Vauban Mobilisations Garanties (VMG) is a wholly-owned subsidiary of Crédit Foncier de France and Groupe Caisse d'Epargne.

VMG was created in 1997 and was later acquired by the Crédit Foncier Group. VMG is an innovative refinancing vehicle. The principal activity of VMG consists in purchasing residential mortgages from Crédit Foncier. VMG helps to ensure Crédit Foncier de France's competitiveness on the private-customer segment of the real estate property financial market by refinancing these loans.

The company's assets are chiefly comprised of senior tranches of debt securization funds (FCC with underlying residential mortgages granted to natural persons) awarded or liable to be awarded a triple-A credit rating. VMG's assets have been granted a AAA/AAA rating by Standard & Poor's and Fitch Ratings since the company's foundation. Since november 2006, Moody's has also awarded a triple-A-rating to the new assets purchased by VMG.

VMG's debt issues are in many ways similar to UK covered bonds. VMG's senior debts issues are rated AAA/Aaa/AAA.

VMG has been structured as a bankruptcy remote vehicle. The senior FCC tranches, reserves and provisions are all secured in favour of investors through a Financial Instruments Account (MAF Act of 1996).

Thus VMG is one of the two triple-A-rated awarded refinancing vehicles of Crédit Foncier alongside Compagnie de Financement Foncier.

	Key figures at December 31, 2007 Total assets: 13.4 Md€ FCC units outstanding: 4.5 Md€ Bonds outstanding: 6.7 Md€ Reserves (redemption and yield): 2.3 Md€