commiss decis juli give condit approv aid grant franc bank crédit lyonnai french text authent text eea relev ec commiss european commun regard treati establish european commun articl thereof regard agreement european econom area articl thereof accord abovement articl interest parti formal notic submit comment introduct letter date sg commiss inform french author decis initi procedur provid articl ec treati respect state aid grant publicli own bank crédit lyonnai hereinaft refer cl end cl lead european bank group term total asset ff billion emploi peopl busi includ commerci invest merchant bank parti fund manag insur activ alli bank cl oper franc abroad branch europ franc rest world decemb major sharehold cl french state held capit vote right ordinari sharehold thomson csf subsidiari publicli own thomson group vote right caiss de dépôt consign publicli own credit institut vote right rest capit account prefer share quot stock exchang year rapid growth cl record loss ff billion ff billion heavi loss proport cl fund solvenc ratio ratio fund risk adjust asset fallen legal minimum french author act request author respons supervis french bank system commiss bancair financi support measur essenti consist capit increas underwrit state perform asset begin clear cl record loss threaten solvenc french govern put rescu packag involv set specif hive vehicl ff billion asset includ cl perform poorli perform asset set vehicl limit account loss ff billion crisi affect cl link larg extent bank aggress lend invest polici begin suffici strict monitor exposur total asset doubl cl industri portfolio increas fold ff billion cl asset properti market exceed ff billion place bank lead group french credit institut lend properti develop higher proport busi reflect posit market attempt expand activ europ rest world cl acquir number foreign bank high price chase banqu de commerc belgium banco comerci español banca jover spain credito bergamasco banca lombarda itali bfg germani slavenburg bank netherland liabil side balanc sheet cl pursu background grow competit debt polici entail high financ cost deterior qualiti asset caus bank rate fall ad fund cost market time rise overhead continu exce growth total asset order sustain cl develop french govern provid bank directli indirectli consider resourc ff billion transfer public compani secur cross sharehold rhône poulenc usinor sacilor aérospatial altu increas bank fund account purpos undermin group result ow low return hold consolid loss incur enterpris slowdown econom activ caus properti stock market price fall borrow situat worsen accentu bank problem interest margin narrow appreci long term hold industri sector show low neg return initi examin case commiss decid measur support cl contain appreci state aid compon disclos stage basi inform time compat common market gener descript aid measur measur french govern support cl compris capit increas ff billion underwrit state risk cost asset transfer separ ring fenc vehicl term hive opérat de défaisanc rescu plan put effect state underwrot ff billion ff billion asset transfer transfer asset state underwritten entir net asset transfer ff billion interest loan ff billion grant cl public compani name spbi financ hive vehicl capit increas subscrib juli main sharehold state act spbi partnership control state thomson sieg subsidiari thomson csf thomson csf caiss de dépôt consign proport hold cl capit oper french govern direct indirect hold cl rose equiti warrant distribut sharehold return invest warrant entitl holder subscrib share price ff share year price equal net asset share estim basi account hive ff billion perform properti loan insuffici provis made total ff billion properti loan outstand transfer cl subsidiari compani set purpos call oig compani bought loan net book pai monei provid particip loan spbi particip loan turn financ mean loan cl spbi publicli own sharehold cl undertook cover loss realiz asset ceil ff billion part burden refinanc loan cl spbi year amount ff billion year state underwrot asset transfer oper enter account cl reduc level provis write down perform asset continu busi effect state enabl cl acquir secur asset place doubt asset need substanti provis oper enter account hive vehicl set consortium de réalis cdr wholli own subsidiari cl plan suppli french author subsidiari bui cl asset amount ff billion notabl held oig includ ff billion liabil asset concern consist properti asset essenti group oig bank subsidiari sbt sdbo colbert financi back film industri industri hold sold liquid plan asset sold year market condit permit sold year healthi part bank subsidiari transfer cdr sold parti return cl decemb end financi year activ bank organ longer involv cdr enabl bui cl asset cdr receiv particip loan ff billion spbi spbi obtain financ cl form particip loan ff billion posit grant particip loan ff billion cdr bui coupon bond approxim ff billion bond enabl spbi show return ff billion end intend enabl absorb loss cdr made cl loan spbi spbi loan cdr reach matur decemb cl loan repaid instal asset sold amount repay time amount realiz annual rate interest monei market rate particip loan spbi cdr partial repaid end financi year spbi repaid amount equal asset dispos year loss dispos abandon claim cdr amount equal loss shown cdr result particip loan mechan cdr loss born spbi state ceil ff billion cdr loss exce amount born cl cdr sole sharehold cl state guarante respect repay loan spbi mean cdr account consolid cl group prudenti account purpos mechan enabl cl reduc provis write down make compli solvenc ratio return spbi claim cl fortun claus receiv contribut cl consolid net profit account contribut annual alloc fund gener bank risk imposit french corpor tax fraction profit exceed group consolid capit approxim ff billion french author told commiss state deposit cl share spbi fix term case dividend proce project privat cl accru spbi contract agre object state cl cl entitl bui back industri commerci hold market amount exceed present portfolio hold ff billion addit healthi part bank subsidiari transfer cdr sold parti bought back cl decemb remaind wound agreement cl provid cdr assist term servic contract includ profit share claus respect asset detail settl agreement parti french author verbal confirm claus elimin applic state aid rule bank applic state aid rule bank assess exist state aid examin state measur support bank born mind treati specif rule govern state aid credit institut commiss awar special natur bank sector great sensit financi market difficulti limit institut born mind appli state aid rule direct eec solvenc ratio credit institut council european commun state common bank market institut requir enter competit adopt common solvenc standard form minimum ratio prevent distort competit strengthen commun bank system direct council view develop common standard fund relat asset balanc sheet item expos credit risk essenti aspect harmon achiev mutual recognit supervis techniqu complet intern bank market point base recognit fact minimum solvenc ratio level constitut time criterion equal competit condit criteria bank viabil state measur effect give financi support bank difficulti enabl satisfi commun prudenti standard state aid compon commiss establish state aid rule treati compli order prevent