Its referents and its history are not mutual

Landing Caisses d'Epargne late October after the discovery of a loss of "trading" of 600 million euros, Charles Milhaud, former President of the Executive Board of the Ecureuil, delivers his vision of the events that followed his departure. On the merger with the Banques Populaires, considers positive the arrival of a leader outside of the two groups, less inclined to compromise with the networks. Charles Milhaud is also on the strategy conducted in recent years, including referring to Natixis and real estate.

You have been one of the artisans of the Ecureuil-Banques Populaires merger. What eye wear on the project last week

I welcome. What is making is a new powerful cooperative group. This merger is in the sense of history. As early as 2002, the purchase of Ixis, we had discussed with Francis Mer, Minister for the economy, the idea of a reconciliation. Later, it appeared to me that regional banks were not ready, that the conditions were not met such reconciliation to be achieved quickly and that only an external event could speed up the process. In fact, we have created Natixis then the crisis has accelerated the schedule. But anyway, this merger would have held, even if everyone did not agree. Strategically, it was obvious.

What can be the arrival of François Pérol

The arrival of François Pérol is a good thing. At this point in blocking, needed a foreign leader. It has the advantage of knowing both groups and share the ambition of the approximation. Its curriculum is an important advantage. For my part, I wasn't part of the establishment, which sometimes made me more complicated things. It will evolve positively the culture of the group. Its referents and its history are not mutual. It will be less linked that I did by some form of cohabitation with the network. The conditions of his arrival he opened margins of manoeuvre; give a kick in the anthill at this time could be a good thing. His arrival to consider a new ambition for this new group; in any case, it is reassuring.

You are severe with regional caisses...

Perhaps, but it is because I am viscerally attached! Despite the changes that I have driven for almost ten years, Caisses d'Epargne as regional banks still have much work to do. The coefficients of exploitation are too high. The trivialization of the booklet A drop of the remuneration of the distribution will weigh on the accounts. Lately, these are the dividends of the CNCE to Caisses d'Epargne who more than completed their operational results.

Was essential that the State between the capital of the new Bank

I do not have sufficient elements to respond. One thing is certain, if everyone in the Banques Populaires and Caisses d'Epargne had satisfied the interests of the fusion and if he had had no problems of people, would have perhaps avoided it.

What advice would you give the new group

When a group changes its size, it does change its nature and its problems are no longer the same. This has probably been one of the principal errors of the leaders of Natixis: believe that it was a simple aggregate of Natexis and Ixis. The new group, is in my view that the new central body has powers at least as strong as those with the CNCE.

End of 2006, could have the impression of one runaway in the conduct of the group. Did you intend going too fast

Well, you think that I could never do what I've done if Bercy was not in agreement. It was a political will. Caisses d'Epargne were there than to collect the savings considered, either it was a bank in its own right. This choice has been accepted at the highest level. I remember also that regional caisses have always voted unanimous decisions of the group. Between 1999 and 2003, we had already doubled the results of the group, to EUR 1.3 billion. Within ten years, we went from less than 9 billion capital to over $ 20 billion.

Was essential to redeem Nexity at the top of the real estate cycle

What was essential, it was the creation and structuring of a pole real estate, because it has a real meaning industrial. On the question of the time, I would understand that the alleged me if we had paid in cash, but we conducted by Exchange of securities between companies in the real estate sector, valued at the same time, according to the same methods. Indeed, if Nexity was not listed, depreciation would be less visible...

With hindsight, was the choice of Nicolas Mérindol as number two good

With Nicolas Mérindol, we have made a lot of things. Everyone had no involvement and ability to handle the most complex cases. You know, whatever it is that he did not own me to designate a successor: it is the responsibility of the Council.

Do you have regrets from the past

My main regret is that the Act of 1999 was not more centralist! I also regret not having been more demanding with the men in the group so that the culture of service and profitability, efficiency is predominant. And then, but it is probably obvious, I would have liked to conduct the negotiations in this great project of reconciliation that I introduced: it closed in some way the loop of the transformation of the group. History, with the loss of trading, decided otherwise. Errors, I in I probably made, but I note that since my departure, the point of view of the Ecureuil not has not been very listened to. It is also a regret.