Accounting principles and methods
Financial instruments are stated at fair value, which corresponds to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction on the principal or most advantageous market at the measurement date. The valuation methods for each level are generally as follows:
The distribution of financial assets and liabilities in the balance sheet by level is as follows:
At 31 December 2022
(in millions of euros) | Balance sheet value | Fair value | Level 1 Unadjusted quoted prices | Level 2 Observable data | Level 3 Non- observable data |
---|---|---|---|---|---|
Equity securities | Equity securities Balance sheet value2,597 |
Equity securities Fair value2,597 |
Equity securities Level 1 Unadjusted quoted prices- |
Equity securities Level 2 Observable data2,093 |
Equity securities Level 3 Non- observable data504 |
Debt securities | Debt securities Balance sheet value44,541 |
Debt securities Fair value44,541 |
Debt securities Level 1 Unadjusted quoted prices2,849 |
Debt securities Level 2 Observable data41,542 |
Debt securities Level 3 Non- observable data150 |
Hedging derivatives | Hedging derivatives Balance sheet value12,279 |
Hedging derivatives Fair value12,279 |
Hedging derivatives Level 1 Unadjusted quoted prices188 |
Hedging derivatives Level 2 Observable data12,091 |
Hedging derivatives Level 3 Non- observable data- |
Trading derivatives | Trading derivatives Balance sheet value30,566 |
Trading derivatives Fair value30,566 |
Trading derivatives Level 1 Unadjusted quoted prices882 |
Trading derivatives Level 2 Observable data28,378 |
Trading derivatives Level 3 Non- observable data1,306 |
Cash equivalents | Cash equivalents Balance sheet value687 |
Cash equivalents Fair value687 |
Cash equivalents Level 1 Unadjusted quoted prices64 |
Cash equivalents Level 2 Observable data623 |
Cash equivalents Level 3 Non- observable data- |
FINANCIAL ASSETS CARRIED AT FAIR VALUE | FINANCIAL ASSETS CARRIED AT FAIR VALUEBalance sheet value90,670 | FINANCIAL ASSETS CARRIED AT FAIR VALUEFair value90,670 | FINANCIAL ASSETS CARRIED AT FAIR VALUELevel 1 Unadjusted quoted prices3,983 | FINANCIAL ASSETS CARRIED AT FAIR VALUELevel 2 Observable data84,727 | FINANCIAL ASSETS CARRIED AT FAIR VALUELevel 3 Non- observable data1,960 |
Receivables from the NLF | Receivables from the NLF Balance sheet value14,000 |
Receivables from the NLF Fair value14,000 |
Receivables from the NLF Level 1 Unadjusted quoted prices- |
Receivables from the NLF Level 2 Observable data14,000 |
Receivables from the NLF Level 3 Non- observable data- |
Other loans and financial receivables | Other loans and financial receivables Balance sheet value2,562 |
Other loans and financial receivables Fair value2,562 |
Other loans and financial receivables Level 1 Unadjusted quoted prices- |
Other loans and financial receivables Level 2 Observable data2,562 |
Other loans and financial receivables Level 3 Non- observable data- |
FINANCIAL ASSETS CARRIED AT AMORTISED COST | FINANCIAL ASSETS CARRIED AT AMORTISED COSTBalance sheet value16,562 | FINANCIAL ASSETS CARRIED AT AMORTISED COSTFair value16,562 | FINANCIAL ASSETS CARRIED AT AMORTISED COSTLevel 1 Unadjusted quoted prices- | FINANCIAL ASSETS CARRIED AT AMORTISED COSTLevel 2 Observable data16,562 | FINANCIAL ASSETS CARRIED AT AMORTISED COSTLevel 3 Non- observable data- |