incompat distort competit competit environ credit institut free choos subject prudenti requir control supervisori author invest polici risk yield combin asset portfolio dare aggress polici yield higher expect return entail higher level risk adequ control identif control limit risk vari natur frequent interconnect constitut basi aspect banker trade major risk lead actual loss reduc bank profit affect amount fund solvenc ratio reduct risk activ increas capit restor minimum requir level fund ratio face situat bank sharehold provid addit resourc adequ return invest call restructur measur reduc level risk altern bank wind frequent costli oper industri enterpris ow definit higher ratio parti fund fund greater respons major sharehold depositor confid depositor preserv bank supervisori author impos constant strict control manag bank sharehold order prevent neg effect petit bankruptci carri inspect requir correct measur prudenti rule infring number mean restor normal bank activ condit rang warn withdraw credit institut licenc sharehold provid support bank recoveri bankruptci undesir neg impact depositor confid financi market impact great proport difficulti face individu bank question bank recapit sharehold purchas institut solut file bankruptci applic mechan control liquid sale lot collect intervent number bank aim prevent undesir neg effect mention oblig privat sector invest substanti sum rescu oper conclud state aid involv scale crisi affect financi system supervisori author act case publicli own bank state call interven sharehold state provid financi support request supervisori author commiss evalu state aid compon measur state commiss gener appli test privat market economi investor set commun public undertak commun state aid compon transact accept privat investor oper normal market condit turn question public hold compani capit commiss made clear view commun transact accept privat investor presenc aid presum financi posit compani normal return dividend capit gain expect reason time capit invest risk involv transact high extend long period commiss take view presumpt state aid state guarante guarante surviv compani word aid compon equal amount guarante last except length time entail high level risk enabl commiss establish privat market economi investor test satisfi shown state capac sharehold act privat investor coher detail restructur plan present show suppos normal return state invest oper accept privat investor market economi state aid compon articl abovement direct eec solvenc ratio stipul ratio fall compet author ensur credit institut question take measur restor ratio agre minimum quickli provis call point made oblig impos supervisori author ensur measur restor bank solvenc measur restor ratio account viewpoint entail substanti action design ensur bank effect restructur restor perman health problem encount futur point supervis oblig justifi emphas preambl direct prevent crisi confid maintain fair competit continu strict supervis import entail correct measur design restrict bank exposur prevent crisi disastr consequ limit amount resourc need rescu oper monitor supervisori author help minim aid requir recoveri direct aim safeguard stabil system equal competit condit supervisori role direct assign supervisori author monitor solvenc ratio carri framework rule govern competit relat state aid order ensur fair competit supervisori author ensur credit institut incur risk affect solvenc ratio underpin explicit implicit state support institut question publicli own big fail automat inject capit meet solvenc ratio requir equival measur state effect endors fail institut unfair competit practic prior crisi final point provis direct impos restor ratio price mean clear failur compli solvenc standard entail withdraw credit institut author wind bankruptci point articl council direct eec insuffici fund constitut ground compet supervisori author withdraw credit institut author nation rule provid compulsori recapit bank difficulti recapit constitut aid grant normal condit accept privat investor term return compar action state market economi investor evalu amount aid base comparison cost oper correctli discount state intervent judg reason problem aid institut remov oblig check solut involv distort chosen major distort inevit substanti quid pro quo requir benefit sector oper offset neg effect limit possibl radic unavoid solut appli industri sector sensit difficulti encount individu enterpris conclus state aid rule appli bank order determin aid compon state measur support bank difficulti distort support creat condit state meet ensur aid line common interest assess compat state aid bank determin measur consider constitut state aid fall scope articl treati commiss establish aid compat common market circumst control bank crisi confid system state give support credit institut order avoid neg impact system crisi case true system crisi derog provid point articl invok order remedi disturb economi member state aid compat common market grant neutral fashion viewpoint competit state concern cover bank system confin strictli difficulti encount number bank necessarili lead crisi confid system failur singl bank size due intern manag error place number credit institut financi link difficulti caus gener crisi state support uncondit support fail institut support provid action definit restructur individu limit competit distort caus aid assess aid grant larg bank compat common market commiss check aid advers affect trade condit extent contrari common interest accord point articl verifi coher realist recoveri plan duli notifi recoveri plan bear mind situat special measur need prevent undesir repercuss failur larg bank financi market ensur measur line common interest requir imposs institut bankrupt offset major restrict competit strength guidelin juli state aid rescu restructur firm difficulti commiss state order undermin common interest declar compat common market state aid compli principl aid restor viabil firm reason timescal aid proport restructur cost benefit exce strictli order limit distort competit competitor aid measur distort effect competit firm make signific financi contribut restructur cost measur compens competitor advers effect aid commiss take view gener principl appli bank provid account undesir neg effect appli financi system public confid bank sector compli commun rule bank sphere state main sharehold bank crisi role sharehold separ role supervisori author requir safeguard confid bank system task lead state measur support bank addit restor bank viabil commiss favour view support measur adopt independ supervisori author case publicli own bank guarante neutral state intervent equal competit condit french author repli request inform made commiss decis initi procedur decis initi procedur provid articl treati commiss express opinion gener outlin recoveri plan accept attempt made tackl bank fundament problem major effort demand cl account legitim interest competitor curb cl expans reduc activ area note recapit avoid unproduct asset hive bank sold cl refocu core busi assess compat aid commiss confirm give special weight effort demand cl slim balanc sheet principl fortun claus effect moder futur expans cl reach ration bank activ includ larg reduct staf geograph spread commiss believ import point need clarif inform commiss conclud plan compat common market reaffirm gener principl govern state aid firm difficulti aid confin strict minimum main recoveri effort made firm quid pro quo suffici offset distort effect aid scale competit restructur plan enabl firm return viabil reason time fulli implement commiss ask inform detail list asset transfer refer agreement conclud state cl assess carri consult bank commiss bancair restructur plan broken activ geograph show cl return viabil separ cdr cl arrang cl stake monitor cdr manag arrang repurchas cl hive asset carri tax loss total state cover spbi liabil cost restructur hive asset order sell condit privat cl futur constraint impos cl privat condit withdraw spbi minor sharehold sale ff billion asset cdr spbi mechan sale peripheri field cl core activ oig activ includ financi deal set inform provid french author inform suppli write letter april june juli regist april june juli verbal discuss repres commiss french govern cl held april june juli aim point carri check hive asset transfer price commiss need inform enabl estim aid content rescu measur precis support effect provid state quantifi order determin expect recipi return ensur aid limit strictli account check cl report transfer ff billion asset ff billion liabil link examin document show net amount hive asset secur claim ff billion amount ad transfer ff billion quantifi guarante number quantifi guarante consist potenti risk aris liabil guarante provid compani cl subsidiari disput commit contract legal person control cdr tabl show purchas valu asset broken broad categori commun cl gt tabl gt transfer price asset set claim fix interest secur share consolid compani book decemb net provis claim mgm group transfer gross share consolid compani price set variat consolid fund cl group decemb agreement state cl transfer place retroact effect januari yield cost aris hive asset period januari date transfer transfer cdr accord principl transfer price secur increas amount interest calcul rate monei market rate case claim principl appli standard basi cl waiv reimburs financ cost retain interest yield enter account decis initi procedur commiss request provid cl recoveri plan enabl assess compat aid capit increas commiss request detail financi inform cl econom geograph sector activ order establish aid exce strictli cl return viabil support state futur inform essenti commiss determin cl refer scenario year realist prospect reduc cl oper ratio ratio overhead depreci net receipt bank year current level level main competitor produc improv cl result french author transmit busi plan drawn cl view restor cl capac gener profit busi plan analys main problem respons bank difficulti excess poorli control growth runawai overhead insuffici control exposur analysi plan divid main area process refocus prioriti activ freez signific extern expans cl continu commerci bank activ franc segment custom base develop distribut channel measur maxim perform branch network provid bank facil larg compani major investor world reduc global geograph spread activ retail bank activ europ ancillari bank activ europ sold cl plan sell latin american subsidiari sale place intern network cl sell close retail bank activ europ prospect produc satisfactori return context cl close retail bank establish unit kingdom year figur set busi plan includ sale clbn sale foreign subsidiari subsequ year restructur thing equal refocus oper lead estim reduct cl balanc sheet ff billion year period leav transfer asset hive structur improv product reflect reduct oper ratio overhead depreci net receipt bank year measur regard fall main head cover action capita wage cost reduct staf end phase plan job elimin franc aim reduc job final phase plan cover period march march bring compar improv product basi provis made restructur europ aim cut workforc june decemb number peopl emploi commerci bank europ reduc result strateg refocus oper type measur ad reduct cost administr level monitor control risk object cl expect achiev reorgan commit function measur cost risk improv recoveri addit benefici effect hive risk vehicl tabl show cl group main account aggreg restructur present cl gt tabl gt forecast basic activ figur busi plan aggreg forecast transmit oper manag number specif target measur relat net receipt bank overhead broadli defin result alloc basic entiti year forecast made refer basic unit level gener manner group main activ cl busi plan base hypothes short term interest rate remain low period question europ franc rise unit state long term interest rate remain stabl dollar posit improv compar dm ff pariti remain stabl econom environ reflect expect improv econom trend europ permit reduct amount alloc provis result present cl comment net receipt bank result chang return cl loan spbi monei market rate interest rate hypothesi adopt model exercis subsequ year posit impact spbi reimburs cl hive asset sold offset sale european subsidiari restructur effect overhead depreci diminish life plan restructur measur automat impact link reduct workforc oper ratio show constant improv fall final trend net alloc provis base assumpt catch process complet high point bank cycl element includ life assur contribut except capit gain loss realiz sale tabl show trend cl profit ratio busi plan group result deduct particip claus relat capit gt tabl gt initi procedur commiss request clearer separ hive structur cdr cl order ensur independ control manag sale liquid transfer asset commiss felt save made manag area notabl bank properti cl team clear risk conflict interest aris conflict interest elimin clear separ cdr cl greater direct influenc state concern express interest parti procedur french author provid commiss final version articl agreement state cl manag cdr version initi draft amend amend appoint cdr manag agent compani law entrust sharehold cl submit state approv advisori monitor committe set consist member appoint spbi direct control minist econom affair member appoint cl expert appoint minist econom affair agreement appoint member nomin cl subject minist approv advisori committe extens power express view major decis commit cdr subsidiari sale asset addit financ oper disput exce threshold laid agreement subsequ amend committe rule procedur legal speak opinion advisori effect neg rule financi respons part spbi practic advisori committe power reject oper complet task committe carri audit asset transact effect sell instruct expressli approv committe entrust parti bank ensur independ evalu safeguard appli manag asset entrust establish profit share claus design encourag cl manag hive structur french author made inform articl agreement relat claus implement regard repurchas cl hive asset annex agreement requir sell instruct entrust parti bank cl request express prior agreement spbi acquir asset case plan sale parti cdr group purchas cl carri term price match propos parti cdr group event spontan sale time part manag asset spbi requir cl compet parti case case sale hive bank price acquisit cl spbi request set jointli commerci bank appoint cl spbi compet expert commiss view possibl open cl carri tax loss problem dealt principl laid rule govern restructur aid complain call possibl elimin end tax group made cl subsidiari loss carri order ff billion