Loans being amortised in Nantes Métropole on 1 January 2020

Loans being amortised in Nantes Métropole on 1 January 2020 * * * * 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_ * * * *2020年1月1日南特都会区（Nantes Métropole）正在进行摊销的贷款 * * * * 地方公共团体的举债资金用途受到严格监管。因此，贷款仅可用于资本性支出的融资，包括修复工程、新建工程、家具与设备购置等。地方公共团体需以自有资金偿还贷款本息。 地方公共团体的审议大会负责举债事宜。为实现「积极债务管理」——即无需等待审议大会召开，即可把握贷款重谈、启动咨询、提前还款等机遇——南特都会区将此项举债职权委托给负责财政事务的副主席。 在债务战略层面，南特都会区选择采用有限举债模式，在贷款方与利率维度实现贷款多元化，且不使用任何结构化贷款产品。 借贷风险分类（亦称「吉斯勒分类法（Gissler Classification）」）： 2009年签署的《良好行为宪章》旨在规范地方当局、区域当局与银行机构间的相互关系。委员会制定了多项双向承诺，以强化风险管控能力。在此框架下，已制定一套风险矩阵，用于对面向地方当局推出的金融产品进行分类。该分类包含两个维度： * 标的指数相关风险：风险等级以1为最低，5为最高； * 产品结构相关风险：风险等级以A为最低，E为最高。 | 标的指数类型 | 风险等级与产品说明 | |---|---| 1 | 欧元区指数 | A ▲ 固定利率与浮动利率互换（反之亦可）；单向浮动利率与固定利率挂钩结构化互换；上限型单一浮动利率（Cape）或区间型浮动利率（Tunnel） 2 | 法国通胀指数、欧元区通胀指数或二者的差值 | B ⋆ 简单障碍型产品，无杠杆 3 | 欧元区指数利差 | C ▲ 互换期权（Swaption） 4 | 非欧元区指数，包含一个非欧元区指数的指数偏差 | D | 乘数最高达3倍；上限型乘数最高达5倍 5 | 非欧元区指数利差 | E ▲ 乘数最高达5倍 6* | 宪章禁止的指数挂钩方式（汇率等） | F* ▲ 宪章禁止的产品结构（累计型、乘数>5倍等） * 本项不适用宪章约束 * * * *