Hedging derivatives | Hedging derivatives Balance sheet value17,965 |
Hedging derivatives Fair value17,965 |
Hedging derivatives Level 1 Unadjusted quoted prices9 |
Hedging derivatives Level 2 Observable data17,913 |
Hedging derivatives Level 3 Non- observable data43 |
Trading derivatives | Trading derivatives Balance sheet value28,884 |
Trading derivatives Fair value28,884 |
Trading derivatives Level 1 Unadjusted quoted prices773 |
Trading derivatives Level 2 Observable data27,447 |
Trading derivatives Level 3 Non- observable data664 |
FINANCIAL LIABILITIES CARRIED AT FAIR VALUE | FINANCIAL LIABILITIES CARRIED AT FAIR VALUEBalance sheet value46,849 | FINANCIAL LIABILITIES CARRIED AT FAIR VALUEFair value46,849 | FINANCIAL LIABILITIES CARRIED AT FAIR VALUELevel 1 Unadjusted quoted prices782 | FINANCIAL LIABILITIES CARRIED AT FAIR VALUELevel 2 Observable data45,360 | FINANCIAL LIABILITIES CARRIED AT FAIR VALUELevel 3 Non- observable data707 |
Loans and other financial liabilities | Loans and other financial liabilities Balance sheet value96,053 |
Loans and other financial liabilities Fair value93,264 |
Loans and other financial liabilities Level 1 Unadjusted quoted prices- |
Loans and other financial liabilities Level 2 Observable data93,264 |
Loans and other financial liabilities Level 3 Non- observable data- |
FINANCIAL LIABILITIES CARRIED AT AMORTISED COST | FINANCIAL LIABILITIES CARRIED AT AMORTISED COSTBalance sheet value96,053 | FINANCIAL LIABILITIES CARRIED AT AMORTISED COSTFair value93,264 | FINANCIAL LIABILITIES CARRIED AT AMORTISED COSTLevel 1 Unadjusted quoted prices- | FINANCIAL LIABILITIES CARRIED AT AMORTISED COSTLevel 2 Observable data93,264 | FINANCIAL LIABILITIES CARRIED AT AMORTISED COSTLevel 3 Non- observable data- |
Level 3 debt and equity securities are principally non-consolidated investments carried at historical value.
At 31 December 2021
(in millions of euros) | Balance sheet value | Fair value | Level 1 Unadjusted quoted prices | Level 2 Observable data | Level 3 Non- observable data |
---|---|---|---|---|---|
Equity securities | Equity securities Balance sheet value1,889 |
Equity securities Fair value1,889 |
Equity securities Level 1 Unadjusted quoted prices3 |
Equity securities Level 2 Observable data1,413 |
Equity securities Level 3 Non- observable data473 |
Debt securities | Debt securities Balance sheet value42,954 |
Debt securities Fair value42,954 |
Debt securities Level 1 Unadjusted quoted prices2,607 |
Debt securities Level 2 Observable data40,225 |
Debt securities Level 3 Non- observable data122 |
Hedging derivatives | Hedging derivatives Balance sheet value9,910 |
Hedging derivatives Fair value9,910 |
Hedging derivatives Level 1 Unadjusted quoted prices153 |
Hedging derivatives Level 2 Observable data9,757 |
Hedging derivatives Level 3 Non- observable data- |
Trading derivatives | Trading derivatives Balance sheet value20,061 |
Trading derivatives Fair value20,061 |
Trading derivatives Level 1 Unadjusted quoted prices249 |
Trading derivatives Level 2 Observable data19,349 |
Trading derivatives Level 3 Non- observable data463 |
Cash equivalents | Cash equivalents Balance sheet value741 |
Cash equivalents Fair value741 |
Cash equivalents Level 1 Unadjusted quoted prices34 |
Cash equivalents Level 2 Observable data707 |
Cash equivalents Level 3 Non- observable data- |
