commiss decis januari state aid grant franc crédit mutuel notifi document number french text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite regard comment procedur letter date februari commiss inform french author decid initi procedur laid articl treati respect advantag grant state crédit mutuel livret bleu save system french author grant crédit mutuel exclus right distribut livret bleu decis initi proceed lodg complaint januari associ français de banqu afb chambr syndical de banqu populair csbp crédit agricol aid grant french state crédit mutuel commiss request inform livret bleu letter date respons question rais letter initi proceed french author submit file commiss letter date april commiss decis initi proceed publish offici journal european commun commiss invit interest parti submit comment aid crédit mutuel letter commiss june set argument reject descript measur cover proceed state aid analyt account file livret bleu number interest parti submit comment commiss section iii complain addit written statement commiss letter date octob octob januari file submit crédit mutuel analyt account relat livret bleu conclud livret bleu system result excess compens cost paid crédit mutuel fact involv net cost commiss decid conduct audit livret bleu analyt account purpos basi invit tender recruit british consult littlejohn frazer refer quot consult quot specialis account audit french account consult auditec scacchi audit start novemb continu decemb crédit mutuel memo commiss juli contest provision conclus produc consult consult final report submit french author crédit mutuel examin januari technic meet organis februari commiss assist consult french author crédit mutuel discuss audit report commiss receiv joint letter decemb banqu national de pari crédit commerci de franc société générale submit copi memorandum applic bank lodg conseil etat franc disput sale crédit industriel commerci cic crédit mutuel public insur group gan letter bank call proceed extend made crédit mutuel aid receiv connect livret bleu instanc enabl acquir cic april commiss note fact set memorandum provid inform enabl determin livret bleu system involv aid crédit mutuel assess aid compat treati commiss acced request extend proceed letter date septemb commiss ask french author explain gener interest task entrust crédit mutuel letter date februari novemb februari commiss forward french author comment item submit case complain loss leader effect livret bleu statist studi produc cabinet glai ask modif tax arrang applic livret bleu decis conseil etat januari illeg natur livret bleu tax arrang french author repli letter date februari april initi proceed european bank feder lodg complaint aid grant french state crédit mutuel form exclus right distribut tax free livret bleu complaint underpin addit written statement januari compris document enter file afb explain tax statu interest livret bleu light decis conseil etat januari confédérat national du crédit mutuel gave mandat arthur andersen firm review methodolog crédit mutuel analyt account draw profit loss account relat livret bleu task complet septemb submiss detail report livret bleu profit loss account assess result livret bleu analyt account pre tax loss frf million final evalu loss reach take account disput correct factor meet discuss result report held februari observ commiss crédit mutuel ask arthur andersen forward memo date februari justifi method quot correct excess weight grant iard insur activ quot criticis commiss commiss extend consult contract april identifi discrep account report determin modif figur methodolog legitim accept integr previou evalu final report hand juli evalu result livret bleu analyt account cumul capitalis profit frf million report french author dai juli meet held crédit mutuel arthur andersen crédit mutuel arthur andersen announc disagre final conclus commiss consult arthur andersen defend earlier conclus document date septemb forward annex memo french author septemb french author commiss memo octob legal analysi livret bleu point commun competit law memo januari cost public servic mission reiter figur present crédit mutuel provid inform item inform submit complain testifi loss leader effect gave crédit mutuel consider advantag term attract client commiss extend consult mission septemb april includ evalu loss leader effect livret bleu consult mention major problem encount obtain crédit mutuel data technic delic studi appli methodolog devis outset commiss unabl obtain conclus result procedur complain afb crédit agricol csbp urg commiss action letter date septemb previou letter date april deni alleg french press complain longer wish continu complaint ii descript livret bleu system introduct crédit mutuel entrust task distribut livret bleu task subject strict prerog constraint prerog consist exclus distribut gener public tax free save product livret bleu section ii payment collect commiss caiss de dépôt consign cdc oblig concern resourc obtain livret bleu oblig evolv time initi crédit mutuel oblig alloc increas resourc gener interest asset instanc financ local author public bodi balanc freeli bank grow part total save alloc financ public hous resourc channel cdc total amount save channel cdc pai crédit mutuel fee gross interest rate set author pass saver brokerag commiss equal commiss examin situat extent distribut livret bleu econom advantag crédit mutuel result save commiss receiv cdc commiss exce system net cost word differ incom asset gener interest gener interest asset real collect manag cost allow normal profit margin constitut excess compens regard state aid crédit mutuel crédit mutuel decentralis bank group consist nation network crédit mutuel branch statu cooper compani local bank belong region feder feder belong confédérat national du crédit mutuel quot central bodi quot network bank act januari crédit mutuel branch own million member feder branch member caiss central du crédit mutuel nation financi bodi ensur financi liquid asset region group group characterist singl undertak consolid account state repres govern bodi govern commission sit board director attend gener meet confédérat national du crédit mutuel crédit mutuel biggest french bank term save biggest term network approxim branch end merger cic crédit mutuel workforc number employe end consolid balanc sheet frf billion produc net result group frf billion financi year group high financi margin explain low oper coeffici ratio overhead net bank incom place crédit mutuel french bank lowest expens level consider higher profit european bank amount capit share group virtual trebl amount frf billion solvenc coeffici quot cook quot ratio higher regul minimum higher main competitor cic bank group privatis april govern chose crédit mutuel bank group appli group takeov group consist crédit mutuel cic biggest french bank group branch biggest network bank branch franc total balanc sheet frf billion crédit mutuel bank network characterist structur collect orient deposit frf billion higher loan grant frf billion surplu resourc applic bank activ make establish lend establish market structur term explain mutual interest statu number individu custom net save posit crédit mutuel plai import role financ profession craftsmen retail farmer local author voluntari organis activ credit institut activ field insur achiev net profit frf billion life life insur contribut significantli result recognis export electron payment electron financi transact issu payment card handl card payment retail livret bleu livret bleu regul save product aim gener public crédit mutuel grant distribut right author pursuant law decemb interest rate grant crédit mutuel livret bleu deposit fix govern commerci interest rate appli saver tax ident main rival save product gener public livret distribut caiss épargn post offic amount save exce ceil set livret livret bleu plai import role crédit mutuel form kei product privat custom decad term competit rival rel import quantit term declin recent year share account livret bleu crédit mutuel deposit fallen end taxat livret bleu system derog taxat rule appli save fact crédit mutuel offici paid state taxat ow basi levi discharg save revenu social charg tax situat saver amount tax case pass saver januari afb refer matter conseil etat declar livret bleu system partial tax exempt illeg nation tax rule levi discharg french author decid januari rais pre tax rate livret bleu net amount paid saver remain unchang entri forc decre septemb crédit mutuel benefit quot cancel quot mechan tax deduct paid system word state caiss de dépôt consign cdc paid crédit mutuel sum deduct question livret bleu complet tax free product year consum crédit mutuel respect total amount transfer cdc fund collect livret bleu amount fluctuat frf billion frf billion alloc wai outset increas compulsori fraction fund alloc public hous fund quot channel quot cdc word paid deposit account cdc alloc crédit mutuel applic cdc cdc pai crédit mutuel fix collect commiss fund channel ad net interest rate paid saver level commiss chang start channel oper cdc fund alloc financ public hous grant loan public hous bodi fund collect caiss épargn post offic livret decre septemb fund collect livret bleu financ public hous total amount decemb gradual transfer cdc annual instal fraction fund applic defin decre march call quot gener interest asset quot half financ local author half subscrib state public secur loan complement low interest loan public hous loan grant commerci compani law decemb share fund alloc task total fund proport rais fund collect entri forc decre octob lastli remaind total amount collect initi half subsequ freeli crédit mutuel account shore competit bank activ part fund collect livret bleu tabl asset fund collect livret bleu gt tabl gt sourc crédit mutuel arthur andersen author state system design time view promot develop crédit mutuel allow access cheap resourc develop bank activ shore larg extent fund collect livret bleu system radic chang bring gradual line livret system french author awar distort competit caus technic resourc deem alloc gener interest asset financ public hous increasingli receiv greater share