commiss decis octob condition approv aid grant franc société marseillais de crédit notifi document number french text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area point articl thereof parti concern opportun submit comment accord abovement articl introduct juli french author inform commiss august begin société marseillais de crédit smc bank french state sole sharehold receiv capit inject state amount frf million instal examin case basi inform provid french author includ restructur plan bank commiss conclud state aid involv letter octob letter octob commiss notifi french author septemb decid initi proceed articl treati respect state measur support smc commiss view measur state aid compon caught articl treati capit increas total frf million ii project capit increas frf million commiss examin capit increas notifi total frf million inform assembl proceed initi show assess made base incorrect inform materi circumst led form favour opinion aid letter juli commiss inform french author juli decid extend articl proceed includ fresh inject capit smc amount frf million guarante cover claim frf million descript measur background smc publicli own bank nationalis legal form public limit compani govern law juli commerci compani nationalis law februari bank law januari subject law juli public sector democratis board made repres state employe repres elect staff govern appoint figur select expertis deposit bank object carri bank financi commiss base oper kind insid franc oper south franc clientel made princip small medium size enterpris oper region trader privat individu larg compani establish south real estat firm import custom bank branch south altogeth offic pari number specialis subsidiari bank relat area properti financ foreign subsidiari end balanc sheet total frf million total employe time smc profit low decreas level profit express ratio net profit consolid fund fell smc enter properti financ market account specialis subsidiari activ embark rapidli properti market fell insuffici select risk assess result heavi loss addit oper cost staff cost remain high level absolut term individu term product ratio number staff net receipt bank number senior staff execut total staff staff cost staff smc averag bank belong associ français de banqu hereinaft quot afb quot smc began regist loss todai reach total frf million frf million frf million frf million frf million frf million frf million frf million state sharehold recapitalis smc occas enabl compli european solvenc requir bank loss equal total fund due magnitud alloc provis request french bank supervisori author commiss bancair inquiri carri smc smc record consolid loss frf million link frf million provis real estat subsidiari ad frf million provis bad doubt debt includ frf million respect real estat french author provis due continu econom crisi south smc continu failur monitor commit suffici addit oper cost remain high compar competitor financi reorganis carri smc continu record loss result weigh heavi burden provis substanti provis set doubt debt includ claim custom leas oper loss properti claim exclud subsidiari total alloc provis write down doubt claim custom respect leas properti frf million figur claim properti develop account frf million loan advanc custom frf million effort retrench reflect sell strateg asset select custom reduct charg smc succe balanc account half made consolid loss frf million manag appoint decemb put forward propos ensur bank futur proceed analys result exhaust audit carri independ consult clear provis requir exce bank remain fund leav posit incompat prudenti regulatori constraint subject circumst smc sharehold view ensur smc futur recapitalis associ partner capabl successfulli complet restructur process sell smc set motion april notic publish journal officiel de la républiqu français announc sold privat treati condit attach bank contact allow inspect document banqu chaix made firm offer banqu chaix subsidiari crédit commerci de franc privat french bank group own nationwid network retail branch number region bank june banqu chaix sign contract purchas share smc dai smc board approv account show consolid loss frf million meant fresh capit frf million need order reconstitut minimum fund requir prudenti rule transfer ownership state decid inject frf million final recapitalis bank give buyer addit guarante frf million tabl smc main financi indic gt tabl gt sourc smc annual report ground initi extend proceed decid initi proceed septemb commiss view element state aid mean articl treati capit increas total frf million oper enter account project capit increas frf million commiss point capit inject amount frf million smc surviv recoveri plan drawn fail restructur plan return compani long term viabil reason time shown control liquid costli recapitalis french author believ shown aid proportion confin minimum strictli lastli commiss approv frf million fresh capit notifi check assess base incorrect inform materi circumst affect previou assess case frf million notifi consid state aid reason commiss decid juli measur assist smc consist capit inject frf million addit guarante frf million likewis element state aid proceed commiss wish check term privatis procedur involv aid smc light privatis procedur sell price involv aid buyer observ submit interest parti respons notic announc decis initi proceed publish offici journal european commun commiss receiv observ société générale letter februari comment specifici commiss view cost state bear capac sharehold event smc wound société générale argu principl limit liabil sharehold appli main sharehold bank ad respons safeguard confid depositor market société générale cite paragraph articl french bank law januari requir governor banqu de franc sharehold ail bank provid support société générale quot event difficulti major sharehold evad oblig guarante outstand liabil bank quot afb letter march support société générale view argu principl limit liabil temper substanti aforement paragraph articl bank law accept sharehold liabl extent sharehold prevent reorganis measur respect credit institut depriv essenti part effect lead failur compulsori wind conduc creditor confid sound oper economi extens proceed decid juli commiss receiv observ interest parti observ submit french author french author commiss observ defend measur issu letter decemb supplement observ letter date april august decemb june respons letter commiss extend proceed french author put forward observ letter date juli august septemb capit inject letter decemb french author state recoveri plan smc notifi juli compli essenti respect reduct staff cost smc poor result attribut slower anticip increas net receipt bank increas hope reduct provis cost bad debt letter august french author state inject capit smc state appar distort threaten distort competit smc appli price polici distort competit bank rate loan custom higher offer competitor charg servic averag bank area smc strengthen competit posit expens bank slow eros market share stagnat number custom letter decemb june french author state effort retrench reflect sell strateg asset select custom reduct charg smc succeed balanc account half depth analysi exhaust audit carri manag independ consult french author conclud solut capabl ensur smc futur associ partner need complet reorganis author view decis recapitalis smc time inject frf billion provid guarante frf million bank sold privat buyer prepar restructur cost wind proceed letter april french author afb support société générale posit argu legisl provis substanti qualifi principl limit liabil sharehold bank paragraph articl bank law refer articl law januari compani recoveri compulsori wind director law fact mismanag compani requir make good part liabil articl civil code person wrong act injuri person liabl injuri letter april french author suppli valuat cost voluntari wind state inject fresh capit state decid wind smc voluntari basi begin cost liquid frf billion assess aid measur distort trade member state liberalis financi servic develop common market servic make trade member state sensit distort competit principl bank carri busi base take deposit grant loan regard frontier fact encount obstacl expans abroad obstacl frequent due root domest bank area make entri market expens foreign bank liberalis capit movement make easier bank offer servic member state crédit lyonnai deutsch bank westdeutsch landesbank aid local bank obstruct develop competit financi institut member state grow intens background econom monetari union creation singl currenc trade develop commun free exchang risk exchang cost render acut distort competit caus state aid past confin domest market member state aid measur measur assist smc design permit surviv domest credit institut oper region basi suffer insuffici profit incapac meet competit challeng liabl distort competit commun make difficult foreign bank enter french region bank market measur aid compon conclud caught articl treati constitut state aid distort competit manner liabl affect trade member state measur constitut aid procedur sale smc extend present proceed juli commiss check term privatis procedur involv aid smc buyer twenti report competit polici cover year commiss set posit privatis indic privatis involv state aid privatis procedur presum includ state aid compon measur notifi principl state aid notif condit met uncondit competit tender held tender open comer transpar compani sold highest bidder bidder time inform carri proper valuat asset basi bid hand transfer entail element state aid case sale negoti singl prospect purchas number select bidder case aid buyer price market price underestim sale preced write debt state public enterpris public bodi case aid enterpris receiv inject capit sale preced convers debt equiti capit increas case aid likewis enterpris receiv inject capit sale condit customari compar transact privat investor market economi smc case appear sight sale involv aid buyer smc compani