commiss decis aid grant franc crédit lyonnai group notifi document number 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 notic submit observ introduct crédit lyonnai cl publicli own financi group oper bank sector experienc consider difficulti led state grant aid form capit increas creation hive vehicl properti asset worth frf billion asset hive amount total approxim frf billion loss cover state guarante measur subject decis ec commiss decid juli approv condit state aid question provid net cost state exce frf billion respons cl deterior financi situat french author septemb submit plan grant emerg aid total frf billion order avoid advers effect septemb commiss decid approv emerg aid time initi articl procedur regard recoveri measur recommend cl context examin compat restructur measur light relev inform includ decis ec base oblig impos decis franc fact includ failur meet condit arrang propos addit compens measur dai mr van miert member commiss letter french minist arthui inform inevit difficulti examin restructur plan bank extrem larg amount aid author commiss predict final outcom case french author repli letter notifi initi articl procedur letter novemb attach analysi recoveri plan consolid account cl consortium de réalis cdr june note cl manag intern audit system note partial securit loan etabliss public de financ de restructur epfr enclos inter alia cl draft annual report juli french author submit restructur plan bank request commiss present procedur initi letter mr van miert french author june explain commiss concern delai transmiss restructur plan bank octob explain principl commiss base decis march minist econom financi industri affair strauss kahn wrote mr van miert inform measur french state readi view secur condit approv aid cl april obtain commiss approv mr van miert wrote strauss kahn set condit commiss view make regard aid question compat common interest april supplement letter mr van miert wrote strauss kahn inform reason undertak made letter french minist date march regard commiss suffici secur posit decis april strauss kahn wrote mr van miert repeat posit french author emphas constraint bank viabil challeng amount aid calcul commiss strauss kahn wrote mr van miert time propos addit compens measur offset distort effect aid separ letter mr van miert date strauss kahn set undertak made french author evalu cl restructur plan commiss decid base analysi advic internation reput merchant bank lehman brother commiss consult bank connect bank viabil instruct examin restructur plan submit french author propos thought commiss consult bank ask assess compens measur propos french author examin addit cl restructur plan submit commiss end juli commiss consult bank carri detail analysi submit report confidenti novemb french author cl consult report challeng princip conclus mr van miert gave oral progress report case commiss meet novemb januari februari march march commiss consult group wise men governor central bank discuss problem case consequ failur larg bank observ parti set section measur examin connect increas aid approv commiss decis ec decis septemb compris defray state addit loss consortium de réalis cdr mechan particip loan prêt participatif etabliss public de financ de restructur epfr cdr epfr carri cost addit loss includ neutral loan cl epfr abandon coupon bond provid busi plan decis ec discount incom deduct approv aid number measur addit aid compon capit increas background aid cl year rapid growth cl record loss frf billion frf 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 frf billion underwrit state risk attach frf billion perform properti asset transfer special hive compani omnium immobili de gestion oig begin clear cl record loss threaten solvenc french state put rescu packag involv set special hive vehicl consist firstli cdr hive consortium take cl compromis asset includ transfer oig hold compani spbi respons financ hive control main sharehold cl govern thomson csf cdc cdr wholli own consolid subsidiari cl spbi subsequ transform law novemb public administr institut epfr enabl qualifi unlimit state guarante respect risk cost commit transfer cdr includ carri cost set vehicl limit cl account loss frf billion plan commun french author approv decis ec cdr purchas frf billion asset cl includ hive attach frf billion liabil net hive asset frf billion asset concern sold liquid sold year year market condit allow case bank subsidiari transfer cdr healthi part bank sold parti back decemb cl result end financi cdr longer activ bank structur enabl bui cl asset cdr receiv particip loan frf billion epfr possibl increas frf billion addit tranch frf billion arrang financ cl particip loan maximum frf billion epfr grant particip loan frf billion cdr bui long term coupon bond amount frf billion bond transact enabl epfr earn incom initi estim frf billion end allow absorb balanc loss record time cdr matur date cl loan epfr epfr loan cdr decemb cl loan repaid earli asset sold step amount receiv provid repay cdr epfr greater annual interest charg cl loan annual rate interest applic initi fix monei market rate mmr particip loan grant cdr partli amort end financi year epfr receiv repay equal amount sale year capit loss incur sale abandon claim activ guarante extent loss incur cdr mechan particip loan cdr loss born epfr resort state maximum frf billion state guarante subject ceil parliament adopt law novemb set epfr de facto unlimit extrem case hive make loss total exce amount particip loan cl cover state repay loan epfr make cdr consolid prudenti account purpos cl group mechan enabl cl record reduc provis loss compli statutori solvenc ratio diagram show main featur arrang quid pro quo epfr entitl incom fortun claus respect cl receiv contribut cl net consolid result group share prior entri account contribut appropri financi year fund gener bank risk prior french corpor tax fraction result exceed consolid capit reserv group share composit hive vehicl gt start graphic gt recapitalis state budget alloc credit lyonnai loan frf billion epfr addit tranch frf billion coupon loan bill loss wholli own cdr ring contrib net asset frf bill hive gt end graphic gt cl restructur plan submit commiss contain measur strategi redefinit sale subsidiari cost reduct risk manag control measur enabl cl make profit end cl record return equiti fortun claus contribut cost hive vehicl total frf million nomin period decis ec decis ec commiss condition approv aid grant french state cl compat common market articl ec treati commun guidelin state aid rescu restructur firm difficulti substant provis decis reproduc articl aid contain recoveri plan crédit lyonnai form capit increas frf billion underwrit risk cost asset transfer hive structur maximum frf billion tax concess inher quot fortun quot claus total net cost state take account revenu accru state estim maximum frf 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 quot fortun quot claus transfer earlier time privat crédit lyonnai market price price verifi independ assess ensur size estim cost scheme state frf billion commerci capac crédit lyonnai reduc mean cut commerci oper abroad includ european bank network end accord commit franc letter juli 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 frf billion exceed examin scale reduct commerci oper crédit lyonnai accept abovement letter prevent crédit lyonnai benefit carri tax loss respect tax loss cover capit increas frf billion prevent crédit lyonnai repurchas hive industri commerci asset price asset transfer cdr market price higher price asset transfer cdr event subject limit frf 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 quot fortun quot claus transfer ensur crédit lyonnai proce sale restructur perform asset activ ensur crédit lyonnai pai spbi levi sum accord quot fortun quot 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 supplement decis point letter juli franc undertook ensur cl reduc commerci presenc europ franc balanc sheet term end condit articl emerg aid late septemb french author submit aid cl amount frf billion commiss order prevent consider loss cl deterior rate neg consequ financi institut french author declar emerg aid measur emerg aid design preserv liquid posit solvenc institut relat restructur aid design facilit recoveri cl implement commiss final decis respect propos measur consist alter condit attach loan cl epfr neutral weight past cl account result activ good forecast interest arrang loan french author impos net burden cl frf billion billion billion calcul account differ rate loan epfr mmr weight averag rate cl refinanc secur liabil initi septemb measur implement respect retroact incorpor except proce subsequ subject commiss final decis possibl introduc term cl loan epfr form restructur aid propos design compens cl fulli burden loan plan rate interest loan offset cost cl collect fund financ loan french author decid increas rate interest mmr respect french author confin cancel subsidi rate origin loan cl remuner mmr level propos increas rate loan mmr percentag offset cl higher refinanc cost caus long term liabil increas compar mmr respect effect give cl advantag frf million suffici prevent liquid confid problem bank french author admit part plan approv commiss implement frf billion part frf billion loan cl epfr enabl issu long term coupon bond earn incom frf billion nomin frf billion discount french author plan abolish part plan measur chang introduc septemb respect form suspens oper subsequ accord commiss final decis chang propos french author year form restructur aid implement coupon oper result increas mention loss cl impos annual burden carri addit outstand loan frf billion interest rate cover refinanc cost french author affirm submit request emerg aid aid suffici sustain definit recoveri cl redund programm shed retail bank activ franc provid measur submit involv substanti provis capit loss respect poorli perform subsidiari capit loss frf billion reason french author propos effect capit inject account close amount exceed capit loss commiss estim amount addit transact frf billion septemb commiss decid approv emerg aid initi procedur regard measur cl announc part procedur examin compat restructur measur cl basi relev inform includ decis ec base oblig decis impos franc fact includ failur satisfi condit arrang propos addit compens measur emphas approv emerg aid prejudg present decis result franc cl oblig introduct coupon bond financ loan epfr defin decis ec remain unalt januari background examin supplementari restructur aid cl examin supplementari aid cl commiss take account fact approv aid grant franc cl compat common market articl ec treati commun guidelin state aid rescu restructur firm difficulti guidelin affirm aid restructur rais competit concern shift unfair share burden structur adjust attend social industri problem produc manag aid member state gener principl restructur aid circumst demonstr approv restructur aid commun interest aid restructur grant commiss find substanti amount aid accept aid ad unpreced scale septemb decis initi procedur commiss note consider present lead inevit conclus supplementari aid regard compat state aid rule ec treati substanti quid pro quo provid made insid franc retail bank cl area activ commiss assess compat supplementari aid depend extent exce amount approv commiss ensur aid declar compat substanti contribut cl take account circumst french author submit aid measur commiss scale supplementari aid compar frf billion author decis ec recurr natur aid ensur cl make compens arrang proportion except natur size aid grant arrang limit busi longer part bank strateg prioriti relat busi sale compens damag caus competitor aid strictli viabil cl core busi descript cl recent perform gt tabl gt cl bank group engag area financi intermedi busi includ retail wholesal commerci bank merchant bank parti asset manag leas factor insur end cl emploi peopl slightli third franc balanc sheet total stood frf billion frf billion relat activ franc frf billion activ europ exclud franc bui thomson sharehold decemb french state held capit vote right cl includ share held epfr caiss de dépôt consign publicli own specialist credit institut held capit vote right rest capit consist vote prefer share quot stock exchang breakdown cl function number establish franc abroad end geograph distribut kei financi element tabl gt tabl gt cl activ organ function group number director french busi dcaf european busi franc dcae intern busi europ dcai capit market dcmc manag relat institut investor dgri financi engin asset project financ ifap miscellan dcaf main divis group contribut half cl consolid incom net profit exclud hold intra group adjust tabl contribut director group financi aggreg tabl show compar weight commit capit alloc result european activ modest opposit true intern busi french busi part produc substanti gross revenu net result high account overhead high level risk asset relat loss situat evolv significantli aid grant cl undertaken major restructur organ activ restructur cover strategi oper financ cl abandon aspir univers bank world scale retain object franc person bank bank small medium size firm bank larg firm institut investor insur bank busi merchant bank rest world cl reduc commerci presenc constrain decis ec dispos foreign bank