result activ parent compani metropolitan franc cl forecast group result tax purpos slightli posit consum part tax loss carri year part loss aris depreci properti asset ff billion carri indefinit french author confirm event privat cl probabl transfer fortun claus possibl carri loss case review make carri imposs commiss state declar total state cover undergo major variat compat common market whilst awar precis cost underwrit state difficult determin volatil asset commiss obtain estim final cost oper state rang extrem valu order assess complianc state aid rule limit aid strictli compens arrang event approv cost overshoot commiss examin case point spbi partnership partner state thomson sieg thomson sieg liabil limit ff spbi articl state remain sole respons spbi net liabil liabil unlimit amount spbi net liabil estim differ cl loan spbi ff billion spbi receipt notabl coupon bond fortun claus particip loan cdr counter guarante provid cdc thomson csf part oig loss french author confirm state underwrit spbi cdr risk cost limit amount spbi particip loan cdr ff billion lower limit set jeopard approv deconsolid hive structur cl account auditor supervisori author aim hive mechan enabl cl avoid enter substanti provis account estim auditor technic assist ff billion amount includ ff billion quantifi risk estim basi june account includ ff billion quantifi guarante refer point ff billion carri cost financi year ff billion provis half except situat inform suppli french author gross carri cost estim ff billion estim made year length period financi mechan support cl appli year commiss request clarif cl futur privat amend plan condit eventu fortun claus cover provid state french author privat cl remain object date condit govern privat set uncertainti time need restructur bank initi examin carri year time check cl privat detail stocktak decemb implement recoveri plan order review paramet cl privat condit state spbi secur posit financi balanc unravel financi arrang mind french author confirm french govern intent abandon adequ compens time privat claus entitl spbi share cl profit consult bank assess compens adequ discuss commiss repres french author reaffirm intent privat cl principl year busi plan observ bank restor viabil french author confirm proce privat contribut final balanc spbi mind govern hold cl transfer spbi commiss request detail inform involv minor sharehold thomson cdc cl recoveri plan condit withdraw sharehold spbi french author emphas thomson csf cdc remain guarantor oig loss exce ff billion subject ceil ff billion thomson csf ff million cdc call date commit put back decemb spbi french author point partnership partner state thomson sieg subsidiari thomson csf spbi articl thomson sieg liabil limit amount particip spbi ff provis made withdraw thomson sieg french author announc cl reduc size balanc sheet ff billion leav effect creat cdr confirm reduct place disinvest bank bank natur dispos claim securit sale secur author state entir bank network latin america put sale sell instruct issu plan sale drawn intern compon group banca lombarda itali sold clbn netherland specialist french subsidiari put sale sale undertaken account ff billion asset cl consolid balanc sheet exclud securit ff billion busi plan cl oper refocus core activ commerci bank franc provid bank facil larg enterpris major investor world cl state retail bank activ europ ancillari bank activ europ sold french author provid detail addit sale french author provid commiss provision report oig activ account result signific start slow asset total ff billion sold cost carri asset portfolio correspond ff billion fund amount increas ff billion march ow continu weak situat properti market comment receiv procedur reaction interest parti banqu national de pari hereinaft refer bnp société générale french bank compar size cl transmit comment case commiss set comment receiv similar argument set singl present associ employe employe sharehold cl group express concern commiss cl futur regard reduct size point aggress dare polici pursu cl half explicitli support french govern offic unit kingdom perman repres european union british banker associ letter express agreement commiss approach applic state aid rule bank whilst time stress preserv econom oper confid reliabl bank system cl argu commiss ensur aid limit strictli cl provid substanti quid pro quo form asset sale size reduct offic danish perman repres european union letter express approv approach adopt commiss danish comment arriv expiri repli deadlin set commiss notic publish offici journal european commun simpli report inform purpos danish author stress case urgent measur prevent danger file bankruptci major bank lead system crisi argument put forward french bank sum rescu plan provid clear indic strateg object sought clear signific reduct geograph spread rang cl activ state support simpli reconstruct ident bank ii capit commit yield normal return plan compris amount state aid net cl contribut ff billion ff billion januari amount obtain ad discount valu capit increas ff billion hive oper ff billion ff billion deduct discount return coupon bond ff billion fortun claus ff billion discount rate obtain french author estim coupon estim cost hive oper base assumpt entir portfolio transfer asset sold year carri cost born year iii plan creat competit distort offset signific restructur effort cl complain highli aggress polici pursu cl period acquisit bank industri hold high price larg financ state transfer ff billion capit financ account ff billion disproportion activ cl major factor worsen properti crisi franc hive oper cl account total lend properti develop ff billion ff billion total commit bnp société générale institut similar size cl view condit govern plan implement impos constraint cl slim exercis pure possibl ration measur franc cl type scale competitor workforc emploi cl metropolitan franc fell area activ compar reduct bnp workforc metropolitan franc iv correct measur envisag manag cdr independ order prevent conflict interest capit manag bodi staff total independ cl altu sdbo colbert remain part cl group bear cost connect liquid bank ceil state guarante state oper subsidi provid cl stem substitut cl account hive profit asset spbi loan greatli reduc carri tax loss cancel fortun claus lock period initi plan year cl privat cl sell substanti part oper europ cl commit identifi irrevoc annual public report provid detail applic plan comment made french bank account commiss procedur initi assess aid content request inform discuss greater detail assess aid content oper examin compat commiss take view complain argument accept refer point point pertin problem commiss assess aid content guarante complain call altu sdbo colbert transfer hive vehicl accept reason subsidiari remain part consolid cl group group addit capit increas ff billion meet auditor demand provis subsidiari sold liquid end cl repurchas price set independ commerci bank regard reduct oper subsidi argument cost carri hive asset ad amount loss estim auditor commiss argument incorrect mean aid count french author amount loss includ asset carri cost french author respons reaction parti argument put forward parti discuss french author regular meet held commiss repres comment includ commiss assess oper examin compat