commiss decis june condition approv aid grant franc crédit foncier de franc 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 interest parti notic accord abovement articl submit comment procedur letter februari commiss request inform french author provis overdraft facil frf billion caiss de dépôt consign cdc meet liquid requir specialist financi institut crédit foncier de franc cff french author repli letter februari march suppli document request inform commiss governor cff shortli put forward plan restructur bank letter april commiss ask french author provid inform need order complet analysi public support measur bank april minist econom affair financ releas statement press announc support ail bank commit govern guarante cff debt restor solvenc ratio take view plan measur support cff liabl involv state aid mean articl ec treati stage basi inform declar compat common market commiss juli initi procedur provid articl ec treati request french author provid clarif plan aid measur solut cff problem initi envisag french author base implement recoveri plan group reorganis refocu activ medium long term properti lend link partner credit rate sharehold enabl cost refinanc reduc bank fund restor appoint governor bank began pursu resolut polici asset dispos divest strateg interest agreement negoti conclud trade union enabl plan launch involv voluntari departur view reduc cff workforc end initi effort find buyer success french author decid nationalis cff order facilit link plan adopt french govern decis nationalis cff call quot arthui plan quot commun commiss juli provid cff subsequ wound public institut caiss national du crédit foncier de franc cncf creat crédit immobili de franc cif cff branch manag portfolio outstand loan staff cncf receiv capit grant frf billion govern order acquir mortgag bond cdc respons underwrit cff debt recov properti loan view wind cff long term period ten year announc septemb takeov bid caiss de dépôt consign cdc behalf govern cdc control cff capit remaind held save scheme cff staff pension fund cff staff sharehold face stiff opposit cif cff staff plan abandon govern offic june plan simpli sell cff receiv inform request commiss french author remind letter juli french financ minist repli octob inform commiss task find refer sharehold entrust cff agreement govern bank deutsch morgan grenfel prepar present dossier letter present memo potenti interest candid frf billion consolid fund offer involv share cff held cdc prefer cover cff group submit partial offer joint offer parti result privatis letter novemb commiss ask inform procedur find partner announc report drawn deutsch morgan grenfel commiss receiv report decemb light analysi ask inform letter januari govern support cff part sell press report candid interest cff commerci network forward name mention ge capit azur gmf group french post offic french save bank compani gener electr gener motor solut appar prefer set pool minor hold cff capit industri oper excel credit rate group financi document made consult candid januari april septemb month negoti french govern broke discuss sole candid take cff consortium gmac bass reason failur negoti gmac bass unwilling commit take cff extent guarante demand press gmac bass fear cff entir balanc sheet amount stage frf billion govern guarante rate downgrad rate agenc gmac bass request french govern split cff balanc sheet outstand liabil cover public guarante failur discuss gmac bass takeov cff french govern notifi commiss letter septemb initi fresh procedur view find definit solut cff plan consider notifi commiss letter decemb commun full technic annex march stage oper financi restructur recapitalis govern cdc initi procedur link cff partner march french govern announc recapitalis cff maximum frf billion sharehold advanc cdc bear interest short term market rate french author state intend link cff partner end director treasuri announc letter cdc dispos interest cff capit sharehold advanc frf billion open transpar discriminatori procedur bid specif descript crédit foncier de franc crédit foncier de franc cff medium size financi group end balanc sheet total frf billion staff group made compani activ sphere financ low cost hous properti develop nation network perman temporari sale outlet subsidiari franc abroad unit kingdom spain itali netherland cff specialist financi institut mean bank act respons carri activ regard french author public servic task distribut loan build low cost hous pla prêt locatif aidé organis mortgag market payment premium hous save contract credit institut main public servic task distribut subsidis loan purchas main resid pap prêt pour access la propriété govern paid cff grant enabl offer loan preferenti rate cff account distribut financ loan task discontinu octob home ownership fund complet reform french govern decis octob pap loan grant reform pla loan system octob total turnov subsidis loan fell period cff manag stock outstand subsidis loan shrink loan reimburs schedul earli repay cff