Subsection 2: Operations

I. - Exposures to the public entities referred to in Article L. 513-2 are assets, such as loans, or off-balance sheet commitments to or fully guaranteed by the entities listed below:

1. Central governments, central banks, public institutions, local authorities or groups thereof of a Member State of the European Union;

2. Central governments or central banks of non-EU Member States with the highest credit quality rating established by an external credit assessment body recognised by the Autorité de contrôle prudentiel et de résolution in accordance with Article L. 511-44;

3. International organisations referred to in Article 118 of Regulation (EU) No 575/2013 of 26 June 2013, multilateral development banks referred to in Article 117(2) of the same Regulation and other international organisations and multilateral development banks benefiting from the best credit quality step established by an external credit assessment institution recognised by the Autorité de contrôle prudentiel et de résolution in accordance with Article L. 511-44;

4. Public institutions and local authorities or their groupings from States that are neither members of the European Union nor parties to the Agreement on the European Economic Area, where exposures to such persons are assigned, for the purposes of determining capital requirements, the same weighting as claims granted to central governments, central banks or credit institutions, or are fully guaranteed by such persons, and where they benefit from the highest level of credit quality established by an external credit assessment institution recognised by the Autorité de contrôle prudentiel et de résolution in accordance with Article L. 511-44 ;

5. Central governments and central banks of States that are not members of the European Union, public institutions and local authorities or groupings mentioned in 2, 3 and 4 above benefiting from the second highest level of credit quality established by an external credit assessment body recognised by the Autorité de contrôle prudentiel et de résolution in accordance with Article L. 511-44.

II. - Exposures to public entities include in particular:

1. Debt securities issued or fully guaranteed by one or more of the public entities referred to in 1 to 5 of I;

2. Claims for sums of money, including those resulting from a contract for successive performance, on the public bodies mentioned in 1 to 5 of I or fully guaranteed by one or more of these public bodies;

3. Claims arising from leasing contracts or equivalent contracts to which the public entities mentioned in 1 to 5 of I are party as lessee or tenant, or claims arising from leasing contracts or equivalent contracts fully guaranteed by one or more of these public entities. Sociétés de crédit foncier acquiring receivables arising from a leasing contract may also acquire all or part of the receivable arising from the sale of the leased property.

III. - A Conseil d'Etat decree specifies the terms and conditions and, where applicable, the limits for taking into account the exposures mentioned in I subject to a credit assessment by an external credit assessment body recognised by the Autorité de contrôle prudentiel et de résolution in accordance with Article L. 511-44.