point assess confirm aid content financi support cl cl state control bank commiss appli market economi investor principl order determin state aid element financi assist bank reorgan measur continu regard singl restructur process aid grant intend support capit inject basi document suppli commiss take view capit increas time ensur futur viabil capit increas regard essenti bank surviv solvenc ratio fallen minimum oper part recoveri plan bank addit price increas base overestim bank french author point estim certifi factor suggest privat investor accept estim basi invest cl subscrib fresh capit privat investor call studi cl asset account detail recoveri plan ask review cl main asset made assess basi inform suppli cl matter public record put posit verifi inform fulli net asset estim basi account reflect real valu case industri portfolio bank asset privat investor view asset industri portfolio yield lower cost financ burden bank futur profit reduct net asset deem count reason return invest provid addit financ state fresh financi support cl addit direct eec requir supervisori author ensur bank solvenc ratio fall take step restor proper level rapidli recapit reduc liabil fail ceas activ recapit liabil reduc exercis constitut state aid place normal market term solvenc ratio constraint impos felt minimum level solvenc bank function soundli requir test bank viabil time ensur bank compet equal foot conclus market economi investor agre french govern inject capit cl price ff share studi bank account restructur plan show cl return viabil reason period basi inform capit increas ff billion regard constitut state aid state guarante part hive oper move state underwrit ff billion part hive conclud state aid compon open proceed commiss view accept french govern cover surviv cl provis need exhaust bank reserv render insolv cover oper scale cl liquid addit fix risk premium guarante fortun claus overestim perform asset fact certainti return fortun claus practic overestim meant provis underwritten insuffici state report cl guarante cover surviv cl return expect aid compon guarante practic equal cover extend addit note oper place year chang econom situat sector period cl made provis asset acquir nonetheless continu increas number expert estim provis made proport properti loan commiss reject argument put forward french govern cover constitut state aid provid sharehold request commiss bancair form part hive mechan french bank special featur distinguish cl case french bank adopt similar hive mechan cl made signific loss nomin asset transfer oig state underwritten risk vehicl virtu transfer asset net book provis made cl neglig relat nomin asset inform receiv hive mechan cl special vehicl oig risk underwritten state cover enabl cl liabil book need make addit provis reconstitut fund requir rule solvenc credit institut french bank advantag set special compani scope consolid account risk cover financi hold compani ultim sharehold payment ff billion cl servic loan made special vehicl peculiar mechan cl case payment carri cost consid state aid addit aid constitut cover conclud substanti state aid hive mechan state underwrit risk attach asset transfer loan servic cost hive oper rescu plan hive mechan adapt order potenti loss exceed cl origin fund french author state arrang envisag carri request commiss bancair satisfi constraint impos recoveri plan protect depositor complianc provis bank commerci stock exchang law minim cost plan taxpay avoid distort competit protect properti state minor sharehold state cost state altern solut higher complet state cover asset transfer remov cl consolid account account certifi fortun claus proce asset sale coupon bond privat bank meet cost state cover provid includ interest payabl cl loan spbi commiss take view hive mechan cover risk cost mechan extend state constitut state aid state aid deduc fact cl surviv durat unusu long degre risk high adequ return cover expect subject wide variat cl unabl meet basi inform commiss take view reason total forese cost mechan french state lower cost state sharehold event supervis liquid solut involv sale restructur bear mind constraint impos nation commun rule govern scenario rule cost liquid higher bank sector industri addit ground conclud cost state lower act earlier state interven restrict cl excess growth limit risk cl expos buoi substanti support provid sharehold reduc final cost rescu cl recal cl aggress polici properli supervis poor qualiti asset prompt moodi credit rate agenc reduc bank credit rate point maximum credit rate remain actual qualiti cl portfolio receiv preferenti treatment form guarante provid state bank princip sharehold number element alert french author start revers economi clear effect cl asset properti industri sector fragil posit clbn involv cl mgm affair consequ stake loss make publicli own compani usinor sacilor poor oper reveal commiss bancair initi enquiri number subsidiari group altu cl continu expansionist polici balanc sheet total rose ff billion end ff billion end increas year half account takeov bfg germani decemb time cl strengthen presenc america asia africa industri commerci portfolio ff billion end reach ff billion end clear closer supervis cl expans limit recoveri cost rescu plan late note french author present altern solut form supervis liquid sale block assess cost solut adopt cost close rescu plan select clear solut significantli distort effect competit appli principl proportion solut chosen reason prompt french author opt rescu plan accompani substanti state financi support understand signific advers effect solut competit effect requir substanti quid pro quo lastli probabl cost state rescu oper lower detail comprehens analysi includ rescu plan prepar state action sum commiss take view basi inform capit increas aspect cdr spbi mechan state underwrit asset transfer includ substanti element state aid assess busi plan cl busi plan tackl bank fundament problem enabl cl return viabil number point clarif rescu packag cl enabl restor solvenc ratio keep minimum amount paid state present reason conclud aid significantli higher strict minimum nonetheless substanti quid pro quo need ensur cl reconstitut bear signific proport restructur cost compens competitor offset distort competit caus aid inform provid french author futur movement cl fund restructur plan cl viabl adequ solvenc ratio rate increas group fund year rate growth weight asset solvenc ratio improv easi estim movement solvenc ratio end restructur period basi cl estim growth weight asset group fund make prudent assumpt residu fund minor interest supplementari fund remain constant level ff billion exercis show solvenc ratio remain statutori minimum entir recoveri period tabl gt tabl gt assumpt made busi plan optimist busi plan assum nomin real interest rate fall low level remain stabl expect fall interest rate limit current short term interest rate percentag point higher situat inflat remain low mean high interest rate real term past experi bank recoveri studi carri commiss bancair show difficult bank recov real interest rate high studi present commiss bancair annual report reveal gener posit relationship real interest rate minimum return bank obtain averag credit oper reward borrow resourc cover cost intermedi break point bank