% BNP Paribas Real Estate Advisory & Property Management Ireland Ltd. Ireland Full 100% 100% Full 100% 100% BNP Paribas Real Estate Advisory & Property Management LLC United Arab Emirates Full 49,0% 49,0% BNP Paribas Real Estate Advisory & Property Management Luxembourg SA Luxembourg Full 100% 100% Full 100% 100% UK Full 100% 100% Full 100% 100% Belgium Full 100% 100% Full 100% 100% Italy 100% 100% BNP Paribas Real Estate Advisory & Property Management UK Ltd. 100% 100% BNP Paribas Real Estate Advisory Belgium SA BNP Paribas Real Estate Advisory Italy SPA Investment Partners S3 Full 100% 100% Full 100% 100% BNP Paribas Real Estate Advisory Netherlands BV Netherlands Full 100% 100% Full 100% 100% BNP Paribas Real Estate Advisory SA Romania Full 100% 100% Full 100% 100% Spain Full 100% 100% Full 100% 100% BNP Paribas Real Estate Consult France France Full 100% 100% Full 100% 100% BNP Paribas Real Estate Consult GmbH Germany Full 100% 100% Full 100% 100% UK Full 100% 100% Full 100% 100% France Full 100% 100% Full 100% 100% Germany Full 100% 100% Full 100% 100% Belgium Full 100% 100% Full 100% Full 100% 100% Full 100% 96,1% Alfred Berg Asset Management AB Sweden Full 100% 98,3% Full 100% 98,3% Alfred Berg Asset Management AB (Denmark branch) Denmark Full 100% 98,3% Full 100% 98,3% Alfred Berg Asset Management AB (Finland branch) Finland Full 100% 98,3% Full 100% 98,3% Alfred Berg Asset Management AB (Norway branch) Norway Full 100% 98,3% Full 100% 98,3% Alfred Berg Fonder AB Sweden Full 100% 98,3% Full 100% 98,3% BNP Paribas Real Estate GmbH Alfred Berg Kapitalforvaltning AB Sweden Full 100% 98,3% Full 100% 98,3% BNP Paribas Real Estate Holding Benelux SA Alfred Berg Kapitalforvaltning AS Norway Full 100% 98,3% Full 100% 98,3% BNP Paribas Real Estate Holding GmbH Germany Full 100% 100% Alfred Berg Kapitalforvaltning Finland AB Finland Full 100% 98,3% Full 100% 98,3% BNP Paribas Real Estate Hotels France France Full 100% 96,0% Alfred Berg Rahastoyhtio Oy Finland Full 100% 98,3% Full 100% 98,3% Bancoestado Administradora General de Fondos SA Belgium Full 100% 100% Full 100% 100% Chile Equity 50,0% 49,1% Equity 50,0% 49,1% BNP Paribas Real Estate Investment Management Belgium BNP Paribas Asset Management Brasil Ltda. Brazil Full 100% 99,6% Full 100% 100% BNP Paribas Real Estate Investment Management France France Full 96,8% 96,8% Full 96,8% 96,8% BNP Paribas Asset Management Inc. U.S.A Full 100% 100% BNP Paribas Real Estate Investment Management Germany GmbH Germany Full 94,9% 94,9% Full 94,9% 94,9% BNP Paribas Real Estate Investment Management Italy Italy Full 100% 100% Full 100% 100% BNP Paribas Real Estate Investment Management Ltd. UK Full 100% 100% Full 100% 100% BNP Paribas Real Estate Investment Management Luxembourg SA Luxembourg Full 100% 100% Full 100% 100% BNP Paribas Real Estate Investment Management Spain SA Spain Full 100% 100% Full 100% 100% UK Full 100% 100% Full 100% 100% France Full 100% 100% Full 100% 100% Italy Full 100% 100% Full 100% 100% BNP Paribas Asset Management India Private Ltd. S4 India Equity * 100% 98,3% Equity * 100% 98,3% BNP Paribas Asset Management SAS France Full 100% 98,3% Full 100% 98,3% BNP Paribas Asset Management SAS (Austria branch) Austria Full 100% 98,3% Full 100% 98,3% BNP Paribas Capital Partners France Equity * 100% 100% Equity * 100% 100% BNP Paribas Investment Partners France Full 100% 98,3% Full 100% 98,3% BNP Paribas Investment Partners (Australia) Holdings Pty Ltd. Australia Full 100% 98,3% Full 100% 98,3% BNP Paribas Investment Partners (Australia) Ltd. Australia Equity * 100% 98,3% Equity * 100% 98,3% BNP Paribas Investment Partners Argentina SA Argentina Equity * 100% 99,6% Equity * 100% 100% BNP Paribas Real Estate Advisory Spain SA BNP Paribas Real Estate Facilities Management Ltd. BNP Paribas Real Estate Financial Partner E1 Hong Kong Full 100% 98,3% Full 100% 98,3% BNP Paribas Real Estate Investment Management UK Ltd. BNP Paribas Investment Partners BE Holding Belgium Full 100% 98,3% Full 100% 98,3% BNP Paribas Real Estate Investment Services BNP Paribas Investment Partners Belgium Belgium Full 100% 98,3% Full 100% 98,3% BNP Paribas Real Estate Italy SRL BNP Paribas Investment Partners Asia Ltd. V4 Real Estate Services Special Purpose Entities Profilea Monde Equilibre France Ref. V3 100% V2 Changes in the scope of consolidation New entries (E) in the scope of consolidation E1 Passing qualifying thresholds as defined by the Group (see note 1.b) E2 Incorporation E3 Purchase, gain of control or significant influence Removals (S) from the scope of consolidation S1 Cessation of activity (including dissolution, liquidation) S2 Disposal, loss of control or loss of significant influence S3 Entities removed from the scope because < qualifying thresholds (see note 1.b) S4 Merger, Universal transfer of assets and liabilities Variance (V) in voting or ownership interest V1 Additional purchase V2 Partial disposal V3 Dilution V4 Increase in % Equity * Controlled but non material entities consolidated under the equity method as associates Miscellaneous D1 Consolidation method change not related to fluctuation in voting or ownership interest D2 90 Construction-Sale Companies (Real Estate programmes) of which 80 fully and 10 equity method consolidated D3 The LaSer group was consolidated under the equity method until 25 July 2014. Following the additional purchase of interest by BNP Paribas Group, the LaSer group has been fully consolidated (see note 8.c.) Prudential scope of consolidation (1) (2) (3) - 121 - French subsidiaries whose supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP Paribas SA, in accordance with article 7.1 of Regulation n°575/2013 of the European Parliament and of the Council. Entites consolidated under the equity method for prudential purposes Jointly controlled entities under proportional consolidation for prudential purposes. Consolidated financial statements as at 31 December 2015 31 December 2015 Name Country Method Voting (%) Interest (%) 31 December 2014 Ref. Voting (%) Method Interest (%) BNP Paribas Real Estate Jersey Ltd. Jersey Full 100% 100% Full 100% 100% BNP Paribas Real Estate Poland SP ZOO Poland Full 100% 100% Full 100% 100% BNP Paribas Real Estate Property Development UK Ltd. UK Full 100% 100% Full 100% 100% BNP Paribas Real Estate Property Developpement Italy SPA Italy Full 100% 100% Full 100% 100% Belgium Full 100% 100% Full 100% 100% BNP Paribas Real Estate Property Management Belgium BNP Paribas Real Estate Property Management France SAS France Full 100% 100% Full 100% Germany Full 100% 100% Full 100% 100% BNP Paribas Real Estate Property Management Italy SRL Italy Full 100% 100% Full 100% 100% Spain Full 100% 100% Full 100% 100% BNP Paribas Real Estate Transaction France France Full 96,0% 96,0% Full 96,1% 96,1% BNP Paribas Real Estate Valuation France France Full 100% 100% Full 100% 100% European Direct Property Management SA Luxembourg V3 France Full 100% 100% Full 100% 100% Immobilière des Bergues France Full 100% 100% Full 100% 100% Full 100% 100% Locchi SRL Full 100,0% 100,0% BNP Paribas Arbitrage France Full (1) 100% 100% Full BNP Paribas Arbitrage (U.S.A branch) U.S.A Full (1) 100% 100% Full UK Full (1) 100% 100% Full BNP Paribas Arbitrage (UK branch) 100% Laffitte Participation 22 France Full 100% 100% Full 100% 100% Opéra Trading Capital Opéra Trading Capital (Hong