A too play on offer is neglected the applicationThe unsuccessful will be many including in the ranks of the French banksFinally the money of the State falls lessSome 33 million viewers were present at the meetingThe alloys domestic production sites are mainly in France and Sweden000 containers equivalent twenty feet against 1Making so many less control for manufacturersThe insurer will ultimately not in the FundEveryone knows that this is not so simpleWe have good but many express nothing deep"I do not think that the French banks are undercapitalized", Georges Pauget said yesterday after meeting bankers and insurers in the Elysee Palace the third of its kind in two weeks. The General Director of Credit Agricole SA, also President of the French Banking Federation (FBF), intended alert against "quick interpretations" markets that align the solvency ratios of French banks on those of British institutions which have been significantly enhanced by Gordon Brown recapitalisation plan.
First, according to Georges Pauget, should know if talking across the same thing. Today, the definition of own funds is not uniform in the Union. "New references can be created but first need to have a clear vision of the capital at European level," said the President of the FBF, which brought together experts yesterday on the tools necessary for the implementation of the French plan. Then, the British banks were far less well capitalized as French banks. "This is not because the British banks catching that French banks are obliged to do the same thing", he says. Finally, Bank risk profiles revel are much higher than those of French banks"," he argued.
"Pragmatic approach".
There is no less that some institutions of the hexagon may not only use the refinancing Fund but also knock on the door of the society of equity of the State (EPPS) from its inception operational in the coming weeks. Indeed, the FBF said yesterday that banks undertook to adopt without delay the code of conduct proposed by the Afep and the Medef on executive compensation. "There is in effect of hybrid securities needs because a portion of these assets will expire in the coming months," explains Georges Pauget. The amount of EUR 40 billion provided by the Government for the recapitalisation of the sector would be in fact in part upon arrival at maturity of these quasi-equity, opening of new needs in hybrid securities (shares of preference, etc.).
Georges Pauget is in favour of a "resolutely pragmatic approach" on this subject. Not question a priori say "fontaine, never I do drink your water." Would "as other French banks Credit Agricole SA not exclude, in its day-to-day management, use the window of the State to refinance hybrid securities, which are part of normal refinancing of banks, in conditions of costs that would be beneficial", said yesterday the Bank.
Not to worry markets
However, the French banks do not want to worry about just markets convalescent. Thus, we saw yesterday in turn the General society said that it did not need to resort to the EPPS for additional own funds; BNP Paribas clarify that it did not "need to raise capital", as well as Credit Agricole SA. To drive the nail, Christine Lagarde, Minister of economy and finance, held to highlight yesterday evening that the French Government had "set pas and has no set objective of own funds to banks." "In any State of issue, a single reference for all institutions do would be not justified because of the diversity of each institution risk profiles". A statement by nature to silence rumours of recapitalisation who back the title BNP Paribas yesterday.