subsidiari special retail oper europ clbn credito bergamasco woodchest latin america banco franc brasileiro africa januari intern sale concern asset field correspond frf billion frf billion europ frf billion rest world princip latin america contrast maintain reorgan wholesal capit market bank busi world set allianc specialist partner acquir pre emin role market allianz life insur cetelem franc consum credit gt tabl gt oper standpoint main cours action portfolio improv benefit transfer cdr frf billion larg perform asset introduct effici instrument control manag monitor risk suitabl manag intern audit system ratio coverag doubt debt provis increas major effort made reduc overhead success redund programm reduc staff total labour cost period frf billion frf billion staff number fallen compar bigger reduct assum constant rang busi achiev cl princip french competitor declin staff number expect part implement redund programm envisag reduct job measur retain custom loyalti safeguard net receipt bank nrb halt declin record financi restructur slower compar plan submit commiss cl manag achiev object set reason liabil side cl continu saddl long term liabil contract year ago rate condit increasingli burdensom compar gradual declin market rate cl credit rate remain low unfavour compar strategi pursu bank recent improv oper perform cl debt rate attribut intern rate agenc bbb standard amp poor moodi defin adequ capac pai interest repai princip great sensit chang econom circumst compar rate aa aa société générale aa bnp privat french bank roughli compar size cl gener higher rate publicli own bank rate rang aaa amp aaa moodi condit long term viabil bank financ competit condit market rate reflect cl weak capit compar function exercis extens activ subject econom circumst world solvenc ratio tier ratio suffici averag bank remain market requir bank claim pursu broad strategi cl januari moodi cl note surveil account bank exposur asia uncertainti surround approv aid plan commiss difficulti liabil side main problem cl lie asset account delai repay loan epfr hamper oper declin market share halt factor unfavour econom situat year explain inadequaci nrb result reason rescu aid approv commiss asset side note return claim portfolio declin automat result fall market rate greater competit disintermedi sophist level financi market technolog progress integr market declin interest incom interest receiv interest payabl progress offset increas commiss secur parti asset manag loan epfr high nomin level frf billion remuner lower market rate mmr affect bank account led grant emerg aid tabl financi oper analysi cl period stress cl account includ neutral loan epfr similarli account drawn bank assumpt commiss approv neutral loan result announc march commiss made statement mr van miert inclus bank result aid relat neutral loan epfr prematur approv commiss anticip present decis pursuant state aid rule unlaw stage aid amount frf billion bank record loss reserv result present compar contain similar aid give import indic trend cl activ gt tabl gt tabl show notic fall bank net receipt bank stabil recov appreci notic rise nrb due firstli signific increas commiss assum constant consolid limit result high level activ financi market commiss account cl nrb increas major activ bank franc frf billion frf billion internation lend activ steadi outstand loan grew europ assum compar rang activ rest world rise europ due mark increas loan bfg sterl exchang effect figur rest world includ dollar effect capit market oper oper foreign subsidiari notabl unit state asia made consider posit contribut bank bank cl market share franc fall record stabil grant loan collect resourc gt tabl gt rapid improv profit cl commerci bank franc nrb franc remain stabl account slight fall outstand loan custom exclud securit eros rate margin intermedi margin debtor rate creditor rate control overhead connect activ franc fell favour factor fall provis result risk control level provis commerci bank activ franc fell consider compar frf billion weight asset frf billion make improv result pre tax result frf billion overhead group fallen significantli result reduct staff number total staff cost oper ratio reduc high franc level compar bank main french competitor approxim contrast intern overhead increas appreci result oper ratio ratio overhead nrb fall slowli rise nrb forecast plan cl long ratio main competitor object set ratio provis reach total frf billion forecast increas due except provis frf billion asia compar provis exclud asia declin fall frf billion frf billion frf billion higher forecast plan increas constant activ basi result substanti provis risk countri frf million provis frf million made bank net result increas appreci difficult interpret view size recurr except item neutral loan epfr provis asia capit gain sale solvenc ratio cook ratio take account improv result posit effect numer alloc result stabil weight asset denomin ratio increas appreci rise tier solvenc ratio result show cl recoveri fragil profit insuffici provid return equiti level privat sharehold expect emerg aid approv commiss bank result neg rememb neutral loan anticip accord state aid rule unlaw stage cl record loss basi commiss conclud recent trend bank activ show return profit viabil essenti respect examin restructur plan submit author juli analysi progress made implement measur provid decis ec decis ec commiss subject aid seri condit implement examin import condit full implement restructur plan submit commiss cut bank commerci presenc franc balanc sheet term introduct epfr loan coupon bond payment fortun claus payment dividend cl state sharehold proce sale restructur purpos abolit carri tax loss relat aid implement restructur plan submit commiss approv commiss juli aid plan cl includ protocol french state cl april hive vehicl french author commiss amend protocol order compli decis ec separ cl cdr commiss decis septemb emerg aid attent drawn amend adapt arrang repay particip loan cdr epfr oblig cdr repai advanc year epfr sum sum collect asset sum made control compani oper expens interest ow epfr date amend cdr submit year epfr multiannu financ cash flow plan repai advanc epfr june amount equal estim cash flow date sixth sale proce set budget year progress amend introduc guarante epfr cdr make easier obtain extern financ limit frf billion amount addit drawdown epfr credit cdr make januari limit frf billion reduc amount guarante exist date drawdown reflect cdr increas cash flow factor delai repay particip loan loan cl epfr decemb french author inform commiss reform structur supervis cdr present financ committe nation assembl minist mr strauss kahn french author reform order correct defect previou arrang fact liquid sole object bind natur timet fact cdr made suffici respons plethora supervisori bodi procedur polit interfer uncertainti outcom lawsuit reform base principl independ respons manag rigor effect supervis state imparti concern justic practic mean order obtain optim financi result state asset longer manag view simpli liquid cdr respons sell process part strategi review year profit share arrang introduc intern control strengthen transform cdr compani supervisori manag board assumpt function advisori committe supervisori board creation risk divis simplif intern account arrang middl manag structur epfr exercis vi vi cdr prerog state sharehold supervisori function bring expert polit interfer prohibit instanc systemat refer court resourc strengthen purpos commiss support principl manag keen defend asset relat interest state effect minim aid grant state cl hive vehicl commiss note cdr oper financi year shift liquid perspect cdr abandon claim effect recapit grant fresh guarante subsidiari buyer condit includ grant state aid beneficiari transact commiss stress abandon liquid rational make origin indic timet target hive asset sold year year compli advantag author liquid manag evalu light increas carri cost extend hive number asset author provid evid point show minim aid process commiss point cdr resourc state resourc mean articl treati cdr wholli own subsidiari public undertak financ particip loan guarante state loss born state commiss note transact qualifi derog exempt oblig aris articl treati french author cdr exempt oblig decis ec decis note cdr oper regard subsidiari deem includ aid compon conform market economi investor principl inject fund abandon claim compli principl commun member state principl appli determin public intervent regard aid commiss consid inject capit public undertak element state aid similar circumst privat investor view expect return contribut fund made capit inject question letter date octob address minist econom financi industri affair mr van miert point cdr oper involv recapit asset sale loss cancel debt includ aid notifi commiss similarli sale cdr asset open transpar tender procedur notifi commiss oper de minimi aid threshold ecu exempt oblig aspect implement restructur plan submit commiss examin reduct bank commerci presenc franc accord undertak franc letter minist mr madelin date juli decis ec call reduct cl commerci presenc abroad includ european bank network end letter state reduct valu balanc sheet term intern reduct magnitud percentag repres reduct european network contribut intern asset bank total asset end frf billion contribut european asset equival frf billion intern asset correspond frf billion frf billion europ cl european asset franc octob cl sold asset balanc sheet januari frf billion intern asset reduct result sale frf billion europ frf billion rest world reduct europ correspond european activ cl sell decemb frf billion european asset order fulfil oblig introduct loan epfr coupon bond order bui frf billion asset net liabil transfer cl hive vehicl cdr receiv particip loan frf billion epfr frf billion convert epfr guarante cdr borrow parti epfr part obtain financ cl particip loan frf billion loan matur date decemb annual rate interest applic loan cl epfr origin set monei market rate mmr larger part loan frf billion made financ transfer asset balanc frf billion epfr purchas coupon bond amount enabl earn incom frf billion nomin commiss estim decis ec worth frf billion present term made plan loan cl epfr set part relat frf billion mean epfr set coupon bond expect incom epfr coupon deduct commiss gross aid cl failur cl grant frf billion loan epfr consequ failur set coupon bond constitut addit cost state addit aid cl compar author amount equal deduct approxim frf billion calcul part aid estim frf million relat failur set bond approv commiss decis septemb emerg aid cl decis approv emerg aid frf billion deriv increas interest rate loan cl epfr post facto commiss decid initi procedur regard applic chang year ahead amend protocol state cl made sign order chang claus approv commiss mechan financ hive failur epfr draw frf billion cl result reduct similar amount particip loan epfr cdr transform possibl addit drawdown cdr guarante amount enabl borrow direct parti addit progress cdr sale keep origin object sell hive asset year increas proce sale epfr repay loan cl slower limit initi plan cdr bulk sale proce financ oper cost cost carri asset repay parti liabil support hive asset form recapit advanc abandon claim delai repay unexpect trend interest rate effect cl account asset transfer cdr partli financ long term liabil transfer hive vehicl contract bank expans phase rate higher return epfr loan mmr entail carri cost cl project time frf billion frf billion frf billion accord intent french author constitut contribut cl cost mechan restructur project bank net receipt bank cl fulli support cost realiti delai repay loan epfr unexpect trend market interest rate increas cost increas requir emerg aid cl live nrb project element lower forecast outturn nrb root emerg aid decis commiss conclud basi data suppli french author effect rate addit cost cl frf billion year period fortun claus term fortun claus appli correctli adopt decis ec claus cl paid frf million frf million amount frf million frf million initi schedul year ow bank perform good origin forecast plan submit juli forese basi complet neutral epfr loan assumpt sale asset improv bank result year compar plan payment claus maintain gt tabl gt improv compens subject claus maintain lack initi payment plan submit commiss juli leav question mark claus replac altern solut payment dividend state sharehold claus fact cl record result wors forecast reduc dividend payment cl state sharehold share held compar estim initi commiss point decis ec estim state share cl result frf billion discount tabl show origin project revis estim cl net post claus result gt tabl gt sale proce restructur purpos cl state frf billion proce sale financ restructur measur actual amount frf billion rest invest cash flow debt refinanc note cl invest frf million abroad invest small scale repres proce sale made begin abolit carri tax loss relat aid accord principl guidelin restructur aid commiss oblig french state remov cl possibl carri tax loss part neg result cover capit increas frf billion commiss request french author remov cl possibl moment privat carri tax loss fortun claus transfer regard condit cl state view concern loss capit increas financ state caiss de dépôt consign frf billion commiss observ decis ec consid assist cl