monetari tighten reduc demand credit increas competit credit institut effect reduc bank margin addit flat interest rate curv franc short term rate level long term rate penal market activ increas carri cost immov asset lastli cost fund weaker credit institut increas lower credit rate long term borrow assumpt cl catch overtak competitor end term oper ratio optimist cl increas market share realist suppos effort made period competitor improv product prevent cl overtak catch wastag ineffici elimin competit assum cl introduc manag system effici profit competitor familiar object ambiti addit plan improv cost overestim reduct personnel cost franc limit current system redund make difficult replac older staff younger staff prepar introduct spread intens computer system redund programm drawn agreement trade union encourag voluntari redund excess staff difficult step attract valuabl staff improv product alongsid fact cover busi plan forecast annual growth profit tax annual inflat mean automat annual real rate growth net profit ceteri paribu clear arithmet approach realist margin growth bank sector assumpt impli growth cl market share unaccept reason assum actual profit stabl cl recoveri rate return fund assum confirm cl return viabil whilst automat increas year overli optimist prudent estim made cl abil stage recoveri natur mean forecast revenu state incom fortun claus incom accru state sharehold form dividend transfer retain profit revis sensit analysi base assumpt nomin rate growth profit tax period quantif amount state aid difficult quantifi cost state rescu cl easi assess aid content hive mechan give accur figur aid content state guarante asset transfer hive vehicl difficulti quantifi risk attach asset produc meaning estim aid content guarante requir detail valuat hive asset valuat carri profession auditor commiss wish examin find assess made number expert commiss bancair cl auditor advis bank indic estim aid content state guarante made amount fund cl need satisfi solvenc ratio risk underwritten state commiss made estim open proceed main purpos state cover total net hive asset enabl cl remov hive vehicl consolid account avoid make provis write asset book meet carri cost increas fund rule solvenc credit institut substanti impact state budget inform provid french author method produc accur estim gross amount oper amount includ ff billion capit increas ff billion provis ff billion relat mechan effect fund requir deconsolid make total ff billion french author stress aim mechan avoid cl record loss defer year enabl offset element mechan french author state deficit aris waiver claim cdr offset fortun claus involv levi favour spbi capit gain asset transfer record net spbi account proce sale cl share spbi cl privat amount outstand end oper met proce coupon loan maximum ff billion examin valid argument expect return oper state sharehold compar cost state bear nomin amount actual cost expect incom mechan futur final loss incom fortun claus dividend coupon loan compar correctli mean futur discount manner reason commiss approach french author argument oper net final cost state estim submit proceed compet bank ff billion net present aid addit method assess state aid defin commiss commun confirm order assess state aid behaviour state compar privat investor state market economi investor provid equiti financ present futur cash flow discount compani cost capit hous discount rate expect futur cash flow intend project accru investor dividend payment capit gain adjust risk exce outlai commiss state aid element consist cost invest invest appropri discount evalu capit inject expect incom form dividend capit gain discount rate rate capit market order assess return contribut estim made number expert includ cl rate return capit invest bank order estim arriv averag rate return year sampl major intern bank target rate return fund set cl order magnitud expect rate recoveri commiss take view rate regard calcul present futur incom state element account arriv assess net cost state oper note spbi partnership own state enjoi full guarante sharehold aid compon oper includ loss particip loan cdr cost financ spbi case issu method base fact cl rescu plan loss exhaust cl fund gross amount aid includ coupon loan incom fortun claus levi share profit accru state direct indirect sharehold thomson cdc form dividend transfer retain profit lastli note actual net financi contribut made cl cdr spbi mechan fortun claus reduc tax revenu foregon state order enabl cl contribut cost oper claus levi profit french taxat state forfeit tax due collector tax aid compris element capit inject ii waiver claim cdr particip loan ff billion grant spbi guarante state take account incom asset carri cost cost restructur asset iii net cost carri hive asset differ cost spbi loan grant cl incom spbi particip loan grant cdr cost includ iv discount futur incom coupon bond discount futur incom fortun claus share profit expect accru state directli indirectli thomson cdc reduc tax revenu foregon state claus capit inject ff billion complet juli present inject ff billion regard item ii note maximum loss incur spbi cdr exce amount particip loan spbi make loan cdr number element principl account estim loss current unreal loss asset carri cost cost dispos sale proce probabl guarante market trend estim difficult natur asset volatil market condit simplifi matter hive asset separ group compos asset unprofit profit reason assum provis made concentr compris profit asset regard group french author initi state forese loss equal estim provis made assist auditor ff billion find analys carri french author cooper auditor commiss bancair advis bank commiss conclud amount ad cl provis quarter carri cost financi year transfer cdr total amount approxim ff billion cost financ profit asset iii ad amount carri cost asset born spbi financ cl interest rate loan grant cl monei market rate assum asset sold year steadi rate monei market rate constant rate cl prepar busi plan cost estim ff billion present gt tabl gt incom profit asset deduct amount french author estim nomin incom ff billion ff billion present net carri cost hive asset estim approxim ff billion total cost state ff billion deduct incom accru state coupon iv fortun claus incom accru state sharehold form dividend transfer retain profit coupon ff billion iv produc proce ff billion twenti year impli rate interest present proce discount rate ff billion januari order estim extent cl contribut financ mechan revenu expect state basi recoveri plan account type profit form levi hive vehicl fortun claus tax state sharehold paid dividend reserv note deduct cost oper present futur normal dividend paid retain state receiv directli indirectli thomson cdc account privat absenc privat present cl restructur net present futur cash flow fortun claus state sharehold regard lose dividend entitl direct indirect sharehold cl share capit tax collector cl net contribut cost hive mechan limit claus state receiv profit form taxat amount sharehold profit claus immedi receiv profit total profit time lose french tax approxim sixth amount receiv claus receiv surplu state aris claus profit ff billion twenti year present clear state gain hand claus lose taxat normal dividend portion levi claus state rais claus oblig produc restrain