{"id":6462,"date":"2019-01-15T16:08:44","date_gmt":"2019-01-15T16:08:44","guid":{"rendered":"https:\/\/cfi.co\/awards\/?p=6462"},"modified":"2019-01-15T16:08:44","modified_gmt":"2019-01-15T16:08:44","slug":"caisse-de-refinancement-de-lhabitat-crh-best-social-impact-finance-france-2018","status":"publish","type":"post","link":"https:\/\/cfi.co\/awards\/front\/2019\/caisse-de-refinancement-de-lhabitat-crh-best-social-impact-finance-france-2018\/","title":{"rendered":"Caisse de Refinancement de l’Habitat (CRH): Best Social Impact Finance France 2018"},"content":{"rendered":"

\"\"<\/p>\n

Caisse de Refinancement de l’Habitat (CRH) is unique among credit institutions. CRH was founded in 1985 in Paris, and operates within a special legal framework with the sole purpose of funding French home loans. Essentially acting as a fee-free pass-through, the company issues mortgage bonds to fund home loans granted by banks. The company has capitalised on its special legal standing to become one of the largest bond issuers in Europe, finishing 2017 with bonds worth \u20ac30.8 bn on its books. As CRH\u2019s secured loans (written as promissory notes to commercial banks) precisely match its mortgage-backed bonds, the company\u2019s balance sheet duration is zero. CRH bonds are compliant with Capital Requirement Directive 2, reflecting the Basel II and Basel III rules on capital measurement and capital standards. As such, CRH is eligible for open-market operations of the European Central Bank and European Covered Bond Council. Borrowing banks retain CRH refinanced loans on their balance sheets, but if a bank defaults French law gives CRH full ownership of the loans. The company\u2019s unique set-up and special privileges have ensured a superb risk rating (Aaa by Moody’s \/ AAA by Fitch) and a smooth trajectory with no losses or write-downs since its inception. The institution came to the attention of the CFI.co judging panel last year, and the judges have watched CRH\u2019s successful progression with interest. For the second consecutive year, the judges name Caisse de Refinancement de l\u2019Habitat as the winner of the Best Social Impact Finance (France) award.<\/p>\n","protected":false},"excerpt":{"rendered":"

Caisse de Refinancement de l’Habitat (CRH) is unique among credit institutions. CRH was founded in 1985 in Paris, and operates within a special legal framework with the sole purpose of<\/p>\n","protected":false},"author":1,"featured_media":4867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[53],"tags":[],"class_list":["post-6462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-front"],"yoast_head":"\nCaisse de Refinancement de l'Habitat (CRH): Best Social Impact Finance France 2018 - CFI.co<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cfi.co\/awards\/front\/2019\/caisse-de-refinancement-de-lhabitat-crh-best-social-impact-finance-france-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caisse de Refinancement de l'Habitat (CRH): Best Social Impact Finance France 2018\" \/>\n<meta property=\"og:description\" content=\"Caisse de Refinancement de l’Habitat (CRH) is unique among credit institutions. CRH was founded in 1985 in Paris, and operates within a special legal framework with the sole purpose of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cfi.co\/awards\/front\/2019\/caisse-de-refinancement-de-lhabitat-crh-best-social-impact-finance-france-2018\/\" \/>\n<meta property=\"og:site_name\" content=\"CFI.co\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CapitalFinanceInternational\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-15T16:08:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cfi.co\/awards\/wp-content\/uploads\/2017\/10\/CRHThumb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"349\" \/>\n\t<meta property=\"og:image:height\" content=\"218\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"marten\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CFIMagazine\" \/>\n<meta name=\"twitter:site\" content=\"@CFIMagazine\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"marten\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/cfi.co\/awards\/front\/2019\/caisse-de-refinancement-de-lhabitat-crh-best-social-impact-finance-france-2018\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cfi.co\/awards\/front\/2019\/caisse-de-refinancement-de-lhabitat-crh-best-social-impact-finance-france-2018\/\"},\"author\":{\"name\":\"marten\",\"@id\":\"https:\/\/cfi.co\/awards\/#\/schema\/person\/e3ad9b01223c3a8168d49fc9b884a909\"},\"headline\":\"Caisse de Refinancement de l’Habitat (CRH): Best Social Impact Finance France 2018\",\"datePublished\":\"2019-01-15T16:08:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cfi.co\/awards\/front\/2019\/caisse-de-refinancement-de-lhabitat-crh-best-social-impact-finance-france-2018\/\"},\"wordCount\":263,\"image\":{\"@id\":\"https:\/\/cfi.co\/awards\/front\/2019\/caisse-de-refinancement-de-lhabitat-crh-best-social-impact-finance-france-2018\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cfi.co\/awards\/wp-content\/uploads\/2017\/10\/CRHThumb.jpg\",\"articleSection\":[\"FRONT\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cfi.co\/awards\/front\/2019\/caisse-de-refinancement-de-lhabitat-crh-best-social-impact-finance-france-2018\/\",\"url\":\"https:\/\/cfi.co\/awards\/front\/2019\/caisse-de-refinancement-de-lhabitat-crh-best-social-impact-finance-france-2018\/\",\"name\":\"Caisse de Refinancement de l'Habitat (CRH): Best Social Impact Finance France 2018 - 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