competit activ gener profit riskier limit increasingli import recent year mean counterbalanc declin institut public servic task bulk cff capit wide dispers privat investor remaind control group nation institut sharehold caiss de dépôt consign assur générale de franc approxim capit foreign institut ub asset manag templeton global investor capit cff staff held approxim capit cff control govern appoint governor deputi governor govern repres annual meet sharehold appoint auditor task ensur articl associ strictli appli repres deputi govern commission virtu legal statu cff subject public supervis addit usual check carri limit compani issu secur credit institut descript govern intervent unlik commerci bank cff tradit deposit take activ rais fund issu bond domest intern market assign rate major intern rate agenc recess properti market abolit pap subsidis loan cff monopoli cff record anticip loss caus long term rate downgrad moodi baa standard amp poor amp increas cost borrow point imposs tap capit market compromis profit earli cff refinanc mean overdraft facil frf billion increas frf billion grant cdc period month enabl overcom liquid crisi account show huge loss frf billion due provis frf billion link larg poorli conduct polici lend competit properti sector insuffici strict monitor risk involv group fund neg tune frf billion extraordinari gener meet june reduc regist capit frf billion cut nomin share frf frf statutori solvenc ratio fallen institut surviv safeguard govern step guarante cff debt futur solvenc aid measur contempl french govern overdraft facil frf billion grant caiss de dépôt consign wholli own govern period month govern guarante cff debt repres secur honour term princip interest matur rang govern undertak step ensur cff continu carri activ accord prudenti rule forc comment interest parti proceed comment submit commiss interest parti prescrib deadlin comment franc term loan grant cdc cff french author put forward argument aim demonstr intervent temporari urgent natur term loan dissuas limit durat fact interest rate progress durat loan french author stress reimburs definit full month grant loan guarante select loan local author provid collater cdc made loan matur year good qualiti free arrear risk disput amount frf billion interest rate concern averag effect margin basi point rise basi point februari basi point august higher observ interbank market french author argu undertak minist econom affair financ april reiter statement juli effect cff debt liabil fall due honour legal genuin govern guarante detail technic legal arrang formal govern guarante undertak written financ bill minist declar french author polit commit monitor cff situat reassur financi market french author state bond issu foreign currenc loan issu prior januari cover formal govern guarante govern guarante grant respect loan issu state own enterpris specialist financi institut order financ balanc payment context high inflat exchang control guarante withdrawn french govern januari view progress control inflat greater stabil french franc loan issu cff januari cover formal guarante provid govern public institut lastli refer govern guarante cff asset public guarante cover mortgag loan hous purchas stem act date decemb condit guarante determin agreement govern cff procedur ensur govern guarante limit mortgag properti exercis net amount collect foreclosur mortgag insuffici cover sum payabl debtor agreement quot incent remuner quot cff optimum oper subsidis loan guarante fund letter april commiss request french author clarifi reason prompt supervisori author commiss bancair refrain requir cff promptli restor fund level french author repli letter april awar ground decis commiss bancair base consid supervisori author prefer approach activ buyer restor cff viabil put liquid assess aid measur concern involv state aid measur concern apprais financi assist provid member state commiss appli quot market economi investor principl quot set commun public undertak commun state aid involv oper privat investor oper normal market economi condit undertaken credit line provid cdc protocol sign januari cdc grant cff march overdraft facil form renew credit line guarante assign loan grant local author credit line frf billion grant cdc period month averag amount frf billion januari august maximum draw frf billion made april date reimburs term overdraft facil grant averag effect margin basi point compar refer interbank rate loan term rise basi point februari basi point august credit line intend maintain cff liquid transit phase unabl borrow financi market normal commerci term begin week januari cff year bond issu quot secondari market record yield gap basi point percentag point interest yield govern issu durat face deterior cff financi situat govern direct sharehold cdc public credit institut time interest approxim cff assist cff privat sharehold refus provid support stage determin overdraft facil grant cdc regard state aid compar loan grant market credit institut establish