effect cl levi claus made provis fund gener bank risk busi plan present levi fortun claus present profit accru state sharehold estim ff billion ff billion commiss take view busi plan base optimist assumpt point monei market rate higher rate estim busi plan analysi previou case bank recoveri studi bank break point suggest recoveri bank difficult background low inflat high real interest rate vice versa addit cl reduc overhead quickli year reduct cl catch competitor lastli note model busi plan base assumpt automat growth profit tax annum realist reason logic assum actual profit stabil cl recoveri rate return fund assum confirm cl return viabil whilst automat increas assum subsequ year optimist mean incom fortun claus revenu accru state sharehold term dividend retain profit revis sensit analysi base assumpt nomin growth profit taxat estim compon ff billion ff billion estim regard definit state lose part normal tax claus account effect calcul cost state intervent intervent justifi possibl benefit return fortun tax concess applic privat public investor alik appli firm difficulti principl concess constitut state aid mention levi claus appli french tax cl tax loss defer year half cl revenu gener abroad shortfal taxat estim present incom claus ff billion amount deduct present claus accur estim fortun claus ff billion gt tabl gt sum estim compon oper rescu cl set capit inject present ff billion ii waiver claim spbi cdr particip loan maximum amount ff billion estim ff billion take account incom carri cost restructur cost unprofit asset asset low profit iii net carri cost hive asset ff billion differ cost spbi loan grant cl ff billion incom spbi particip loan grant cdr ff billion cost mechan account iv present futur incom coupon bond ff billion total futur incom receiv state fortun claus capac sharehold correct sensit analysi estim ff billion balanc ff billion present estim net cost mechan state commiss base examin aid compat common market high degre uncertainti aspect plan regard cdr loss spbi futur incom margin error cost ff billion exclud capit inject assum estim maximum net cost state intervent ff billion element assess commiss note statement french author privat cl bank recov busi plan present french author cl return viabil commiss take view busi plan suffici realist achiev take view privat place basi inform receiv french author commiss consid question role thomson sieg cdc oper support cl relev question commiss examin distort trade member state liber financi servic integr financi market make intra commun trade sensit distort competit aid intern bank cl loan form financ firm competit intern market offer financi servic competit european credit institut time expand activ abroad network branch franc liabl distort effect intra commun trade aid question enabl cl save restructur number foreign subsidiari netherland spain portug germani competit commun financi institut note half cl asset locat franc substanti part commun purpos aid cl larg part cover sizeabl loss franc commun aid question enabl cl remain market commun held increas capit state underwrit risk caught articl treati liabl constitut state aid distort trade common market compat aid gener evalu presenc state aid financi support measur cl examin aid compat common market articl treati born mind aid social charact grant individu consum aid facilit develop region franc half cl asset proport activ locat franc activ franc spread countri concentr medium size larg urban area aid design remedi disturb economi intend remedi difficulti singl recipi cl enterpris sector commiss consid cl problem stem system bank crisi franc cl french bank difficulti bank includ public bank face difficulti cl loss specif connect larg extent aggress lend invest polici bank pursu half suffici strict monitor risk evalu asset acquir commiss awar special sensit financi market undesir neg consequ bankruptci bank cl aid grant consid common european interest derog provid point articl consid mention compat measur common market assess accord special rule aid rescu restructur firm difficulti account effect state intervent financi system member state concern case bank commiss take view rescu restructur aid compat long condit set point met commiss establish distort effect state aid competit offset solid compens restructur plan quid pro quo aid declar contrari common interest coloss amount aid involv intend cover loss incur asset acquir cl period aggress expans cl contribut substanti accompani reduct commerci presenc time restor maintain cl viabil met contribut real substanti quid pro quo reason bankruptci solut rule undesir disproportion neg impact credit institut financi market solut adopt case bank privat enterpris record coloss loss competit distort creat aid mark match quid pro quo point deficit made year project profit question aris commiss assess condit govern accept aid separ cl cdr light amend made french author mechan control cdr commiss consid danger conflict interest aris elimin committe team leader independ cl team financi answer cdr ensur committe respons manag hive asset independ cl profit share claus introduc encourag cl manag hive vehicl commiss consid clear separ cl cdr achiev claus longer elimin french author inform accept repurchas hive asset regard possibl cl repurchas hive asset commiss consid amend rule manag cdr solv problem commiss consid permit cl repurchas part transfer hold market price transfer cdr book longer financ ground maintain favour commerci relationship enterpris question cl benefit aid outcom defend competit reason commiss take view cl consid repurchas asset possibl confer undu advantag cl opinion cl repurchas hive asset limit extent contract appeal object price asset transfer cdr market price higher price asset transfer cdr carri tax loss commiss appli principl underli rule restructur aid carri loss tax purpos rule stipul loss offset aid carri tax purpos loss correspond capit increas ff billion carri tax purpos regard residu tax loss commiss french author rule possibl carri tax loss cl time privat fortun claus transfer reduct ff billion asset sale bank network order restrict amount aid strictli provid adequ quid pro quo undermin cl futur viabil signific contribut term reduct cl size awar confidenti regard commiss ensur reduct cl size achiev busi plan cl activ refocus core area commerci bank franc bank servic larg compani major investor world cl state retail bank activ europ ancillari bank activ europ sold unprofit retail bank subsidiari europ point commiss note sale liquid carri carri french subsidiari special clbn netherland clb sweden banca lombarda itali retail bank establish unit kingdom european subsidiari latin american subsidiari subsidiari intern network europ sale undertaken account ff billion asset cl consolid balanc sheet french author state cl plan ff billion securit commiss consid securit valid quid pro quo aid mean cl simpli transfer risk involv asset question maintain commerci link client commiss convinc abovement sale reduc size cl balanc sheet extent leav simpl restructur effect constitut suffici quid pro quo sale envisag busi plan involv profit activ cl sell case receiv aid coloss amount aid involv distort effect competit commiss consid cl make signific effort make adequ contribut restructur