Kong branch) Opéra Trading Capital (UK branch) V2 100% 100% 100% Full 100% 100% Verner Investissements (Group) France Equity 40,0% 50,0% Equity 40,0% 50,0% Alpha Murcia Holding BV Netherlands Equity * 100% 99,9% Equity * 100% 99,9% BNP Paribas Arbitrage Issuance BV Netherlands Full 100% 100% Full 100% 100% Russia Full 100% 100% Full 100% 100% UK Full 100% 100% Full 100% 100% Germany Full 100% 100% Full 100% 100% Full 100% 100% BNP Paribas Bank NV Pyrotex GB 1 SA Luxembourg Full 100% 100% Full 100% 100% BNP Paribas Commodity Futures Ltd. Pyrotex SARL Luxembourg Full 100% 100% Full 100% 100% BNP Paribas Emission-und Handel. MBH Full 100% 100% Full 100% 100% Sviluppo HQ Tiburtina SRL Italy Full 100% 100% Full 100% 100% Sviluppo Residenziale Italia SRL Italy Full 100% 100% Full 100% 100% Full 100% 100% Tasaciones Hipotecarias SA Via Crespi 26 SRL Spain BNP Paribas Ireland S2 Full - - 100% 100% Full 100% 100% Full 100% 100% Full 100% 100% 100% 100% Equity * 100% 100% Ireland Full 100% 100% Full 100% 100% BNP Paribas U.K. Holdings Ltd. UK Full 100% 100% Full 100% 100% BNP Paribas UK Ltd. UK Full 100% 100% Full 100% 100% Ireland Equity * BNP Paribas Vartry Reinsurance Ltd. BNP PUK Holding Ltd. Corporate & Institutional Banking Securities services 100% 100% D1 Full (2) 100% Full 100% 100% Full 100% 100% Equity 50,0% 50,0% Equity 50,0% 50,0% GreenStars BNP Paribas Luxembourg Equity * 100% 100% Equity * 100% 100% Harewood Holdings Ltd. UK Full 100% 100% Full 100% 100% Hime Holding 1 SA Luxembourg S3 Equity 26,4% 26,4% Hime Holding 2 SA Luxembourg S3 Equity 21,0% 21,0% Hime Holding 3 SA Luxembourg S3 Equity 20,6% 20,6% UK Full 100% 100% Full 100% 100% France Full (1) 100% 100% Full (1) 100% 100% SC Nueva Condo Murcia SL Spain Equity * 100% 99,9% Equity * 100% 99,9% UK Full (1) 100% 100% Full (1) 100% 100% Utexam Logistics Ltd. Ireland Full 100% 100% Full 100% 100% Hong Kong Full 100% 100% 100% 100% Utexam Solutions Ltd. Ireland Full 100% 100% Full 100% 100% Ireland Full 100% 100% E3 BNP Paribas Fund Services Australasia Pty Ltd. Australia Equity * 100% 100% D1 Full 100% 100% Saudi Arabia Equity * 100% 100% Equity * 100% 100% BNP Paribas Fund Services Australasia Pty Ltd. (New Zealand branch) New Zealand Equity * 100% 100% D1 Full 100% 100% S4 Equity * 100% 100% BNP Paribas Securities South Africa Holdings PTY Ltd. (ex- BNP Paribas Cadiz Securities) South Africa Equity * 60,0% 60,0% Equity * 60,0% 60,0% BNP Paribas Securities South Africa PTY Ltd. (exBNP Paribas Cadiz Stockbroking) South Africa Equity * 100% 60,0% Equity * 60,0% 60,0% BNP Paribas Dealing Services (UK branch) BNP Paribas Dealing Services Asia Ltd. BNP Paribas Fund Administration Services Ireland Ltd. Full Ireland BNP Paribas Fund Services France France Full 100% 100% Full 100% 100% BNP Paribas Securities Services - BP2S France Full (1) 100% 100% Full (1) 100% 100% BNP Paribas Securities Services - BP2S (Australia branch) Australia Full (1) 100% 100% Full (1) 100% 100% BNP Paribas Securities Services - BP2S (Belgium branch) Belgium Full (1) 100% 100% Full (1) 100% 100% Germany Full (1) 100% 100% Full (1) 100% 100% Greece Full (1) 100% 100% Full (1) 100% 100% Guernsey Full (1) 100% 100% Full (1) 100% 100% Hong Kong Full (1) 100% 100% Full (1) 100% 100% Hungary Full (1) 100% 100% Full (1) 100% 100% BNP Paribas Securities Services - BP2S (Ireland branch) Ireland Full (1) 100% 100% Full (1) 100% 100% BNP Paribas Securities Services - BP2S (Isle of Man branch) Isle of Man BNP Paribas Securities Services - BP2S (Greece branch) BNP Paribas Securities Services - BP2S (Guernsey branch) BNP Paribas Securities Services - BP2S (Hong Kong branch) BNP Paribas Securities Services - BP2S (Hungary branch) BNP Paribas Securities Services - BP2S (Italy branch) Full (1) 100% 100% Full (1) 100% 100% Jersey Full (1) 100% 100% Full (1) 100% 100% BNP Paribas Securities Services - BP2S (Luxembourg branch) Luxembourg Full (1) 100% 100% Full (1) 100% 100% BNP Paribas Securities Services - BP2S (Netherlands branch) Netherlands Full (1) 100% 100% Full (1) 100% 100% Poland Full (1) 100% 100% Full (1) 100% 100% BNP Paribas Securities Services - BP2S (Spain branch) Spain Full (1) 100% 100% Full (1) 100% 100% Portugal Full (1) 100% 100% Full (1) 100% 100% UK Full (1) 100% 100% Full (1) 100% 100% BNP Paribas Securities Services - BP2S (Singapore branch) Singapore Full (1) 100% 100% Full (1) 100% 100% BNP Paribas Securities Services - BP2S (Switzerland branch) Switzerland Full (1) 100% 100% Full (1) 100% 100% BNP Paribas Securities Services - BP2S (UK branch) V1 E1 CIB Americas Banco BNP Paribas Brasil SA Full 100% 100% Full 100% 100% U.S.A Full 100% 100% Full 100% 100% BNP Paribas (Canada) Valeurs Mobilières Canada Equity * 100% 100% Equity * 100% 100% BNP Paribas Canada Canada Full 100% 100% Full 100% 100% U.S.A Full 100% 100% Full 100% 100% Banexi Holding Corporation BNP Paribas Capital Services Inc. BNP Paribas CC Inc. Brazil U.S.A Full 100% 100% Full 100% 100% BNP Paribas Colombia Corporation Financiera SA Colombia Equity * 100% 100% Equity * 100% 100% BNP Paribas Energy Trading Canada Corp Canada Equity * 100% 100% Equity * 100% 100% BNP Paribas Energy Trading GP U.S.A Full 100% 100% Full 100% 100% BNP Paribas Energy Trading Holdings Inc. U.S.A Full 100% 100% Full 100% 100% BNP Paribas Energy Trading LLC U.S.A Full 100% 100% Full 100% 100% BNP Paribas FS LLC U.S.A Full 100% 100% Full 100% 100% Canada Equity * 100% 100% BNP Paribas Leasing Corporation U.S.A Full 100% 100% Full 100% 100% BNP Paribas Mortgage Corporation U.S.A Full 100% 100% Full 100% 100% BNP Paribas North America Inc. U.S.A Full 100% 100% Full 100% 100% BNP Paribas Prime Brokerage Inc. U.S.A Full 100% 100% Full 100% 100% BNP Paribas IT Solutions Canada Inc. BNP Paribas Prime Brokerage International Ltd. BNP Paribas Securities Services - BP2S (Poland branch) BNP Paribas Securities Services - BP2S (Portugal branch) BNP Paribas Investment Company KSA Africa S1 Italy BNP Paribas Securities Services - BP2S (Jersey branch) E1 Middle East BNP Paribas Fund Services Dublin Ltd. BNP Paribas Securities Services - BP2S (Germany branch) E2 100% UK Belgium Landspire Ltd. BNP Paribas Dealing Services Ireland S3 Full BNP Paribas Prime Brokerage International Ltd. E2 Netherlands Equity * FScholen UK (1) UK BNP Paribas Net Ltd. Special Purpose Entities REPD Parker Ltd. S4 (1) Netherlands BNP Paribas Islamic Issuance BV D2 S2 Italy Full 100% 100% - 100% Full 100% - E2 100% France BNP Paribas Bank JSC (ex- BNP Paribas ZAO) Full / Equity E2 100% Taitbout Participation 3 SNC Full E3 D2 E2 100% 100% Full France - 100% 100% Full Other European countries E1 100% 100% Full France 100% 100% Full UK Parilease 100% - France Hong Kong France 100% 100% Ref. S4 Parifergie 100% 100% 100% 100% 100% Full 100% 100% Full 100% Full 100% 100% (1) 100% Full Full / Equity 100% (1) 100% Full Italy (1) Full Full France 51,0% France UK France 51,0% Esomet Italy Sociétés de Construction de Vente Equity * Interest (%) France Spain Siège Issy V1 Voting (%) BNP Paribas Equities France Parker Tower Ltd. San Basilio 45 SRL Method France Meunier Hispania Partner's & Services Ref. CIB EMEA (Europ, Middle East, Africa) S3 FG Ingenierie et Promotion Immobilière India BNP Paribas Sundaram Global Securities Operations Private Ltd. Country Interest (%) 31 December 2014 Voting (%) Name 100% BNP Paribas Real Estate