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On the occasion of the presentation of its results for the third quarter, Francois Perol, the Director General of BPCE, warned against the escalation of capital requirements for banks in times of economic downturn.

LE FIGARO recent months have been difficult for the banks. How did the group BPCE, you just announced quarterly results?

François Pérol We are pleased with the dynamics shown by our core businesses, in an actually difficult. It results in an increase of 3.4% of our revenues in the third quarter. Commercial banking, including People's Bank and Savings Bank, but also the Land Bank and Banque Palatine, show satisfactory activity, while Natixis has limited the decline in its net banking income of its business from heart to 9% in the quarter and it is up slightly over nine months.The increase in recurring income of the group is strong since the beginning of the year. However, in the third quarter, we have of course been affected by the depreciation of our Greek sovereign debt, we have increased to 60% of their value. The impact of 507 million euros after tax, which reduced our quarterly net income group share to 332 million euros.

Have you reduced, like other banks, your exposure to sovereign debt in the euro area?

Our exposure is already low. We have 3.2 billion euros of Irish government bonds, Portuguese, Spanish and Italian, Greek debt off our liability. Terms of private sector participation was announced October 27 as part of the EU summit would represent a major effort for us 867 million of provisions from the beginning of the year as for all banks.

Private Dexia has decided to save himself. Almost. A board of directors convened this evening to endorse the plan for ending the crisis that developed hard its CEO, Pierre Mariani. Faced with a massive liquidity crisis (the other institutions did give more credits), the Franco-Belgian bank has no choice but to sell the family jewels while isolating its portfolios and non-performing assets in a " bad bank. " It is a page of history which European banking turns. Because at the end of this work, there should exist no more of this construction Franco-Belgian.

Pierre Mariani, who arrived in October 2008 to save Dexia strangled by a need for short-term funding of 265 billion euros of assets impossible to meet, had done everything to reduce the group's balance sheet. In three years, he was able to reduce the need for 96 billion.Las! With sovereign debt crisis, which has again closed the valve finance is still far too. And states can no longer play the firefighters.

Thus, Pierre Mariani resolved to opt for an orderly liquidation scenario. Instead of sales, the Franco-Belgian group prefers to speak of "backing of (its) business franchises." Retail banking in Belgium, the Turkish subsidiary Denizbank, asset management and private banking: all subsidiaries of Dexia will seek and lessee in the coming days. According to one familiar with the matter, some sales process is well underway. Britain's Standard Chartered, in particular, did not hold in recent months to report its interest in the coveted Denizbank.

However, if the Franco-Belgian group has some beautiful assets, some remain unmarketable.Difficult indeed to generate interest for Italian or Spanish Crediop Sabadell open doubt about the state of public finances in Italy and Spain. Initially, according to our information, Pierre Mariani had planned to build packages of assets, including both of the jewels and lame ducks, so as not to keep the latter in his pouch. But this option proved too complicated to implement. However, it is urgent if we are to preserve the clients who are starting to worry greatly poor credit personal loans.

Political issue

This sense of urgency felt this weekend in Paris. After weeks of tension, the Deposit, the Postal Bank and Dexia reached an agreement after final dealings these days under the blue helmet René Ricol.The portfolio of loans to French local authorities and will be taken over by an entity owned by Caisse des Depots et La Banque Postale.

The operation has, as revealed Le Figaro (our editions of September 24), an interest factor: out of stock of Dexia about 80 billion euros of assets, primarily loans to French local authorities to transfer them to the new entity. For the Franco-Belgian bank, it will be much less to refinance. Dexia Municipal Agency, the company that issues mortgage bonds on behalf of Dexia, also switch into the orbit of the CDC and the Postal Bank in order to maintain the AAA rating necessary for its operations.

With this scheme, Dexia will be able to blow some time, time to complete the rest of his program.The creation of the "bad bank", in particular, may be difficult, given its political and financial stakes. French and Belgian States, indeed, should be asked to give their guarantee for installation of such defeasance. In other words, adding safeguards in a situation where all states are seeking to reduce their debt instead is far from a challenge.

On Monday evening, the Minister of Economy, Baroin, met his Belgian counterpart Didier Reynders, in conjunction with the meeting of finance ministers from the euro area. The French and Belgian governments "do the right thing" to support their banks, said Didier Reynders.

The financial restructuring of Dexia, finally, could have serious consequences for Belgium and its banking system.Some Belgian shareholders of Dexia, as the Holding Communal, would have difficulty recovering from an operation on the truth value of their assets. Relations between France and the United will play at the moment.

