EBA stress test: €3.4 billion error in BPCE's derivatives exposure to France
Owner of Natixis overstated derivatives exposure to France by €3.4 billion after mixing up notional and mark-to-market numbers
BPCE, the French co-operative banking group that also owns investment bank Natixis, overstated its derivatives exposure to France by €3.4 billion in data submitted to the European Banking Authority (EBA) for its continent-wide stress tests, results of which were published on July 15. The reporting error meant the bank's exposure to France – at €3,783 million – was the largest derivatives exposure to any single country by any of the 90 banks tested.
Among the country's other banks, Crédit
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