cost compens competitor distort point connect number cl bank subsidiari branch abroad acquir result aggress polici pursu cl recent year state support pursu european bank lack resourc sale envisag busi plan regard constitut compens aid question sale profit poorli perform subsidiari accompani sale profit subsidiari branch enabl cl financ restructur resourc subsidiari restructur sold sale principl extend year period start date decis french author inform commiss accord commit french govern cl requir reduc commerci capac cut busi activ abroad includ european bank network end object achiev deadlin set major loss incur sharehold question provid financi support ensur commun solvenc ratio observ commiss examin possibl extend deadlin cl proce sale purchas bank network activ financ restructur activ cl deriv special benefit proce sell subsidiari restructur loss make subsidiari return restructur form elimin substanti loss high privat transfer fortun claus discuss commiss repres french author reaffirm intent privat cl explain privat process launch bank econom financi situat correct busi plan observ cl econom financi situat restor bank viabl year commiss take favour view french author privat cl recoveri plan succe reduc competit distort privat effect limit life mechan year uncertainti risk net cost mechan reduc scale aid reduct guarante proce privat paid spbi time privat limit distort effect aid spread year amend plan claus time cl privat effect alter final cost state amend notifi commiss carri order enabl commiss check amend compat common market commiss notifi privat delai year transfer particip fortun claus payment carri market price independ assess commiss take view state sharehold sale cl claus principl make differ econom term effect minor privat sharehold transfer claus payment effect increas sell price amount equal discount consequ competitor sale public coupl announc claus cancel lead increas share sold state fulli reflect market claus monitor supervis implement cl recoveri plan commiss consid proper implement plan supervis slim balanc sheet refocus core activ ration activ cl contribut hive vehicl form levi dividend accord rule restructur aid commiss take view aid french author submit document commiss month detail report applic plan report submit parliament balanc sheet profit loss account report director compani involv hive oper oig cdr spbi cl list hive asset liquid sold detail sell price name purchas name bank sell instruct detail list abandon cdr claim set particip loan grant spbi detail list bank asset sold cl hive mechan evalu base object verifi criteria reduct commerci oper abroad detail figur cl contribut hive structur form levi dividend intent amend plan commun approv commiss time privat notifi commiss carri conclus conclus capit increas carri state underwrit risk cost transfer asset amend element hive mechan appreci state aid compon mean articl treati estim discount net cost state aris scheme ff billion capit increas ff billion underwrit uncertainti aspect plan margin variat approxim incorpor state intervent leav capit increas maximum estim discount net cost ff billion measur carefulli examin light point articl treati establish regard compat common market view argument set aid grant cl meet condit laid guidelin aid rescu restructur firm difficulti subject complianc number condit constitut essenti quid pro quo substanti aid common interest met aid exempt ban laid articl ec treati articl eea agreement compat common market provis point articl ec treati point articl eea agreement adopt decis articl aid contain recoveri plan crédit lyonnai form capit increas ff billion underwrit risk cost asset transfer hive structur maximum ff billion tax concess inher fortun claus total net cost state take account revenu accru state estim maximum ff billion declar compat common market eea agreement point articl ec treati point articl eea agreement articl aid refer articl author subject franc meet condit commit ensur recoveri measur arrang provid scheme articl implement amend condit laid recoveri plan commiss prior agreement event fortun claus transfer earlier time privat crédit lyonnai market price price verifi independ assess ensur size estim cost scheme state ff billion commerci capac crédit lyonnai reduc mean cut commerci oper abroad includ european bank network end accord commit franc object achiev deadlin set caus substanti loss requir sharehold question provid financi assist order ensur complianc commun solvenc ratio commiss undertak examin possibl extend deadlin cost scheme estim ff billion exceed examin scale reduct commerci oper crédit lyonnai accept prevent crédit lyonnai benefit carri tax loss respect tax loss cover capit increas ff billion prevent crédit lyonnai repurchas hive industri commerci asset price asset transfer cdr market price higher price asset transfer cdr event subject limit ff billion prevent crédit lyonnai share proce sale cdr achiev separ cdr crédit lyonnai manag administr system monitor supervis manag hive asset ensur committe respons manag hive asset independ crédit lyonnai elimin possibl carri residu tax loss year prior crédit lyonnai time privat fortun claus transfer ensur crédit lyonnai proce sale restructur perform asset activ ensur crédit lyonnai pai spbi levi sum accord fortun claus pai spbi proce privat crédit lyonnai deriv sale share held spbi parliament endors payment spbi proce privat remain share articl commiss account french author statement firm object privat crédit lyonnai anticip recoveri enabl readi privat year defer privat year notifi commiss articl french author cooper fulli monitor complianc decis submit document commiss month march detail report applic plan report present parliament balanc sheet profit loss account report director compani involv hive oper oig cdr spbi crédit lyonnai list hive asset liquid sold detail sell price name purchas name bank sell instruct detail list abandon cdr claim set particip loan grant spbi detail list bank asset sold crédit lyonnai hive vehicl evalu base object verifi criteria reduct commerci oper abroad detail figur crédit lyonnai contribut hive vehicl form levi dividend commiss document implement plan assess mean special audit articl decis address french republ brussel juli commiss karel van miert member commiss oj oj commiss commun member state applic articl ec treati articl commiss direct eec public undertak manufactur sector oj bulletin european commun oj principl supervisori author waiv ratio requir temporarili provid requir level quickli restor commiss commun member state publish oj point oj text blank squar bracket busi secret omit bnp report period french public bank face loss ff billion receiv public fund inject ff billion guarante hive oper amount ff billion inflat franc cl long term credit rate remain low bbb american rate agenc standard poor moodi detail oj point sampl compris bank french swiss german dutch british american japanes involv observ sourc ibca french author state addit credit line ff billion envisag precautionari measur establish januari date partial repay made spbi total amount event remain initi amount ff billion fact plan sell asset year differ purpos calcul margin group thomson control state hold share averag rate adjust forecast profit busi plan percentag