sold privat treati sale preced increas capit examin procedur show provid transpar imparti french minist charg mr strauss kahn issu press releas announc sale april april notic appear journal officiel de la républiqu français state smc sold privat treati special condit attach bank act consult treasuri lazard frère compagni contact bank french foreign abn amro argentaria spain banco de santand spain banqu chaix banqu national de pari bbv spain bch spain caiss épargn provenc alp cors carron amp cie korkmaz yigit hold turkei cie financièr edmond de rothschild crédit agricol crédit mutuel group banqu populair la caixa spain san paolo itali sg ask inspect document banqu chaix banqu national de pari caiss épargn provenc alp cors sg banqu chaix made firm offer bui smc june bank contact manifest interest acquir smc inform handov allow consolid net profit loss smc recapitalis compli european prudenti solvenc ratio bank permit inspect document draft contract sale smc show figur recapitalis ask prospect buyer state guarante requir injuri aris liabil origin reveal tax liabil identifi uncertain independ auditor evalu guarante tax risk frf million figur shown inspect document banqu chaix prospect buyer make firm offer ask guarante unrev liabil inaccur statement amount frf million june banqu chaix sign contract smc subject condit commiss approv aid smc state commiss examin letter treasuri consult bank bank contact view privatis smc repli bank valuat report smc drawn consult bank allow inspect document draft contract sale prospect buyer contract transfer share smc sign buyer basi inform possess commiss satisfi procedur ensur imparti transpar sale addit state impos oblig buyer entail addit cost justifi reduct price privatis link implement recoveri plan commiss satisfi element aid smc buyer privatis procedur capit inject guarante decis initi proceed extend commiss capit inject includ state aid compon caught articl treati smc publicli own bank set state control author inject fund author constitut state aid ordinari market condit privat investor aid commiss determin compat treati recapitalis measur element state aid capit increas total frf million capit inject amount total frf million enter account capit inject amount frf million enter account capit inject announc enter account amount frf million unadjust total frf million state guarante frf million likewis includ state aid compon tabl inject capit state smc consid proceed gt tabl gt octob commiss conclud basi inform capit inject propos period total frf million scope articl treati proceed commiss shown observ made commiss bancair letter decemb chairman smc board director commiss gather observ recoveri plan follow recommend commiss bancair drawn attent weak bank system risk assess commiss bancair emphasis develop activ market oper properti financ specialis subsidiari accompani introduct measur monitor machineri result manag director awar incomplet pictur risk commiss bancair weak point earlier report exist commiss bancair take view progress made supervis assist properti develop market oper headquart control network branch subsidiari smc neg result deriv part factor intern bank forese appar account restructur plan drawn factor brought commiss attent assess capit inject amount frf million commiss take view inject capit state respect year constitut aid caught articl state sharehold awar capit inject produc normal return anticip return invest provid financ state inject addit capit amount decid success capit inject smc surviv comprehens restructur measur appli fail achiev object suffici restor bank viabil plan bank made loss frf million profit onward fact loss turn wors forecast frf million end loss frf million smc turn sharehold order compli minimum solvenc ratio thing happen worsen bank financi situat state decid launch procedur sale smc conclud ensur bank futur associ solid partner need complet restructur time state recapitalis compani time order cover loss made risk incur bank past inject state capit bank oblig seek bankruptci proceed smc sold privat buyer undertak restructur price paid frf million state recov invest obtain return proport risk oper state act privat investor market economi measur assist smc consid state aid turn scale aid born mind increas capit intend cover loss state financ refund conclud state aid compon capit inject equal sum frf million commiss evalu aid compon guarante frf million state state undertak indemnifi buyer injuri caus liabil origin reveal tax liabil precis identifi uncertain guarante invok clear essenti cover risk identifi hypothet event intern smc independ auditor evalu guarante tax risk frf million figur allow inspect document draft contract prospect buyer ask amount guarante requir unrev liabil inaccur statement buyer made firm offer evalu guarante unrev liabil inaccur statement frf million view smc financi posit fact real provis requir underestim past reason buyer seek determin amount cover guarante kind prudent commiss