FINANCIAL ASSETS CARRIED AT FAIR VALUE | FINANCIAL ASSETS CARRIED AT FAIR VALUEBalance sheet value75,555 | FINANCIAL ASSETS CARRIED AT FAIR VALUEFair value75,555 | FINANCIAL ASSETS CARRIED AT FAIR VALUELevel 1 Unadjusted quoted prices3,046 | FINANCIAL ASSETS CARRIED AT FAIR VALUELevel 2 Observable data71,451 | FINANCIAL ASSETS CARRIED AT FAIR VALUELevel 3 Non- observable data1,058 |
Receivables from the NLF | Receivables from the NLF Balance sheet value15,986 |
Receivables from the NLF Fair value15,986 |
Receivables from the NLF Level 1 Unadjusted quoted prices- |
Receivables from the NLF Level 2 Observable data15,986 |
Receivables from the NLF Level 3 Non- observable data- |
Other loans and financial receivables | Other loans and financial receivables Balance sheet value4,746 |
Other loans and financial receivables Fair value4,746 |
Other loans and financial receivables Level 1 Unadjusted quoted prices- |
Other loans and financial receivables Level 2 Observable data4,746 |
Other loans and financial receivables Level 3 Non- observable data- |
FINANCIAL ASSETS CARRIED AT AMORTISED COST | FINANCIAL ASSETS CARRIED AT AMORTISED COSTBalance sheet value20,732 | FINANCIAL ASSETS CARRIED AT AMORTISED COSTFair value20,732 | FINANCIAL ASSETS CARRIED AT AMORTISED COSTLevel 1 Unadjusted quoted prices- | FINANCIAL ASSETS CARRIED AT AMORTISED COSTLevel 2 Observable data20,732 | FINANCIAL ASSETS CARRIED AT AMORTISED COSTLevel 3 Non- observable data- |
Hedging derivatives | Hedging derivatives Balance sheet value10,124 |
Hedging derivatives Fair value10,124 |
Hedging derivatives Level 1 Unadjusted quoted prices4 |
Hedging derivatives Level 2 Observable data10,120 |
Hedging derivatives Level 3 Non- observable data- |
Trading derivatives | Trading derivatives Balance sheet value22,027 |
Trading derivatives Fair value22,027 |
Trading derivatives Level 1 Unadjusted quoted prices322 |
Trading derivatives Level 2 Observable data21,216 |
Trading derivatives Level 3 Non- observable data489 |
FINANCIAL LIABILITIES CARRIED AT FAIR VALUE | FINANCIAL LIABILITIES CARRIED AT FAIR VALUEBalance sheet value32,151 | FINANCIAL LIABILITIES CARRIED AT FAIR VALUEFair value32,151 | FINANCIAL LIABILITIES CARRIED AT FAIR VALUELevel 1 Unadjusted quoted prices326 | FINANCIAL LIABILITIES CARRIED AT FAIR VALUELevel 2 Observable data31,336 | FINANCIAL LIABILITIES CARRIED AT FAIR VALUELevel 3 Non- observable data489 |
Loans and other financial liabilities | Loans and other financial liabilities Balance sheet value69,406 |
Loans and other financial liabilities Fair value78,114 |
Loans and other financial liabilities Level 1 Unadjusted quoted prices- |
Loans and other financial liabilities Level 2 Observable data78,114 |
Loans and other financial liabilities Level 3 Non- observable data- |
FINANCIAL LIABILITIES CARRIED AT AMORTISED COST | FINANCIAL LIABILITIES CARRIED AT AMORTISED COSTBalance sheet value69,406 | FINANCIAL LIABILITIES CARRIED AT AMORTISED COSTFair value78,114 | FINANCIAL LIABILITIES CARRIED AT AMORTISED COSTLevel 1 Unadjusted quoted prices- | FINANCIAL LIABILITIES CARRIED AT AMORTISED COSTLevel 2 Observable data78,114 | FINANCIAL LIABILITIES CARRIED AT AMORTISED COSTLevel 3 Non- observable data- |
Level 3 debt and equity securities are principally non-consolidated investments carried at historical value.