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The tension was still palpable on Friday on financial markets. The fear of a relapse of the global economy continues to weigh on investor sentiment. After the debacle of Thursday, the CAC 40 has attempted a rebound shy at the beginning. He then procrastinated for most of the session to finally close on a rise of 1.02% to 2810.11 points

In five days, the index of the Paris Stock Exchange dropped 7.3% since the beginning of the year, it now shows a loss of more than 26%.

The atmosphere was febrile also on other major European markets, which have moped for most of the day. London has finally gained 0.50%, and Frankfurt, 0.63%.Wall Street also tried to regain his senses.

Throughout the week the markets were concerned about the inability of monetary policy makers and reassure them.

Finance ministers and central bankers of the G20 countries, gathered since Thursday in Washington, pledged to "make a strong and coordinated international response" to the crisis. For their part, major central banks around the world have pledged to continue "to support recovery" and promised to ensure that "banks have adequate capital." In vain.Immersed in doubt, investors offload the risky assets.

Jean-Pierre Jouyet, the president of the AMF, the policeman of the Paris Stock Exchange has agreed that the situation remains "very worrying" and expressed concern of a "risk of systemic crisis" able to dive the entire financial world into chaos.

Banks have also had a meeting even under high tension. They are finally rising again after about a member of the Board of Governors of the ECB that the institution "could reintroduce refinancing operations a year for banks," according to Patrick Jacq, economist at BNP Paribas . Societe Generale has increased from 8.76% to 9.78% BNP Paribas and Credit Agricole of 4.78%. Over the whole week, the titles of major French banks, however, blame the loss of more than 10%.The heaviest fall of the CAC 40 of the last five trading days, however, returned to Vallourec, cyclical value par excellence that shows a loss of 17.5% for the week. No value no CAC 40 ended the week in the green. In the SBF 120 JCDecaux climbs over 10% for the week. The title is valued by analysts to the strength of its prospects and the recurrence of its results.

While the specter of economic collapse now seems ruled out in Iceland, it is time to settle accounts. With the front line, the trial of former Prime Minister Geir Haarde, which opens Monday. Before the Landsdomur, unique court empowered to try ministers or former ministers, it must meet its responsibility for the collapse of the financial system in 2008. In a financial crisis, the three largest banks in the North Atlantic island have failed, as they held assets equivalent to 923% of its GDP. Prime Minister and head of the Independence Party (right), Geir Haarde was forced to hand over the resignation of his government in January 2009.

The firm, which will incur up to two years in prison, but hopes a dismissal during the trial, relying on a pure and simple abandonment of the prosecution.For him, it is only a "political farce" orchestrated by "old enemies" of opposition now in power. Evidenced, according to his lawyers, that it is the only politician to appear in court. They argue that the parliamentary committee responsible for determining the individual responsibilities of the former government had initially proposed the indictment of four people.

To many political scientists, this position of scapegoat undermines the credibility of the judicial process. "Unfortunately, the Althing (parliament, dominated by a leftist coalition, ie) was not smart in deciding to charge him," said political science professor Gunnar Helgi Kristinsson, University of Iceland cheap credit report.According to him, "shenanigans and personal stories have weighed heavily" in the current troubles of the former Prime Minister, who is the victim of a revenge from former opponents.

A European survey

In this "house cleaning", Reykjavik has added a European dimension. Icelandic President Olafur Ragnar Grimsson asked Sunday in Brussels to launch an investigation to determine how it may have allowed Britain and the Netherlands to exert such pressure on the country in case of bankruptcy Icesave bank in 2008. London and The Hague had then advanced 3.9 billion euros to compensate their nationals injured 340,000. But Icelanders have rejected state reimbursement of that amount in two referendums.But last Thursday, the bank Landsbanki, parent company of Icesave, said he had recovered sufficient funds to pay all bank deposits.

Instead of rushing to accept applications and "absurd" of Great Britain and the Netherlands, "experience shows that it may be wise to wait," commented the president of Iceland. Remarks that sound like a lesson for EU officials entangled in the debt crisis. While on the other hand, Iceland seems out of the woods, growing from 2% in the first quarter compared to the same period last year. Similarly, observers believe that the country could do without the final installments of the loan of 1.45 billion euros granted by the IMF after the collapse of its banking system.

The panic would still blow time on banking stocks on an exchange. In any case, what predicts Frederic Oudéa, CEO of Societe Generale, in an interview with Journal du Dimanche. The latter ensures that "nervousness can last at least until early November," that is to say at the time of publication of third quarter results.