consid valuat guarante justifi aid compon equal amount guarante tax risk evalu independ consult frf million view uncertainti precis determin risk margin variat guarante cover commiss set maximum state aid authoris guarante frf million letter april french author observ capit inject solut costli state sharehold commiss accept convinc confid depositor market sound oper stabil credit institut maintain respect market disciplin possibl structur unprofit credit institut penalis case push market foundat confid aliv institut prospect recoveri provok distort competit rais problem moral hazard ultim render rest bank system fragil distort alloc fund lead lopsid develop economi market economi sharehold rule support econom activ suffici prospect profit long term conduct kind compat privat investor principl except case sharehold judg advis provid support suffici prospect busi profit order safeguard reput order establish conduct state capac sharehold constitut state aid shown reput stake case reput privat sharehold test satisfi state escap applic articl treati contraven articl public enterpris sharehold unlimit power intervent scope articl sharehold state contribut part privat sharehold provid similar circumst consid state aid liabl distort competit commiss take view event liquid exception sharehold liabl amount sharehold specif liabil case fraud case mismanag wrong conduct kind cite french author shown commit offenc extent financi consequ action shown state sharehold deem director manag busi law fact commit act mismanag wrong act caus injuri financi injuri liabl equal amount aid rule state escap applic articl breach principl law entitl base claim wrongdo nemo auditur propriam turpitudinem allegan commiss take view gener principl limit liabil sharehold limit compani appli french author cite paragraph articl french bank law commiss contest valid provis light european bank direct point rule sharehold ask support credit institut find difficulti requir french author interest parti refer oblig part sharehold provid support french bank failur sharehold ask support bank governor banqu de franc refus recent compagni du btp case pari court appeal confirm articl bank law interpret bind sharehold main sharehold bank provid support safeguard interest owner busi avoid graver legal consequ sharehold bank gener oblig meet bank liabil oblig de facto run counter principl liabil sharehold born proport capit contribut compani oblig exist constitut discrimin privat publicli own bank privat investor access unlimit resourc state practic make imposs privat sharehold major control privat own bank size coloss sum call find discrimin privat publicli own bank french author argu capac sharehold state bear compani liabil reason responsibl lack supervis neglig part exercis author institut kind commiss point seek determin state action constitut state aid distinct drawn cost state bear capac sharehold cost bear reason capac author respons monetari financi stabil argument state sharehold liabl outstand liabil liquid contribut capit reject commiss court justic european commun ground extend liabil blur distinct role state sharehold state guardian public welfar cost chosen compar cost altern cost relev born state capac sharehold answer question state aid depend state behav compar privat investor behav obviou irrelev cost social cost tax includ comparison ordinari circumst compani sharehold bear cost resourc event liquid sharehold liabl capit guarante subscrib smc case commiss point cost reorganis state lower depth analysi carri drastic restructur measur earlier report commiss bancair privat investor expect interven poor result begin wait compani made loss consecut year take restructur measur take passiv stanc state act prudent sharehold french author argument cost wind heavier cost recapitalis accept commiss reject argument seek extend liabil state sharehold includ outstand liabil liquid contribut capit compani reason argument extend liabil made distinct state oblig sharehold oblig consid bound capac guardian public welfar duti preserv social stabil monetari author extens liabil present uncondit unlimit restrict framework act french author shown state sharehold law fact respons manag smc virtu posit oblig grant aid issu reason respons fraud mismanag wrong act caus injuri shown financi consequ respons equal amount aid factor proven permit state escap applic articl contradict principl law mention base claim wrongdo author argu reput state stake privat sharehold reput argument invok permit state escap applic articl infring articl privat investor carri recapitalis guarante measur liabl affect trade member state element state aid mean articl commiss made clear outset proceed measur held compat common market articl basi restructur plan put forward buyer show compani viabl possibl sell price involv aid buyer extend proceed juli commiss check light privatis procedur pursu sell price involv aid buyer recit commiss conclud privatis procedur ensur smc