practic deposit collect livret bleu alloc financ public hous exist fund alloc year order crédit mutuel restructur asset balanc sheet end return administr control open close branch complet abolish payment fix amount levi discharg interest paid saver livret bleu account offici quot cancel quot word refund crédit mutuel cdc state commiss decid initi proceed prevail situat undergo transit fund recent collect livret bleu appear alloc public hous total fund collect past alloc purpos late compar initi agreement conclud crédit mutuel state provid transfer total fund year gener interest asset substanti decad approxim tabl channel fund cdc speed fact element acceler modifi reform asset relat livret bleu initi proceed commiss decemb sale cic crédit mutuel april state renegoti agreement crédit mutuel decid channel entir fund collect livret bleu cdc end measur complet half notic initi proceed commiss note state aid grant crédit mutuel livret bleu system reason firstli resourc cdc public institut state resourc mean articl treati intermedi commiss justifi verifi absenc excess compens crédit mutuel collect manag charg relat livret bleu commun case law compon relat tax exempt save scheme grant state tax concess constitut state resourc mean articl treati notic initi proceed commiss beneficiari tax aid saver crédit mutuel point determin crédit mutuel benefit tax advantag save scheme question compon advantag identifi net intermedi margin achiev crédit mutuel transfer livret bleu fund deduct manag cost involv state resourc relat gener interest asset gener interest task product deriv compulsori loan public administr state local author public enterpris interest rate condit regul state necessarili market condit state posit control complet return choos grant crédit mutuel asset compulsori aspect form integr part balanc sheet livret bleu expenditur incom result crédit mutuel deriv incom exceed real manag collect cost deposit fund transfer cdc fourthli initi proceed commiss mention take posit lack suffici precis inform file complain argument point benefici effect livret bleu attract custom system sake simplif quot loss leader quot complain exclus distribut save product attract tax free crédit mutuel attract custom network sell bank product servic loan invest insur manag payment mean reason compon appli state account benefit aris loss leader effect reduc amount commiss pai collect fund iii comment interest parti argument complain complain argument present commiss notic initi proceed pursuant articl treati addit written statement submit argument paper updat end februari commun octob loss leader effect livret bleu assess financi advantag obtain frf billion assum increas crédit mutuel market share segment period exclus result distribut livret bleu paper date commun octob assess loss tax earn state frf billion period word cost crédit mutuel pai wish distribut product tax exempt offer saver return tax studi conduct caiss national du crédit agricol submit analys develop number crédit mutuel branch emerg number perman branch fell increas gradual reach level trend differ region number branch fell pai de loir region normandi lesser extent nord pa de calai situat accentu slowdown number perman branch pai de loir region brittani lesser extent alsac studi conclud number perman subsequ perman branch crédit mutuel drop region crédit mutuel tradition strong pai de loir brittani alsac number branch region grew crédit mutuel reduc establish rural area order concentr urban area figur refut crédit mutuel alleg oblig maintain larg number branch rural area show crédit mutuel capabl maintain exception dens network branch remov control author memorandum produc glai consult date august statist competit advantag enjoi crédit mutuel result exclus right relat livret bleu examin time seri show total amount livret bleu deposit total amount deposit increas consider turn point growth loan household continu date remain stronger crédit mutuel main competitor glai consult expert deduc quot livret bleu effect work attract custom posit effect continu increas deposit custom remain loyal financ crédit mutuel expansionist strategi period quot expert point crédit mutuel activ essenti credit activ unrel averag develop bank market notabl establish indic persist random econom crise base activ variabl creat model base simpl equat relat credit demand expert view logic explain fact crédit mutuel custom remain loyal bank network livret bleu memorandum glai consult date decemb propos econometr analysi degre loyalti set custom bank network build model base real interest rate permit establish indic sensit credit demand rate auto regress vector model enabl account adjust period multipl causal link exist variabl base high threshold statist confid demand credit crédit mutuel absolut term sensit level interest rate sensit level rate charg competit case interest rate chosen crédit agricol level sensit obtain bank network rang notabl except caiss épargn offer livret save account featur livret bleu expert figur corrobor hypothesi network mean retain custom loyalti network imposs determin offer tax free save account dens network branch region instrument share network reason greater custom loyalti comment interest parti respons public offici journal commiss notic initi proceed commiss receiv comment number interest parti crédit mutuel competitor unanim underlin harm consid suffer monopoli livret bleu crédit mutuel bank consid loss leader effect tax free product caus harm lose custom attract livret bleu want end monopoli establish comment effect commiss banqu dupui de parsev banqu natexi banqu de picardi banqu populair de bourgogn banqu populair bretagn atlantiqu banqu populair du centr banqu populair centr atlantiqu banqu populair de champagn banqu populair de la côte azur banqu populair du dauphiné de alp du sud banqu populair de franch comté du maconnai de ain banqu populair du haut rhin banqu populair de la loir banqu populair de lorrain banqu populair de lyon banqu populair du midi banqu populair du massif central banqu populair de ouest banqu populair provençal cors banqu populair de pyréné oriental de aud de arièg banqu populair du querci de agenai banqu populair savoisienn banqu populair de la région economiqu de strasbourg banqu populair du sud ouest banqu populair du tarn de aveyron rop banqu populair banqu de savoi crédit commerci de franc crédit commerci du sud ouest crédit lyonnai société générale union de banqu pari complain afb commiss letter june state charg paid cdc fund transfer excess justif differ commiss paid caiss épargn fund collect livret afb point letter propos french author begin ensur collect livret bleu fund condit channel fund cdc charg govern repli offer afb underlin april report mr douyèr member parliament modernis caiss épargn cost averag caiss épargn burgundi collect save total fund reason crédit mutuel manag cost higher crédit mutuel suffer technic constraint face caiss épargn made account manag expens manag livret complet electron manag livret bleu fulli electron matter incident proceed commiss receiv addit statement complain state purchas crédit mutuel april crédit industriel commerci cic privatis previous own public insur group gan aid receiv livret bleu enabl increas market share save approxim complain undertak fund increas rapidli aid question rise frf million frf billion addit comment made crédit mutuel defenc present section iii commiss receiv comment parti favour livret bleu system mr bertholet mp drôme mr blondel member gener council nord region mr cabot director youth inform region centr toulous mr cormorèch mayor montuel mr corn member gener council nord region mr chavann mayor angoulêm mr crépeau mp charent maritim mr debavelaer senat pa de calai mr decool mayor brouckerqu mr delevoy senat pa de calai mr delnatt mp nord region mr dolez mp nord region mr ewald region deleg associ pour le droit initi economiqu mr fronton union départemental de associ familial de haut garonn mr foi senat nord region mr galiègu presid caiss de crédit mutuel de solesm ms gournai mayor caestr ms armel guinebertièr member european parliament mr hervé mayor renn mr humez presid comité département de lutt contr la mucoviscidos du pa de calai ms ingelaer presid flandr action mr juppé deputi mayor bordeaux mr lapalu presid associ anim gestion organism privé mr lazaro mp nord region mr lebreton presid conseil général de côte armor mr ledieu mayor cateau cambrési mr leleu director crédit mutuel nord mr maill presid communauté urbain de brest mr masclet member region council nord pa de calai mr méhaigneri presid conseil général ill villain mr mio member region council nord pa de calai ms novak presid associ pour le droit initi economiqu ms permui member region council nord pa de calai mr albert rivaux member region council pa de calai mr de rohan presid region council brittani mr valla member gener council ardèch region mr vanlerenbergh mayor arra mr villain mayor cambrai mr de villier mp vendé vast major parti underlin role plai crédit mutuel region level financ social economi profit make organis stress support role plai respect work class peopl section societi custom local elect repres emphasis crédit mutuel role set undertak creat job develop local initi conjunct local author consid decentralis structur crédit mutuel meet local centralis institut respond requir balanc region develop comment crédit mutuel crédit mutuel letter commiss june comment respons open proceed consid primarili condit livret bleu fund collect manag constitut state aid add altern constitut state aid mean articl treati elig exempt provid articl treati local crédit mutuel branch benefit legal aid crédit mutuel reiter expand argument detail file date june crédit mutuel justifi freedom alloc benefit past relat livret bleu resourc fact paid taxat interest paid saver deduc justifi exclud total amount livret bleu save scope proceed crédit mutuel explain rule alloc third total amount save gener interest asset look point view exempt tax third livret bleu save crédit mutuel state account risk lack liquid instanc case neg net collect withdraw crédit mutuel consid save scheme question