115 HEDGING DERIVATIVE INSTRUMENTS 31/12/2021 31/12/2020 Market value Notional amount Market value Notional amount (in thousands of euros) positive negative positive negative Fair value hedges 19,367 8,248 1,699,291 27,646 6,039 1,705,523 Interest rate 19,367 8,248 1,699,291 27,646 6,039 1,705,523 Equity instruments - - - Currencies - - - Credit Commodities Other Cash flow hedges 2,573 2,054 585,205 5,301 531 731,750 Interest rate 2,491 1,507 139,793 5,180 - 563 Equity instruments Currencies 82 547 445,412 121 531 731,187 Credit Commodities Other Hedges of net investments in foreign operations 0 0 0 0 Total hedging derivatives 21,940 10,302 2,284,496 32,947 6,570 2,437,273 FINANCIAL GUARANTEES AT RISK BY EXPECTED MATURITY No financial guarantees givenwere under special monitoring and none were subject to provisions at 31 December 2020 or at 31 December 2021 in stage 3. 3.4 CASH FLOW AND FAIR VALUE HEDGES ON INTEREST RATES AND FOREIGN EXCHANGE POSITIONS Fair value hedges include the hedging of loans, securities and fixed rate deposits. These hedges convert fixed rate assets or liabilities into variable rate items. - Micro-hedging policy: assets or liabilities of significant amounts and/or maturities (e.g. long-term loans to customers, etc.) are micro-hedged by swaps. - Macro-hedging policy: assets or liabilities of amounts that donot reach the feasibility threshold formicro-hedging but which have significant maturities are grouped with similar items and are macro-hedged. CFM Indosuez Wealth Management’s hedging instruments are fair value hedges or cash flow hedges. Fair value hedges A fair value hedge modifies the risk due to changes in the fair value of a fixed-rate financial instrument caused by changes in interest rates. Fair value hedges transform fixedrate assets or liabilities into floating-rate assets or liabilities. Items hedged are principally fixed-rate loans, securities, deposits and subordinated debt. Cash flow hedges A cash flowhedgemodifies the risk inherent in the variability in cash flowarising from floating-rate financial instruments. Items hedged areprincipally floating-rate loans anddeposits.
RkJQdWJsaXNoZXIy NzMxNTcx