privat institut grant term loan grant durat interest rate guarante line prevail market assess factor account specif condit credit line grant financi situat cff found earli cff situat time stress depend capit market financ activ cff depend determin rate borrow assess financi sound made rate agenc rate agenc begun downgrad cff rate situat deterior moodi gave cff rate uncertain financi sound rate revis januari uncertain financi sound contrast cff long term rate import take account financi sound form support protect parti public author remain proportion higher level baa show market anticip govern support cff fact institut domin influenc protect govern case cff reflect abnorm evolut rate institut financi econom difficulti govern retain form control rate assign borrow deterior demonstr process moodi develop system bank financi strength rate give assess stand financi sound institut potenti support evolut cff rate highli indic respect bank financi strength downgrad moodi august lowest rate french govern intervent support januari april contrast moodi modifi cff long term debt rate gave baa earli confin chang forecast neg posit statement made govern end april part procedur commiss assess inform provid french author comment durat overdraft facil interest rate appli guarante requir commiss found cff credit line month view penalis term grant deter credit minimum premium basic rate vari time draw cff advantag respit order rapidli find solut debt problem market improv asset liabil manag loan support ail institut critic moment financi restructur limit period respect limit amount collater loan commiss request addit inform order enabl check effect sound loan grant cff local author assign guarante cdc commiss found total claim provid collater exceed total amount loan grant cdc claim assign exclus loan metropolitan local author matur year free arrear risk disput guarante offer cdc line usual bank practic due dilig conclud contract standard bank practic requir collater claim worth amount loan extra amount compris guarante creditor cover statist risk incomplet fulfil debtor oblig greater risk involv loan guarante provid readili sure realis high qualiti asset assign collater cff cdc regard proportion guarante high risk attach loan institut difficulti cff time rate appli cdc loan concern commiss note cff pai premium averag french interbank market rate rate reserv intermediari risk rate extent spread determin line risk default borrow exist penalti link amount drawn durat credit line factor account determin contractu condit link rate appli cff regard consist bank practic contrari involv preferenti treatment possibl accept compat competit rule view fact result spread total cost cff approxim frf billion interbank refer rate appli contractu term loan compris penalti design prevent overdraft facil turn de facto long term financ rate condit appli cff regard line bank practic conclus commiss found condit attach credit line grant cdc cff line bank practic loan risk categori similar cff januari compris penalti aim encourag institut quickli find costli sourc financ solut liquid imbal earliest opportun assign claim portfolio loan local author basi overdraft facil constitut aid govern guarante cover cff debt april french author announc cff record loss frf billion extrem situat frf billion neg fund statement issu date minist econom affair financ announc govern assur cff debt repres secur honour term princip interest matur rang time guarante cover approxim frf billion cff borrow guarante confirm month statement juli minist quot institut situat prompt govern interven accord undertak april keep interest public financ employe crédit foncier de franc holder share bond issu pari stock exchang quot address public minist statement intend reassur cff counterparti concern financi difficulti debtor qualiti debt cff highli activ intern market counterparti larg foreign investor statement minist econom affair financ durat guarante amount cover remuner requir return ground govern guarante cover cff debt constitut restructur aid commiss request inform public guarante govern protect enjoi cff commiss assess comment submit french author guarante cover cff liabil take view statement minist regard suggest french author simpli legal bind polit commit argument put forward underestim consider impact statement kind minist respons econom affair financ aim stress court justic effect govern support measur conclud reassur creditor qualiti claim statement question effect avert demand reimburs cff secur liquid crisi time institut unabl obtain financ market normal term commiss consid effect firstli avoid cff credit line grant cdc extraordinari transact result demand reimburs loan creditor anxiou bank financi situat divert fund measur restor econom financi viabil enabl bank manag draw subsequ implement restructur plan long term perspect secur afford govern support thirdli enabl cff obtain permiss commiss bancair continu busi inadequ solvenc ratio stress commiss bancair allow cff oper