AGENCE FRANCE LOCALE
Agence France Locale's main characteristics:
- Agence France Locale is a new entity dedicated to the funding of French local authorities
- Authorized by the banking law dated 26 July of 2013 and incorporated on 17 December 2013, Agence France Locale was granted a banking license as a specialist credit institution on 12 January 2015
- The unique French local government funding agency fully-owned by the French local authorities themselves
- 100%-owned by French local authorities, its sole mandate is to distribute attractive loans to French local authorities by raising cost-efficient funds in the capital markets thanks to the pooling of volumes and a robust financial structure
- A dual first call guarantee system:
- Each member local authority acts as guarantor up to the amount of its total outstanding borrowings with Agence France Locale
- A guarantee from Agence France Locale - Société Territoriale
- Agence France Locale is regulated by the French prudential supervisory authority (ACPR)
- Agence France Locale is under review by the French Court of Auditors (Cour des Comptes)
- The French Financial Markets Auhority (AMF) has given Agence France Locale a visa for its EMTN programme on 6 March 2015
- Moody's assigned Aa3/P-1 ratings to Agence France Locale and S&P assigned AA-/A-1+ .
- Target of 25% market share of total French local authorities’ funding needs in the long term
Since June 2, 2016 AFL bond issues have been eligible to the Public Sector Purchase Program (PSPP) of the European Central Bank.