commiss decis juli condition approv aid grant franc gan group french text authent text eea relev ec commiss european commun regard treati establish european commun articl thereof regard agreement establish european econom area articl thereof parti concern opportun submit comment accord abovement articl introduct gan publicli own financi group oper bank insur sector experienc major difficulti loss properti financ busi insur difficulti prompt state grant support gan form frf billion capit increas transfer asset examin restructur plan gan subsidiari uic audit report drawn invest bank morgan stanlei advisor treasuri commiss decid septemb regard oper notifi state aid aid nn approv subject implement full restructur plan submit plan provid inter alia sale gan major hold cic bank group ensur return viabil minimis distort effect aid letter date februari march french author state approv aid insuffici view group worsen financi situat properti financ sector light fail attempt privatis cic notifi frf billion addit aid march commiss decid reopen articl procedur respect frf billion capit increas initi procedur respect aid measur notifi frf billion capit increas carri govern commit cover gan estim loss frf billion commiss decis notifi french author letter date april sg order analys detail document hand french author financi posit gan group restructur plan viabil commiss enlist intern invest bank promin consult sphere part present proceed french author collabor fulli commiss furnish inform request letter date juli french minist econom affair financ industri forward commiss french govern undertak gan group written comment receiv interest parti period allow gan reason collaps gan financi group list stock exchang control state hold capit central gan compani gan société central oper insur bank sector insur gan largest group franc term turnov frf billion privat group axa uap agf main competitor privat group victoir mutual societi gan share french insur market gan control cic bank group network region bank total asset worth frf billion net bank incom frf billion make largest bank belong french associ bank cic group activ financ sme oper properti sector subsidiari uic transfer gan uic control central gan compani group hold industri compani gan group employe insur sector franc administr hous produc agent employe foreign insur employe cic bank group uic gan activ cover class insur includ life insur firm privat individu life assur capitalis oper insur compani group hold compani gan sa product distribut network compris broker agent compani socapi compani jointli own gan cic bank group socapi bank network cic group distribut life assur product combin bank insur widespread bank insur group gan french insur control bank group revers situat bank control insur compani common gan oper abroad unit kingdom germani itali spain portug switzerland morocco unit state canada account turnov gan difficulti relat bank insur bank arm hard hit crisi properti sector deterior financi posit sme life insur busi suffer consequ aggress expans strategi accompani cyclic upturn market poor qualiti approxim frf billion worth debt asset link real estat project held cic bank group subsidiari uic specialis compani sofal meant gan interven remov uic cic area consolid enabl meet regulatori oblig bank sphere subsequ continu fall commit prove gan bear resort hive vehicl parixel bâticrédit remov risk balanc sheet gan group guarantor sourc financ hive vehicl settl risk stem vehicl spread time distribut entiti group hope group profit offset vehicl loss disappoint result insur side gan unabl offset deficit properti busi reli support state decid transfer frf billion elf cic secur provid assist worth approxim frf billion state support enabl gan limit loss consolid level frf billion frf billion difficulti experienc gan bank subsidiari uic view background crisi french real estat sector occur specul boom late affect number financi institut includ publicli own greater lesser degre institut ride crest specul wave specialis financ real estat sector react late downturn incur substanti loss institut includ number publicli own crédit lyonnai comptoir de entrepreneur crédit foncier société marseillais de crédit gan resort state support suez pariba group undergo drastic restructur bred access collect guarante fund cooper bank societi banqu la hénin banqu palla stern liquid french insur undergo profound upheav stem transit increasingli competit system commenc reform insur code result profit margin shrunk absenc adequ restructur compani industri level profit collaps profit life insur fund fell life assur life insur cyclic downturn begin involv busi risk motor vehicl risk sharp increas claim repair cost life insur gan pai price inappropri growth strategi aim gain market share cost led excess risk mutual societi privat group axa affect remain aloof properti specul introduc effect system monitor claim tabl show loss incur gan commun french author tabl gt tabl gt