share transfer imparti transpar bank act consult treasuri estim compani buyer banqu chaix bought share price presumpt receiv state aid smc estim treasuri consult bank recapitalis state deduct cost redund programm vari frf million frf million consult bank method ordinarili appli valuat busi base revalu net asset current stock exchang current transact fund consult bank valuat specifi take account restructur cost deriv reduct staff estim restructur plan cost frf million frf million need paid buyer basi valuat restructur cost deriv reduct staff account bank neg privatis procedur consid imparti transpar firm offer acquisit smc made banqu chaix offer frf million recoveri plan paid buyer cost banqu chaix total frf million equal accumul loss forecast year order compli regulatori solvenc ratio offset loss recapitalis compani total cost born buyer includ cost implement redund programm estim frf million allow possibl buyer invok state guarante frf million unidentifi risk price paid posit price exce estim consult commiss conclud sell price agre parti market price involv aid buyer compat aid grant compat aid commiss gener principl set commun guidelin state aid rescu restructur firm difficulti clarifi test satisfi aid kind consid compat treati measur issu quot rescu quot measur mean guidelin temporari measur pend restructur oper remain consid constitut restructur aid satisfi test compat restructur aid commiss believ restructur aid quot facilit develop econom activ quot quot advers affect trade condit extent contrari common interest quot condit met full implement restructur plan reason time restor requisit minimum return capit invest ensur long term viabil busi quid pro quo suffici offset distort effect aid competit conclud aid contrari common interest aid proport object pursu limit strict minimum enabl restructur undertaken effort recoveri born firm restructur plan implement full oblig laid commiss decis discharg arrang made monitor complianc preced condit inform suppli french author time inject capit smc respect enabl commiss make proper assess viabil bank state measur respect partli result fact attempt comprehens restructur undertaken fail commiss take view proceed measur support smc constitut state aid consid compat treati light recent restructur plan drawn buyer restructur viabil measur restructur plan submit base primarili continu rationalis undertaken year period strateg hold sold frf million step reduc oper cost includ staff reduct sourc financi administr skill retail bank busi smc commerci posit declin area cover share total fund emploi fell decemb half banqu chaix propos make smc profit region bank financ develop requir effort number area remain core busi abandon wound sold signific last reduct oper cost organis work method modernis simplifi plan put forward banqu chaix cover period main point smc concentr core busi local bank balanc sheet contract frf million equal figur result closur bank subsidiari soficim balanc sheet abandon assist properti develop balanc sheet end properti busi balanc sheet end ventur capit busi balanc sheet sale gp banqu abandon lend local author redund programm implement paid banqu chaix cost frf million save staff expenditur comparison plan staff number compar redund programm top earlier redund programm cost total frf million achiev save staff cost overhead staff cost reduc compar result administr rationalis simpler slimmer structur tabl busi plan smc submit buyer gt tabl gt result measur declin compani busi stop phase restructur plan expect oper result worsen significantli correct asset reduct exposur lead big drop net receipt bank time reorganis slim bank bring major extra cost total amount loss period frf million oper loss necessit inject capit buyer total frf million recapitalis cover fresh oper loss record increas amount smc fund profit loss financi capac banqu chaix intent hold smc fund regulatori minimum weight exposur concentr core busi reduct capac level smc quot hard quot fund remain frf million period bank expect profit return fund return buyer invest roi result appreci recoveri oper ratio brought redund programm synergi achiev cooper buyer group return normal pattern regard cost risk commiss conclud test laid guidelin firm restor viabil reason time satisfi quid pro quo order ensur aid effect restor market firm excess strong posit revert unreason aggress polici firm receiv aid financ signific part cost restructur resourc principl laid guidelin recipi firm sell subsidiari line busi burden account dispos qualiti asset subsidiari secur resourc financ restructur minimis demand made public purs keep amount aid minimum forc firm make signific contribut restructur smc balanc sheet total fall continu frf million frf million drop declin result primarili reduct loan advanc custom reflect fall fund emploi drop reduct leas busi result gradual declin volum busi smc subsidiari pb reduct part due simpli poor manag action smc busi plan propos privat buyer make provis