This period will provide an opportunity for banks to prove to investors that they are doing well. Starting with Societe Generale, whose share price has further declined by almost 16% last week."We will have the opportunity to communicate to the market that the bank has no liquidity problems, its activity is healthy and that its investment capacities are intact," says Frédéric Oudéa, who had made similar remarks after that his institution has been a rumor about his health.

Wait and see

According to the head of the French bank, the sector is the first victim "of downward revisions of global growth prospects" and "doubts about the debt of the euro area". Markets therefore expect political decisions from the United States, France and Germany. But these "slow" because of the elections in these countries prepare themselves."You can see a waiting period," warns the leader then.

This will be even greater that there is a lag time between taking a political decision and its implementation, said the head of Societe Generale. For Europe in particular, "the area in need of economic convergence, integration of tax policies. That will not happen as fast as the markets want. "

According to Frédéric Oudéa, global stock markets in any case "slipped into excessive pessimism." The fear of a global recession, which shook investors, moreover, has no place: "What we see confirms our expectations. The second quarter marked a break. We said that growth in developed countries would be moderate. Things will balance but it will take time. "

No takeover bid for SocGen on

In this interview, Frederick Oudéa also ensures that the bank he heads will not be the subject of a takeover bid, despite the sharp drop in its share price. "I see no looming strategic move," said he. "It will happen in Europe if the bank nothing is happening in Europe at all. Industry consolidation will not intervene if the situation does not change. There should be no movement before attending two or three years. "

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"SPECIAL – Depression, fear of debt

"An appraisal contains an error of 2000 billion dollars speaks for itself." Lapidary, the only reaction to the loss of "AAA" rating from the U.S. Treasury, the equivalent of the Ministry of Finance, illustrates the strong tensions that occurred Friday between the Obama administration and the rating agency Standard and Poor's, crystallized around a miscalculation of 2000 billion.

As tradition dictates, S & P has informed earlier this afternoon the Treasury's decision before making it public. This is usually an opportunity for the government to point out any factual errors. At this meeting, U.S. officials soon discover that the projections of S & P over ten years the budget deficit and public debt do not coincide with the figures of the executive, from the work of the Office of Congressional Budget (CBO).The U.S. public debt stood at 93% of GDP in 2021 instead of the expected 85%, a difference of two trillion dollars.

Standard and Poor's emphasizes the "political risks"

Faced with protests from the government, the rating agency starts with defense. She claims to be part of the work of the CBO, a retaining projection "alternative" of government spending, considered more realistic. After discussions, however, she agrees to return to the initial forecasts. The Treasury advised her to give himself time to review the numbers cold.

Far from judging, Standard and Poor's does not reverse its decision to lower the rating of the United States to "AA +" with 'Negative' outlook. The agency submits a new version of its release to focus on "political risks" to see the country taking insufficient measures against its budget deficit.In another statement released at night, she explained that the correction of the error has changed only marginally forecasts of debt in 3 to 5 years to come, "decisive" for its decision. "This is a technical error, no serious consequences," says one within the agency payday loans for bad credit.

According to S & P, the political debate on these issues in the United States is indeed not up to the problems caused by a debt of more than 14,500 billion.According to a U.S. government source quoted by CNBC, this episode proves that the decision by Standard and Poor's was taken regardless of the numbers, while revised data showed that the deficit would be sustainable over the next ten years.

"Latest victim of the failure of Obama's economic"

The rating agency had in fact warned in mid-July the Obama administration she wanted a deficit reduction of 4 trillion dollars over ten years to maintain the triple-A, instead of hard-won 2.1 trillion. John Chambers, President of the Evaluation Committee of S & P, also found on CNN that Washington could have prevented the lowering of the notes within the ceiling as soon as the statutory debt.He said the responsibilities were shared by the Administration and Obama, but also "the previous administration."

The first political reaction in Washington have shown just block pointed to by S & P. Mitt Romney, candidate for the Republican primary for the 2012 presidential election, has described the downgrade of American "latest victim of the failure of Obama's economic" and the Republican president the House of Representatives "consequence of uncontrolled spending in Washington in recent decades."The Senate Democratic leader, Harry Reid, has instead called for "a balanced approach to deficit reduction," with lower costs but also increases targeted taxes, it rejected the Republicans, under pressure ultra-conservative "tea parties" in the recent discussions on the debt.

(With branches)

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Washing machines, refrigerators, ovens … all the brand Thomson. This is not a museum of the appliance, but a comeback. After production ceased in 2005 Thomson devices, FagorBrandt, the owner, decided to restart it, only on the Net.

