In the first half of the year, BNP Paribas transferred a net €8.1 billion ($8.8 billion) of liabilities measured at fair value to Level 3 – the biggest such move since at least 2016.
During this period, liabilities worth €8.8 billion were moved to Level 3, while €668 million were transferred out. As a result, total Level 3 liabilities – those for which market prices are not available and are instead valued using the bank’s own models – hit €44.2 billion on June 30, up from €34.3 billion at the
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