sharehold includ thomson group state major hold resourc state resourc mean articl ec treati regard state aid confirm condit appli total amount capit increas frf billion commiss confirm fulfil condit comment parti comment parti part proceed commiss receiv comment société générale sg uk author letter date januari forward french author repli letter date februari written comment receiv british banker associ juli nederlands verenig van banken august bundesverband deutscher banken comment account deadlin receipt comment provid commiss notic publish offici journal european commun sg decid refer court instanc european commun commiss decis septemb approv emerg aid cl regard decis ec addit restructur aid cover proceed sg consid intend facilit develop activ mean articl treati acknowledg sole prospect crisi caus failur cl justifi demand state sharehold guardian market place step reassur depositor intrabank creditor major institut sg take view commiss requir french author altern solut control liquid sell block justifi view recurr natur aid whilst main argument altern solut refer outcom compli treati sg consid commiss compens competitor damag caus requir cl sell foreign busi includ unit state south east asia profit activ franc collect individu parti asset manag consum credit life insur subsidiari section retail network similarli sg point assist provid french author commiss redund envisag cl constitut bind condit grant financi aid addit form aid privat bank receiv assist prevent rais profit level european competitor lastli sg drew attent commiss condit futur privat cl plan strengthen solvenc ratio privat tier hard ratio fund narrow sens distort competit view effect term rate rate agenc comparison privat sg solvenc ratio increas ten year uk author support commiss depth investig note recurr aid gener futur expect aid part bank manag distort competit stress cl give substanti quid pro quo involv activ bank strictli viabil basic activ reason suggest futur aid stagger time approv subject restructur measur compens arrang comment french author cl letter date decemb commiss chairman cl state inform french govern prospect earli year juli point rapid decis need disput refer date reduct cl commerci oper abroad state letter juli minist mr madelin forward bank month commiss fix refer date restructur bank began end french author comment letter sg forward commiss point fulli assum twofold respons sharehold guardian acknowledg sg emerg aid notifi disput analysi sg uk author distort effect emerg aid compens measur claim cl sever restrict plan refocus limit core activ provid restructur plan restructur aid need chiefli neutral cl epfr loan possibl recapit bank order ensur viabil amount increas strictli proport cl financi requir rapid privat state method provid bank financi support bear mind state resourc grant step complet bank target contain strateg plan observ commiss comment submit comment parti examin section decis comment made cl call respons commiss date cl inform french author deterior bank financi posit assist state commiss deplor fact french author conceal true posit bank meet oblig provid commiss regular report progress plan approv juli alter aid approv commiss septemb commiss complet rule risk consequ cl aid obviou french author notifi aid question earlier refer date assess reduct cl commerci oper abroad commiss unabl legal ground agre date suggest cl januari french author notifi commiss instal state aid cl restructur plan notifi commiss request aid plan set fact term letter minist mr madelin juli offici commun cl invok commiss legal basi defin date oblig fulfil continu letter juli mr madelin word ici fin end unequivoc order assess reduct cl commerci oper abroad commiss take refer contribut decemb geograph area bank total asset shown annual report cl balanc sheet end constitut sole public object basi account restructur plan present french author juli chief characterist plan plan submit commiss juli drawn view gradual bring sharehold cl approv principl state preced plan approv commiss plan base macro econom environ character averag growth gross domest product franc inflat year strategi base larg centr activ hand bank privat individu busi sme franc main region world includ franc europ wholesal bank big busi institut larg centr continu reli cl skill market activ financi engin parti asset manag bank plan retain plan built hypothes total neutral net cost carri loan cl epfr sale substanti portion bank retail oper europ reinvest cash flow proce asset sale strategi present french author conserv term growth chief aim restor profit cl net receipt bank nrb consolid level stagnat nomin term level take account sale overhead fall frf billion bank oper ratio ratio overhead nrb drop close level cl main french competitor société générale bnp practic plan provid recoveri net receipt bank sharp dip forecast volum stabl rise whilst recoveri appreci bank activ franc sale european network defer end period group gt tabl gt improv risk control reflect reduct provis rate made signific contribut result bank plan major variabl restor margin profit signific reduct oper cost franc univers bank cl domest market consider advantag stabl turnov vital bank oper perform oper french market order produc margin improv posit franc reliabl strateg base point end plan anomali bank inabl produc satisfactori margin correct cl secur substanti profit domest market retail level obtain cash flow sourc gt tabl gt plan packag measur aim recoveri cl french market project engin decis make process project titl challeng lead radic restructur bank commerci activ inform process chain risk assess tool set credit sme agreement cetelem consum credit specialist cl expand posit consum credit market domin special establish lastli cl launch telephon bank order improv contact retail custom plan present french author larg number social measur job cut redund programm start mid finish end involv person chiefli bank mainland network reduct affect network staff person oper unit person plan submit commiss intend reduc bank commerci capac significantli essenti cut oper cost improv oper ratio gt tabl gt reduct plan involv person branch bank function unit workforc shrink franc compar consolid level take account sale subsidiari reduct produc save staff cost franc life plan significantli cut cl charg help return profit gt tabl gt plan ration network outlet franc involv closur loss make branch total branch retail custom reorgan busi centr retail outlet busi custom tabl number branch parent compani franc fall period reduct basi inform forward cl commiss consult bank total number cl outlet french network fall end end reduct differ data suppli juli commiss cl appear due scope commit cl present includ cl outlet franc includ parent compani subsidiari measur improv profit french network bank aim increas net result dcaf central director activ franc frf billion frf billion succe cl restor french network contribut result proport turnov produc made activ franc profit group gt tabl gt sensit analysi conduct cl show consum credit grow slowli forecast measur financ nrb dcaf contribut expect reduct provis rate larg predict contribut french network result reduc half posit ii neutral loan epfr section cl rescu plan includ plan cl financ hive grant soft loan frf billion epfr market rate enabl state ultim bear final cost cdr debt write epfr reduc financ cost carri cl asset transfer cdr state plan provid cl loan epfr remuner mmr short term monei market rate state benefit epfr benefit estim annual basi differenti short term rate cl loan long term rate refinanc obtain cl loan annual loan outstand benefit special scheme set state worth respect amount outstand frf billion epfr cl standpoint loan partial secur refinanc liabil contract higher rate preced hive penal make neg contribut oper result amount differenti borrow rate loan refinanc liabil lend rate loan larg part cl refinanc liabil fix rate liabil cut rate take account definit rate loan epfr result increas net loan carri cost cl septemb end set instrument provid partial cover rate risk incur account structur loan refinanc liabil swap type hedg deriv enabl bank claim limit carri cost frf million partial cover rate risk incur clear amount neutral subsequ account calcul cost rate emerg aid relat loan epfr view consider partial rate risk cover set clear cl expect interest rate develop differ reduc cost higher loss incur bank loan grant hive attribut part extent risk rate contract end french author commiss independ firm audit transact connect loan epfr forward result commiss commiss awar bank recours method cover rate risk loan epfr end larg render meaningless fall rate point adopt decis ec septemb emerg aid notifi french author ask complet neutral effect cl loan epfr increas interest rate mmr rate cost refinanc cl subsequ establish work commiss consult bank rate fluctuat mmr start period mmr end period request confirm plan present commiss juli french author measur make draw line past cl longer penal financi consequ expans strategi led crisi view commiss fact amount neutral propos increas rate take market rate compens initi error cover rate risk cl loan epfr basi scenario involv repay loan rate spread data gap asset rate epfr loan weight averag rate applic refinanc liabil submit cl commiss consult bank compon aid estim frf billion period discount futur flow monei market rate defin rate spread scenario worth note bank french author long term discount rate arriv figur discount aid relat neutral estim frf billion period method discount rate appli valid commiss consult bank note convent hypothes underli calcul chang substanti timet repay cl loan epfr calcul neutral aid invalid revis base commiss awar date decis note french author retain estim base similar underli hypothes request consult bank cl carri studi sensit neutral cl epfr loan increas interest rate thing equal studi show event rise short term rate increas long term rate cost neutral loan vari frf million frf billion calcul bank commiss conclud view increas mmr mid decis condit basi estim cost neutral loan frf billion end valid letter march french author propos alter mechan total neutral loan preced notif neutral short term rate possibl pibor depend market condit rang mmr mmr commiss assess econom effect propos french author differ small discount decemb frf billion aid fall frf billion frf billion minim differ explain fact cl incur carri cost loan epfr respect portion exceed mmr chiefli period gt tabl gt support propos french author consid carri cost loan epfr neutral bank viabil jeopard ow reaction custom compens measur rate agenc downgrad cl rate french author justifi measur ground bring sharehold bank plan submit french author commiss juli consid possibl annual neutral carri cost epfr loan cl repaid advanc receiv adjust discount differ cost liabil secur epfr refinanc extinguish cost refinanc short term liabil subsequ discuss commiss french author made refer option worth note state exist mechan advantag french govern period loan potenti financ long term applic carri epfr particip loan cdr resourc obtain lower rate short term rate neutral option advantag expens epfr earli repay loan coupl long term borrow view gradual restructur cl liabil back loan rate loan neutral gradual fall reach pibor refer rate loan mmr state continu term good bear carri cost hive rate similar short term rate measur present french author exchang aid cl addit restructur french network includ branch closur french author compens measur aid cl juli plan includ sale retail oper europ includ cl largest subsidiari bank für gemeinwirtschaft bfg germani own share plan earmark major provis frf billion financi year anticip neg impact forecast sale bfg loss french author propos rigid timet impos complet compens measur aid plan sale bank asset europ decemb relax avoid cl call sharehold financ eros fund result sale strateg disinvest stagger sale decid financi circumst permit gt tabl gt french author view cl decis sell subsidiari introduct euro depriv opportun afford integr person bank market europ constitut substanti effort releas market share competitor europ franc bank pull retail bank europ strategi refocu function credit larg firm structur financ financ project capit market asset flow manag privat manag intern trade futur organ world line order provid support bank custom intern transact refocus reflect cl move univers bank strategi abroad assess addit aid approv commiss uncertainti total amount aid commiss ceil frf billion amount aid approv assess amount addit aid determin compat treati recal addit frf billion author commiss author frf billion emerg aid septemb cost incur state includ total aid cl recapit cl frf billion french author envisag plan submit commiss juli possibl ad recapit unspecifi amount discount loss cdr born epfr abandon claim activ guarante respect particip loan frf billion frf billion convert guarante cdr borrow parti discount carri cost cl loan frf billion epfr cost rise cl loan neutral give discount cost frf billion extra discount carri cost epfr exercis draw addit credit frf billion cl undertook grant januari extra discount carri cost epfr incur view cash flow borrow market addit loan cl hive cost settl state recapit epfr budget alloc amount timet stage spread period cl loan epfr matur