|
December 31, 2017 |
December 31, 2016 |
December 31, 2015 |
|
|
(in millions of euros) |
Net |
Net |
Net |
|
Cash flow hedge derivatives |
(447) | 553 | 1,111 |
|
Fair value hedge derivatives |
(0) | (26) | 91 |
|
Net investment hedge derivatives |
- |
- |
- |
|
Hedging derivatives |
(447) | 527 | 1,202 |
|
Derivatives held for trading (1) |
(282) | (128) | 98 |
|
Net derivatives(2) |
(729) | 399 | 1,300 |
|
(1) Mainly due to the foreign exchange effects of the economic hedges against the revaluation of subordinated notes denominated in pounds sterling (equity instruments recognized at their historical value - see Note 13.4) for (203) million euros in 2017, (152) million euros in 2016 and 82 million euros in 2015. |
|||
|
(2) O/w foreign exchange effects of the cross currency swaps (classified as hedging or held for trading) hedging foreign exchange risk on gross debt notional for 125 million euros in December 31, 2017, 1,254 million euros in 2016 and 1,527 million euros in 2015. The foreign exchange effects of the cross currency swaps is the difference between the notional converted at the closing rate and its notional converted at the opening rate (or at the trading day spot rate in case of new instrument). |
|||