Everyone knows that this is not so simpleWe have good but many express nothing deepWhat dignity launch the year of the France to the BrazilThe Denmark should have contributed twelve monthsBut with the crisis this financial poker kick proved loserIt is a well any problem today of Lufthansa stockThe flop of the PS this weekend demonstratedWe have become explorers of unknown landsHe will back its activities in the United States and AsiaIn essence it is does not Keynesian and said happily structuralistThe Elysee hates who were dubbed the "sovereign fund French." The strategic investment Fund (ISP), Nicolas Sarkozy presented on 23 October in Argonay, yet has all the trappings. "That oil producers are, what the Chinese are doing, what the Russians do, there is no reason that the France the is not in the service of an industrial policy worthy of the name", then explains the head of State. An idea that drops him in the head for a time. He already spoke of it during the presidential campaign of 2007. Earlier this year, Nicolas Sarkozy said to be the Caisse des Dépôts et Consignations (CDC) "an instrument of the policy of defence and promotion of the essential economic interests of the nation". And since a few weeks, he reminded who wants to hear how in 2004, then Minister of finance, he saved Alstom from bankruptcy, and then from the claws of Siemens.
The financial crisis to the President the opportunity to practice his economic voluntarism. Nicolas Sarkozy wants a fund capable all at once to support SME growth, to maintain the decision centres and strategic sectors in the territory, to protect the big companies of the appetite of "predators who would like to capture and butchered". The head of State also stated without detour:. The debate on the missions and the autonomy of the CDC is restarted again. Because if the Fund is sometimes considered the "financial state arms", it remains very concerned about its independence from the Executive. Is it not, since its creation under the restoration, placed under"special protection" of the Parliament
The "pellet" of Wauquiez
The 23 October, the idea of a national investment fund is on the table. Remains to give it body. A find the correct structure, to define its ambitions and to equip it means. Because the France has neither oil nor trade surpluses. It will therefore be difficult to compete with the 875 billion of the Abu Dhabi Fund or 400 billion of the Norwegian Fund. The same evening, the Secretary of State Laurent Wauquiez speaks on Canal to an endowment of EUR 100 billion to be able, according to him, to protect foreign appetites of companies such as the French Fund... AREVA, which the State or its representatives but control 93! Fury highlights the Elysee, that is quick to deny the figure. The ambitions are of course much more modest.
Several hypotheses are first envisaged. Bring the pension reserve fund Delicate: the French might believe it pick in their future pensions. Create an ad hoc fund managed by the CDC on behalf of the State Impossible, this would increase the deficit Maastrichtian. Mobilize savings funds that manage the booklet A windfall Difficult, they were already asked in the amount of EUR 30 billion to help banks, SMEs or local communities... "What we didn't particularly, was create an additional structure in the public Nebula, said a relative of the President." The only solution was to start from the existing what the Fund and Treasury for leverage. And enjoy at the same time to put order in entries held by the State directly or indirectly. "This assumption arrested, the negotiations can begin.
Nicolas Sarkozy has given three weeks to stop the contours of the Fund. The Elysee Palace and his Deputy Secretary General, François Pérol are manoeuvring, supported by Matignon. Bercy and the Treasury are immediately less pieces. The CDC, on the other hand, is is surrounded by Société Générale and Morgan Stanley to advise. The negotiations are tight. The State is reluctant indeed to go into debt for playing on the Fund. The Caisse des Dépôts, is not to jeopardize its financial situation. In addition, Treasury as the CDC does not rejoice in the idea of be deprived of part of their portfolio of shares... Portfolios that the Elysee Palace would like yet see turn more. "If I was at the head of the Fund, I getting everything", dropped a day on the tone of the joke François Pérol, who knows well the establishment to have served on its supervisory board. Debates are much more sensitive that it is well known that the nagging rivalry between men of the Elysée and Augustin de Romanet, Director General of the CDC, the latter having "enormous handicap was appointed by Chirac just before the arrival of Sarkozy", as summarised in one of his relatives...
A Treasury of modest war
After two weeks, a compromise is found yet. The ISPs will be a limited company housed in the Caisse des Dépôts. The public establishment in will hold the majority, to consolidate accounts and ensure the Presidency. On the means, the cursor is set at EUR 20 billion: 14 billion euros of assets brought to parity by the interests of the State Agency and the CDC, which will be added 6 billion of cash to begin investing (see above). This treasure of war may appear modest. "It is a half of Total benefit;" the recapitalisation of Dexia by French authorities two months ago, to have engulfed half coup... ", said a banker. The Elysée has cure. "Those who will tell me:"This is not enough", I will answer first that can do more if it works and then that should not interfere to do before", like Nicolas Sarkozy.
Determine the transfers of assets, the negotiations are not less animated. One of them will include crystallize tensions: the 40 that the Fund holds in CNP Assurances. This is a year that the Elysee is the pressure that was sold this participation, coveted by almost all the insurers of the place. NOC was brought to the ISP, would undoubtedly a first step towards full privatization. This would otherwise unbalance the CDC, which delivers recurring revenues. Michel Bouvard, the UMP MP who chairs the commission for monitoring of the Fund, will mount the niche with Augustin de Romanet to keep the insurer outside the sovereign funds. "Paniquaient NOC people." "It took beaten with wire, on the night of Tuesday 18 to Wednesday, November 19, so his fate is settled, in extremis", tells of a participant in the negotiations. The insurer will ultimately not in the Fund. On the other hand, it could integrate the device "from the top", by entering its round table.
First investment
Barely back the g-20 Washington, Nicolas Sarkozy valid past arbitrations. And Thursday 20, he went to visit a factory of aeronautical equipment manufacturer Daher, in the Loir-et-Cher. The place is not chosen by chance. The same day is announced an investment of 85 million in Daher, first new formal strategic investment fund, including the head of State Unveils edges. But everything is obviously not settled. That morning, Nicolas Sarkozy retoque the speech prepared by his advisors. It starts in an improvisation to the glory of his industrial voluntarism. Left to arrange a bit with the numbers and dates.
Take this opportunity also to announce the appointment of personalities from the world of affairs in the device. Including that of Patricia. His name would have been blown Nicolas Sarkozy by Alain Minc. The designation of the Director General of the Fund, it is expected in the coming days. "Governance will be the major challenge of this Fund: all the investment will be will be certainly surrounded of suspicion, such as the CDC in EADS two years ago." "It must have concrete arguments to withstand and repel these suspicions," note a banker. Certainly, the business world will very closely the first monitor the French sovereign funds. If French.