receipt fortun claus privat cl clear aid calcul set aid question neutral cl loan epfr approv commiss septemb part cl emerg measur neutral propos french author integr part cost carri loan cl epfr commiss neutral loan specif aid addit relat plan approv implement cl reliev cost estim discount frf billion period inclus neutral french author interpret mean cl reliev net charg connect epfr loan discount bank immedi increas correct proport discount amount neutral bank benefit immedi futur effect neutral commiss consid discount neutral period directli account full fresh aid bank commiss note french author letter date april approach point includ total neutral estim amount aid cl difficulti assess amount aid cl ow specif hive plan drawn french author number uncertainti clarifi french author plan submit commiss juli loss eventu born hive state potenti loss includ compon loss cdr estim decemb frf billion point figur present juli epfr report minist econom financi industri affair french parliament certifi auditor cdr french author question matter commiss unabl view specif hive produc certifi account cdr loss record cdr charg epfr activ guarante particip loan frf billion end begin closur account regard basi inform meet held begin french author inform commiss estim addit loss cdr amount frf billion total loss frf billion end view remain asset frf billion asset frf billion sold wound french author conclud loss frf billion commiss agre part residu risk epfr respect cdr portion relat asset diminish asset sell plan progress end gross asset transfer cdr januari sold french author unabl make undertak maximum loss incur cdr french parliament put ceil nomin risk born epfr grant particip loan frf billion cdr frf billion frf billion loan facil transform guarante cover cdr loss reach exce amount particip loan frf billion risk born epfr respect cdr exce exposur asset initi transfer hive reason firstli backup capit invest hive asset merit question commiss stage increas cdr exposur respect recapit asset exposur epfr cdr risk loss hive spite repeat request french author commiss limit pictur transact french author claim invest effect cut hive loss stage increas risk relat state guarante addit number balanc sheet risk transfer cl cdr form guarante subsidiari asset transfer cdr set cdr consolid limit extend commiss unabl stage determin expans significantli increas risk exposur cdr epfr extens consolid limit examin light risk cdr asset incorpor form asset hive vehicl loss emerg continu increas chiefli result rise number legal proceed initi mid proceed franc abroad result damag award cdr consequ reduct cost hive event unfavour outcom cdr result major balanc sheet risk hard forecast alter consider time legal proceed neg effect make difficult wind sell asset disput slow interrupt transact slippag timet sale cdr asset relat origin timet transfer hive vehicl sale year year increas manag cost oper loss cdr addit cdr repay epfr slow ow fact parti liabil liabil frf billion transfer cdr addit epfr particip loan repaid cdr rapidli origin year period liabil due withdraw licenc bank subsidiari addit grow complex case easiest asset sell dispos slow forese hive transact heighten risk capit loss abandon decemb cdr reform liquid rational prolong hive manag cost loss charg state epfr delai sell cdr asset directli affect loss increas oper cost charg loss effect prolong uncertainti increas nomin carri cost hive epfr experi type hive show time asset remain portfolio good qualiti increasingli difficult realiz hive compani incur heavi loss charg hive loss irrespect asset compani letter french author subject decemb februari commiss receiv repli timet recapit epfr state reduc balanc loan cl epfr point timet base conserv hypothes present cl commiss consult bank balanc loan remain region frf billion loan matur carri cost includ calcul cdr loss charg epfr ultim nation budget cost epfr carri hive rise proport delai cdr repay epfr nomin term assum loan carri cost cover entir period accord timet submit cl commiss consult bank exclud assumpt epfr borrow take account neutral loan plan french author carri cost entir period scheme amount altogeth frf billion frf billion januari nomin cost end born nation budget taxpay hive loss nomin carri cost sensit chang rate increas mmr result nomin increas frf billion nomin sensit rate trend benefit epfr due drop short term rate cl loan neutral opposit effect rate harden loan neutral uncertainti amount carri cost nonetheless partli eas discount calcul includ discount carri cost loss carri cost risen relat origin estim result factor cdr carri fraction particip loan repay epfr origin provid epfr repai loan cl expect current interest rate higher plan state recapit epfr inadequ accumul interest arrear payment cl charg higher nomin carri cost epfr fail repai princip loan cl year debt rise year interest arrear accumul ow late inadequ recapit state report epfr ring alarm point receiv repay particip loan cdr payment state sole cover interest arrear run debt pai interest loan cl interest capitaliz underli loan epfr borrow capac interest payment cap frf billion law novemb full conclud event advis avoid financ irrecover loss contract debt add final bill clear hive cost spiral significantli cdr asset loss balanc sheet risk epfr rise carri cost report epfr describ snowbal effect result state bear primari interest cost cl loan epfr interest addit loan contract pai interest princip loan fear epfr compel borrow resourc servic cl loan carri cost entir mechan spiral continu long state recapit epfr insuffici loan epfr conclud medium long term rate begin consider higher servic rate loan cl mmr begin amount outstand loan contract epfr total frf billion annual carri cost hive surg frf billion current estim servic cl loan exclud neutral frf billion depend epfr refin short long term rate addit state plan decis transfer epfr stake hold compani artemi origin hive cdr give epfr asset carri role origin provid plan submit commiss account transfer loss attribut epfr capit loss longer born cdr estim loss reduc amount provis respect artemi transfer affect hive french author intim plan submit juli recapit cl afresh amount involv commiss ad recapit calcul total amount aid question action decis ec number factor deduct total aid carri cost coupon bond deduct deduct assess aid cl french author confirm letter date march minist econom financi industri affair mr van miert plan abolish oblig financ coupon bond increas frf billion compar plan estim aid cl reliev oblig factor discount receipt gener fortun claus deduct net book cl deduct claus letter date march mr van miert minist econom financi industri affair formal state franc undertook transfer cl privat sector end claus termin view undertak approach deadlin commiss consid state hold bank deduct gross aid deduct sum claus net book bank french author unlik commiss calcul aid cl total frf billion view time financi rescu packag financ fortun receipt privat cl capit interest coupon bond origin provid net budget effect state taxpay incur cost report juli minist econom financi industri affair parliament epfr conclud financi level result record trend forecast futur loss rule possibl attain financi equilibrium origin forecast period question french author commiss disagre natur amount aid concern decis commiss conclud cdr loss regard aid cl french author reject comprehens approach contact commiss note date novemb april ground transfer hive ring fenc asset cl repres organ cdr accord decis ec shed involv manag decis sale liquid asset addit account rule applic hive asset differ applic asset contribut oper bank rule appli event continu oper laps part acceler depreci goodwil inflat loss cdr french author increas frf billion loss hive frf billion project estim frf billion decemb charg cl reason aid cl account total calcul limit loss initi transfer hive letter date april french author suggest method consist take account cdr actual loss januari frf billion discount inclus carri cost long term rate give frf billion virtual amount obtain method commiss agre argument french author sole justif entir hive cl rescu plan bank wound simpli set hive vehicl order cut link firm divest bad asset abil charg part loss structur assist firm oblig aris articl treati circumv financi vehicl evad treati case point hive loss save evid contrari specif case identifi transfer cl doubt asset cdr wholli own cl subsidiari consolid account purpos loss charg epfr parent cost creat hive includ goodwil refer french author shift concern liquid rational opinion commiss specif cost oper assist bank account form badwil attach set hive commiss conclud hive loss chargeabl cl recipi shown cdr act prudent manag seek price hive asset liquid due regard financi consequ decis french author put forward argument commiss conclud provision loss hive constitut aid cl point possibl increas aid relat hive cost relat amount initi approv expressli provid articl decis ec state cost scheme exceed commiss examin scale compens measur account decis commiss note french author challeng provis decis ec ground present argument junctur note scheme refer decis ec entir cl hive interpret narrowli simpli part suggest french author propos account higher carri cost relat neutral loan exclud increas carri cost hive loss view forego commiss justifi take account hive loss cdr addit emerg regard epfr princip form higher carri cost view mention factor great uncertainti remain final cost state rescu cl commiss assess wide rang aid ad cost stage low rang emerg result hazard hive scheme rang estim cost measur assist cl scheme set french author consist financ budgetari cost oper long period potenti system borrow epfr cl rate base short term monei market rate larg borrow epfr market rate state recapit cover cash flow honour interest payment cl loan prejudg futur budget choic french author retain consider flexibl scheme rate cost transact repaid order simplifi scheme calcul cost assum provid hive end state choic year pai compensatori amount final settlement epfr allow repai balanc loan cl allow loan continu basi short term financ rate defin extent cdr repay suffici reimburs interest annuiti loan cl state recapit epfr order maintain cash flow prevent pai annuiti arrear hand state fail provid epfr minimum financ epfr compel contract massiv debt financi market mention epfr report warn futur recapit state budget grown appreci abandon coupon bond epfr subscrib drawdown frf billion cl loan flow place distant futur depend state decis recapit epfr mean nomin cost carri loan epfr loss incur cdr discount account moment flow record payment accord decis decemb state financ hive long term loan instanc form year govern bond discount futur loan repay flow nomin total loss incur cdr long term rate scheme question short term financ hive base mmr discount rate account commiss hive loss carri cost short term rate fact commiss short term interest rate discount futur flow mean assess carri cost virtual independ rate trend commiss assess rang account hypothet short term interest rate calcul total cost oper produc ident amount rate risk sensit scenario evalu nomin cost present hypothes assess discount cost hive factor refer section sensit neutral cost variat calcul rate tabl base present cost discount decemb result oblig decemb settl loss oper budgetari payment basi gross aid cl prejudic deduct calcul constant price decemb basi cdr loss carri cost neutral loan epfr state recapit includ aid frf billion approv method produc similar result obtain discount sum state recapit cl epfr data exact amount futur timet obtain reason epfr incom deduct assumpt princip fortun claus transfer proce privat cl alloc epfr uncertainti loss cdr consider introduc unknown assess aid loss estim decemb cdr frf billion commiss updat figur decemb figur includ lower end aid rang state cdr loss born epfr particip loan grant cdr repai loss incur guarante epfr cdr exce amount particip loan frf billion includ addit tranch frf billion ultim drawn cdr convert epfr guarante cdr extern borrow frf billion cover balanc sheet item notabl court case risk ti disput hive asset final estim loss incur cdr uncertain commiss calcul aid cl account unforeseen increas cdr loss compar frf billion estim decemb reduct residu risk dispos programm advanc order account addit loss emerg state prudent stage risk relat entir particip loan basi calcul estim upper rang loss incur cdr reason view number error made french author past estim amount concern order retain adequ margin error commiss consid rang frf billion calcul total aid loss cdr carri cost set discount decemb epfr plan order facilit cash flow manag contract januari addit loan frf billion cl increas hive loss make fresh capit state urgent epfr servic loan cl absenc precis detail french author futur recapit view cash flow difficulti encount epfr compel delai interest payment incur penalti cl commiss appli high rang assumpt epfr obtain loan frf billion cl protocol exist cl epfr view pessimist forecast made epfr report outstand borrow market reach statutori maximum frf billion epfr horizon state provid capit law novemb set epfr author borrow maximum frf billion pai interest loan grant cl basi undertak french author privat cl commiss includ risk excess cost assess addit aid cl cl privat