Translation of "organisme de crédit mutuel immobilier " (French → English) :

An increasing amount of microfinance to vulnerable people who are in a disadvantaged position with regard to access to the conventional credit market in the European Union is provided by non-commercial microfinance institutions, credit unions and banks implementing corporate social responsibility.

In the event of such senior units being used as collateral, the special public supervision to protect bond holders as provided for in Article 52(4) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) shall ensure that the assets underlying such units shall, at any time while they are included in the cover pool be at least 90 % composed of residential mortgages that are combined with any prior liens up to the lesser of the principal amounts due under the units, the principal amounts of the liens, and 80 % of the value of the pledged properties, that the units qualif ...[+++]y for the credit quality step 1 as set out in this Annex and that such units do not exceed 10 % of the nominal amount of the outstanding issue.

Consequently, shares and other securities equivalent to shares issued by bodies such as building societies and industrial and provident societies, the ownership of which cannot, in practice, be transferred except by the issuing body buying them back, are not covered by this definition.

loans secured by residential real estate or shares in Finnish residential housing companies as referred to in point 46 up to the lesser of the principal amount of the liens that are combined with any prior liens and 80% of the value of the pledged properties or by senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities governed by the laws of a Member State securitising residential real estate exposures provided that at least 90% of the assets of such Fonds Communs de Créances or of equivalent securitisation entities governed by the laws of a Member State are composed of mortgages that are combined with any prior liens up to the lesser of the principal amounts due under the units, the principal amoun ...[+++]ts of the liens, and 80% of the value of the pledged properties and the units qualify for the credit quality step 1 as set out in this Annex where such units do not exceed 20% of the nominal amount of the outstanding issue.

In its decision, the Commission considered that the Crédit Mutuel received state resources in the form of the commission paid by the State-owned CDC.

The obligations in this case included the distribution of the savings product to the general public without cost to the consumers who benefit directly from the tax exemption and the investment of part of the funds either by Caisse des Dépôts et Consignations (CDC) or by Crédit Mutuel itself in selected public bodies (local municipalities, public organisations etc).