Property Management GmbH BNP Paribas Real Estate Property Management Spain SA 31 December 2015 Method Ref. BNP Paribas RCC Inc. BNP Paribas Securities Corporation E1 Cayman Islands S1 U.S.A Full U.S.A - - Full - - Full 100% 100% Full 100% 100% Equity 30,1% 30,0% FB Transportation Capital LLC U.S.A Full 100% 99,9% Full 100% 99,9% Fortis Funding LLC U.S.A Full 100% 99,9% Full 100% 99,9% French American Banking Corporation - FABC U.S.A Full 100% 100% Full 100% 100% FSI Holdings Inc. U.S.A Full 100% 100% Full 100% 100% Paribas North America Inc. U.S.A Full 100% 100% Full 100% 100% Via North America Inc. U.S.A Full 100% 100% Full 100% 100% Bank BNP Paribas Indonesia PT Indonesia Full 100% 100% Full 100% 100% BNP Pacific (Australia) Ltd. Australia Full 100% 100% Full 100% 100% BNP Paribas (China) Ltd. China Full 100% 100% Full 100% 100% Cronos Holding Company Ltd. (Group) E1 Bermuda S3 CIB Pacific Asia Changes in the scope of consolidation New entries (E) in the scope of consolidation E1 Passing qualifying thresholds as defined by the Group (see note 1.b) E2 Incorporation E3 Purchase, gain of control or significant influence Removals (S) from the scope of consolidation S1 Cessation of activity (including dissolution, liquidation) S2 Disposal, loss of control or loss of significant influence S3 Entities removed from the scope because < qualifying thresholds (see note 1.b) S4 Merger, Universal transfer of assets and liabilities Variance (V) in voting or ownership interest V1 Additional purchase V2 Partial disposal V3 Dilution V4 Increase in % Equity * Controlled but non material entities consolidated under the equity method as associates Miscellaneous D1 Consolidation method change not related to fluctuation in voting or ownership interest D2 90 Construction-Sale Companies (Real Estate programmes) of which 80 fully and 10 equity method consolidated D3 The LaSer group was consolidated under the equity method until 25 July 2014. Following the additional purchase of interest by BNP Paribas Group, the LaSer group has been fully consolidated (see note 8.c.) Prudential scope of consolidation (1) (2) (3) - 122 - French subsidiaries whose supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP Paribas SA, in accordance with article 7.1 of Regulation n°575/2013 of the European Parliament and of the Council. Entites consolidated under the equity method for prudential purposes Jointly controlled entities under proportional consolidation for prudential purposes. Consolidated financial statements as at 31 December 2015 31 December 2015 31 December 2015 Name Country BNP Paribas Arbitrage (Hong Kong) Ltd. Hong Kong BNP Paribas Capital (Asia Pacific) Ltd. Hong Kong Method Voting (%) Interest (%) Full 100% 100% China Full 100% 100% BNP Paribas Finance (Hong Kong) Ltd. Hong Kong Full 100% BNP Paribas India Holding Private Ltd. India Full BNP Paribas India Solutions Private Ltd. India BNP Paribas Commodities Trading (Shanghai) Co Ltd. BNP Paribas Japan Ltd. BNP Paribas Malaysia Berhad BNP Paribas Principal Investments Japan Ltd. 31 December 2014 Ref. Voting (%) Method Interest (%) Full 100% 100% Full 100% 100% Full 100% 100% 100% Full 100% 100% 100% 100% Full 100% 100% Full 100% 100% Full 100% 100% Full 100% 100% Full 100% 100% S3 Japan Malaysia Japan BNP Paribas Securities (Asia) Ltd. Hong Kong BNP Paribas Securities (Singapore) Pte Ltd. Name Ref. Royale Neuve VI SARL Ireland Scaldis Capital LLC U.S.A Scaldis Capital Ltd. - Equity * - - S1 VPG SDI Media LLC U.S.A Equity * V1 Equity - - S1 Other Business Units Switzerland Full 100% 100% Full 100% 100% Guernsey Full 100% 100% Full 100% 100% Jersey Full 100% 100% Full 100% 100% BNP Paribas Fortis Private Equity