epfr immedi receiv state hold inject oxygen cash flow obviat indebted reduc balanc loan cl repai princip state sell bank capit retain hold epfr receiv inject frf billion privat suffic servic loan suffici long period essenti state continu recapit epfr regularli ensur scenario epfr report realiti practic french author alloc fund epfr time pai interest annuiti loan cl princip avoid singl repay princip spread burden year give undertak matter prejud author french parliament budgetari matter provid epfr regularli provid suffici capit satisfi cash flow requir obviat borrow determin aid depend exact timet recapit state present figur calcul basi point assess scenario set tabl base necessarili simplifi hypothes commiss data need simul forecast resourc expenditur epfr provid accur estim total cost oper commiss consid broad rang assess cost hive set object pictur stage rang final cost state situat gt tabl gt basi scenario high low amount aid result juli plan express gross figur deduct incom fortun claus privat pertain hive mechan ad discount cost recapit estim discount frf billion take account specif hive arrang bank privat proce alloc epfr commiss deduct state interest cl gross amount aid end commiss consult bank estim cl frf billion basi plan submit juli inform provid cl end year commiss examin recent estim made independ sourc april put significantli higher figur bank averag frf billion number estim made basi unchang consolid limit assumpt loan neutral full estim made addit asset sale decid offset aid examin decis revis busi plan submit bank commiss begin sale consider impact bank busi activ result probabl impact reduct net receipt bank frf billion reduct gross oper result frf billion compar forecast juli plan compani primarili discount amount cash flow result signific correct bank stage light latest develop properli account latest assess sourc realiz bank market basi notwithstand substanti margin uncertainti commiss precautionari measur restrict decis assess carri consult bank end assum state hold cl deduct full gross amount aid deduct approxim frf billion net cost state cl aid oper reduc rang frf billion event substanti incom privat amount supplementari aid question continu consider expand rang final aid appli commiss view uncertainti hive mechan exact amount proce privat cl locat broad rang frf billion roughli equival time amount aid approv letter commiss date april french author present calcul aid result rang frf billion appli error margin upper amount rang commiss decis ec reach conclus total aid cl estim frf billion commiss accept estim reason french author regard hive loss aid cl loss evalu hive asset liabil transfer cdr result loss frf billion lower cdr loss calcul commiss constitut lower end rang cdr estim loss reason set commiss accept cdr loss includ main point diverg french author calcul calcul meet held repres cl french author end meet held novemb commiss state stage total increas cdr loss regard aid cl commiss repres reiter posit author meet held brussel earli ii major point diverg concern calcul risk inher hive system commiss take view guarante epfr cdr frf billion activ amount consider excess estim loss frf billion cdr loss spiral note date continu result upper rang aid estim account risk loan theori higher state guarante unlimit scenario cdr spiral loss hand hand spiral addit carri cost epfr forc epfr make market borrow option legal major point diverg impli top rang frf billion higher amount put forward author commiss comprehens method french author aim identifi epfr loss hive iii french author discount loss carri cost loan basic carri cost cost neutral long term rate year govern bond fungibl treasuri bond commiss agre french author method consist discount total amount loss carri cost point long term discount rate result discount figur loss carri cost year lower nomin amount loss method carri cost determin short term rate mmr point lower long term discount rate appli french author discount calcul long term rate french author estim base appli mechan long period light scale loss outstand loan signific quantit impact result discount loss hive reduc frf billion assum loss realiz calcul implicitli assum state transform resourc mmr long term applic bear current rate interest state lender structur term benefit convert borrow short term rate loan long term rate case present round hive state borrow structur term posit advantag convers option cl loan alloc full cdr produc loss attempt benefit convers short term rate long term rate coupon initi envisag fail amount frf billion consider loss question financ cl state commiss conclud state benefit possibl convert rate creat loan cl short term rate total amount loss frf billion case state alloc budget provis tune dozen billion franc epfr know loss estim frf billion epfr reinvest budget provis long term rate view benefit short term long term rate differenti commiss follow discount logic base long term rate result reduct hive cost unrel realiti mechan question note secondari basi state posit advantag rate convers option rate risk remain risk short term rate rise level long term rate instanc event cyclic overh account estim ensur compar iv fourth commiss previou calcul account risk spiral carri cost refer epfr report basi risk upper end commiss valuat rang increas servic debt epfr enter cl tranch addit frf billion market statutori author borrow frf billion view diverg commiss reject estim amount aid cl put forward french author addit aid cl amount author commiss conclus addit aid amount author commiss decis ec compris cdr addit loss born state mechan epfr particip loan cdr epfr supplementari carri cost neutral cl loan epfr abandon coupon bond provid busi plan decis ec discount receipt deduct approv aid commiss point articl decis ec stipul cost scheme estim frf billion exceed examin scale reduct commerci oper cl accept french author result author ceil frf billion exceed examin carri pursuant present decis view determin addit aid question compat common market compar amount aid approv estim addit aid event substanti basi extend aid rang frf billion previou calcul nomin addit aid consist frf billion total amount frf billion author commiss increas size result total aid preced commun approv basi substanti compens measur state aid charact public support measur cl accord market economi investor principl measur question affect trade distort threaten distort competit commiss aforement commun member state capit inject public undertak element state aid similar circumst privat investor carri capit inject question result suffici return note unpreced total amount mobil aid oper largest histori commun singl undertak state sole player mobil amount view virtual unlimit abil rais financ tax borrow market privat group europ world suffici financi capac mobil huge amount aid mobil fund discount gross amount minimum frf billion produc modest return disproportion financi input state return invest amount consist sole combin fortun claus proce privat cl state recoup invest return public fund alloc rescu cl strongli neg circumst compar return privat oper expect high risk financi transact estim decis ec amount annual rate invest capit market economi investor principl met bound reach conclus rescu restructur measur bank question constitut aid recapit cl french author invok oblig compli fund requir introduc council direct ec decemb solvenc ratio credit institut inform commiss notifi emerg aid aid provid cl find unabl compli minimum solvenc ratio requir direct commiss decis ec emphas connect fact bank solvenc requir introduc commun direct inject public fund equival measur design compli direct regard aid similar circumst privat investor deem invest offer normal return complianc commun direct refer sole oper continu mainten recapit compani bank licenc circumst direct prohibit liquid credit institut inject supplementari fund satisfi abovement market economi investor principl constitut state aid mobil public fund compat common interest examin complianc treati rule aid measur author commun direct solvenc ratio credit institut justif complianc articl treati note commiss conclud decis ec measur question evalu net amount frf billion time constitut aid appli capit increas state underwrit hive oper present decis concern loss carri cost hive oper includ neutral cl loan epfr abandon coupon bond deduct aid decis ec measur concern essenti previou reflect spiral cost aid measur concern increas aid measur estim commiss previou decis word constitut state aid basi aid measur initi estim commiss commiss examin provis articl bank law januari governor bank franc author invit sharehold member credit institut offer support situat merit commiss note recent case privat sharehold credit institut difficulti refus respond invit governor bank franc provid fresh capit contribut financi amount involv consider lower present case take view call sharehold solidar bind legitim sharehold assess fund provid basi return capit inject equival measur light recoveri plan put forward credit institut question accord market investor principl refer interpret pari court appeal hand judgment januari stipul articl interpret coerciv word state sharehold basi articl view requir law bail bank irrespect treati rule possibl credit institut structur viabl penal expel market put liquid fundament element ensur confid econom oper maintain credit institut insuffici profit margin busi artifici result distort competit moral hazard enterpris ultim weaken rest bank system lead major distort alloc fund disfunct economi commiss share view french commiss bancair note report orderli restructur french bank system impli credit institut compani protect market forc busi word disappear bank institut regard indic inadequaci exist supervisori mechan sign market forc work bank protect enterpris commiss note object competit polici prudenti bank polici mutual incompat design achiev common end develop competit healthi bank sector impli bank supervisori author make provis polici facilit disappear uncompetit bank emerg transit measur notifi septemb repres french author report meet commiss bank prove insolv risk crisi spread financi system economi depend accompani measur liquid process french author time commiss posit quickli rule insolv risk exclud risk cl crisi spread financi sector commiss disput exist risk account approv emerg measur notifi time pend assess case includ restructur plan provid commiss guidelin aid rescu restructur commiss note state constantli invok risk crisi type avoid consequ articl treati note decis ec commiss take view unpreced scale loss incur rescu cl larg explain lack supervis compani state sharehold delai take initi major restructur measur cost reflect conduct prudent sharehold demonstr lack corpor govern led numer error character irrespons decis bank previou manag lack transpar manag compani account decis make procedur incorpor risk assess heart bank decis make process lack intern extern control hand hand strategi forc expans end begin explain unpreced scale cl financi problem commiss point manag fail accentu confus role state sharehold state entrepreneur welfar state state legisl confus result state sharehold allow situat unpreced graviti degener contrari asset relat interest commiss note decis ec data establish combin cost state budget recapit anticip cost hive cl greater cost state incur sale liquid solut chosen event cost state interven crisi aros commiss note instanc french case law relat previou case state liabil liquid debt deem extend capit contribut compani question similar preced commiss court justic reject argument liabil state sharehold liquid debt extend capit contribut ground extend liabil amalgam role sharehold state welfar state case law court alter fact oper constitut aid sharehold state awar case law base law compani rehabilit liquid long measur examin measur strengthen risk monitor bank expansionari phase restructur liquid measur crisi broke word behav prudent sharehold market economi investor complianc aforement principl leav matter commiss consid french author fail provid proof requir law state sharehold equival ipso jure de facto manag compani case ipso jure de facto manag liabl compani liquid debt event manag error financi amount error repres lastli commiss note proof provid provis enabl french state claim exempt implement articl treati flout principl law argument base fault liquid cl direct indirect cost excess measur french author situat result fail year state sharehold invok argu measur question constitut aid upshot factor aid charact rescu restructur measur bank disput liquid possibl entail higher cost context financi system crisi distort trade member state liber financi servic integr financi market made intra commun trade increasingli sensit distort competit econom monetari union made trend pronounc launch singl currenc trade commun develop exchang risk exchang cost principl financi institut oper cross border basi obstacl prevent expand abroad obstacl relat arrang protect domest institut effect competit make advantag foreign competitor enter market aid design enabl financi institut surviv background lower profit reduc abil meet challeng pose competit aid grant cl distort competit commun level make harder foreign financi institut access domest market aid question