involv state resourc give rise state aid mean articl treati underlin fact tax advantag question affect state budget special featur mention earlier disput calcul annex financ law entitl quot wai mean quot evalu tax cost partial exempt inher system present exhaust account cost state livret bleu system return exempt tax part group saver state taxat group liabl tax tax low level gener revenu state account net tax assess mechan mind fact crédit mutuel paid tax equival levi discharg crédit mutuel stress fact estim livret bleu tax regim period gener net resourc state crédit mutuel disput fact benefit tax advantag saver year paid back state deduct sourc tax applic real rate livret bleu tax fact nomin interest rate receiv saver tax deduct sourc crédit mutuel crédit mutuel state paid back state event commiss decid aid exist crédit mutuel disput fact trade member state affect crédit mutuel product account save collect franc europ crédit mutuel oper size rel absenc european cooper compani statut local branch unabl oper franc open livret bleu account resid repres small number account roughli total livret bleu save case crédit mutuel state implement bank direct fact intern bank market complet barrier trade crédit mutuel disput earn lost state absenc invit tender result grant exclus right distribut product compar situat invit tender allow state select institut provid servic lower cost emphasis state decid resourc collect mean system question gener interest task free appoint crédit mutuel purpos network correspond condit collect requir order exploit save gener public crédit mutuel consid differ commiss paid cdc livret save bank commiss paid crédit mutuel livret bleu paid cdc explain economi scale total amount livret save base analyt account figur present commiss conclud averag cost manag livret bleu deposit drop remain perman higher commiss margin cdc paid transfer fund crédit mutuel consid argument afb bank livret bleu save collect lower cost intermedi commiss assess light choic made bank depend amount deposit account refus cost equalis afb bank undermin manag balanc system crédit mutuel report commiss analysi analyt account livret bleu system analysi conclud period collect manag livret bleu save gener higher cost incom receiv system balanc year crédit mutuel conclud margin livret bleu lower margin achiev activ commiss auditor certif analysi issu french audit firm mazar guérard crédit mutuel disput fact benefit commerci advantag livret bleu gain crédit mutuel market share period concern explain perform notabl high level product attract livret bleu share bank resourc drop time crédit mutuel state averag number custom manag employe crédit mutuel compar french credit institut crédit mutuel increas share save market bank lost market share crédit mutuel emphasis fact caiss épargn compar product livret bank experienc drop share save market period review refut causal link establish complain livret bleu increas crédit mutuel market share regul save product codevi industri develop account introduc author plan epargn populair livret jeun distribut bank repres real altern livret bleu extent possibl offer product permit singl person year ag accumul tax free save frf compar ceil frf livret bleu crédit mutuel state attract livret bleu effect reduc consider amount deposit current account bank pai interest repres deposit compar main competitor substitut state neg effect profit margin averag cost deposit crédit mutuel significantli higher afb bank crédit mutuel disput fact entir crédit mutuel group benefit aid event decid aid grant stress local branch legal independ distribut livret bleu benefit aid crédit mutuel consid adopt legisl measur introduc livret bleu govern establish gener interest system collect save gener public alloc gener interest financi asset crédit mutuel network rural area extent modest incom custom view plai import role choic crédit mutuel custom live municip inhabit declar net monthli incom frf crédit mutuel underlin constraint subject state argu oblig crédit mutuel maintain branch municip inhabit cost estim frf million year maintain quot special livret bleu account quot manag cost higher commiss paid cdc account contain averag low amount close livret bleu account repres total save disappear crédit mutuel make save estim frf million year crédit mutuel estim manag small account result surcharg total amount contain featur mind fact lower balanc greater number book entri open branch regul crédit mutuel develop attract area tradit area establish east north brittani crédit mutuel point vagu figur support thesi surcharg relat livret bleu gener interest asset account lastli crédit mutuel risk transform born risk variat margin short term rate regul appli livret bleu resourc medium long term rate appli asset base inform crédit mutuel felt livret bleu unabl perform gener interest task requir state share livret bleu fund freeli enabl balanc system insuffici margin achiev gener interest asset crédit mutuel express legitim confid system date back consid length investig complaint back violat legitim confid note date decemb crédit mutuel criticis method memorandum issu glai firm stress reason explain statist phenomena observ fact crédit mutuel denser network competitor begin period review term nbp branch point crédit mutuel won smaller market share crédit agricol balanc sheet smaller crédit mutuel gain point lend market compar point afb bank fact confirm crédit mutuel spectacular expans note date march issu crédit mutuel midi atlantiqu emphasis arbitrari natur analyt account figur put forward commiss consult quantit data assess contradictori qualit data cost maintain network rural area loss leader effect difficult gaug crédit mutuel confirm agre gener introduct livret bleu word distribut bank network idea refund aid deem penalis million member iv comment french author letter april french author consid instanc livret bleu system involv substanti tax cost state opt uniform taxat depositor levi discharg save revenu waiv remain third levi discharg collect hand group liabl tax basi disput articl treati appli absenc state resourc alloc system question french author stress fact intermedi commiss paid cdc crédit mutuel total livret bleu fund channel constitut aid remuner servic render bank price set underlin extent manag cost livret bleu number account total frf refer analyt account analysi produc crédit mutuel conclud amount fulli justifi french author disput trade affect complet singl market bank financi activ adopt bank direct decemb incorpor french law januari french author consid date absenc european cooper compani statut constraint situat produc term crossbord expans cooper compani crédit mutuel crédit mutuel branch oper nation border livret bleu account open resid repres total save author state foreign bank franc target market crédit mutuel disput possibl intra commun trade affect measur contrari common interest french author emphasis advantag crédit mutuel receiv livret bleu examin light cost connect gener econom interest task point increas alloc livret bleu fund gener financi interest asset fraction rose success livret bleu fund point alloc fund agre crédit mutuel fund alloc gener financi interest asset state intend speed implement agreement livret bleu fund alloc purpos earlier envisag end french author stress open bank branch liberalis rest bank sector novemb crédit mutuel remain subject system administr authoris decis cnc conseil nation du crédit januari juli oblig crédit mutuel obtain authoris comité de établiss de crédit prior open modifi transfer close branch abolish french author consid constraint relat geograph distribut crédit mutuel major citi base polit decis author result delai develop urban area base element french author conclud crédit mutuel receiv state aid livret bleu altern case aid declar compat treati pursuant articl gener interest task assign crédit mutuel underlin legitim confid shown crédit mutuel lodg complaint commiss note februari french author unambigu state regard regulatori amend introduc decis conseil etat januari align decis result chang livret bleu taxat system saver continu receiv net interest rate livret crédit mutuel continu pai levi discharg public revenu depart lastli french author explain transfer cdc fund collect livret bleu made offici protocol date decemb minist financ presid confédérat national du crédit mutuel fulli implement march final note date octob french author reject descript state fund relat gener interest asset condit trade affect fulfil incorpor french law bank direct aid introduc market origin close competit regard exist aid reiter figur produc crédit mutuel arthur andersen assess compens measur commiss point establish case law court justic aid apprais basi effect draw conclus natur aid measur examin effect system result crédit mutuel studi condit met measur defin state aid aid grant state state resourc confer competit advantag beneficiari undertak effect intra commun trade point examin analys point lastli aid evalu distort competit effect trade member state effect trade market share foreign bank credit activ branch legal statu subsidiari incorpor french law deposit activ share french european bank compar foreign bank credit save deposit share chang crédit mutuel face competit foreign network franc number bank pari foreign control increas rapidli rise bank establish case law effect trade regard suffici posit undertak strengthen compar competitor context intra commun trade beneficiari export oper aid nation undertak reduc export opportun undertak member state indic show effect trade present case account activ crédit mutuel credit activ crédit mutuel possibl part livret bleu deposit divers bank activ distort competit confin deposit market concern credit market inform commiss obtain essenti relat end oper involv crédit mutuel asset essenti loan purchas state secur fund collect livret bleu plai import role develop crédit mutuel credit oper livret bleu fund enabl crédit mutuel grant loan ident volum fund collect growth fund collect rapid half livret bleu account total deposit mid livret bleu enabl bank expand offer credit market competit foreign bank