> Caisse de Refinancement de l’Habitat (CRH):
A Unique Model
C
aisse de Refinancement de l’Habitat (CRH) was created in 1985, according to the provisions of a specific law, and fitted with a dedicated legal-specific framework, as part of the housing development policy of the French state. Its sole objective is to provide long-term funding 60
to help credit institutions extending cheap financing to individuals, thus contributing to the development of the housing sector and home ownership across the country.
CRH cannot make loans to individuals, take deposits, nor enter into any other kind of financial transactions: it is a pure domestic single-purpose business.
CRH’s legal mandate is restricted to borrow only with a view to exclusively refinance, on a collateralised basis, credit institutions that extend housing loans to individuals.
CRH has an extremely simple balance sheet: back-to-back covered bonds and their related secured lending, plus equity invested in safe assets.
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