Clearly to raise the price of his support

"Nicolas Sarkozy has very little appreciated during his vacation, spoke of face of its ineffectiveness at bankers, it was decided to prove the contrary," provides one of his relatives. Called this afternoon for the seventh time of the year at the Elysee Palace, the representatives of the major French banks prepare therefore to a new point of order. On the subject of compensation for market operators, who paid summer Chronicle (see below), as on that of the distribution of credit, before a receipt that economists announce particularly sensitive for French SMEs.

The preparatory meeting which was held yesterday at Bercy, in the presence of the President of the French Banking Federation (FBF), Georges Pauget, and the Director General of BNP Paribas, Baudouin Prot, who will succeed him in early September, lasted nearly three hours. Banks are used to show figures in support, that they remained mobilised to lend to companies and households: overall, their credit outstanding rose by 3.5 between June 2008 and June 2009. "Higher growth than in the euro area, with interest rates declining regular on all credit, including mortgage", it points to the French Banking Federation. But growth gradually - Withers was 6.3 in March 2009 and 10.8 in September 2008 - and that masks a sharp fall in the production of new loans. So that the goals set last fall should not be required. Bankers expect now that the stock of credit are 2 on the year, some institutions in anticipation of even a slight downturn.

The speech is difficult to pass

Banks put forward strong degradation of the environment, the increased use of firms to the bond market and the weakness of demand, in part for housing credit. But it is difficult to distinguish between what is due to a restriction of the offer of credit or the decline in demand related to the economic crisis. The speech is difficult to pass. "Almost two small three have at least a need for funding, 78 of their leaders holding be faced with a tightening of the conditions of access to credit." "It is completely incomprehensible to the business leaders that the banks do not meet their commitments", and denounces the General Confederation of small and medium-sized enterprises (CGPME). "Banks generally play the game, tempers René Ricol, the mediator of the credit, but it is true seen re-emerge many small files, requests for credit from 5,000 to 10,000 euros outstanding, and has 15 of sensitive records blocked or banking solidarity;" need to tighten the bolts.

The Elysée and Bercy want put pressure on banks to restart the machine. Asking them relax their coverage requirements and lengthen the financing. The support equity device will remain also maintained in the sleep state if institutions wanted to use it a third time. "Commitments were negotiated Bank by Bank, we look at what we can do Bank by Bank," noted at Bercy. Crédit Mutuel would be especially in the viewfinder of the public authorities. "Are too often blocked files", sighs the same source.

The agreements signed between the State and banks provide, for breach of the commitments, that "the State reserves the possibility of review of implementation, including financial conditions."Clearly, to raise the price of his support.