introduc criterion partial liberalis capit movement regard deposit market worthwhil point payment transfer capit movement fact standard practic instanc immigr worker incorpor french law council direct eec oj fulli liberalis capit movement commiss inform control capit movement liberalis franc french resid lodg fund abroad rule appar provid system ant administr declar bank franc temporarili tighten flight capit abolish resid member state deposit fund franc notabl livret bleu account commun law concern liberalis capit movement payment council direct appli articl treati refer liberalis capit movement direct amend gradual liberalis movement uncondition extent direct eec refer quot full liberalis quot recit case law show liberalis capit movement payment outset close link freedom movement person good servic freedom establish effect trade member state absenc liberalis effect trade member state recognis court absenc liberalis market judgment van eyck case nation regul date practic set level interest rate categori save deposit entitl holder tax benefit court rule possibl infring articl base implicitli fact measur effect intra commun trade mean articl treati commun system applic council direct direct eec interpret confirm conclus advoc gener mancini repli complain invok absenc effect trade advoc gener point quot doubt bank sector subject rule competit quot paragraph mention made prior case züchner nation court want bank charg chequ drawn juli german bank favour beneficiari live itali contrari articl treati court refus rule applic rule competit articl articl seq treati take view practic liabl effect trade long ago report competit polici publish paragraph commiss confirm rule competit appli principl bank sector report state commiss examin case involv bank light articl process examin european cooper agreement bank member state case involv effect trade mean articl deduc effect trade pursuant rule state aid complet liberalis bank sector european union end strengthen competit complet intern market date bank direct note market began gradual liberalis competit gradual strengthen complet liberalis singl bank market european union achiev period year bank council direct eec oj establish rule coordin nation law regul relat take pursuit busi credit institut member state point freedom establish subsidiari exist european commun countri larg bank subsidiari abroad branch legal statu absenc uniform regul eu level subsidiari branch franc european union countri posit suffer unfair competit crédit mutuel date entri forc bank direct decis stage complet singl bank market liberalis capit movement direct eec incorpor nation law member state juli latest practic measur consider increas cross border flow deposit invest past capit flow control author mean exchang control franc incorpor nation law direct liberalis capit movement decre forc decemb januari exchang control introduc abolish freedom establish bank sector complet franc juli incorpor bank direct eec articl direct state quot host member state condit authoris branch credit institut authoris member state requir initi endow capit exceed initi capit requir nation rule authoris credit institut natur quot measur incorpor januari latest council intend prevent attempt member state restrict freedom establish branch unfair regul result gradual effect trade aid grant bank establish extrem bank perform bank activ member state establish branch longer subject authoris provid servic freeli border posit crédit mutuel french bank market commiss examin argument put forward crédit mutuel limit local compet local crédit mutuel branch absenc impact trade aris system point crédit mutuel group legal statu consolid account enjoi intern financi solidar form confeder ensur liquid region feder point group consider fund facilit access capit market rate agenc give group rate state local branch repli context proceed crédit mutuel singl repli commiss main financi partner crédit mutuel financi market doubt crédit mutuel undertak realloc structur aid paid intern group entiti note size biggest french credit institut crédit mutuel posit financ invest fund financi market crédit mutuel concern made consider profit recent year excess compens net cost collect manag gener econom interest task enabl increas profit accumul addit fund constraint solvenc financi market economi laid european bank rule introduc oblig limit growth capac credit institut oper aid repres consider lever overcom constraint increas fund constraint solvenc easier ascertain distort competit place case aid grant credit institut direct indirect effect aid increas fund distort competit reflect increas activ bank conclus natur potenti aid grant crédit mutuel oper aid econom situat european bank sector solvenc constraint specif bank sector aid effect trade entri forc livret bleu increas effect distort competit financi sector consid potenti aid aid introduc definit state resourc settl case law concept state aid mean advantag serv state resourc grant author undertak provid advantag fulli partli grant financi consider return word grant remuner subject remuner reflect price advantag assess definit cover alloc resourc undertak reduct charg pai advantag enabl undertak make save influenc product cost eu case law advantag grant directli indirectli state resourc regard aid mean articl commiss check state resourc crédit mutuel benefit tax advantag accord saver fund collect commiss paid cdc revenu gener interest asset advantag cost indirectli link livret bleu system tax exempt system forc end contain derog gener system taxat save allow saver choos gross interest rate financi revenu includ taxabl incom interest rate net levi discharg deduct sourc case levi appli crédit mutuel theoret assum respons pai tax equal levi discharg reduct tax normal levi discharg mean system involv state resourc adopt favour regim saver compar norm system involv expens state obtain tax resourc chosen appli gener rule limit compulsori levi aid appear benefit individu consum directli bank crédit mutuel direct beneficiari tax aid tax aid social charact product distribut player crédit mutuel aid satisfi condit compat laid articl treati state aid grant quot discrimin relat origin product concern quot respect payment crédit mutuel tax set normal levi discharg consid legitim crédit mutuel record amount cost link livret bleu system conclus council state judgment januari state tax system forc illeg explicitli confirm fact crédit mutuel practic benefit quot cancel quot tax interest receiv livret bleu account subject word state cdc refund levi discharg paid crédit mutuel mean interest livret bleu account third exempt date decre septemb transfer fund gener interest servic entrust crédit mutuel crédit mutuel entrust task distribut livret bleu task strict prerog constraint pertain prerog consist exclus distribut livret bleu payment fund collect commiss cdc oblig concern fund collect livret bleu oblig chang time initi crédit mutuel oblig alloc resourc proport increas gener interest asset notabl financ local author public bodi balanc left bank dispos freeli worthwhil note crédit mutuel oblig relat financ condit involv fund dispos instanc regard interest rate grow part fund alloc financ public hous channel fund caiss de dépôt consign cdc save fund transfer cdc pai crédit mutuel commiss gross interest rate fix author pass saver intermedi commiss cdc public enterpris receiv state resourc perform gener interest task fund collect commiss regard state resourc interest paid saver crédit mutuel receiv commiss commiss form integr part public servic entrust crédit mutuel attribut state incom gener interest asset gener interest asset list exhaust decre march consist loan local author subscript secur issu guarante state instanc govern bond loan public hous manag bodi base inform receiv compulsori natur asset combin fact rate regul state freeli determin market mean ground gener interest asset form integr part livret bleu system demonstr compulsori condit enabl crédit mutuel achiev consider profit fund definit gener interest task amend decre septemb asset cover exclus loan financ social hous alloc cdc transfer deposit mention slowli task replac fund collect immedi fulli alloc task competit advantag compens receiv crédit mutuel public servic take form fund collect commiss paid cdc exce net cost aris public servic mind cost benefit relat provis servic crédit mutuel benefit competit advantag bank receiv addit resourc grant bank assess amount state aid french author invok exist gener econom interest task link livret bleu system commiss focu obtain balanc incom expenditur link perform servic order determin justifi level compens paid state firstli procedur take account incom expenditur relat specif livret bleu explain principl underli crédit mutuel analyt account system thirdli remain point disagr expert decid commiss fourthli result account relat livret bleu system take account abovement expenditur incom procedur take account incom expenditur link total livret bleu fund balanc incom expenditur link total livret bleu fund financi mechan relat crédit mutuel livret bleu system assess point view economi save system word account cost benefit aris system benefit drawn directli fund collect distribut tax free save product kind make easier analys direct effect recal crédit mutuel account element livret bleu system type asset stand back back total amount livret bleu save featur liabil side fund transfer cdc line provis channel fund cdc gener interest asset asset left crédit mutuel regard liabil side balanc sheet system characteris state regul interest charg revis fix rate volatil asset side main featur variabl interest rate incom gener interest asset asset left crédit mutuel fix fund collect commiss paid cdc tabl summaris briefli main element livret bleu profit loss account tabl outlin livret bleu profit loss account gt tabl gt commiss analys system assess gener econom advantag obtain crédit mutuel livret bleu state grant fund collect commiss crédit mutuel cdc provis collect servic account econom advantag cdc commiss crédit mutuel obtain livret bleu amount financi advantag evalu account term collect commiss