Loans being amortised to the City of Nantes as of 1 January 2022

**** Loans under amortisation from the City of Nantes on 1 January 2022 * * * * The use of borrowing for communities is heavily regulated. Thus, the loan can only cover the financing of capital expenditure: rehabilitation works, new construction, acquisition of furniture, equipment, etc. The community’s own resources must cover the repayment of loans. The deliberative assembly is responsible for borrowing. In order to have an “active debt management”, i.e. to be able to take advantage of the opportunities to renegotiate a loan, launch a consultation, make an early repayment, etc., without waiting for the holding of a deliberative meeting, this competence is delegated to the Vice-President in charge of Finance in Nantes Métropole. In terms of debt strategy, Nantes Métropole chooses to have recourse to limited borrowing, to diversify its loans in terms of lenders and rates, not to take out any structured loans. _Classification of Borrowing Risks (known as “Gissler Classification”):_ The Good Behaviour Charter signed in 2009 aims to govern the mutual relations between local and regional authorities and banking institutions. The Commission formulates a number of reciprocal commitments, in particular to enable better control of risks. In this context, a risk matrix has been defined in order to allow a classification of the products proposed to local authorities. This classification has two dimensions: * risk associated with the underlying index(s), 1 being the minimum risk and 5 the maximum; * risk associated with product structure, A being minimum risk and maximum E. | ** underlying indices** | | **structures** —|---|— 1 | Eurozone indexes | A ▲ Fixed rate exchange against variable rate or vice versa. Structured rate exchange against variable rate or fixed rate (single sense). Capped single variable rate (Cape) or framed (Tunnel) 2 | French inflation indexes or euro area inflation indexes or differences between these indices | B ⋆ Simple barrier. No leverage 3 | Eurozone index differential | C ▲ Exchange option (Swaption) 4 | Non-euro area indexes. Deviation of indices, one of which is a non-euro area index | D | Multiplier up to 3; multiplier up to 5 cape 5 | Non-euro area index differential | E ▲ Multiplier up to 5 6* | Unauthorised indexations under the charter (exchange rates, etc.) | F* ▲ Structures not authorised by the Charter (cumulative, multiplier > 5, etc.) _* Excluding Charter_ * * * *2022年1月1日南特市分期偿还贷款 * * * * 社区公共主体的借贷行为受到严格监管。此类贷款仅可用于资本性支出的融资，包括修复工程、新建项目、家具及设备购置等。公共主体需以自有资金偿还贷款本息。 市政审议大会负责借贷事项的决策。为实现「积极债务管理」——即无需等待审议大会召开，即可灵活把握贷款重议、发起咨询、提前还款等操作机遇——南特都会（Nantes Métropole）的主管财政事务的副主席被授予此项权限。 在债务战略层面，南特都会选择采用有限借贷模式，在贷款方与利率维度实现贷款组合多元化，且不开展任何结构化贷款业务。 ### 借贷风险分类（Gissler Classification，又称吉斯勒分类法） 2009年签署的《良好行为宪章》旨在规范地方、区域公共主体与银行机构之间的互助合作关系。该委员会制定了多项双向承诺，以强化风险管控。在此框架下，委员会制定了风险矩阵，用于对面向地方公共主体的金融产品进行风险分类。该分类包含两个维度： 1. 底层关联指数风险：风险等级以1至5划分，1代表最低风险，5代表最高风险； 2. 产品结构风险：风险等级以A至E划分，A代表最低风险，E代表最高风险。 | 风险等级 | 底层关联指数类型 | 产品结构风险等级及说明 | | ---- | ---- | ---- | | 1 | 欧元区指数 | A ▲ 固定利率与浮动利率互换，或反向互换；结构化浮动/固定利率互换（单向）；带上限的单一浮动利率（Cape）或带区间约束的浮动利率（Tunnel） | | 2 | 法国通胀指数、欧元区通胀指数，或二者的差值 | B ⋆ 简易障碍型产品，无杠杆 | | 3 | 欧元区指数利差 | C ▲ 互换期权（Swaption） | | 4 | 非欧元区指数，或包含非欧元区指数的指数偏差 | D | 乘数最高为3倍；乘数最高为5倍的封顶型产品 | | 5 | 非欧元区指数利差 | E ▲ 乘数最高为5倍 | | 6* | 宪章未授权的指数挂钩标的（如汇率等） | F* ▲ 宪章未授权的产品结构（如累计型、杠杆倍数>5倍等） | * 本项不适用于本宪章 * * * *