cl wound sold part stronger institut possibl part judici proceed event happen institut activ foreign competitor wish set boost busi presenc franc procedur make easier dispers cl asset market share high number potenti buyer note plan submit french author juli provid separ sell cl french foreign subsidiari floatat cl addit aid institut intern dimens cl wide rang financi product compani compet intern market offer financi servic individu custom competit european financi institut expand activ abroad branch network franc distort effect intra commun trade aid question enabl cl inter alia restructur number activ abroad market compet financi institut commun note cl intern activ account frf billion bank total asset european activ account bank total asset end repres amount frf billion public intervent question deem cover articl treati constitut state aid distort competit extent affect intra commun trade assess compat aid cl legal framework criteria method assess compat aid cl establish measur question constitut state aid pursuant articl treati commiss determin aid deem compat common market mean articl born mind aid question social aid grant individu consum aid facilit develop french region grant purpos aid design remedi econom disrupt purpos resolv problem singl recipi cl oppos acut problem face oper industri result aid consid common european interest derog provid articl account articl commiss power author aid facilit develop econom activ aid advers affect trade condit extent contrari common interest assess aid compat common interest commiss take account extent competit distort offset measur provid view limit distort restrict aid strictli viabil recipi commiss set implement condit derog commun guidelin state aid rescu restructur firm difficulti guidelin state aid restructur rais competit concern shift unfair share burden structur adjust attend social industri problem produc manag aid member state commiss take view aid restructur contribut develop econom activ affect trade extent contrari commun interest condit met restructur plan base realist assumpt enabl minimum return invest capit gener reason time span firm long term viabil guarante provis suffici quid pro quo offset distort effect aid competit aid regard contrari common interest aid proport object question amount aid limit strict minimum need restructur recipi compani make maximum contribut recoveri plan full implement restructur plan observ oblig laid commiss final decis set monitor system previou condit accord guidelin aid restructur aid provid present instanc aid question provid addit approv scale distort effect rigor detail assess carri ensur aforement condit compli competit background cl activ distort effect aid european bank industri french bank industri undergo process adjust character sever competit develop fuell liber capit market rapid technolog chang launch singl currenc definit open market loss commiss exchang transact currenc countri form emu increas competit pressur commun result acceler integr suppli bank broadli financi institut merg larg result exist complementar bank insur recent year bank network main retail insur product integr suppli inevit give rise restructur enabl group deriv full benefit synergi creat shed dead wood result merger oper cl carri financi busi background acut competit wholesal bank invest bank retail bank subject consider competit pressur impact competit commerci bank activ europ squeez financi intermedi margin steadili erod ten year bank attempt counteract loss ad develop commiss gener servic share net receipt bank nrb grow take french financi institut explain state aid cl reason excess uncontrol exposur real estat imprud polici expans abroad ineffect monitor system part sharehold unabl put end time high risk behaviour bank manag word cl system corpor govern prove inadequ view cl delai respond cyclic downturn difficulti face rent purchas price fall uninterruptedli real estat market coupl slow pace recoveri process clear current substanti aid requir partli result confid manag state sharehold oblig cover past error demonstr french author argument cost altern solut cl group rush highli specul polici public institut count state aid privat institut forc market undergo drastic restructur enter composit creditor result imbal condit competit public privat bank institut constitut distort normal market condit case point ground believ cl enjoi total perman implicit explicit back state embark riski polici place undergon restructur earlier greater determin public support ultim mean lifelin fail institut emphas french senat inform report effect protect creditor remov incent creditor monitor debtor behaviour result financi institut longer subject supervis penalti market protect inappropri excess consequ encourag unsound manag credit institut european parliament council european union state direct ec deposit guarante scheme effect sharehold support turn made market support delai restructur increas final amount state aid result accord statement council european parliament commiss fulli subscrib argument establish academ circl wake bank crise countri pervers effect moral hazard problem plai import part cl crisi note distort effect aid competit concern previou polici cl nation bank receiv aid creat expect futur uk author point comment submit part present proceed aid grant bank manag expect aid forthcom futur addit distort effect competit addit state aid weakest institut plai neg role help squeez margin industri state aid tantamount reward ineffici undermin market disciplin grant repeatedli case cl reason guidelin state aid rescu restructur firm difficulti aid quasi systemat state support nation institut difficulti cl gan cic crédit foncier de franc marseillais de crédit comptoir de entrepreneur coupl fact rescu oper carri effect exacerb condit competit face french european bank franc worsen difficulti financi industri neg impact profit level privat bank repres distort competit appli bank member state oper franc face obstacl develop activ franc result situat point report french plan author commissariat général au plan result imbal condit govern entri exit bank industri creat artifici blockag french bank system normal counterpart unfett entri industri unfett exit imbal main main difficulti french bank industri aforement report senat financ committe systemat reject liquid sale option govern made remain option costli relief shown ineffici cl illustr fact cost procrastin high gt tabl gt last solut cl nation bank system franc entail reform corpor govern group institut solut moral hazard problem engend state ultim willing provid support case point commiss take view undertak enter french govern privat radic trim group provid last solut corpor govern fail note past note interpret numer case articl bank law french author section result addit distort element condit competit obtain french bank industri french author sharehold oblig lend support fail institut monetari author call note creat uneven plai field privat nation bank sharehold access unlimit resourc result interpret fund alloc econom irrat normal function market condit competit obtain french bank industri distort doubt coerciv interpret bank law recent reject judgment pari court appeal made last contribut imprud conduct manag french nation bank reli sharehold virtual automat support give rise expect aggrav exist distort competit fact french author invok regard coerciv natur articl numer case bank difficulti show sharehold state fulli learn lesson seri crise nation bank sector capabl repeat past error virtual uncondit support french author make argument risk system crisi spread rest financi sector case major bank cl big fail argument commiss believ french author common interest follow strategi resolv crise bank sector minim distort effect competit polici advoc design encourag respons behaviour part manag nation privat bank end import compet author state publicli credit institut subject market forc bank protect liquid enterpris french commiss bancair state aforement report state sharehold act deal bank crise discrimin nation bank privat bank polici accompani protect measur small investor form instrument deposit guarante fund accompani strategi order liquid fail bank view avoid crise prevent spread rest financi industri economi commiss take view member state instrument temporari liabil guarante enabl provid framework order liquid compani prevent system crisi develop commiss consult group wise men consist governor member state central bank concur approach assess viabil cl basi assumpt contain plan submit commiss juli note gener principl guidelin restructur aid aid author interest commun commiss began analys assist consult bank plan submit french author determin intern cohes assumpt base preliminari examin prejudic made refer commun polici state aid result assumpt regard intang commiss french author plan cl loan total neutral bank profit regist continu growth rise frf billion frf billion year net result group share distribut claus year commiss consult bank light high outturn stabil grow modest rate gt tabl gt restructur french network main sourc cl post plan margin expect franc account cl net result year onward work carri commiss consult bank base object set cl gradual float compani capit year univers bank strategi franc corpor bank strategi rest world rise conclus franc dcaf cl project reason commiss consult bank project base explicit strategi design defend exist market share cut oper cost plan base success cost cut programm improv qualiti asset cl aim win back market share consum credit facil offer partnership cetelem object grasp commiss consult bank carri sensit analysi show cl reduc overhead oper ratio slower rate anticip profit undermin growth fund slower tier solvenc ratio rise mark year increas level provis plan lesser impact result fund ratio commiss consult bank view busi plan assumpt turnov net receipt bank conserv side analysi sensit fall nrb commiss consult bank examin transact effect cl emphas cl perform europ time span plan depend larg extent bfg plan due sold year bfg result stabil restructur introduct strateg guidelin plan major sale europ bank perform europ affect extraordinari element depend sell off result capit loss gain commiss consult bank note cl withdraw retail bank activ rest world current integr market corpor bank activ major synergi made improv cover bank larg scale custom meant bank achiev object crédit lyonnai america bank unit state enjoi statu commerci bank corpor bank crédit lyonnai asia highli special brokerag activ form group pivot point solid pillar underwrot bank intern strategi financi project basi work carri consult bank commiss conclud busi plan submit juli broadli realist term assumpt made forecast reason growth eschew excess ambiti object led cl adopt aggress price polici plan structur consist point emerg adequ profit level year cl viabl long term aid quid pro quo assumpt present french author juli cl result broadli support analysi cl nrb greater figur plan forecast signific downturn nrb conclus qualifi consider cl perform set institut directli compar view varieti cl function comparison complex requir substanti number institut market assess multipl criteria size structur organ profit distribut presenc domest intern market examin carri commiss consult bank refer french bank closest cl société générale bnp light current trend bank market europ rest world analysi show restructur work begun cl substanti complet cl larg staff high number branch reflect substanti overhead hive asset tune frf billion improv portfolio gross return measur ratio interest margin averag asset gross oper result averag asset cl net return ratio return asset fund consider compar competitor cl oper ratio high relat french competitor approxim mention foreign competitor approxim lead final stage econom monetari union reduct ratio european bank cl term asset qualiti hive enabl consider improv made todai cover doubt debt brought back level risk monitor critic factor underli cl problem remain medium term risk manag system enabl bank anticip prevent manag major risk medium term face unforeseen circumst resourc lastli note compar strategi geograph expans expans field size cl size weight commit involv lower level capit competitor entail inter alia higher financ cost market low rate restrict potenti growth margin aid made cl oblig substanti reduc market share franc close main competitor cl resum growth strategi absolut term term market share accumul fund substanti excess fund present recapit take place entail seri posit result year bring conclus basi notifi plan cl viabl make consider effort consolid current recoveri conclus cl viabil commiss account substanti plan need view requir minim aid measur offset distort competit provid commun competit rule section aid proport cost benefit restructur forecast notifi plan commun guidelin state aid rescu restructur firm difficulti state limit distort effect form aid grant avoid provid compani surplu cash aggress market distort activ link restructur process order assess aid proport object cl contribut maximum extent resourc restructur plan submit commiss guidelin requir commiss draw distinct aid aris increas cdr loss aid aris chang term loan cl epfr aid cl respect cdr epfr loss product essenti motiv hive