long period solvenc ratio requir commun prudenti rule govern undertook rais ratio statutori minimum effect public involv announc march highli allow cff continu busi prudenti rule commiss bancair forthcom recapitalis govern adequ ascertain cff difficulti worsen govern guarante announc minist call indirect confirm awkward posit commiss bancair uncertainti surround recapitalis cff govern fact commiss bancair appar invit cdc takeov bid late held cff capit recapitalis cff compli prudenti ratio cdc thought repli intervent favour cff limit grant overdraft facil control cff behalf govern refus provid fresh resourc give requisit fund govern pledg formal term technic arrang support concret step assist cff govern formal control bank cdc statement issu april confirm juli cdc grant emerg loan cff januari bought market octob behalf govern cff capit market price time takeov bid announc price frf share cff share quot frf frf purchas sought fact treasuri bank control cff albeit temporarili view subsequ sell confirm ey public govern determin ensur surviv commiss take view statement issu minist april legal formalis substanti effect deem equival guarante assess light market economi investor principl set commiss commun member state novemb commiss appli market economi investor principl govern guarante assess exist aid compar term guarante beneficiari obtain market time decis support depend assess beneficiari compani financi situat futur prospect govern support provid mean guarante establish subject specif condit aid involv guarante cover firm debt quantit time limit beneficiari remuner line condit prevail market similar transact case point commiss note govern guarante unlimit time term amount involv remuner minist gener statement relat bank liabil repres secur natur amount liabil make clear meant debt repres secur debt subordin debt guarante cff debt liabil fall due honour cover type debt relat quot debt repres secur quot shown balanc sheet cover amount frf billion extra frf billion subordin loan secur includ basi clarif provid french author exist system statutori guarante determin amount state aid commiss consid govern guarante cover total nomin amount cff debt repres secur specif statu build societi société de crédit foncier loan distribut institut enjoi special privileg provid act februari confirm act januari lai link financ loan amount outstand loan grant accord articl associ equal guarante financ build societi redeem borrow order fulfil condit claim aris loan affect extent properti creditor mortgag amount properti loan outset equal properti altern cover guarante grant public author specif statutori procedur system govern guarante cover borrow build societi addit special claim properti guarante grant public author improv liquid cff claim cff creditor reassur reimburs matur amount loan legal action call mortgag secur govern honour guarante mortgag secur recov substanti proport amount paid case abovement subordin debt definit prioriti recov sharehold equiti conclus term guarante concern note limit durat remuner quid pro quo govern stipul point time guarante grant cff situat unabl obtain guarante compar term market economi investor govern prepar provid support govern guarante constitut state aid enabl cff continu carri activ year condit imposs grant institut authoris carri bank financi busi order determin amount aid estim made price cff pai purchas guarante market end estim probabl reimburs financi instrument loan bond guarante characterist similar govern guarante grant cff indefinit durat probabl recoveri mortgag loan theoret probabl failur institut rate assign cff time guarante grant moodi baa amp probabl conjunct factor make calcul premium spread risk free rate bank product characterist guarante question basi remuner govern demand support calcul frf billion govern guarante respect cff debt constitut indirect support bank creditor govern decis guarante cff debt creditor claim rose result greater certainti reimburs provid public guarante cff debt repres bond held anonym transfer written formal govern undertak cff compli prudenti rule press statement issu april minist econom affair financ announc govern guarante cff debt contain pledg part french govern cff compli prudenti rule mention connect debt guarante statement intend reassur cff counterparti specif object case restor confid bank staff anxiou futur march sound alarm entitl act march prevent compani failur adequ level fund basic condit carri bank busi minist statement impli govern prepar provid financi resourc ensur institut surviv viabil time minist statement cff fund requir consider substanti loss caus solvenc ratio fall proceed initi articl treati commiss suffici inform quantifi extent public assist press report refer time minimum tier fund requir frf billion order achiev solvenc ratio accord council direct eec decemb solvenc ratio credit institut amend direct eec bank supervisori author ensur bank solvenc ratio drop take step restor ratio level quickli recapitalis reduc liabil