incom manag exce cost incur includ normal commerci margin crédit mutuel collect manag deposit state authoris excess compens cost distribut livret bleu excess high collect commiss arriv evalu essenti account financi advantag distribut livret bleu incom expenditur link system asset match liabil main reason firstli court rule aid assess basi effect point livret bleu gener incom limit revenu gener interest asset fund transfer cdc livret bleu deposit enabl crédit mutuel obtain resourc advantag condit simpli obtain refinanc financi market obtain profit resourc compulsori gener interest asset asset freeli chosen state duti reduc amount resourc pai perform servic crédit mutuel draw benefit wai incom gener interest asset account case form integr part oblig impos state context livret bleu system note exclud asset profit absurd state compens loss made asset suffici profit made asset livret bleu system account situat clear relat asset freeli undertaken crédit mutuel record loss approxim frf billion period review loss affect state budget exist balanc requir collect commiss lower commiss consid net cost asset freeli chosen crédit mutuel includ independ consult task concern evalu livret bleu analyt account system expenditur incom asset resourc relat analysi coher data provid crédit mutuel consult ask identifi advantag link incom obtain livret bleu asset cost resourc normal market cost deduct normal profit margin quot fund cost quot expert residu profit commiss paid state consist incompat state aid state paid crédit mutuel lower commiss collect servic correspond net cost excess compens crédit mutuel mention proceed larg number constraint special featur relat manag livret bleu part iii argument put forward crédit mutuel approach adopt commiss problem dealt refer account basi practic permit correct evalu real financi weight constraint base past figur livret bleu account manag technic explan collect save livret bleu specif econom featur differenti normal collect save bank natur special taxat system relat livret bleu cushion impact interest rate variat save realloc movement form save volatil invest market rate behaviour saver foremost influenc net rate livret bleu compar altern invest degre risk liquid net rate livret bleu higher livret tax thing equal invest market rate tax consider higher gross return order chosen save account behaviour saver ti sociolog psycholog paramet specif case tax free account return livret bleu set state saver confid select type saver paradox situat result liquid quot placement return quot volatil confid shown saver tradition allow author set low rate return net inflat context higher return market placement withdraw save limit case special featur collect fund compar obtain financ interbank market financi market requir specif evalu benefit crédit mutuel obtain manag fund network analyt account commiss consult take account incom expenditur aris system crédit mutuel separ analysi part depend fund collect alloc fund transfer cdc fund alloc gener interest asset asset freeli select crédit mutuel consult method permit respons crédit mutuel argument system involv cost pai tax revenu state method normal return fund consider question loss leader effect order determin net cost level resourc paid state compens analysi effect livret bleu system addit abovement direct advantag cover advantag cost deriv system effect signific impact exclus distribut save product attract tax exempt complain crédit mutuel attract maintain loyalti custom network sell bank product servic loan financi invest insur increas sale financi invest insur product branch demonstr advantag inher market product question characteris unequ situat seller buyer inform case financi product institut reput distribut qualiti product product advantag custom decis factor case fact distribut advantag product livret bleu attract custom constitut advantag institut enabl target custom word give rise effect costli market campaign distribut product loss bid attract custom document provid complain assum loss leader effect exist demonstr formal exist effect financi impact effect evalu precis regard research conduct glai firm commiss point crédit mutuel rightli state statist analys provid proof quantifi loss leader effect subject evalu put forward complain observ fact bank offer distribut livret bleu basi commiss complain propos approxim figur advantag present futur calcul differenti level commiss receiv crédit mutuel correspond roughli frf million year prove crédit mutuel competitor perform servic condit level commiss method complain advantag gain crédit mutuel past measur refer rise market share method assess aid accept base hypothesi gain market share sole due livret bleu claim support object proof evalu exclus distribut base loss tax earn caus tax exempt allow livret bleu crédit mutuel wish distribut save account tax exempt offer net return livret bleu tax situat saver fact pai cost equal amount potenti notion tax paid saver complain cumul tax advantag period approxim frf billion regard provid crédit mutuel advantag equal amount reason accept crédit mutuel distribut livret bleu condit pai full cost tax exempt directli benefit member advantag question difficult prove quantifi direct financi advantag oper livret bleu directli measur livret bleu account financi advantag aris sale product servic custom remain loyal livret bleu observ analyt account product distinguish immedi sold custom remain attract livret bleu sold custom crédit mutuel reason commiss consult unabl assess loss leader effect account method appli evalu direct financi advantag livret bleu attempt commiss consult conduct sophist evalu prove success commiss unabl obtain reason evalu theoret financi impact effect decis base exclus conclus obtain context evalu analyt account livret bleu structur analyt account livret bleu present result analysi conduct commiss consult make comment methodolog produc estim consult cope fact real analyt account system livret bleu homogen treatment account crédit mutuel feder entir account structur base account year year extrapol structur base sampl feder manag ratio extrapol net bank revenu confeder estim commiss obtain contradictori expert assess descript procedur section expert encount consider problem reconstruct analyt account system livret bleu signific differ estim produc assess account figur feder fulli independ legal account term turn homogen role confeder concern polici coordin manag begin livret bleu system radic chang year paramet characteris activ scope crédit mutuel remain suffici stabl appli account analysi method entir period emerg legal analysi natur aid grant context livret bleu aid end question calcul aid period aros factor account produc evalu practic consid method year weak suffici sound provid reason assess aid imposs extrapol figur period prior period base structur feder activ feder wit chang field activ merg structur result sampl applic move back time approxim result altern organis sampl distant past appear unreason practic account figur long time ago difficult obtain process memori account depart larg extent disappear materi verif account document difficult sampl techniqu produc good result sampl data question conclus absenc analyt account confeder meant account reconstruct confin period start financi year emerg satisfactori method calcul account result livret bleu oldest period commiss limit calcul aid period commiss consult take account expenditur incom crédit mutuel livret bleu system separ analysi part depend resourc collect alloc resourc transfer cdc assign gener interest asset freeli crédit mutuel method consult respons argument crédit mutuel system involv expens pai levi state method take account normal commiss fund import instanc describ concis methodolog framework construct crédit mutuel analyt account system activ perform crédit mutuel divid sector save compris activ collect deposit livret bleu collect deposit form save credit insur iard payment manag manag cash flow secur oper oper capit construct analyt account system involv evalu share incom complic overhead alloc sector entir construct easili affect hypothes base bank chose alloc result cost context consult role commiss confin larg extent verifi intern inconsist propos construct correct ad subsequ construct evalu result livret bleu analyt account provid crédit mutuel quot certifi quot auditor mazar guérard estim produc commiss consult crédit mutuel call firm arthur andersen perform full review methodolog account figur permit draw livret bleu profit loss account arthur andersen structur profit loss account made process data compar previou studi ad hoc correct made origin sampl crédit mutuel extend feder ii formula alloc overhead custom servic relat refin iii ad hoc correct relat method adjust excess weight iard insur activ sampl method calcul cost fund introduct charg coverag sharehold liabil evalu commiss consult sampl extend includ result check procedur incorpor data valid data enlarg sampl sampl origin set crédit mutuel repres group overhead account group overhead inclus biggest crédit mutuel region feder point disagr initi evalu crédit mutuel consult concern imput overhead sale servic improv made arthur andersen crédit mutuel consult agre joint method imput overhead sampl set account data chosen treatment data livret bleu profit loss account decid evalu arthur andersen commiss consult coincid point disagr concern ad hoc correct mention adopt arthur andersen commiss initi decid final point disagr persist commiss consult crédit mutuel present evalu livret bleu result applic fund collect assign point disagr consult crédit mutuel task commiss consult examin analys arthur andersen result agreement consult crédit mutuel commiss decid propos independ consult arthur andersen auditor mandat crédit mutuel method correct excess weight iard activ sampl describ final sampl arthur andersen propos statist aim assess quot repres quot sampl term proport overhead alloc sector word aim check alloc overhead sector sampl compli total group feder crédit mutuel group basic postul sector repres proport measur term overhead total popul order perfectli quot repres quot sampl