The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Omar Fall - Barclays Bank PLC, Research Division - Analyst
: The first one is just if you could highlight what remaining impacts on capital, whatever they might be, we should anticipate for the rest of the year,
whether there's anything less on TRIM (inaudible). I think on the disposal side, Credit du Maroc is like 10 bps. And then Serbia was announced last
year, but that's pretty immaterial. So just any of the other moving parts aside from earnings we should expect.
Question: Omar Fall - Barclays Bank PLC, Research Division - Analyst
: And just a quick follow-up. There's a separate point, just on the interest rate sensitivity from the annual report that you've put some detail on that
on Slide 40. You've not given this to us before as kind of a multiyear period. So I just had -- just a couple of clarifications. I think you used to say the
sensitivity to rates of the group was low. But I mean, this looks like 100 bps is like a quarter of last year's earnings. So maybe you can give some
color there, especially because it's strange that your sensitivity doesn't increase over future years like most of your Northern European peers?
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MAY 05, 2022 / 12:30PM, CAGR.PA - Q1 2022 Credit Agricole SA Earnings Call
Question: Delphine Lee - JPMorgan Chase & Co, Research Division - Analyst
: I just wanted to come back on the interest rate sensitivity that you provided in the annual report. Does that -- what kind of assumptions are you
making on deposits and [Livret] rate when you provide the sensitivities? Is that like a 100% increase in Livret rate? Or I mean, what are you assuming
for site deposits and the rest? Just trying to understand what the deposit assumption is for that number? And also on capital, so just on the sensitivity,
is there a way to provide like a sensitivity on capital from rates on kind of OCI reserves? How much OCI gains do you still have? Just trying to think
about what the impact would be from rates?
Question: Kirishanthan Vijayarajah - HSBC, Research Division - Analyst
: A couple of questions on French retail. Just sorry, hold a second, just got some noise here in the background. Hold on. Sorry for that. Yes, a couple
of questions on French retail. So the increase in Livret A rate has been helpful given us the impact on NII, but my question is more to what extent
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MAY 05, 2022 / 12:30PM, CAGR.PA - Q1 2022 Credit Agricole SA Earnings Call
you're starting to see some sort of impact on customer behavior, for instance, moving back into some of those regulated savings products out of
some of the other savings and investment vehicles you guys offer?
And then still on potentially to more on the asset side and French mortgages. But the volume growth is still pretty robust, but I wondered how the
pricing is shaping up at the moment. The funding curve has been moving up. So have you been able to pass that on in terms of the mortgage rates
you're offering? I know you're sensing that customers are kind of willing to pay up a little bit at the moment to lock in a low-ish rate in anticipation
of the rate increase. Is that kind of helping you put some of that price increases through? So just some color there on the pricing dynamic on French
mortgages?
Question: Jonathan Matthew Balfour Clark - Mediobanca - Banca di credito finanziario S.p.A., Research Division - Analyst
: A couple of questions on Banco BPM, please. So I guess the first question is, can you rule out ever making an offer for a controlling stake? And the
follow-up is, if so, why? So I just really want to get a firmer view on your intentions there?
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MAY 05, 2022 / 12:30PM, CAGR.PA - Q1 2022 Credit Agricole SA Earnings Call
Question: Jonathan Matthew Balfour Clark - Mediobanca - Banca di credito finanziario S.p.A., Research Division - Analyst
: Yes, that was.
Question: Jonathan Matthew Balfour Clark - Mediobanca - Banca di credito finanziario S.p.A., Research Division - Analyst
: Certainly on a backward looking away. It's not clear in a forward-looking way. So I'm asking, can you give a forward looking than backward looking
way.
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