fail bank licenc withdrawn ceas activ state commiss decis bank recapitalis oper constitut aid carri govern normal market condit amount incur recapitalis assist institut cost wind minimum solvenc requir criteria determin viabil bank time ensur level plai field theori bank reduc liabil order meet solvenc requir increas capit liquid option open recapitalis oper natur constitut aid perform normal condit accept term remuner privat investor compar action govern behaviour market economi investor assess amount aid base comparison cost oper correctli discount creativ account sale properti asset cff unabl compli prudenti requir recapitalis measur letter march minist econom affair financ inform commiss basi account amount recapitalis fix frf billion oper carri mean sharehold advanc cdc remuner short term market rate cff sold advanc repaid consolid cff capit buyer recapitalis limit frf billion anticip presuppos deconsolid subsidiari crédit logement clog effect complianc object set commiss bancair tier fund ratio cff expans clog busi due recoveri hous market combin rapid develop secur loan sector caus steep increas weight total clog outstand loan cff size stake clog consolid account clog loan econom riski carri higher prudenti weight result greater fund requir cff letter decemb french author inform commiss discuss begun clog sharehold reduc cff interest clog order allevi ensu month fund burden carri cff basi inform provid french author commiss estim cff fund requir frf billion frf billion assumpt tier fund ratio requir commiss bancair extent cff interest clog ultim decid tabl capit requir crédit foncier de franc gt tabl gt basi inform commiss conclud govern pledg cff compli prudenti rule constitut aid compat assess light measur restructur cff commiss base assess aid scenario capit increas limit frf billion frf billion discount notifi french author assum reduct cff interest clog suffici purpos tabl conclus total aid grant cff amount frf billion set summari tabl tabl summari aid measur discount decemb gt tabl gt effect trade member state liberalis financi servic integr financi market make intra commun trade increasingli sensit distort competit distort competit aid grant bank group cff suppli loan financi servic busi collect resourc wide rang custom liabl distort competit credit institut aid weakest institut harm effect contribut downward pressur bank margin aid encourag ineffici defeat market disciplin protect govern readi interven credit institut run difficulti remov incent creditor monitor behaviour debtor institut longer subject supervis verdict market protect natur unjustifi excess act incent poor manag part credit institut term collect resourc area degre competit high distort competit caus aid consider cff fairli major borrow intern financi market govern guarante confer cff substanti competit advantag area effect trade member state bank principl offer servic freeli restrict frontier princip take deposit grant loan encount obstacl expans abroad obstacl frequent link firm local root domest bank make market entri expens foreign competitor complet singl market bank opportun offer servic member state aid grant bank oper nation internation liabl restrict opportun aid design secur surviv bank oper local level forc market result lower profit lack competit distort competit commun level make difficult foreign bank enter french market aid question cff wound circumst cff asset purchas foreign competitor wish acquir signific commerci presenc franc cff custom turn bank possibl member state aid cff deem caught articl ec treati distort competit extent affect intra commun trade examin compat treati aid cff establish financi support measur grant cff involv state aid commiss examin aid declar compat common market accord articl ec treati note aid examin aid social charact grant individu consum aid promot develop area franc aid design remedi econom disturb intend remedi difficulti singl recipi cff oper sector commiss consid cff problem stem system bank crisi franc cff french credit institut difficulti number bank state own encount difficulti cff loss specif link larg poorli conduct polici lend competit properti sector subsidiari insuffici strict monitor risk involv aid justifi commun interest ground develop generalis bank crisi derog provid part articl possibl consider compat aid measur assess basi specif rule govern rescu restructur aid gener principl state aid firm difficulti compat number condit met case restructur aid full implement restructur plan base realist assumpt make restor reason timescal requir minimum return capit invest secur firm long term viabil provis suffici quid pro quo offset distort competit make conclud aid contrari common interest proportion aid aim pursu limit amount aid minimum restructur ensur recoveri effort receiv maximum support firm full implement restructur plan complianc oblig laid commiss final decis establish arrang monitor fulfil preced condit accord guidelin restructur aid commiss consid aid viabil enterpris