addit offset measur kind definit abandon line busi closur soficim french institut specialis real estat loan direct clientel separ clientel network sale gp banqu vehicl smc develop intern sphere end properti leas busi centr subsidiari pb sold abandon lend local author sale portfolio end ventur capit busi built specialis subsidiari involv reduct frf million smc balanc sheet equal balanc sheet net receipt bank ii reduct retail bank busi year smc net receipt bank fall comparison period exposur custom busi secur portfolio fall proport reduct retail bank busi result deliber action undertaken regain control credit polici option target custom set buyer plan iii sourc specialis financi administr skill retail bank busi smc intend hive specialis activ safekeep secur manag behalf parti smc longer produc financi product sell custom frf billion outstand decemb cash market activ handl chequ view consider viabil smc quid pro quo requir set point commiss take view condit laid guidelin undu distort competit met condit condit met guidelin principl aid limit strict minimum mean smc fund suffici meet regulatori oblig increas strictli commiss observ scale recapitalis carri state dictat oblig sharehold compli rule minimum fund decid wind bank buyer left free inject capit consid view smc activ portfolio conclud state aid grant smc level capitalis strengthen strictli restructur accord guidelin loss offset capit increas carri tax purpos lastli establish restructur plan properli implement french author submit monthli report commiss date commiss decis date perform commit restructur plan conclus commiss conclud capit increas total frf million guarante frf million element state aid mean articl treati uncertainti precis tax risk guarante cover risk consid subject margin variat side total estim aid authoris frf billion consider measur light articl treati establish consid compat common market commiss satisfi aid smc meet condit laid commun guidelin state aid rescu restructur firm difficulti aid qualifi exempt prohibit articl treati articl eea agreement consid compat common market articl treati articl eea agreement adopt decis articl measur franc support smc take form capit increas frf million state guarante frf million constitut state aid mean articl treati declar compat common market eea agreement accord articl treati articl agreement subject condit articl aid authoris limit frf billion articl franc confirm compani fulli implement restructur plan submit commiss includ reduct activ propos franc submit commiss detail monthli report inform commiss verifi restructur plan proceed properli franc ensur smc carri forward tax purpos loss offset capit increas articl month notif decis franc inform commiss measur compli articl decis address french republ brussel octob commiss karel van miert member commiss oj oj provis real estat transact amount total frf million includ frf million build rue auber pari point capit gain frf million real estat promot transact involv pari branch enabl smc offset current loss financi year except incom frf million time specul boom properti market peak loss swap capit loss reclassif block long term secur amount frf million amount ad frf million backdat provis long stand bad debt frf million provis specif loan sme total addit provis recommend independ auditor amount frf billion broken lend portfolio frf million bad debt frf million subsidiari frf million social liabil frf million real estat asset claim frf million frf million abn amro argentaria spain banco de santand spain banqu chaix banqu national de pari bbv spain bch spain caiss épargn provenc alp cors carron amp cie korkmaz yigit hold turkei cie financièr edmond de rothschild crédit agricol crédit mutuel group banqu populair la caixa spain san paolo itali société générale banqu chaix banqu national de pari caiss épargn provenc alp cors société générale governor banqu de franc letter begin august time properli allow proceed footnot entri foreign bank french market recent phenomenon reach fell back point director gener competit inform french author commiss posit letter juli order determin inject public monei enterpris constitut state aid commiss appli principl privat investor market economi commiss commun member state oj articl french law januari compani recoveri compulsori wind journal officiel de la républiqu français judgment deliv januari commiss decis bull oj crédit lyonnai oj efim oj judgment court justic hytasa join case ecr provid guarante subscrib commerci term constitut state aid measur part text edit disclos confidenti inform part contain squar bracket asterisk part text edit disclos confidenti inform part contain squar bracket asterisk part text edit disclos confidenti inform part contain squar bracket asterisk oj part text edit disclos confidenti inform part contain squar bracket asterisk part text edit disclos confidenti inform part contain squar bracket asterisk part text edit disclos confidenti inform part contain squar bracket asterisk