Belgium (exFortis Private Equity Belgium NV) Belgium Full 100% 99,9% Full 100% 99,9% BNP Paribas Fortis Private Equity Expansion (exFortis Private Equity Expansion Belgium NV) Belgium Full 100% 99,9% Full 100% 99,9% Belgium Equity * 100% 99,9% Equity * 100% 99,9% Belgium Full 100% 100% Full 100% 100% Luxembourg Full 97,1% 97,0% Full 97,0% 97,0% 100% 100% Full 100% 100% BNP Paribas Suisse SA Full 100% 100% BNP Paribas Suisse SA (Guernsey branch) BNP Paribas Securities India Private Ltd. India Full 100% 100% Full 100% 100% BNP Paribas Suisse SA (Jersey branch) Indonesia Full 99,0% 99,0% Full 99,0% 99,0% Japan Full 100% 100% Full 100% 100% Rep. of Korea Full 100% 100% Full 100% 100% Hong Kong Equity * 100% 100% Equity * 100% 100% Japan Equity * 100% 100% Equity * 100% 100% Singapore Full 100% 100% Full 100% 100% Alamo Funding II Inc. S2 - - BNP Paribas Fortis Private Equity Management (ex- Fortis Private Equity Management Belgium) - - Cobema Full - - Ireland Full - - Full - - Luxembourg Full - - Full - - Antin Participation 8 France Full - - Full - - Aquarius + Investments PLC Ireland Full - - Full - - Alectra Finance PLC Alleray SARL Aquarius Capital Investments Ltd. U.S.A (3) Ireland Netherlands Atargatis France Full - - Full - - Austin Finance France Full - - Full - - Full - - Full - - Full - - BNP Paribas EQD Brazil Fund Fundo Invest Multimercado Brazil Full - - U.S.A Full - - BNP Paribas Flexi III Deposit Euro France BNP Paribas International Finance Dublin Ireland Full - - Full - - UK Full - - Full - - UK Full - - Full - - Full - - BNP Paribas Investments N°2 Ltd. BNP Paribas IP Euro Clo 2015-1 B.V (exLeveraged Finance Europe Capital V BV) S2 Netherlands S3 100% Full 100% 100% 99,9% 99,9% Full 99,9% 99,9% 100% S3 Investment companies and other subsidiaries BNL International Investments SA E1 Luxembourg Full 100% 100% Full 100% BNP Paribas Home Loan SFH France Full 100% 100% Full 100% 100% BNP Paribas Mediterranée Innovation et Technologies Morocco Full 100% 96,7% BNP Paribas Partners for Innovation (Group) BNP Paribas Public Sector SCF BNP Paribas SB Re S2 France Equity 50,0% 50,0% Equity 50,0% 50,0% France Full (1) 100% 100% Full (1) 100% 100% Luxembourg Full (2) 100% 100% Full (2) 100% 100% 100% 100% 100% Full 100% 100% GIE Groupement Auxiliaire de Moyens France Full 100% 100% Full 100% 100% - Le Sphinx Assurances Luxembourg SA Luxembourg Equity * 100% 100% Equity * 100% 100% - - Full - - Omnium de Gestion et de Developpement Immobilier - OGDI Full - - Plagefin SA Full 100% 65,9% Full 100% 65,9% Full - - Plagefin - Placement, Gestion, Finance Holding SA Luxembourg Full - - Sagip Belgium Full 100% 100% Full 100% 100% Full - - - Full - - Société Auxiliaire de Construction Immobilière SACI France Full 100% 100% Full 100% 100% - Full - - Société Orbaisienne de Participations France Full 100% 100% Full 100% 100% - Full - - UCB Bail 2 France Full 100% 100% Full 100% 100% - Full - - UCB Entreprises France BNP Paribas VPG Brookfin LLC U.S.A Full - - Full - BNP Paribas VPG Brookline Cre LLC U.S.A Full - - Full BNP Paribas VPG CB LLC U.S.A Full - - BNP Paribas VPG CT Holdings LLC U.S.A Full - - BNP Paribas VPG EDMC Holdings LLC U.S.A Full - - BNP Paribas VPG Freedom Communications LLC U.S.A Full - - BNP Paribas VPG Lake Butler LLC U.S.A BNP Paribas VPG Legacy Cabinets LLC U.S.A Full - BNP Paribas VPG Mark IV LLC U.S.A Full - BNP Paribas VPG Master LLC U.S.A Full - BNP Paribas VPG Medianews Group LLC U.S.A Full - BNP Paribas VPG MGM LLC U.S.A BNP Paribas VPG Express LLC (Ex- BNP Paribas VPG Modern Luxury Media LLC) U.S.A Full - - Full - - BNP Paribas VPG Northstar LLC U.S.A Full - - Full - - BNP Paribas VPG PCMC LLC U.S.A Full - - Full - - BNP Paribas VPG Reader's Digest Association LLC U.S.A BNP Paribas VPG SBX Holdings LLC U.S.A Full - - Full - - BNP Paribas VPG SDI Media Holdings LLC U.S.A Full - - Full - - BNP Paribas VPG Semgroup LLC U.S.A BNP Paribas VPG Titan Outdoor LLC U.S.A S1 S1 S1 BNP Paribas US Medium Term Notes Program LLC BNP Paribas-SME-1 Full - - V1 Full - - Full - - UK Full - - Full - - France Full - - Full - - France Full - - Full - - Crossen SARL Luxembourg Full - - Full - - European Index Assets BV Netherlands Full - - S2 Financière des Italiens France Full - - Full - - Financière Paris Haussmann France Full - - Full - - France Full - - Full - - Full - - Full - - Full - - Full - - Full - - Luxembourg Luxembourg S4 S4 S4 U.S.A Full - - France Full - - FCT Opéra France Full - - BNP Paribas B Institutional II Court Terme Belgium Full - - Full - - Full - - E2 Full - - E2 E1 Klépierre Klépierre SA (Group) S1 S1 France Special Purpose Entities S1 Netherlands France S2 Equity 21,7% 21,6% E2 S1 U.S.A S1 S3 Ireland Full - - Full - - Matchpoint Master Trust U.S.A Full - - Full - - Méditerranéa France Full - - Full - - Omega Capital Funding Ltd. Ireland Full - - Full - - Omega Capital Investments PLC Ireland Full - - Full - - Optichamps France Full - - Full - - Participations Opéra France Full - - Full - - Full - - Full - - Spain Luxembourg 100% Full Spain 100% U.S.A Royale Neuve I SARL Full France Full BNP Paribas VPG BMC Select LLC Ribera del Loira Arbitrage France France - Matchpoint Finance Public Company Ltd. Société Immobilière du Marché Saint-Honoré Financière du Marché Saint Honoré Full Marc Finance Ltd. Ejesur SA - - Ireland Antin Participation 5 100% - Cayman Islands S4 Property companies (property used in operations) Full Full Madison Arbor Ltd. S4 Belgium S4 U.S.A Madison Arbor LLC Belgium Gepeco France BNP Paribas VPG Adonis LLC UK V1 E1 Fortis Private Equity Venture Belgium SA Financière BNP Paribas - Harewood Financing Ltd. - - Full Grenache et Cie SNC - 100% - Financière Taitbout - Full - Compagnie d'Investissement Opéra SNC - - S4 Full Compagnie d'Investissement Italiens SNC - Full France Brazil Boug BV (UK branch) Full U.S.A Compagnie d'Investissements de Paris - CIP BNP Paribas Proprietario Fundo de Investimento Multimercado Boug BV E1 S3 BNP Paribas Finance Inc. BNP Paribas Investments N°1 Ltd. Compagnie Financière Ottomane SA E1 S3 Astir BV Jersey Private Equity (BNP Paribas Capital) Special Purpose Entities Full Full S3 Full Equity - U.S.A 100% S2 - - Tender Option Bond Municipal program 100% S1 - Full - 100% UK S1 - 100% Singapore Full Ref. S3 Full - 100% ACG Capital Partners Singapore Pte. Ltd. Interest (%) - 100% 54 Lombard Street Investments Ltd. Voting (%) - Full BPP Holdings Pte Ltd. - Method Full Full BNP Paribas SJ Ltd. (Japan branch) - 31 December 2014 Ref. Full TCG Fund I, LP Full BNP Paribas SJ Ltd. Interest (%) S1 Starbird Funding Corporation Taiwan BNP Paribas Securities Korea Company Ltd. Voting (%) Cayman Islands E2 Singapore BNP Paribas Securities Japan Ltd. Method Luxembourg Scaldis Capital (Ireland) Ltd. BNP Paribas Securities (Taiwan) Co Ltd. BNP Paribas Securities Indonesia PT Country E2 E1 S3 Changes in the scope of consolidation New entries (E) in the scope of consolidation E1 Passing qualifying thresholds as defined by the Group (see note 1.b) E2 Incorporation E3 Purchase, gain of control or significant influence Removals (S) from the scope of consolidation S1 Cessation of activity (including dissolution, liquidation) S2 Disposal, loss of control or loss of significant influence S3 Entities removed from the scope because < qualifying thresholds (see note 1.b) S4 Merger, Universal transfer of assets and