In this period of financial crisis, we are living in amazing times:
- Minister of Economy and Finance, Christine Lagarde, reaffirms the soundness of the banking system French,
- The Governor of the Banque de France Christian Noyer, said his confidence in the French banking system . I suppose this gentleman is competent in the matter, since the Banking Commission that controls banks in France, was placed under his authority.
- The governor of the European Central Bank confirms the commitment of governments European treatment of the crisis and allow its action on the liquidity of markets to maintain continuity credit markets during these critical moments,
- The President of the Republic asserts that the State will assume its responsibilities and sparing no in France will lose one euro. The reactions of governments Belgian-Dutch-french and Luxembourg to rescue Fortis and Dexia are in the demonstration.
Despite all this, some still doubt the soundness of the banking system french!
Regarding Fortis and Dexia, two banks had the distinction of not having a broad base of retail banking, which has allowed some major U.S. banks to pass this crisis without major damage. To finance their lending activities, Dexia and Fortis had to fetch a lot of liquidity in markets which are currently paying dearly.
Crédit Agricole is a French bank in three of ten Europeans is the first retail bank in Europe by revenue . She has more than anyone, this fundamental basis of retail banking.
In terms of strength, Crédit Agricole banking group best capitalized of France, third in Europe and the 7th World . In 1H 2008, despite the crisis it has identified some € 2 billion after-tax earnings.
In this environment, our Regional Bank is extremely strong: no subprime is in its balance sheet, its level of capital goes well beyond regulatory requirements, its first half results are in line with expectations and the development plan began in 2007. Finally, its role in the regional economy has never been stronger. So Solid!
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