The Supervisory Board will have 18 members

The last doubts are raised. Yesterday evening, the Elysee has indicated that the State would "likely" 20 of the new Fund of savings-Banque Populaire. While the unrest was still bright yesterday to Caisses d'Epargne and Banques Populaires, two days from the presentation of their reconciliation, public authorities have clarified their position. The injection of public capital nearly 5 billion euros, half of them in voting shares and half in hybrid securities (TSDI). The Elysee indicated yesterday evening that these titles could be converted into common shares, assumption that the two groups prefer not. In the meantime, they will have to pay the State approximately EUR 400 million per year, the titles being paid 9 on average. Based on this position, the State will impose, despite the controversy, the arrival of François Pérol, current Assistant Secretary General of the Elysee, operational orders new together.

Principle of governance

Governance was one of the main issues addressed yesterday by instances of two mutual banks, the Board of Directors of the Federal Bank of popular banks (BFBP) and the Supervisory Board of the national fund management of the funds of d'Epargne (CNCE), who have gathered in the evening. Philippe Philippe Dupont, PDG Banques Populaires,a obtenu de son conseil d' êtredésignécomme président de leconseil de surveillance de, des Dupont, PDG obtenu de son conseil d' être désigné comme président de le conseil de surveillance de le nouvel ensemble Dupont, CEO obtained its Board to be appointed Chairman of the Supervisory Board of the new set. State in effect gave the first presidency of the Council to "blue". A representative of the squirrel will succeed him in two or three years, the principle of a rotating presidency having been established. Philippe Dupont would have prevailed for a short majority in its own group. A supervisory board and Executive Board governance structure was also arrested, while the State argued, according to some sources, for a system to Board of Directors. The Supervisory Board will have 18 members.

The appointment of Philippe Dupont should be poorly experienced by the regional leaders of Caisses d'Epargne, who does forgive him the difficulties of Natixis, he chairs the Executive Board since 2006. "The squirrel a sense that the State is two weights, two measures sanctioning of its leaders, and not those of Natixis," summarizes a connoisseur of the group. Them "would be". 5 Billion euros, the envelope of the injection is finally at the top of the range given Monday by Christine Lagarde. Serge Huber, representing employees in the Supervisory Board of the CNCE, saw yesterday "scandalous" that the State decides instead of Caisses d'Epargne, which have "put a lot of money" to recover their independence when they are separated from the CDC (Caisse des Dépôts et Consignations). A leader of Fund digérerait not, for its part, the "differential treatment" between the mutual group and BNP Paribas, which will receive through its participation at two emissions of the support of the State plan nearly EUR 5.5 billion. "It is unfair and humiliating," he said.

On the side of Banque Populaire, the State is better accepted. "The problem is more that the State is a shareholder or not, but that the new group is the most financially solid from the start", said a representative of the "blue".