Section 9: Central body for savings banks and banques populaires

The central body for savings banks and banques populaires exercises the powers set out in Articles L. 511-31 and L. 511-32 of this Code. To this end, it is responsible for

1° Defining the policy and strategic orientations of the group and of each of its constituent networks;

2° coordinating the commercial policies of each of these networks and taking all measures necessary for the development of the group, in particular by acquiring or holding strategic interests ;

3° Representing the group and each of the networks to assert their common rights and interests, in particular with the bodies referred to in the first paragraph of article L. 511-31, and negotiating and concluding national or international agreements on their behalf;

4° Representing the group and each of the networks in their capacity as employer in order to assert their common rights and interests, and negotiating and concluding collective branch agreements on their behalf;

5° To take all necessary measures to guarantee the liquidity of the Group and of each of the networks and, to this end, to determine the rules for managing the Group's liquidity, in particular by defining the principles and procedures for investing and managing the cash of the institutions and companies that make up the Group and the conditions under which these institutions and companies may enter into transactions with other credit institutions, finance companies, portfolio management companies or investment firms, carry out securitisation transactions or issue financial instruments, and to carry out any financial transaction necessary for managing liquidity;

6° To take all necessary measures to guarantee the solvency of the group and of each of the networks, in particular by implementing the appropriate mechanisms for internal solidarity within the group and by creating a guarantee fund common to both networks, for which it determines the operating rules, the terms and conditions of intervention in addition to the funds provided for by articles L. 512-12 and L. 512-86-1, as well as the contributions of the affiliated institutions and companies for its endowment and replenishment;

7° Defining the principles and conditions for organising the internal control system of the Group and of each of the networks, as well as ensuring control of the organisation, management and quality of the financial situation of the affiliated institutions and companies, in particular through on-site inspections within the scope of intervention defined in the fourth paragraph of article L. 511-31 ;

8° Defining risk management policy and principles, as well as risk limits for the Group and each of the networks, and ensuring ongoing monitoring on a consolidated basis;

9° Approving the Articles of Association of affiliated institutions and companies and of local savings companies, as well as any amendments to be made thereto;

10° Approving the persons appointed, in accordance with article L. 511-13, to effectively manage the business of the affiliated institutions and companies;

11° Calling the contributions required to perform its duties as a central body;

12° Ensuring that the savings banks carry out the tasks set out in Article L. 512-85.