difficult author vari amount aid call question principl underlai hive place arrang cdr loss born epfr origin loss cl cdr cl poor qualiti asset liabil loss due bad manag cdr part substanti case case cdr subsidiari cl cl consolid account cl longer control requir commiss decis eec loss affect cl financi posit state take cost recapit epfr rate interest charg loan cl epfr direct impact cl profit tabl neutral net cost carri loan signific effect cl result variabl open state action state act grant emerg aid view improv cl financi situat reason commiss examin proportion object pursu addit aid repres neutral epfr loan cancel coupon bond constitut major increas carri cost transact epfr increas born state neutral loan epfr consid cl unabl financ charg bear respect loan epfr return mmr born mind arrang form contribut cl recoveri plan help limit volum aid point neutral oper equival state aid invest figur cl balanc sheet item show profit loss account necess assess light cl financi posit begin cl drew profit loss forecast basi asset sale requir quid pro quo decis revis figur show underli assumpt plan chang drastic cl unabl show posit result loan neutral year effect neutral loan greater cl profit applic fortun claus adjust big cl expect net profit fall short juli forecast frf billion cl poor rate fact surveil moodi rate agenc begin commiss accept loan epfr neutral loss compromis restructur oper progress commiss acknowledg cost restructur provid closur sell plan french govern commit bear heavili year strateg year life group privat complet octob gt tabl gt meet repres cl year onward restructur link asset sale complet cl expect financ develop total neutral loan initi propos french author juli point factor link restructur oper follow decis recur year asset sale complet decemb mean cl privat medium term prospect provid continu intern restructur effort undertaken order bring oper ratio ratio overhead net receipt bank commiss opinion privat cl end uncertainti surround aid plan profoundli modifi condit cl work bank find easier market fresh capit gradual fall cost borrow poor credit rate expens competitor bring rate margin back level main competitor improv strengthen recoveri reduct oper ratio privat basi last improv commiss note cl difficulti acut econom downturn bank vulner cyclic swing growth reflect directli cl growth remain weak medium term result continu restrain mechan risk run custom rate default claim great deal lower macroeconom situat good medium term outlook european economi encourag ow context growth stabil creat econom monetari union commiss opinion cl pursu recoveri favour environ complet restructur begun drastic reduc balanc sheet accord decis take account limit decis impos growth basi initi plan commiss conclus cl viabl light estim put forward cl commiss consid conclus continu hold good commiss conclud complet neutral loan allow year cl posit bear cost refinanc long term liabil back epfr loan endang viabil limit affect amount state aid cl calcul basi complet neutral loan result variat cl state lose gain reduct volum aid term state portfolio impact net amount aid neglig tabl basi addit aid examin decis approv commiss estim frf billion frf billion commiss french govern agre financi mechan establish produc restrain effect oblig cl financ loan epfr mmr refinanc rate mmr altern mechan accord privat investor principl refer compris fresh state aid cl section increas rate servic loan epfr mmr loan frf billion cl epfr intend financ subscript epfr coupon bond grant constitut loss revenu state commiss account calcul aid quid pro quo necessit epfr depriv possibl transform resourc bear short term rate interest applic bear long term rate direct effect cl simpli reliev oblig borrow lend sum frf billion mmr effect profit loss account solvenc ratio quid pro quo proport distort competit caus aid commiss examin measur assist restructur firm difficulti assess common interest serv mainten firm busi competit exist industri competit affect aid distort competit reduc limit aid strictli requir quid pro quo part firm commiss secur substanti reduct distort competit aid declar compat common market provid test laid guidelin restructur aid satisfi factor assess distort competit born mind state aid receiv cl put liquid commun guidelin state aid rescu restructur firm difficulti purpos requir recipi firm give capac quid pro quo aid reduc distort competit caus aid main market recipi compet similar firm capac market share left free provid form compens competitor serv offset distort competit caus aid quid pro quo take form asset sale reduc size cl balanc sheet line french author connect earlier decis ec cl proce sale financ restructur recipi made contribut maximum extent restructur process case substanti quid pro quo part recipi state aid strict minimum commiss awar case market constraint make difficult secur full asset sold cl european bank legisl introduc solvenc constraint nucleu tier fund weight asset fund broader sens amount limit credit institut capac growth realiti capit constraint kind appli form enterpris medium long term bank sector constraint perman directli quantifi set temporarili credit institut wish pursu growth strategi credit institut bare satisfi solvenc requir margin growth attract fresh capit increas capit reserv achiev high rate profit ineffici bank growth restrain solvenc requir bank make larg profit margin growth reflect profit restraint solvenc requir place growth effect institut illustr prudenti polici competit polici complement quid pro quo suggest french author commiss account undertak govern mechan restrain cl growth likewis help offset distort effect aid section result solvenc requir case credit establish arriv rough theoret estim distort competit caus state aid aid equat capit inject distort competit assess term weight asset capit inject frf billion measur effect equival bank increas weight asset balanc sheet requir compulsori solvenc ratio expand activ oper consider bring potenti distort competit equival frf billion cl increas weight asset frf billion aid relationship mean state aid credit institut exce fund distort competit caus greater weight asset situat role quid pro quo limit distort roughli estim cl receiv state aid equal possibl time current fund amount frf billion theoret distort competit measur term balanc sheet asset rough method outlin equal entir weight asset exce amount aid enabl cl avoid liquid surviv maintain level activ solvenc requir forc cut back substanti reduct made aid gener stabil market share franc year tabl section curb growth impos solvenc requir constrain effect aid part aid grant volum aid cl french european competitor suffer exception high level distort competit aid approv import common interest substanti quid pro quo put forward french author suffici compens competitor distort suffer result author refus market mechan compens measur europ world quid pro quo aid plan approv net volum state aid frf billion french author undertook substanti compens measur section letter commiss juli mr madelin minist econom financi affair cl reduc commerci presenc franc balanc sheet term equival cl asset europ franc cl intern asset valu total frf billion decemb reduct amount frf billion includ frf billion europ cl decemb dispos asset compli oblig end octob cl sold intern asset worth frf billion includ frf billion europ half reduct undertaken carri equal group intern asset decemb compli decis ec dispos asset frf billion europ decemb plan present french author juli compens measur offset aid addit commiss approv fell short need french author propos sell subsidiari cl bulk busi retail bank franc ask stringent timet impos decis ec sale intern asset requir offset effect aid carri decemb propos deadlin put back year strateg disinvest place entir durat plan letter date april mr van miert inform mr strauss kahn commiss view condit laid decis ec compli compens measur provid plan date accord decis inform suppli cl retail bank busi europ franc account asset frf billion cl intern asset busi europ franc measur term balanc sheet decemb basi commiss evalu compens measur plan french author undertook ensur cl intern asset dispos worth frf billion consist essenti sell off retail bank europ compens measur french author propos juli amount percentag differ frf billion previou level asset sale frf billion estim basi juli plan total sale frf billion total amount aid cl higher assumpt outlin time greater volum approv addit french author left doubt meant express subsidiari cl bulk busi retail bank franc clear intend undertak includ cl belgium total asset frf billion end cl main subsidiari europ bfg cl belgium includ quid pro quo offset increas aid practic exist amount ten billion retail bank europ juli plan french author deadlin main compens measur offer sale bfg account frf billion possibl chang cl stake share bfg sharehold aachen amp münchener largest insur group germani hold share trade union own financi servic compani hold minu share cl acquir major hold bfg gave sharehold option sell hold price set advanc option exercis end guarante payment minimum level dividend bfg profit poor replac manag restructur measur end main object preserv margin expect fall net receipt bank measur born fruit profit improv bfg repres cl asset europ franc defin end sale compens measur made import contribut reduc size group view uncertainti clear plan expir end year compens measur offset aid grant plan view consider increas volum aid commiss approv plan submit juli basi loos timet small increas quid pro quo commiss examin criteria assess defin quid pro quo requir cl decis conclud reliabl criterion determin natur scale main step requir sale asset subsidiari branch equival closur reduct balanc sheet cl effect commerci oper commiss consid common interest main compens measur offset plan aid cl europ wholesal retail bank line busi cl compet directli bank commun includ french bank expand activ europ larg proport cl capit deal insid commun subsidiari branch rememb cl rapid expans end earli growth strategi hing intern network network build europ european bank network plai central role distort trade caus grant state aid unparallel scale aid involv commiss take view cl activ europ franc sold amount frf billion basi cl balanc sheet decemb refer date decis ec requir compens measur europ worth frf billion equal cl european asset cl dispos asset worth frf billion compens measur requir decis identifi basi cl balanc sheet decemb letter mr strauss kahn april mr van miert accept frf billion figur asset frf billion dispos europ north america asia quid pro quo scale indispens aid cl declar compat treati valuat sale intern asset requir quid pro quo offset aid commiss arriv figur lower produc observ strict proport quid pro quo requir assum high estim aid call reach compens measur rough estim theoret distort competit base bank solvenc ratio constraint amount aid exceed cl fund distort competit exce cl balanc sheet total commiss take view level compens measur incompress minimum aid declar compat common market quid pro quo defin substanti reduc distort competit significantli gt tabl gt société générale section submit commiss requir sale cl foreign asset part busi network franc commiss accept cl viabl end restructur process commiss opinion distort competit observ significantli reduc compens measur scale resort extrem solut meet commiss french author place begin mr strauss kahn mr van miert letter set compens measur franc prepar propos view decis measur relat europ rest world form sale closur subsidiari branch closur sale europ amount frf billion made frf billion franc frf billion sale insid franc includ branch network closur sale rest world compris asset worth frf billion french author provid confidenti list undertak letter mr van miert date bulk sale link addit aid complet time cl privat octob sale place result market factor duli substanti acknowledg commiss event complet octob closur branch subsidiari sale asset effect reduc cl commerci presenc accept compens measur total cl compli figur frf billion sale closur call commiss frf billion includ addit frf billion rest world provid compens measur decis ec quid pro quo reduc cl balanc sheet stood decemb closur sale free market share cl competitor total compens measur form propos govern undertak relat europ includ franc line common interest subject factor consid decis commiss opinion quid pro quo propos french author distort caus aid reduc significantli addit compens measur relat network branch franc aid addit approv amount aid involv time potenti greater amount approv cl ask make effort respect network franc order free market share competitor franc affect badli distort competit caus aid basi inform suppli cl commiss consult bank plan present juli call reduct number outlet franc year branch includ person busi corpor function alik reduct comparison number outlet letter mr strauss kahn april mr van miert ask effort cl part reduc number outlet franc year commiss consult bank judg compat requir cl viabl reduct outlet substanti quid pro quo compens cl competitor cl french network reduc comparison commiss note comment submit société générale proceed section measur increas cl profit improv competit consid offset distort effect aid commiss point addit compens measur ask cl respect network