recent sharp deterior gan situat highlight audit group properti subsidiari french author mid gan inform sharehold wors forecast show return equilibrium gan expect loss uic perform insur wors forecast view speed deterior increasingli worri forecast state decid make approv half yearli account subject carri full audit properti busi close account comprehens review posit uic hive vehicl reveal inject frf billion prompt state interven time support gan frf billion aid packag assess aid content financi support measur gan assess state aid commiss gener appli market economi investor principl set commun public undertak commun state element aid transact compar privat investor oper normal market economi condit carri public author hold compani capit consid privat investor carri transact presumpt aid involv compani financi posit normal return dividend capit gain capit invest expect reason period time case provis public guarante presumpt state aid involv consider guarante consider consid suffici view high excess long drawn risk inher oper measur state aid compon frf billion capit increas carri transfer elf cic secur transact notifi recent notifi measur total frf billion transact involv amount frf billion consist transfer state elf aquitain share capit share compagni financièr de cic de union européenn capit vote certif compagni financièr de cic de union européenn vote right return increas state hold gan share central gan compani repres capit transfer transact involv amount frf billion broken frf billion capit inject restor uic capit base loss record give insur compani financi structur accord relev rule capit inject consist frf billion uic frf billion insur compani govern commit cover estim loss frf billion gan sa incur implement guarante provid part restructur plan loan grant hive real estat compani bâticrédit financ cie set assess aid measur septemb commiss view basi inform frf billion capit increas constitut state aid mean articl treati regard compat pursuant articl fact notifi analysi busi plan transact produc suffici result demonstr state act privat investor busi plan anticip gan suffer loss frf billion achiev profit frf million frf billion basi assumpt underli busi plan evid futur profit insuffici offset initi loss shortfal earn invest earli year absolut term discount term satisfactori intern rate return estim period appli gan assumpt profit level evid gan achiev addit profit offset previou loss time give state sharehold adequ return commiss note state gan sharehold particip transact sharehold notabl stock exchang sharehold foreign decid abstain french author drawn attent present proceed factor lead commiss draw conclus conclus commiss reach time frf billion capit increas constitut aid remain valid assess aid measur regard public measur support gan group includ capit increas frf billion state guarante estim worth frf billion french author state measur comprehens review situat subsidiari uic hive vehicl reveal provis requir frf billion place group compani situat conflict prudenti regulatori constraint subject result reflect deterior properti market cost asset appropri process substanti higher anticip chang outlook result rapid dispos properti asset book valu estim basi market valu take account yield requir market oper account method implement arrang design record immedi uic account futur conveyanc cost futur fee administr market liquid cost charg provis uic account factor amount frf billion ad loss financi year calcul accord previou account method frf billion mean uic neg net posit part cost hive vehicl amount frf billion view worsen situat state support reduc net amount outstand uic hive vehicl half frf billion frf billion frf billion class doubt loan provis made rate provis properti lend amount gross case doubt loan measur form part restructur plan gan confirm undertak recoveri plan approv commiss decis septemb primari object arrang adopt govern insur arm gan sa bank group cic uic dispos futur factor measur constitut state aid measur notifi french author refer state aid state act probabl back sharehold thirdli restructur plan present french author show state recov monei full obtain return proport risk incur measur deem state aid commiss note cost state rescu oper lower depth analysi carri recent conduct earlier face downturn busi activ privat investor act sooner radic limit risk wait year french author fall gan share month preced announc latest state aid frf begin frf end januari bear aid measur notifi gan surviv recoveri plan drawn strengthen fail state basi recoveri plan gan achiev profit frf million frf billion state support loss close frf billion put group neg net posit state support enabl gan limit loss frf billion loss amount frf billion includ frf billion due uic properti financ subsidiari french author attribut failur plan audit carri properti busi reveal financi situat appar earlier inspect commiss opinion reason failur sought fact gan core busi notabl insur return result wors expect