The French have used these past 20 years life in eurosBut the drafting of this part should give rise to debatesThis principle also ICES to the franchiseIndeed the danger of an effect snowball of debt is realAn exchange of good process The right of entryThese agreements regulate the way social dumpingA computer scientist to win averaged 134 It is finally profitable lance Eric Breux HRDThe soundtrack then mesmerizing and signed AAt this game the first are the best servedLiquidity. It is the fault that precipitated banking crisis last year. But they appear today not better armed to deal with their debt and credits in 2009 funding deadlines. Major French networks have nearly 70 billion euros of debt to repay this year, according to Bloomberg, not counting the additional needs of credit financing. Few institutions are back on the public market since the beginning of the year, but as obligations secured, i.e. by bringing assets in guarantee, and not on their own behalf as late last year mainly. BNP Paribas has issued 1.5 billion euros to 5 years and Credit Agricole 1.25 billion to 7 years.
Only the Bank of the street of Antin said already secure 8.9 billion of emissions in the medium and long term on a programme of 30 billion, of which 2.3 billion through the contributions of the financing of the economy (SFEF) society. The banks draw still largely in the funds made available by the structure of State, which has issued 33 billion euros of debt since its inception in November, and plans to launch 50-70 billion additional euros in this year. The SFEF will thus a quarter of the needs of BNP Paribas, is 8-9 billion, and Société Générale in 2009.
Finding funds
But for other banks, the contribution of the SFEF is considered minimal. Credit Mutuel, receiving 15 of the emissions and which 9.2 billion of debt coming due this year, has indicated to the National Assembly that "the funds made available by the SFEF represent between two and three days" of that group daily research markets.
Caisses d'Epargne have benefited from the SFEF EUR 1.9 billion, recalled their President Bernard Comolet, while they were funded on the months of November and December only 7 billion credit to the economy. Similarly, Philippe Dupont, President of the Banques Populaires, said that his group had received 2.1 billion public structure, but financed 145 billion of credit last year. Even the General Director of Credit Agricole, which has benefited from 6 billion, said "that in any case, it has been a critical source of funding". But the Green Bank, which has more than 19 billion of debt refinancing this year, is reassuring. As other institutions, it is used to find financing markets and seek deposits from its customers. Thus, the group "should have no more or less long term liquidity problem", says Georges Pauget.
In fact, hunting savers to inflate the resources of deposits is critical this year. In 2008, Société Générale has provided its debt and growth of its balance sheet by emissions and "an extra effort of collection of deposits, including to customers of the France network." BNP Paribas saw its balance sheet growth of 77 billion euros, of which EUR 49 billion related to loans. Extra which was funded by an increase of customer deposits in the amount of EUR 67 billion. The Bank of the street of Antin has even created a "line of products deposits" to limit its interbank borrowings, which allowed him to collect additional $ 23 billion last year. The watchword is clear now: "Extend the outperformance collection, deposits and savings, with products adapted to the decline in the short rate (overview, life insurance, Auditors on passbook deposits)." Savers have everything to gain.