franc respect intern busi restructur measur cl project juli plan letter mr van miert mr strauss kahn undertook reduc number branch franc commiss ask basi commiss opinion compens measur franc addit plan frf billion form asset sale encompass group branch franc person busi corpor bank alik reduc cl commerci presenc provid signific quid pro quo compens cl competitor french european allow develop busi french market closur place decemb restrain mechan fortun claus french author introduc restrain cl growth act drain profit fund solvenc requir discuss plan submit juli french author propos reconsid claus envisag replac altern time letter march propos cl allow redeem claus exchang share issu reserv state commiss acknowledg maintain fortun claus apport cl profit state year time cl due privat difficult reconcil requir privat sharehold order minim cost state amount aid cl bui back claus market price basi independ valuat state receiv discount proce claus transact compris state aid cl valuat submit commiss approv french author told commiss want chang mechan loan cl epfr maintain restrain effect present exercis cl interest rate carri loan mmr french author propos period cl convert form current disadvantag suffer result low rate collect epfr loan commiss put frf billion period deduct total aid grant tabl redraft fortun claus proport profit withdrawn increas increas claus residu state hold cl effect state asset equal discount extra mmr paid epfr outstand portion loan cl discount frf billion period commiss figur fortun claus increas redeem cl mean share issu reserv state subscrib epfr epfr sell share privat process effect state asset transact chang claus sale claus worst neutral state foregon mmr interest concess loan epfr lost revenu fortun claus basi state aid cl deduct proce privat affect hive mechan alongsid transact order maintain restrain effect cl french author undertak cl net profit includ distribut dividend ii carryov loss tax purpos end fortun claus redeem iii growth cl consolid balanc sheet assum constant consolid limit exchang rate subject ceil annum end end solvenc ratio maintain level end save except circumst duli substanti commiss acknowledg commiss accept mechan increas rate servic loan mmr chang draft claus sale claus altern mechan restrain cl growth provid condit satisfi estim discount refinanc burden cl result loan epfr monei market rate redraft claus put claus base valuat independ valuer valuer report forward commiss approv conclus chang claus plan issu share cl reserv state commiss oppos oper take view fortun claus refinanc burden cl full valu aid compon appear provid satisfi fulli point commiss conclud restrain mechan compris addit aid compon continu act appreci restraint cl end restructur plan privat undertak french author conjunct examin compat aid issu commiss take note undertak govern respect privat cl object set decis ec adopt letter date minist econom financi industri affair undertook privat cl end octob accord open transpar discriminatori procedur state lose role lead sharehold hold fall capit privat order made end sell begin march commiss take note undertak recal gener principl appli case privat order determin element state aid principl set twenti report competit polici consid privat put end problem corpor govern point earlier ensur futur cl turn privat sharehold market addit resourc condit compli aid compat commiss emphas sale subsidiari branch reduc scope cl consolid account net previou sell off irrevoc carri accord transpar procedur open potenti buyer french foreign condit includ claus impos unaccept limit number potenti candid tailor potenti candid choic buyer made view maxim revenu sale proce sale financ cl restructur plan ii complianc decis french author submit progress report month decemb report give detail account sale closur agre connect decis show date sale book asset price paid capit gain loss report submit octob subsequ report due januari april juli monthli progress report year provid precis account progress privat cl monthli annual report suppli commiss immedi approv board director bank review progress bank busi plan commiss unlimit access inform consent french author seek explan clarif cl direct french author cl lend full cooper enquiri request commiss consult act commiss constantli inform step privat cl author send advanc inform establish privat carri accord open transpar discriminatori procedur commiss examin procedur light privat principl refer iii decis ec french author compli undertak set articl decis ec end hive oper conclus compat aid addit aid approv commiss conclud measur consid proceed respect increas cdr loss epfr carri cost abandon requir cl financ subscript coupon issu epfr compris aid addit aid author commiss decis ec amount frf billion commiss decis septemb amount frf billion commiss estim addit aid frf billion discount commiss conclud restructur plan submit french author shown cl viabl confirm conclus commiss consult bank busi plan submit french author ii unparallel volum aid confin strictli viabil cl provid neutral epfr loan confin period iii reach programm sale closur french author commit fact aid confin strictli cl financ substanti proport restructur plan maximum extent allow resourc iv french author put forward compens measur conclud cl reduc commerci presenc consider common interest balanc sheet end restructur plan reduc comparison decemb compens measur link addit aid consist closur sale asset worth frf billion reduct cl network branch franc year prevent excess distort competit equival restrain mechan substitut burden monei market rate epfr loan drain profit fund caus fortun claus condit chang compris aid cl set undertak confirm letter date commiss conclud accord commun guidelin state aid rescu restructur firm difficulti provid french author compli undertak set articl condit commiss impos articl addit aid qualifi exempt begin sentenc articl treati compat common market aid author commiss decis ec aid commiss author decis ec continu compat treati provid french author cl compli fulli oblig impos decis chang author decis commiss point decis ec requir french author cl ensur quid pro quo provid decis fulli implement cl commerci presenc franc reduc balanc sheet term equal asset europ franc reduct assess proport proport cl total asset account asset decemb complet decemb adopt decis articl measur submit commiss septemb measur crédit lyonnai restructur plan laid commiss juli take form neutral loan epfr decis proce coupon bond coverag state addit loss made cdr epfr amend french author accord decis constitut state aid caught articl ec treati articl eea agreement aid addit aid author commiss decis ec commiss decis septemb frf billion addit aid declar compat common market articl ec treati eea agreement articl agreement provid franc compli undertak set paragraph condit set paragraph franc undertak franc undertak transfer crédit lyonnai privat sector octob accord open transpar discriminatori procedur process begin privat order made place stage event launch march state hold capit crédit lyonnai reduc state longer crédit lyonnai lead sharehold quid pro quo offset aid crédit lyonnai sell liquid asset worth frf billion balanc sheet decemb reduct spread asset europ franc except busi london luxembourg frankfurt switzerland crédit lyonnai entitl manag account purpos suppli payment disburs servic euro zone preserv strateg busi offset asset franc world undertak supplement undertak juli call worldwid reduct equival europ undertak confirm balanc sale complet decemb worldwid reduct frf billion place time privat date postpon year result market factor duli substanti commiss crédit lyonnai reduc network franc exce commerci outlet year parent compani retail bank subsidiari number includ outlet person busi corpor custom ensur success privat time allow fortun claus effect partial neutral loan valu independ valuer sold market indirectli issu crédit lyonnai share subscrib epfr sell privat process share issu valuat forward commiss order maintain restrain effect crédit lyonnai growth potenti fortun claus differ rate interest loan epfr ensur crédit lyonnai develop control comparison competitor net profit includ financi year distribut dividend ii carryov loss tax purpos end fortun claus redeem iii growth consolid balanc sheet constant consolid limit constant exchang rate subject ceil annum end end solvenc ratio maintain level end save except circumst duli substanti commiss acknowledg perform undertak set point verifi independ expert year complet asset sale french author send commiss quarterli progress report detail monthli report applic plan franc commiss confidenti list sale closur refer point letter date ensur aid compat common market french govern ensur condit compli implement undertak measur provid decis measur provid decis ec chang decis implement chang commiss prior consent procedur sale asset sale crédit lyonnai subsidiari branch reduc scope crédit lyonnai consolid account net previou sell off irrevoc carri accord transpar procedur open potenti buyer french foreign condit includ claus impos unaccept limit number potenti candid tailor potenti candid choic buyer made view maxim revenu sale proce sale financ crédit lyonnai restructur plan redefinit oper mechan restrain crédit lyonnai valuat discount burden refinanc crédit lyonnai respect loan epfr monei market rate redraft fortun claus valuat claus carri independ valuer valuer report forward commiss commiss approv conclus chang claus crédit lyonnai issu share reserv state monitor decis french author submit progress report month decemb report give detail account sale closur agre connect decis show date sale book asset decemb price paid capit gain loss report due octob subsequ deadlin januari april juli ii crédit lyonnai monthli annual report commiss immedi approv board director bank review progress bank busi plan iii commiss unrestrict access inform durat plan consent french author seek explan clarif crédit lyonnai direct french author crédit lyonnai lend full cooper enquiri request commiss consult act iv commiss constantli inform step privat crédit lyonnai author send advanc inform establish privat carri accord open transpar discriminatori procedur postpon date sale closur carri accord mechan set undertak french author point articl approv advanc commiss undertak refer exclus date sale closur asset leav unchang undertak privat crédit lyonnai complet event octob latest decis ec french author compli undertak articl decis ec end hive oper articl month date notif decis franc inform commiss measur compli articl decis address french republ brussel commiss karel van miert member commiss oj includ frf billion asset hive oj oj decis notifi french author letter date octob ref sg oj footnot data correct consolid limit rate definit standard amp poor adef aaa capac pai interest repai princip extrem strong aa strong capac strong capac suscept advers effect circumst econom condit bbb adequ capac pai interest repai princip great sensit chang econom circumst bb specul characterist uncertainti payment ccc cc doubt claim payment default moodi scale aaa aa aa aa baa baa oj overdu interest paid monthli rate week treasuri bill tmb publish caiss de dépôt consign detail emerg aid commiss decis septemb publish offici journal decemb ratio provis weight amount outstand liabil transfer hive provid retain subject differ due taxat result state cdr manag report capit increas cover subsidiari constitut claim epfr due secur subsidiari concern liquid sold commiss initi articl procedur respect transact recapit sale sdbo oj oj recapit sale stardust marin oj nomin data discount discount refer infra calcul estim cost oper state epfr report page op cit page op cit page hand state cl sensit risk fall rate rise loan carri cost articl law novemb state action connect recoveri plan crédit lyonnai comptoir de entrepreneur journal officiel de la républiqu français novemb basi valuat cl frf billion reduct rang conting assumpt loan neutral section oj oj case privat sharehold interven invit monetari author protect legal risk act view obtain adequ return capit contribut btp case report commiss bancair commiss decis ec bull oj join case spain commiss ecr paragraph law januari relief liquid compani articl cf french offici gazett januari section oj french senat banqu votr santé nou intéress report mr alain lambert behalf financ budgetari control account committe situat prospect french bank system report oj le systèm bancair françai octob contribut plan author senat financ committe financ work parti report senat financ committe lambert report op cit lambert report op cit direct ec european parliament council deposit guarante scheme member state establish instrument oj dcaf dcaf subsidiari convent assumpt suppos fiscal impact variat oper revenu offset margin multipli bank fund loan state bear risk includ cl solvenc ratio effect weight asset nil oj case compens measur figur express basi cl balanc sheet claus increas result factor improv cl profit mmr outstand portion loan chang volum profit withdrawn claus commiss interpret undertak refer ratio tier fund cook solvenc ratio twenti report competit polici point principl commiss refer order determin privat compris state aid earlier french author letter commiss director gener competit date juli tabl