Investor Presentaiton
Asset and Liability Management Policies
Hedging of interest rate and
currency risk
To immunize AFL from
undesired exposure to
changes in interest and
currency rates.
• Hedging essentially with
swaps.
Low liquidity risk
♥ Conservative Liquidity Buffer
corresponding to 12 months net
cash requirement invested in
liquid and essentially ECB eligible
assets.
AFL's loan portfolio is eligible as
collateral to ECB refinancing.
Limited transformation with
maximum 1-year gap objective
between the average life maturity
of assets and the average life
maturity of liabilities.
Conservative investment policy
♥ Securities are at least rated A-
and issued by Supranational
Institutions, Sovereigns and
government related entities
from the European Economic
Area, North America and other
internally approved countries
70% minimum of high-quality
liquid assets, or HQLA.
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CAFL
Lo bonque
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