letter date march french author inform commiss cff governor prepar restructur strateg redeploy plan bank plan place cff sound foot restor viabil view link partner plan initi provid increas bank capit govern hope measur includ plan suffici gener resourc recapitalis cff refer sharehold onward cff embark intern restructur process base realign core busi loan owner occupi rent hous grant chiefli privat individu busi strategi hing activ organis structur devis intern restructur rationalis organis chart group activ type view clarifi respons achiev economi scale market prioriti cff staff manag signific result term turnov loan competit sector grew frf billion frf billion effort commerci network cff gain market share tradit area activ regul loan improv commerci method introduct sale train earli polici restructur divest context refocus core busi help time improv group liquid restor fund cff sold strateg asset hold worth frf billion finalis transact involv securitis direct sale claim local author amount frf billion frf billion securitis transact enabl cff reimburs advanc provid cdc introduc asset liabil manag tool refrain januari crisi rais fund capit market cff cash posit posit substanti margin ow dispos consider amount local author loan sale asset earli repay custom respons fall market rate earli repay made respect outstand loan gener frf billion addit frf billion contractu amortis frf billion dispos local author loan made cope product redempt matur secur debt add frf billion secur portfolio high level earli repay continu cff fulfil commit maintain turnov envisag busi plan bank carri securitis transact realis asset bond portfolio order rais fund evolut bad debt provis total amount doubt outstand claim lower parallel fall total loan outstand provis doubt claim fell frf billion frf billion signific improv achiev strict risk select polici pursu connect grant loan risk manag direct consequ refocus bank activ low risk sector hous credit system monitor risk liabil enter subsidiari cff recognis risk monitor tool exist gener group previous upgrad quantit qualit line modern manag context diversif cff undertaken cff endeavour improv control parent compani subsidiari group committe respons constantli check strategi pursu subsidiari consist parent compani forum discuss common problem monitor subsidiari compris quarterli report result main financi indic cash posit updat annual result forecast report supplement monitor busi result risk control concern committe respons authoris commit total frf billion cff subsidiari respect entiti group deal larg risk aggreg amount client amount group frf billion tabl balanc sheet data cff group tabl consolid balanc sheet cff group gt tabl gt margin increas line object busi plan greatest effort focus structur cost view adjust resourc fall level activ workforc reduc approxim enabl staff cost cut total oper charg reduc period except loss sustain group accumul profit albeit modest scale led improv consolid fund contract net receipt bank result reduct interest margin foreseen busi plan neutralis reduct gener oper charg capit gain realis dispos local author loan reduct adjust respect claim financi asset improv risk manag depreci provis tabl show evolut cff group consolid result tabl profit loss account cff group gt tabl gt valid restructur plan implement cff virtu consolid measur carri gener liquid resourc bank need period difficulti underw result return profit suffic restor solvenc ratio level french author initi state govern pledg intend carri prior recapitalis cff give support size profit made enabl bank fund restor level requir commun prudenti rule bank buyer part sell cff tabl fund cff group gt tabl gt septemb discuss held candid take cff consortium gmac bass broken result unwilling cff press gmac bass fear cff entir balanc sheet amount stage frf billion govern guarante rate downgrad rate agenc gmac bass request french govern split cff balanc sheet outstand liabil cover public guarante plan present french author decemb stage oper financi restructur recapitalis initi procedur link cff partner financi restructur intend solv difficulti identifi previou search partner guarante cff debt problem corpor govern transpar account increas fund problem address set build societi subsidiari give cff ordinari bank statu clarifi balanc sheet reduc hold clog mortgag bond asset transfer specialis subsidiari statu build societi société de crédit foncier scf stand societi provid cff secur sourc financ enabl govern guarante withdrawn implement plan subject approv french parliament save financi secur act schedul end year commiss favour dispos legisl provis creation scf cff organis structur provid definit solut problem govern guarante commiss attach great import reduct cff interest clog view effect consolid clog account solvenc ratio group shown tabl letter march minist financ industri commun amount govern intend provid recapitalis cff commiss request inform view ascertain industri plan carri bank recoveri complet establish