statist creat consist compar share total overhead sampl share overhead save sector sampl differ percentag suffici low differ regard statist admiss inher fluctuat sampl sampl techniqu arthur andersen ground differ quot coher quot text arthur andersen explicit statist mean total overhead alloc save sector alloc includ refer sampl recal conclus drawn arthur andersen junctur construct sampl accept structur save sector concern fortiori livret bleu activ statist creat livret bleu influenc problem relat structur sampl similar statist creat iard sector quot sampl repres total overhead repres iard commiss collect quot agre part arthur andersen statement iard sector appear repres sampl statist relat iard sector drawn sampl bias arthur andersen deduc represent iard sector impli excess high alloc manag cost iard sector sampl cost reduc realloc sector deduct incorrect manag cost alloc iard sampl proport compar incom sector arthur andersen fact point incom iard commiss repres sampl recit reduc iard expens adjust iard incom consequ distort iard profit loss account sampl expens volum incom distort save profit loss account part iard expens transfer save high level iard save expens volum save incom postul larg amount manag cost assign iard sector sector arthur andersen propos correct represent ad hoc measur fictiti sampl exclud iard set base previou complet exclud iard activ consult point refut manag cost relat iard practic broken sector quot theoret quot sector set combin real sampl sampl exclud iard variabl weight year order obtain iard iard structur ident observ total popul entir group commiss accept propos correct reason fact iard sector repres sampl manag cost assign save sector insuffici fact interest rate variabl construct livret bleu analyt account system distribut manag cost save sector iard arthur andersen conclud statist chose refer suggest bia distribut manag cost save sector sampl word illog conclud bia represent iard sector result realloc manag cost save sector argument conclud bia represent save sector fact understood stronger represent iard sector sampl sector loan manag payment mean manag secur repres sampl total popul statist show case save sector ii methodolog valid statist point view conceiv statist point view improv qualiti statist drawn sampl reduc variat estim fit sampl structur term sector total popul relat structur net bank product relat manag cost method propos crédit mutuel adopt arthur andersen statist basi introduc number bias professor tillé consult structur sampl iard sector interest structur save sampl warn prudent consequ propos method quot modif estim procedur modifi proport sector quot proport save sector clear initi excess weight bia cost save prove appar statist propos arthur andersen correct introduc bia influenc statist sens statist interest rate variabl iii methodolog result arbitrarili realloc manag cost save sector point consult iard manag cost theoret sampl exclud iard artifici alloc sector purpos analyt account exercis precis identifi cost relat sector combin variabl proport real sampl result achiev sought arbitrarili alloc manag cost iard sector sector absolut doubt artifici reduc cost assign sector adjust proport incom sampl feder effect distort account balanc incom expenditur stress propos methodolog valid appli save sector repres result signific reduct manag cost assign save sector increas livret bleu result surpris crédit mutuel prefer appli arbitrarili correct iard sector point origin statist arthur andersen show adjust higher proport manag cost alloc save sector sampl amount manag cost result combin real sampl sampl iard mention represent save manag cost sampl time greater represent incom save sector adjust lead emerg bia time perfectli clear calcul analyt account result compon save sector conclus commiss agre consult reject propos adjust ground distort livret bleu profit loss account method calcul profit fund structur analyt account system achiev normal margin activ account case bank sector margin compar net bank incom signific activ result evalu case concept cost fund term quot cost quot give rise confus account charg cost econom opportun measur profit activ calcul profit made livret bleu activ exce result normal profit activ subtract profit quot cost fund quot repres achiev normal margin activ commiss consid level profit shown crédit mutuel intern analyt account object case accept rate profit crédit mutuel intern calcul cost price product mean state guarante crédit mutuel margin profit livret bleu activ public servic mission profit crédit mutuel competit risk activ rate profit includ corpor tax paid subsequ tax profit analyt account tax record charg instanc oper charg account tax profit deposit activ involv risk credit invest activ intern rate profit deposit activ necess lower commiss accept rate profit deposit activ riski activ accept rate profit collect deposit activ effect increas intern profit rate accept deposit activ disproportion manner compar risk inher activ imposs accept crédit mutuel argument profit rate low case livret bleu activ point crédit mutuel incorpor limit liabil compani statu mutual benefit compani member fact draw direct benefit form rate servic custom reduc appar profit rate bank member custom obviou interest context mutual interest structur draw benefit crédit mutuel avail interest rate receiv profit taxabl manag strategi bank incorpor limit liabil compani crédit mutuel special organis choos specif fund remuner polici commiss agre consult crédit mutuel origin posit real financi cost crédit mutuel fund account commiss consid independ consult ground accept fund cost initi propos crédit mutuel coverag member liabil consult consid cost provid crédit mutuel member guarante total asset charg crédit mutuel memorandum june reduc livret bleu result justifi analyt account oper figur risk question complet dissoci livret bleu system correct result increas livret bleu oper result period report arthur andersen propos sophist model evalu cost result reduct quot cost quot coverag cost evalu crédit mutuel compar period commiss note reserv express auditor relev cost note juli crédit mutuel acknowledg coverag liabil reflect account network confirm accumul fund suffici amount prevent member held liabl commiss consid high level fund demonstr crédit mutuel maintain kind reason inform account identifi share fund effect alloc coverag commiss point account certif forward arthur andersen consid cost treatment oper cost crédit mutuel intend make member bear risk occur legal oblig simpli state cost paid member word commiss recognis risk member held liabl exist aris articl associ accept person wish member return benefit accru membership pai liabil cost member base discretionari decis crédit mutuel legal oblig born member crédit mutuel oblig guarante member fact spirit articl associ liabil look mutual interest bodi mechan liabil fact specif featur structur crédit mutuel invok bank act januari concern mechan offset loss feder mutual interest establish concern coverag person liabil member oblig bear relationship constraint profit fund mention respect french author memorandum octob memorandum septemb arthur andersen justifi solidar mechan sharehold liabil fact crédit mutuel appar paid bank deficit amount period question transfer profit centr peculiar crédit mutuel engag larg nation multin compani demonstr member held liabl realign place feder replac sharehold liabil implement realign feder insuffici guarante member major risk prove differ natur realign mechan model liabil coverag present commiss point case oper result feder deficit benefit realign mechan account livret bleu analyt account result enter addit charg mutualis loss result oper loss feder enter conclus commiss consid consult crédit mutuel legal oblig cover risk born member mean oper result mutualis loss feder inform account prove coverag introduc alleg cost cover member liabil pure fictiti accept conclus examin point disagr consult crédit mutuel commiss consid evalu produc independ consult recruit perform evalu livret bleu analyt account accept explan accord polici gener pursu commiss corpor tax includ calcul final amount state aid rate capitalis result year commiss refer rate franc januari year tabl commiss annual refer rate franc gt tabl gt result livret bleu profit loss account worthwhil indic record result intermediari expert evalu conduct final evalu consult accept commiss fund transfer cdc crédit mutuel intermedi commiss transfer fund cdc left bank manag charg livret bleu incom resourc longer exist ground commiss paid state fact profit activ cover cost livret bleu system calcul recent produc crédit mutuel manag cost livret bleu total fund gradual fell commiss excess crédit mutuel higher commiss paid state bank manag codevi post offic manag livret true save bank manag livret lower commiss justifi economi scale caiss épargn benefit total livret save manag time higher livret bleu respect point state assign servic suitabl bidder tender procedur entrust directli negoti crédit mutuel guarante deduct commiss lower rate commiss grant caiss épargn justifi greater amount save accru livret hand autom livret blue unlik livret result lower manag cost proven state pai caiss épargn commiss collect servic perform case purpos decis concern question crédit mutuel receiv state aid save collect system bank work commiss consult show period part total save gener gross incom deduct relat cost consult conclud balanc activ profit frf million loss deduc result consult evalu quot conserv quot conceiv crédit mutuel accept continu long term collect save livret bleu sole view transfer fund cdc consid collect commiss suffici contrari coher estim crédit mutuel lesser extent arthur andersen question relat type activ tabl net result livret bleu fund transfer cdc period net margin frf million percentag gt tabl gt sourc arthur andersen littlejohn frazer commiss insuffici compens crédit mutuel manag cost part livret bleu fund consult work stop crédit mutuel benefit futur product gain manag livret bleu ground rais possibl commiss excess context transfer fund note margin increas regularli word speed transfer livret bleu