Instruction No. 95-01 of January 30, 1995 amending Instruction No. 94-06 regarding the accounting for asset transfer or securitization operations

BANKING COMMISSION
Instruction No. 95-01 amending Instruction No. 94-06 regarding the accounting for asset transfer or securitization operations

The Banking Commission,
Having regard to Law No. 84-46 of January 24, 1984, as amended, relating to the activity and supervision of credit institutions, particularly Article 40 thereof; Having regard to Article 12 of Law No. 93-1444 of December 31, 1993, as amended, containing various provisions relating to the Bank of France, insurance, credit, and financial markets; Having regard to Instruction No. 94-06 of March 14, 1994, regarding the accounting for asset transfer or securitization operations, Decides:

Article 1. An Article 7 bis is added to the aforementioned Instruction No. 94-06, drafted as follows:

"Article 7 bis - Additional remittances in the form of cash paid or received by an institution, pursuant to Article 12 of Law No. 93-1444 of December 31, 1993, as amended, shall be recorded by such institution in accounts 3616 'Other miscellaneous debtors' or 3656 'Other miscellaneous creditors'.

Interest charges or products relating to these additional cash remittances shall be recognized on a time-proportionate basis, depending on the counterpart, in accounts 60169 or 60289 'Miscellaneous interest charges' or in accounts 70169 or 70269 'Miscellaneous interest products'.

When additional remittances are made in the form of bills or securities, they shall be recorded in accounts 9512 'Other values pledged as collateral' or 9522 'Other values received as collateral'."

Paris, January 30, 1995
The President of the Banking Commission