plan aid measur correspond strict minimum inform request confirm plan date give cff ordinari bank statu creat scf subsidiari commiss receiv full inform request plan take result post basi develop futur strategi forecast group futur result form part effort find buyer aim restor bank profit area highest risk avoid contract net receipt bank find sourc incom offset fall tradit receipt plan tackl bank underli problem aspect dai dai manag staff organis market strateg develop financi structur fund qualiti claim profit liquid view enabl confirm viabil aim strateg plan twofold complet refocus mortgag lend develop turnov hous credit sale servic distribut save product object concern chief measur concentr loan low cost hous reorganis network strengthen market function cff intend continu redeploy direct loan owner occupi rent hous grant chiefli privat individu coupl strategi market rang save product increas lend activ sector control loan properti firm specialis loan develop market servic high ad properti valuat administr estat low cost hous manag properti area consider profession experi basi document submit strateg plan appear adequ albeit optimist respect fall incom assist sector suffici counterbalanc growth competit sector cff small market share project growth market share area optimist growth market forecast busi plan switch product line easi cff emerg deep crisi demand great effort staff commerci skill greatli develop past increas loan renegoti earli repay prompt fall interest rate develop polici loan repurchas bank network initi favour impact cff cash posit lead drop bank oper incom assist sector remain heart cff lend activ lastli analysi evolut cost reveal absenc adjust account fall outstand pap loan continu slow growth net receipt bank evolut oper charg reflect continu trend observ year forecast bank sector compensatori measur born mind aid receiv cff put liquid state guidelin state aid rescu restructur firm difficulti solut caus distort competit competitor sought major distort competit unavoid substanti compensatori measur quid pro quo requir benefit oper sector order mitig harm effect aid ad accord commun polici quid pro quo repres addit effort part firm receiv aid comparison restructur oper strictli restor viabil foremost consist measur directli indirectli financ state aid closur capac quid pro quo form divest provid activ concern profit reduct commerci presenc compani concern bank sector solvenc constraint introduc bank legisl nucleu tier fund fund broad sens repres risk adjust asset limit credit institut capac growth realiti capitalis requir kind appli form enterpris medium long term bank sector constraint perman quantifi rule laid temporarili relax part growth strategi pursu credit institut credit institut narrowli satisfi solvenc requir room growth attract fresh capit increas capit reserv achiev high rate profit growth ineffici institut held back bank gener sizeabl profit potenti growth link profit restraint solvenc requir place growth effici institut illustr prudenti polici competit polici complement result solvenc requir case credit institut arriv hypothet estim distort competit caus state aid aid equat capit inject distort competit assess term weight asset capit inject eur million measur equival effect bank increas weight asset balanc sheet compulsori solvenc ratio expand activ oper creat potenti distort competit equival term activ eur million aid bank increas weight asset eur million relationship mean state aid credit institut exce fund distort competit caus greater weight asset situat role compensatori measur limit distort estim roughli manner case examin inform compensatori measur offer cff competitor commiss request initi articl procedur french author submit data effort made commiss regard reduct net receipt bank envisag busi plan compensatori measur result reduct lend activ assist sector counterbalanc increas activ competit sector commiss take view substanti reduct balanc sheet frf billion decemb frf billion decemb reduct regard restor viabil effect voluntari refocus bank activ involv substanti effort mitig distort competit result govern intervent effort repres signific contribut relat distort competit hypothet evalu case point connect commiss posit develop cff decis dispos network abroad view fact foreign busi albeit small expand govern interven branch open itali amount aid relat compensatori measur carri commiss take view cff made signific contribut restructur cost provid substanti quid pro quo enabl distort effect aid competit mitig proportion aid contribut bank recoveri view forego regard complianc condit laid guidelin restructur aid commiss consid cff make signific contribut restructur cost resourc cff recoveri larg achiev level fund remain statutori minimum requir prudenti rule problem solv mean recapitalis notifi french govern limit frf billion view reduct cff interest clog time detail uncertain commiss consid remain uncertainti bank long term viabil dispel link partner return fund achiev cff determin