fund cdc transfer fund cdc improv profit activ crédit mutuel economi scale gener interest asset gener interest asset produc gross incom period deduct relat cost residu margin crédit mutuel approxim note crédit mutuel initi evalu propos higher estim tabl net livret bleu result gener interest asset period net margin frf million percentag gt tabl gt sourc arthur andersen littlejohn frazer level explain fact long term asset grant high nomin fix rate enjoi drop interest rate state guarante factor explain insignific asset risk govern guarante profit asset affect fund aris insolv beneficiari crédit mutuel oppos take account profit aris incom loan grant bond purchas point commiss consid consider profit achiev asset state adjust amount state resourc chose grant crédit mutuel cdc asset chosen crédit mutuel crédit mutuel french author consid asset freeli chosen bank gener incom charact state resourc commiss context proceed analyt account task back back specif resourc deposit collect monopoli distribut livret bleu competit condit crédit mutuel obtain resourc price asset resourc account economi livret bleu system case rate collect fund asset freeli chosen bank set state logic cost account paradox asset freeli chosen bank gener neg margin crédit mutuel consult obtain result lower absolut term declar crédit mutuel situat principl due fact asset gener insuffici profit compar rate commiss manag rate livret bleu commiss consid figur illustr extrem conserv natur consult estim incorpor correct propos arthur andersen arriv estim higher loss initi evalu crédit mutuel tabl livret bleu profit loss account freeli chosen asset period net margin frf million percentag gt tabl gt sourc arthur andersen littlejohn frazer summari result profit loss account summari evalu sector final evalu livret bleu profit loss account commiss decis evalu amount aid accumul period frf million tabl livret bleu profit loss account sector period net margin frf million percentag gt tabl gt sourc arthur andersen littlejohn frazer sum financi benefit enter account gener livret bleu collect commiss profit manag gener interest asset profit manag fund account word asset chosen bank exce cost incur crédit mutuel manag collect process fund transfer public resourc constitut state aid amount account result profit loss account obtain easili appli account methodolog defin expert year capitalis result commiss refer rate exact date recoveri aid french author obtain amount excess compens relat period french author add amount account balanc year method valid arthur andersen commiss consult capitalis amount year year commiss refer rate date recoveri incompat aid verif compat treati aid grant crédit mutuel verif compat articl treati system collect alloc partial tax exempt save compris support mechan social charact grant beneficiari livret bleu gener interest asset measur question case consist aid social charact grant individu consum aid promot execut import project common european interest aid intend remedi econom disturb aid intend promot econom develop area standard live abnorm low underemploy facilit develop area franc derog provid articl part treati account crédit mutuel profit institut benefit restructur rescu plan derog provid part phrase articl account end proceed commiss conclud aid question oper aid point oper aid distort derog articl treati permit present case declar compat common market french author case provid inform commiss proceed aid scope derog articl verif compat articl treati mention commiss initi proceed derog articl treati possibl aid compat common market li potenti derog prohibit aid articl treati relat gener econom interest servic entrust crédit mutuel livret bleu system derog provid articl treati appli state support proport object articl state undertak entrust oper servic gener econom interest subject rule contain treati rule competit applic rule obstruct perform law fact task assign commun gener interest servic europ commiss point except rule treati articl subject observ principl proportion consist check mean proport gener interest object pursu exist servic gener econom interest relat livret bleu system servic gener interest perform crédit mutuel identifi emphasis charact servic gener econom interest crédit mutuel french author refer separ servic collect deposit destin financ gener interest asset ii maintain branch area region develop purpos iii encourag save gener public commiss give opinion task encourag save chang decis collect deposit livret bleu destin financ gener interest asset commiss accept task collect deposit livret bleu alloc part fund gener interest asset transfer deposit cdc look constitut gener interest servic assign state ii maintain branch rural area commiss note crédit mutuel state respons initi proceed oblig maintain local presenc rural district deal cost rang branch word annual cost estim crédit mutuel consid collect save network branch rural area form part gener econom interest servic entrust argument put forward crédit mutuel look stage verif legal realiti alleg public servic constraint examin evalu cost produc crédit mutuel examin develop crédit mutuel network abolit state control juli commiss point crédit mutuel network rural agenc exist livret bleu creat french author maintain crédit mutuel network structur result constraint impos refer law open closur bank branch repeal system control maintain crédit mutuel rule provid authoris system formal prohibit closur branch restructur onward system control abolish juli gener context renegoti contractu relat state crédit mutuel exist state control prove exist specif constraint french author produc legal document specif note mention oblig geograph coverag prove public servic constraint relat geograph distribut crédit mutuel network respect gener econom interest servic token crédit mutuel produc document prove system regulatori control undermin restructur plan redeploy network instanc form refus comité de etabliss de crédit shut branch conclus proof produc exist public servic constraint closur branch rural area juli argument admiss legal measur govern manag crédit mutuel network juli french author ground invok exist public servic constraint regard evalu quot surcharg quot relat rural network report arthur andersen mention cost evalu livret bleu analyt account evalu produc crédit mutuel take account cost maintain rural network period amount approxim evalu fix expens rural branch alloc livret bleu justif critic commiss consult crédit mutuel present evalu oral meet februari show amount time lower time crédit mutuel assum rural branch livret bleu activ import branch rel term compar activ fact margin part activ agenc relat livret bleu method involv alloc livret bleu share fix cost adopt branch dedic greater part activ livret bleu approach run counter construct analyt account arthur andersen similarli commiss base analyt account system accord request made french author januari accept quot share cost livret bleu activ branch quot arbitrarili higher cost crédit mutuel evalu crédit mutuel mention period quot consider loss earn caus quota branch quot commiss observ legal system refer concern quota control proof quota produc mind fact crédit mutuel plenti time restructur network paradox blame state delai year restructur network crédit mutuel record loss earn result late restructur network proven due independ manag decis subject control whatsoev lastli clear evolut crédit mutuel network underw major restructur juli word remov control crédit mutuel rural network equival size oblig comparison note januari show import crédit mutuel rural network rel compar crédit agricol crédit mutuel main competitor term privat bank market posit crédit mutuel smaller share branch rural area compar semi rural area compar crédit mutuel enjoi good posit privat bank market notabl rural area rural network public servic constraint form part corpor strategi crédit mutuel invok fact quota total codevi fund industri develop account transfer higher crédit mutuel bank tax exempt save account codevi account distribut separ livret bleu proof produc show natur contractu arrang crédit mutuel state codevi link precis livret bleu proportion aid cost servic entrust crédit mutuel develop enabl reach conclus crédit mutuel obtain livret bleu system cumul capitalis profit frf million exceed cost includ normal profit margin task distribut livret bleu entrust state result livret bleu account commiss underlin fact derog provid treati articl appli rigor except basi fact interpret court state provis lai condit undertak entrust oper servic gener econom interest exception subject rule treati strict applic appear circumst incompat situat compens cost aris servic gener econom interest justif conclud derog provid articl applic case excess compens case net profit drawn oper livret bleu charact state aid incompat treati question legitim confid commiss consid invok legitim confid case crédit mutuel french author regard exempt normal rule competit continu exchang correspond investig evalu conduct time proceed open rule recognit legitim confid case base complaint lodg exchang show french author crédit mutuel fulli inform exist problem compat rule competit vi conclus grant crédit mutuel distribut livret bleu state aid mean articl treati aid elig derog provid articl treati derog provid articl treati partli appli demonstr audit conduct behalf commiss compens grant period strictli limit excess cost relat gener econom interest servic account derog permit exempt measur question oblig laid rule competit notabl prohibit articl result fraction state resourc grant crédit mutuel exce net cost manag collect livret bleu mind normal profit margin constitut excess compens cost public servic constitut state aid incompat common market adopt decis articl measur franc crédit mutuel involv collect manag regul save livret bleu system compris state aid incompat common market aid elig derog articl treati partli elig derog provid articl treati essenti perform gener econom interest task entrust crédit mutuel state aid exceed cost collect manag livret bleu regard compat gener interest articl gt tabl gt result livret bleu analyt account year french