An original in more ways than one. This is the first time a group of electrical devices sold directly to the public. Other brands are marketed on the Internet, but always through distributors, specialists or not selling online. Manufacturers usually just sell parts on their website.Not Thomson.

"Given the strong growth in sales of appliances on the Internet, representing about 15% of 800 million euros of turnover generated by large appliances, we decided to use the mark Thomson to sell products through our own site, www.thomson-electromenager.fr, "said Pierre Bondoux, head of e-commerce FagorBrandt.

In one year, online sales of home appliances rose 36% in France. In addition, choosing to launch a brand 100% Internet, the group does not compete with traditional distribution directly, which markets the group's other brands (Fagor, Brandt, Sauter, entry …). Unlike Thomson, owned by the Spanish cooperative since the 1990s, when the activities of Thomson appliances were separated from the pole and arms-mail was not delivered for nearly six years.Finally, by boosting Thomson, FagorBrandt enjoys the sympathy of the brand equity with consumers guaranteed approval cash advance loans.

French manufacturing

Now, 80% of one hundred and twenty references now marketed under the brand Thomson is produced in one of four French factories of the group. "We have participated in the development of the label" Guaranteed Origin France "and will begin to communicate on this topic on our products," said Pierre Bondoux. An additional asset for Thomson, who decided not to price its main selling point. "Manufacturers are investing more and more to innovate. But on the Internet, only the price argument is put forward, "says Pierre Bondoux.

Over the months, Thomson should put online datasheets of increasingly sophisticated, real sales pitches. There is also a service technician "home", true brand specialists."And we deliver at home, made by two persons to the floor in the installation room, with resumption of old equipment and packaging," said Pierre Bondoux. By September, the facility will also be an option. A real difference to benefit from certain sites, which sometimes simply drop the parcels on the sidewalk.

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To save its common currency, Europe is the part of the fire. The seventeen countries of the euro have violated a prohibition group, assuming the risk of a possible partial collapse of Greece. But national leaders have also pushed their own taboos in order to restore confidence and resolder the team in front of the fire.

The Brussels summit, cleared the day before by a dinner at three in Berlin, saw everyone had a role. Jean-Claude Trichet, haughty guardian of monetary orthodoxy, has reluctantly accepted the possibility of a "default" of Greece, even if he believes will be averted. Nicolas Sarkozy rempoché its bank tax – a project specifically designed to avoid trial in Athens of bankruptcy, albeit limited. Angela Merkel pays back.She agrees to substantially beef up the European bailout fund of indebted countries, ignoring the doubts that undermine his coalition in Berlin. And it sends a "very big thank you" to his interlocutors.

Unexpected, even courageous, the device stopped Thursday night is also a leap into the unknown. The danger was that the shock wave feared a possible default "selective" in Athens come sweeping new defenses in the euro area. The Head of State has carefully avoided the word "default" but he assured that the euro area lavish in time "all the necessary guarantees." Encouragingly, the agreement was welcomed Thursday by a rising euro and a market rebound.

Reduce the debt burden

By sacrificing a principle, the summit also seeks to limit the contagion. "What we do for Greece, we will not do for any other country," warns Nicolas Sarkozy.The summit's final declaration said that "Greece is in a unique situation of gravity in the euro area (…) Therefore it requires an exceptional solution." In contrast, the other 16 euro countries "reaffirm their inflexible determination to honor their individual signature" loan. No way to drift to other parts of the chain, such as Portugal and Ireland have a drip European, or like Spain and Italy regularly shaken up the markets.

For Greece, the immediate objective is to reduce the debt burden by involving banks and private equity funds. "This is to address the root of the problem" of insolvency, said Angela Merkel. The summit adopted a "menu of options," modeled on the plan proposed by the international financial community.It was also shown Thursday in Brussels by Baudouin Prot, Director General of BNP Paribas, and Josef Ackermann, head of Deutsche Bank. Voluntarily, but under strong pressure, banks must give up some money owed to them, particularly in France and Germany. Financially, the most dramatic innovation is the green light to EFSF to "intervene in the secondary market" in the clear to buy back government debt to investors. In the case of Greece, Ireland and Portugal, it would relieve the banks that hold securities impaired.