basi ratio consolid result consolid fund includ sharehold advanc amount approxim figur line averag profit bank sector expect privat sharehold justifi link bank strong partner envisag plan privatis bank futur order secur viabil fact task restor bank fund level complet recoveri entrust major partner enabl implement busi plan rais problem sale conjunct examin compat aid measur concern commiss privatis bank account letter french author undertook privatis cff decemb accord open transpar discriminatori procedur commiss take note undertak recal gener principl appli case privatis order determin element state aid principl set twenti report competit polici consid privatis provid definit solut problem corpor govern point earlier ensur futur cff turn privat sharehold market addit resourc stage basi inform privatis cff choic buyer determin refer market criteria price buyer busi plan concern commiss take view privatis procedur give rise presumpt state aid evalu aid commiss account privatis bank bring govern stage sell price determin cff valuat conclus view forego basi inform commiss conclud cff recoveri plan involv substanti state aid form govern guarante cover cff debt liabil fall due term princip interest govern undertak step ensur cff continu carri activ accord prudenti rule forc capit advanc cff measur examin light articl ec treati determin regard compat common market reason set recit commiss take view aid grant cff compli condit laid guidelin state aid rescu restructur firm difficulti provid condit latest plan notifi fulfil view larg amount aid involv proper implement plan monitor special refer restructur effort ensur recoveri plan submit commiss carri effect full french author inform commiss month date approv decis object restructur plan achiev progress implement plan deviat actual result forecast chang result increas state aid cff made plan commiss prior approv french author state sharehold advanc frf billion strict minimum need enabl cff compli prudenti requir buyer respons increas bank fund level secur cff long term viabil absenc privatis increas cff fund buyer french govern carri recapitalis commiss oper constitut addit aid condit aid question exempt prohibit laid articl ec treati articl eea agreement regard compat common market pursuanc articl ec treati articl eea agreement adopt decis articl measur intend consolid restructur privatis crédit foncier de franc govern guarante cover debt announc minist econom affair financ april frf billion increas capit carri caiss de dépôt consign constitut state aid mean articl ec treati oper estim frf billion declar compat common market eea agreement pursuant articl ec treati articl eea agreement articl authoris measur refer articl subject franc compli condit implement recoveri measur aspect restructur plan submit commiss guarante condit laid restructur plan modifi condit impos decis account commiss prior agreement crédit foncier de franc allow carri tax loss respect loss cover notifi capit increas articl franc cooper fulli monitor implement decis transmit document commiss detail report french author applic commiss decis implement restructur plan privatis bank report examin viabil crédit foncier de franc present detail result relat estim contain plan give detail govern assist crédit foncier de franc recapitalis financ guarante analys detail develop process sell crédit foncier de franc report submit commiss month date notif decis time crédit foncier de franc privatis balanc sheet profit loss account report annual half yearli adopt board director crédit foncier de franc commiss request document implement plan evalu mean specialis audit french author crédit foncier de franc cooper perform audit articl decis address french republ brussel june commiss karel van miert member commiss oj standard amp poor rate agenc scale aaa issuer capac reimburs extrem strong aa capac strong capac strong issuer suscept econom condit bbb capac adequ great sensit econom condit bb specul characterist uncertainti payment ccc cc doubt claim payment default moodi scale invest grade risk aaa aa aa aa baa baa scale compar basi cff secur loan commiss commun member state applic articl eec treati articl commiss direct eec public undertak manufactur sector oj public moodi assign bank financi strength rate bank moodi york septemb averag rate applic tiop pari averag interbank offer rate draw june tiop draw june octob tiop draw octob march net excess frf billion decemb exclud doubt claim arrear total outstand claim frf billion date court justic articl treati distinguish measur state intervent refer aim defin relat effect judgment septemb case franc commiss ecr footnot oj oj denomin solvenc ratio compris risk adjust asset commun guidelin state aid rescu restructur firm difficulti oj footnot commiss decis ec aid grant franc crédit lyonnai group oj tabl twenti report competit polici point principl commiss refer order determin privatis involv state aid earlier french author letter commiss director gener competit date juli