author requir evalu method adopt arthur andersen correct made commiss consult ad amount french author capitalis amount commiss refer rate date recoveri incompat aid franc modifi rate commiss livret bleu save paid caiss de dépôt consign crédit mutuel view elimin futur aid exce manag collect cost account french author crédit mutuel introduc publish separ account livret bleu french author send commiss bank annual report year report livret bleu account commiss conduct check deem verifi aid crédit mutuel strictli proport gener econom interest task entrust deem mandat consult audit livret bleu analyt account articl franc inform commiss month notif decis measur compli articl decis address french republ brussel januari commiss mario monti member commiss oj footnot regul level establish direct eec decemb solvenc ratio credit institut oj date decis interest rate net incom tax levi discharg ceil frf privat individu levi discharg fix rate saver option pai levi discharg includ incom invest incom taxabl person incom tax system irpp find situat liabl tax financi incom taxabl person incom tax system tax incom person taxat system lower rate rate equal levi discharg liabl pai levi discharg event error calcul tax incom person incom tax system higher rate compulsori deduct amend financ law date decemb share directli financ state budget specif increas consequ reduct loan local author crédit mutuel contribut ad hoc basi time financ public hous frf billion oper organis cdc subscrib secur take account compulsori reserv liquid total amount quot sum regist special save account open depositor crédit mutuel bank alloc gener interest task quot art decre septemb quot gener interest task mention articl includ fraction determin crédit mutuel loan cover code construct hous public hous balanc alloc account cdc quot art decre septemb quot cost crédit mutuel cancel compulsori deduct paid crédit mutuel incom amount enter special account mention articl condit provid articl quot articl decre septemb case air franc commiss ecr ii paragraph case banco exterior de españa ecri paragraph proport slowli reduc council direct eec oj total livret fund collect caiss épargn approxim time greater livret bleu law decemb amend financ law articl figur french commiss de contrôl de banqu bank supervisori committe year detail figur foreign bank case philip morri commiss ecr join case spain commiss ecri statement affect fact aid low small size beneficiari small commun market share absenc export activ beneficiari fact undertak export product commun decre septemb freedom financi relat countri regard currenc outflow shown capit transact balanc payment concern small group saver main advantag product tax exempt resid financi centr franc except case tax franc except case council direct eec oj eec oj eec oj instanc case koestler ecr case casati ecr join case luisi carbon ecr case svensson gustavsson ecri case parodi ecr case van eyck ecr case züchner ecr eighth report publish paragraph state rule competit appli case relat travel chequ belgium eurochequ franc sarabex case foreign exchang current deposit broker associ european cooper agreement mention refer tabl page report bank list includ french bank banqu national de pari société générale crédit lyonnai crédit commerci de franc crédit agricol direct incorpor french law law juli jorf french nation gazett regul decemb jorf actual abolit authoris host countri bank branch authoris member state provid articl direct incorpor januari latest commiss decis crédit lyonnai banco di napoli banco di sicilia société marseillais de crédit westdeutsch landesbank basic level fund set minimum weight asset fund broad mean term minimum cf council direct eec decemb solvenc ratio credit institut oj case de gezamenlijk steenkolenmijnen limburg high author ecr english special edit case denkavit italiana ecr case banco exterior de espana ecri case tax aid consum grant saver livret bleu account crédit mutuel livret account caiss epargn de la post word crédit mutuel obtain similar resourc term stabil interbank market pai higher refinanc charg monopoli livret bleu effect reduc bank normal expens account charg link deposit increas charg due collect reduct normal charg lower cost resourc incom asset match liabil includ fund freeli bank cost fund measur profit activ account enabl distinguish livret bleu result share normal return fund member capit share exce averag profit bank section analysi cost fund singl year signific drop collect livret bleu drop collect livret higher collect posit crédit mutuel state contribut amount state budget payment behalf saver partial tax livret bleu cost quot cancel quot case cdc worthwhil note bank pai indirectli cost kind regard set gross interest rate deposit account return compar product fact saver compar net tax rate effect forc bank rais gross rate order compet tax free product system transfer fund cdc resourc collect livret bleu tax free opinion competit council septemb reiter argument tax free account quot place institut distribut privileg situat offer product quot context complet transfer livret bleu fund cdc subject reason appli past total fund fulli transfer crédit mutuel state contribut amount state budget payment behalf saver partial tax livret bleu cost quot cancel quot event cdc quot real quot random sampl quot regard share overhead alloc save sector note refer sampl repres approxim total overhead approxim overhead alloc save view consist quot emphasi extract report arthur andersen mission livret bleu addit inform present arthur andersen note februari state respect quot respect weight sampl share save total fund quot percentag interpret share total save featur sampl ident share overhead suggest perfect match sampl volum save volum overhead alloc save add method construct sampl alloc formula establish ibid ground proport close year ibid quot iard commiss receiv distort correct iard sector alloc high share overhead compar sector quot ibid note vagu word realiti deduct logic logic doubt fact represent insur sector direct effect distort calcul result analyt account system insur sector alloc insur sector higher overhead sampl counterpart incom higher note arthur andersen form iard commiss iard turnov true conceiv result quot amplifi quot increas multipli factor extrapol sampl result crédit mutuel regard import activ sector fact case necessarili direct bia statist sens word error result specif direct systemat increas reduct manag cost increas incom sector question increas instanc insur premium collect cost alloc high compar incom analyt account wrong poorli construct methodolog note septemb touch kei issu expert attempt estim balanc profit loss account incom cost cost crédit mutuel document arthur andersen commiss septemb discuss problem paper concern draft profit loss account question alloc incom cost form overhead consid interest rate variabl assign overhead save expert concern unabl give view suitabl statist method chosen compar variabl attempt estim point accept adjust method improv estim undermin qualiti estim precautionari word quot methodolog criticis theoret point view correct made disput quot comment part sentenc light earlier comment proport calcul line iard structur total popul suppos result deduct cost fund neg mean bank drop activ order shore fund activ profit make take account cost fund problem calcul level remuner benchmark sharehold report septemb arthur andersen propos method calcul cost fund effect increas cost fund compar initi evalu crédit mutuel arthur andersen fact suggest rate calcul basi ratio pre tax result withdraw provis fgbr fund rate view reflect profit bank crédit mutuel adopt cost fund amount dividend distribut essenti account fact set rate profit polit natur bank manag activ profit depend level cost fund chosen arthur andersen explain respect quot method calcul cost fund depend bank organis manag target set gener manag quot arthur andersen criticis principl initi evalu crédit mutuel quot global consist quot method propos auditor unambigu altern method quot recommend quot crédit mutuel method quot fulli suitabl quot note septemb arthur andersen complet drop reserv crédit mutuel note commiss meet commiss offici consult explain reason evalu base initi evalu crédit mutuel memorandum june arthur andersen consid quot unabl provid decis argument support side debat relev cost quot ibid arthur andersen assess point chang consider note septemb quot wrong pure theoret cost quot reason appli limit liabil compani absurd limit liabil compani quot moral quot duti cover risk loss fund commit sharehold amount capit subscrib central bodi quot measur guarante liquid solvenc establish network quot articl decid introduc limit distribut dividend member remuner compani share sharehold credit institut invest compani affili account effect consider expert approach crédit mutuel present quot liken livret bleu fulli livret omit partial taxat aspect quot certifi mazar guérard inform file fact conclud crédit mutuel compens author fulli offset effect partial taxat basic hypothesi scenario drawn arthur andersen hypothesi favour crédit mutuel mind fact case differ scenario slight convers event gener econom interest asset shown deficit payment liabil state regard aid compat treati virtu gener econom interest servic gener interest servic europ commiss commun oj point retain updat version tradition object pursu author minist financ state debat preced vote law quot base principl mutual interest branch oper voluntari staff crédit mutuel attract save gener public encourag quot question gener econom interest servic french author wrote april quot commiss element state aid livret bleu system regard compat treati light object pursu regim articl quot reserv quot develop argument quot oper freeli chosen asset gener interest servic resourc underpin asset obtain result servic show ground structur livret bleu system compon note legal oblig establish maintain branch rural area livret bleu activ margin relat total activ branch cost appar enter livret bleu analyt account system mean crédit mutuel analyt account rural area wrongli affect livret bleu cost aris activ case commiss franc ecri paragraph