The fair value of hedging and trading derivatives reported in the balance sheet breaks down as follows:
(in millions of euros) | Notes | 31/12/2020 | 31/12/2019 |
|---|---|---|---|
| Positive fair value of hedging derivatives | Positive fair value of hedging derivatives Notes 18.1.1 | Positive fair value of hedging derivatives 31/12/2020 5,439 | Positive fair value of hedging derivatives 31/12/2019 5,759 |
| Negative fair value of hedging derivatives | Negative fair value of hedging derivatives Notes 18.3.1 | Negative fair value of hedging derivatives 31/12/2020 (2,792) | Negative fair value of hedging derivatives 31/12/2019 (1,830) |
| FAIR VALUE OF HEDGING DERIVATIVES | FAIR VALUE OF HEDGING DERIVATIVES Notes
| FAIR VALUE OF HEDGING DERIVATIVES 31/12/2020 2,647 | FAIR VALUE OF HEDGING DERIVATIVES 31/12/2019 3,929 |
| Positive fair value of trading derivatives | Positive fair value of trading derivatives Notes 18.1.1 | Positive fair value of trading derivatives 31/12/2020 5,038 | Positive fair value of trading derivatives 31/12/2019 6,813 |
| Negative fair value of trading derivatives | Negative fair value of trading derivatives Notes 18.3.1 | Negative fair value of trading derivatives 31/12/2020 (5,125) | Negative fair value of trading derivatives 31/12/2019 (6,327) |
| FAIR VALUE OF TRADING DERIVATIVES | FAIR VALUE OF TRADING DERIVATIVES Notes
| FAIR VALUE OF TRADING DERIVATIVES 31/12/2020 (87) | FAIR VALUE OF TRADING DERIVATIVES 31/12/2019 486 |
The fair value of hedging and trading derivatives by type of risk hedged is shown below:
(in millions of euros) | Notes | 31/12/2020 | 31/12/2019 |
|---|---|---|---|
| Hedging derivatives – interest rate risk | Hedging derivatives – interest rate risk Notes 18.7.2 | Hedging derivatives – interest rate risk 31/12/20203,149 | Hedging derivatives – interest rate risk 31/12/2019 2,939 |
| Hedging derivatives – foreign exchange risk | Hedging derivatives – foreign exchange risk Notes 18.7.3 | Hedging derivatives – foreign exchange risk 31/12/2020(733) | Hedging derivatives – foreign exchange risk 31/12/2019 877 |
| Hedging derivatives – commodity risks | Hedging derivatives – commodity risks Notes 18.7.4 | Hedging derivatives – commodity risks 31/12/2020231 | Hedging derivatives – commodity risks 31/12/2019 113 |
| FAIR VALUE OF HEDGING DERIVATIVES | FAIR VALUE OF HEDGING DERIVATIVES Notes
| FAIR VALUE OF HEDGING DERIVATIVES31/12/2020 2,647 | FAIR VALUE OF HEDGING DERIVATIVES 31/12/2019 3,929 |
| Trading derivatives – interest rate risk | Trading derivatives – interest rate risk Notes 18.7.2 | Trading derivatives – interest rate risk 31/12/2020(25) | Trading derivatives – interest rate risk 31/12/2019 (22) |
| Trading derivatives – foreign exchange risk | Trading derivatives – foreign exchange risk Notes 18.7.3 | Trading derivatives – foreign exchange risk 31/12/20204 | Trading derivatives – foreign exchange risk 31/12/2019 (185) |
| Trading derivatives – commodity risk | Trading derivatives – commodity risk Notes 18.7.4 | Trading derivatives – commodity risk 31/12/2020(66) | Trading derivatives – commodity risk 31/12/2019 693 |
| FAIR VALUE OF TRADING DERIVATIVES | FAIR VALUE OF TRADING DERIVATIVES Notes
| FAIR VALUE OF TRADING DERIVATIVES31/12/2020 (87) | FAIR VALUE OF TRADING DERIVATIVES 31/12/2019 486 |
The fair value of hedging derivatives by type and purpose of hedge is shown below:
| (in millions of euros) | Notes | 31/12/2020 | 31/12/2019 |
|---|---|---|---|
| Fair value hedges of loans and liabilities | Fair value hedges of loans and liabilities Notes
| Fair value hedges of loans and liabilities 31/12/20203,724 | Fair value hedges of loans and liabilities 31/12/2019 3,474 |
| Cash flow hedges of loans and liabilities | Cash flow hedges of loans and liabilities Notes
| Cash flow hedges of loans and liabilities 31/12/2020(1,738) | Cash flow hedges of loans and liabilities 31/12/2019 (87) |
| Sub-total | Sub-total Notes 19.2 | Sub-total31/12/2020 1,986 | Sub-total 31/12/2019 3,387 |
| Fair value hedges of commodity contracts | Fair value hedges of commodity contracts Notes
| Fair value hedges of commodity contracts 31/12/20206 | Fair value hedges of commodity contracts 31/12/2019 106 |
| Cash flow hedges of commodity contracts | Cash flow hedges of commodity contracts Notes
| Cash flow hedges of commodity contracts 31/12/2020170 | Cash flow hedges of commodity contracts 31/12/2019 138 |
| Sub-total | Sub-total Notes
| Sub-total31/12/2020 176 | Sub-total 31/12/2019 244 |
| Net foreign investment hedges | Net foreign investment hedges Notes
| Net foreign investment hedges 31/12/2020280 | Net foreign investment hedges 31/12/2019 261 |
| Fair value hedges of dedicated assets | Fair value hedges of dedicated assets Notes
| Fair value hedges of dedicated assets 31/12/2020205 | Fair value hedges of dedicated assets 31/12/2019 37 |
| FAIR VALUE OF HEDGING DERIVATIVES | FAIR VALUE OF HEDGING DERIVATIVES Notes
| FAIR VALUE OF HEDGING DERIVATIVES31/12/2020 2,647 | FAIR VALUE OF HEDGING DERIVATIVES 31/12/2019 3,929 |