158 billion euros

Seventeen of the two, however, establish safeguards. The one at the request of Jean-Claude Trichet as the ECB will return to establish a priori the "exceptional circumstances".The other at the request of Angela Merkel, as the green light is given "by mutual agreement" of members of the rescue fund. This leaves almost a right of veto in Berlin, leaving no question of a European institution to have its way of guarantees provided by Germany

The summit amounted to 109 billion euros the amount of public funding in the second bailout of Athens. Taking into account the participation of the private bill climbs to 158 billion euros. The IMF confirmed its contribution in the evening, without specifying the amount. As expected, the euro area has decided to extend for 7.5 years "to a minimum of 15 years and up to 30 years' duration of its loans to countries in need. Meanwhile, the interest rate will be reduced to 3.5%. The summit finally evokes "a comprehensive strategy for growth and investment" in favor of Greece, through the European Structural Funds.He renounced the baptized "Marshall Plan" European and still has to quantify.

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The battle to win the big contract from the French offshore wind organized. After Areva, which has partnered with the Spanish Iberdrola last week, it was the turn of EDF Energies Nouvelles to partner with a foreign group specializes in offshore wind, according to Les Echos. A subsidiary of EDF should indeed unveil Monday morning a partnership with Danish DONG Energy to meet the tender to be published July 11, the newspaper said. The tandem will try to get hold of the entire order worth a total of 10 billion euros.

The project, detailed by Nicolas Sarkozy last January after being repeatedly postponed, for the first phase is to establish 600 wind turbines with an installed capacity of 3,000 megawatts (MW) in France. By 2020, the government is a target of 6000 MW of offshore wind, or 1200 units to be built.

In detail, EDF EN and DONG Energy would create a joint venture majority owned by EDF Energies Nouvelles. This new entity will offer a special place in the Danish group in the race to the contract and will allow EDF EN to join a specialist offshore wind. In fact, DONG Energy already operates eleven offshore wind farms in Europe. The Danish group have been very courted, especially by GDF Suez.

In contrast, the subsidiary of EDF is still not present in the field of wind energy at sea, but EDF EN goes into working order. Having established a partnership with Alstom to supply him the offshore wind, he offered the services of three groups who worked on the project.

DONG Energy and EDF EN, associated with Alstom, is positioned on the five areas covered by the tender in competition with Areva / Iberdrola on two areas and three areas with GDF-Suez, Areva Vinci.Other contenders could also decline by 11 July.

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Nearly 150 tail. Visitors to the Paris Air Show crowd to reach a huge tent, mounted at the end of the area dedicated to the 150 aircraft on static display. The tent is home to the Solar Impulse, the solar airplane pilot Bertrand Piccard and André Borschberg. It is the guest of honor at Le Bourget. The aircraft, powered by the energy collected by solar cells that dress, fascinates the public. The bird-dragon has a funny look with its size equal to that of an Airbus A 340, light weight (1.6 tons), its four propeller engines of 10 horsepower each, the power of a scooter and its narrow cockpit. André Borschberg spent sixteen hours to bring the Solar Impulse from Brussels to Paris on June 14. Since the device did not fly, rain and especially wind thwarted the schedule of demonstrations.With the return of calm and sunny, the Solar Impulse could fly this weekend. "It was important to return at the Bourget six years after the first presentation of the project partners – Solvay, Deutsche Bank, Omega and Schindler," says the duo.

Total Call

We are far from the early 2000s, when Bertrand Piccard was looking for funding – 100 million Swiss francs – to launch the project after the Ecole Polytechnique Federale de Lausanne was funded and entrusted to André Borschberg the first feasibility study. But the duo sticks to the motto of Jules Verne: "All that is impossible to follow."

In 2004, Dassault Aviation hear about the project. The aircraft manufacturer will not money but the brains of its best engineers to the project, becoming the "manufacturer's advice business cards.""Dassault was the guardian of the real aircraft," says Bertrand Piccard.

Today, the project entered a new phase. The assembly of the second device begins next week in Duebendorf, near Zurich. "It looks like the first by its general shape and appearance. Its scale will be greater, between that of A 380 and B 747-8. It benefits from technological advances, a new engine, a different type of solar cells, "says André Borschberg.This engineer, former fighter pilot and businessman, pilot of Solar Impulse, alternating with Bertrand Piccard, a psychiatrist by training, aeronaut – he managed a tour of the world by balloon in 1999 – and a descendant of a pioneer family in the air and under the sea

Solar Impulse with the second, they hope to make long flights in stages over four to five days in a row, with the ultimate goal of a successful world tour "without fossil fuel or pollution." "The world is full of big problems that are costly and discourage," said tandem. "Aviation can provide innovative solutions by showing that renewable energy is possible. They are a source of diversification for the oil and future growth, "Bertrand Piccard is developing. The Solar Impulse is "the best vehicle for that message."The recent acquisition by Total of Sun Power, the California company that produces solar panels of the Solar Impulse, "is a good sign," said he calling Total to partner.

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