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The subprime illustration.

The subprime market is mainly comprised of risky loans granted to customers with limited creditworthiness or credit history difficult. This market has largely developed in the United States since 2001. It is clear that for these U.S. mortgages, the fundamentals in debt have not been met. These credits were not on a proven track record of repayment for borrowers but a potential revaluation of the underlying assets and this, with credits arranged for the minimum repayments are the first two years and then generally indexed to variable rates. The impossibility of resale with gain after two years (real estate prices began to fall in several regions of the United States from 2006), and inability to cope with repayments (Reserve Federal has gradually raised its rate by 1% to 5.25% between 2004 and 2006) have made these subprime assets ("distressed assets").

Prime fundamental not respected: the repayment capacity of borrower to be assessed over time . At this stage it should be noted that the practice of French banks is obviously not this one.

The attraction of the potential yield of these funds who received a risk premium, has resale in the global financial community in search of ever greater efficiency and cost savings to its customers. The subprime has been heavily sold in markets in securitized form (the claims are grouped into vehicles to make ad hoc and converted into marketable securities subscribed by investors) is, once the crisis is triggered, all forms of credit securitization vehicles that have become suspect in the eyes of investors lest they carry credit risk in general and subprime in particular. Sales, resales and financial engineering have forgotten the origins.

Second fundamental not respected: to control the risk it is better to know the origins seamlessly. research performance by the complex mechanisms of financial markets in a purely speculative here very directly affects its limits.

Stock Markets Are they still attractive for companies that develop policies and strategies over time? Before the fluctuations of stock markets, which may be independent of the values of listed companies and their potential dividends, and strategies to more speculative investors courtermistes we doubt it. How to encourage the individual to go and invest on "gazelles" (cf. John Paul Betbèze) that create value and jobs in our regions, whether to remain stuck in a narrow walk and be in a thank you crisis Independent Fundamental company.

A stock market investment should be sustainable (3-5 years minimum). Any shorter investment horizon greatly increases the risk taken. Another fundamental that we forget.

Moreover, any investment in scholarship must enroll in a real estate strategy (balance in the diversity of investments) with clearly defined management objectives (speculation or performance over time). have a strategy for its heritage, another fundamental respect.

is in compliance with these fundamentals that I see the usefulness equity markets: a meeting of companies that have optimal financing needs and actors who hold financial capabilities.

Today with real-time access to markets, with live information, with the considerable lowering of price levels of scholarship, yet the temptation is great for the individual to have an attitude a bit speculative.

A question was asked by Pauget in the gallery of 19 November: "The new accounting standards they are a factor in accelerating the financial crisis?" We discover the limits of the "mark to market ", where the market value does not account for the time scale or the economy, or the actors. Added to the phenomenon of speculative bubbles (which are otherwise sound), the" mark to market "may be the cause of the disconnect between the stock and the actual value of the company under its management objectives.

And before the question asked: probably be he explore all media that allow equity investments sustained over time and not subject to excessive swings in stock markets ? We investment funds proximity for those who love regional businesses. And the shares for those who like cooperatives.

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Why "Living and acting in Aquitaine?

Behind As such, there are two real convictions:
- the fact regional
- proximity is a modern value.
For each, I want to share with you some comments from news:

1) The regional.
By the time everyone is talking about globalization, when European integration seems to finally assert themselves, where welfare state centralized showing its limitations, the fact Regional reappears as an opportunity. Europe of nations? Or a Europe of regions? In fact, two additional questions and a real answer to the problems of economic development.
identity of the region. Strengths and weaknesses. In this post, there is no question of completeness. But I can not avoid to mention one of the real forces for Aquitaine "wine and food .
A cluster exists for food in liaison with the pharmacy, but they do not exist for the wine. Seek error! This is a topic of regional mobilization.

2) Proximity is a modern value.
The most complicated is to define what the proximity is close because multiple!
With internet or phone we can be very close yet very far. Who does not know a family or small children with their grandparents share photos over the Internet?
Yet this closeness that can be described as "psychological" is really close when she realized that at one time or another by a real meeting that reinforces the virtual links may be woven.
This vision applies to the proximity to my sense of management system of enterprises (cf. the theory of remote management), and of course especially regional firms capable of developing this real close . Well established in their region, with their radiation, the strength of their teams, the speed of decision who we are and more importantly, the proximity of their customers, they are real poles of development to conquer new territories.
Let there be no mistake: they are the gazelles French (cf. the theory of Jean-Paul Betbeze ). Let us these gazelles, and particularly on those in cooperative structures as our Anglo-Saxon, who do not know, have a tendency to forget their European lobby . But the cooperative banks ...

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Why a blog?

And why not?

"The intercommunicalite" and the actual time allowed by the "webosphere" are undoubtedly two major facts of this 21st century. Everyone has the power to be in contact with the world, everyone has the power to express his views on everything and at the same time, learn about what interests .... The increase is permanent for everyone who wants to bother.

By the time the Credit Agricole Aquitaine launched a new business project called "Destination Client", it seemed appropriate to open a blog to speak on all subjects may influence the evolution and fate of the Credit Agricole Aquitaine ... Topics that may also be interested vraissemblablement any type of business and organization. Will obviously be also discussed issues of bank.

However, the purpose of this blog is not to be a blog of banking advice and certainly not a place to deal with personal situations. Any contributions not within the spirit of this blog would obviously not accepted ... Your comments and feedback are welcome, however, and should enable us to fuel and advance the debate.

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drugs pharmacies Usage Interior (PUI)

These are the pharmacies of health facilities. Their mission:

• management, procurement, testing, storing and dispensing of medicines, medical devices and sterile.
• The preparation of some drugs (compounding, hospital preparations, parenteral nutrition), the reconstitution of cytotoxic and centralized planning authorities, the radio-pharmaceutical drugs.
• Sterilization of medical devices.
• The issue of dietary foods for special medical purposes.
• The sale of medicines to the public as provided by law (dispensed to outpatients).

(ref. Codes of Public Health, regulatory part, Chapter VI)

hospital pharmacies are also involved in the organization of pharmacovigilance and vigilance.

They have a key role in the procurement of drugs and sterile medical devices, as well as training and information to prescribers about the proper use of medicines.