liabilities Variance (V) in voting or ownership interest V1 Additional purchase V2 Partial disposal V3 Dilution V4 Increase in % Equity * Controlled but non material entities consolidated under the equity method as associates Miscellaneous D1 Consolidation method change not related to fluctuation in voting or ownership interest D2 90 Construction-Sale Companies (Real Estate programmes) of which 80 fully and 10 equity method consolidated D3 The LaSer group was consolidated under the equity method until 25 July 2014. Following the additional purchase of interest by BNP Paribas Group, the LaSer group has been fully consolidated (see note 8.c.) Prudential scope of consolidation (1) (2) (3) - 123 - French subsidiaries whose supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP Paribas SA, in accordance with article 7.1 of Regulation n°575/2013 of the European Parliament and of the Council. Entites consolidated under the equity method for prudential purposes Jointly controlled entities under proportional consolidation for prudential purposes. Consolidated financial statements as at 31 December 2015 8.k FEES PAID TO THE STATUTORY AUDITORS In 2015 Excluding tax, in thousands of euros PricewaterhouseCoopers Audit Deloitte Total % Total % TOTAL Mazars Total % Total % Audit Statutory audits and contractual audits, including - Issuer - Consolidated subsidiaries 3,254 16% 5,000 22% 1,957 19% 10,211 19% 10,727 54% 10,036 44% 7,785 76% 28,548 53% Other reviews and services directly related to the statutory audit engagement, including - Issuer 2,324 12% 2,119 9% 246 2% 4,689 9% - Consolidated subsidiaries 2,211 11% 4,882 21% 214 2% 7,307 14% 18,516 93% 22,037 96% 10,202 99% 50,755 95% 29 0% 96 0% 2 0% 127 0% Others 1,376 7% 1,006 4% 65 1% 2,447 5% Sub-total 1,405 7% 1,102 4% 67 1% 2,574 5% TOTAL 19,921 100% 23,139 100% 10,269 100% 53,329 100% In 2014 Deloitte Sub-total Other services provided by the networks to fully-consolidated subsidiaries Legal, tax, social Excluding tax, in thousands of euros Total PricewaterhouseCoopers Audit % Total % TOTAL Mazars Total % Total % Audit Statutory audits and contractual audits, including - Issuer - Consolidated subsidiaries 2,903 17% 4,584 21% 1,751 17% 9,238 19% 9,195 56% 8,934 42% 7,684 78% 25,813 53% Other reviews and services directly related to the statutory audit engagement, including - Issuer 359 2% 1,973 9% 13 0% 2,345 5% 2,245 13% 4,684 21% 505 5% 7,434 15% 14,702 88% 20,175 93% 9,953 100% 44,830 92% - 0% 262 1% 31 0% 293 1% Others 2,082 12% 1,377 6% 46 0% 3,505 7% Sub-total 2,082 12% 1,639 7% 77 0% 3,798 8% 16,784 100% 21,814 100% 10,030 100% 48,628 100% - Consolidated subsidiaries Sub-total Other services provided by the networks to fully-consolidated subsidiaries Legal, tax, social TOTAL The audit fees paid to auditors which are not members of the network of one of the auditors certifying the consolidated financial statements and the non-consolidated financial statements of BNP Paribas SA, mentioned in the table above, amount to EUR 934 thousand for the year 2015 (EUR 1,001 thousand in 2014). Other work and services related directly to audit work, are mainly composed this year of reviews of the entity’s compliance with regulatory provisions, which were increased due to regulatory changes, and reviews of internal control quality by comparison with international standards (such as ISAE 3402) as part of services provided to customers, particularly in the Securities and Asset Management businesses. To a lesser extent, they also include works related to reviews of risks and internal control and due diligences on financial transactions. - 124 - Consolidated financial statements as at 31 December 2015