enabl gan offset loss conveyanc cost properti side suspens privatis cic undoubtedli precipit failur restructur plan depriv gan liquid resourc need restructur privatis cic decid strengthen plan drawn judg ambiti merchant bank morgan stanlei resolv problem intra group financ suspens cic privatis constitut failur compli commiss decis decid unavoid technic reason french author reason polit opposit time firm offer made found accept french privatis commiss failur recoveri plan due factor inter alia fall properti asset favour result expect gan group core busi failur cic privatis conclud analysi reason gan group weak suffici carri good time state act privat investor market economi support gan consid state aid estim amount aid consid capit increas intend cover loss satisfi capit base requir complianc rule bank insur full amount frf billion capit increas consid amount state aid guarante problem aris evalu aid involv figur frf billion estim cost state ultim bear principl frf billion estim result recent audit exceed approach assess amount guarante base assumpt rapid dispos asset take account expens includ conveyanc cost asset manag substanti numer complex reason prudent audit carri past consist underestim amount provis need prudenc justifi scale asset remain potenti ambit guarante rate provis asset increas hive vehicl retain unprovis exposur frf billion march justifi consider extent asset institut recent market written compar consid gan fact unschedul delai sale asset give rise addit conveyanc cost point connect plan dispos asset maximum period year time provis made conveyanc cost addit dispos period prove costli net conveyanc cost frf billion avail potenti buyer properti remain proven respect provis frf million decid certifi account firm kpmg estim analys greater depth proceed transpir state commit gan cover futur capit requir uic view compli prudenti rule arrang govern state intervent respect spell intervent remain abey basi inform furnish french author commiss consid intervent necessarili increas net amount state aid gan time justifi prudent approach conclud commiss opinion averag state commit gan estim frf billion number major imponder remain justifi adopt margin error amount estim commiss fix maximum amount state aid aris state commit gan group frf billion cost altern solut examin gan restructur plan detail order verifi compat aid question refer firm return viabil question cost state intervent compar solut dealt aspect question assess solut chosen state absolut term compar solut includ intervent costli lead case conclus state act privat investor establish solut chosen costli compar recoveri solut assess aid limit strict minimum restructur aspect concern natur oper state aid aspect concern compat notifi state aid french author argu measur repres costli solut french state concern examin aspect question cost altern solut aspect analys part examin compat french author choic li reorganis financi structur gan group call announc recapitalis guarante enabl rapid sale let matter slide lead inevit liquid costli state pai oper liquid uic question affect rest group give rise financi social cost higher brought restructur plan state avoid french author argu uic financ tune frf billion frf billion form deposit public frf million form fund rais market frf billion obtain cic capac refer sharehold uic gan oblig articl french bank act provid support uic prove share uic capit gan bear uic entir loss estim frf billion frf billion form asset shortfal frf billion form addit depreci frf billion form penalti earli collect debt led gan insolv french author ey gan insolv cic make provis claim gan group amount frf billion cic consid creditor uic court undu support compani led cic liquid view scale custom deposit frf billion end inter bank refinanc line frf billion caus shockwav french financi market state main sharehold refer sharehold uic undoubtedli call governor bank franc perform duti sharehold accord articl bank act state ignor call liabil incur instrument frequent interpret wide court articl act reorganis wind court make order de jure de facto manag director found guilti mismanag pai part compani debt articl civil code person held liabl loss injuri caus wrongdo circumst state bear uic uncov liabil frf billion frf billion provid recapitalis scenario scenario involv amic liquid french author view cost solut adopt ultim hypothesi liquid recapitalis invest bank lazard frère cost extra frf billion commiss opinion french author posit endors partial commiss stress point cost state reorganis oper lower detail analysi recent carri made earlier privat investor act sooner insist riski financi busi strategi involv ill consid conquest custom highli specul invest state passiv creat aid grant morgan stanlei report late shown intra group financ hive vehicl defens account point view left gan room manoeuvr event result achiev wors expect plan revis group liquid posit improv sale major stake cic made make start undo capit financ guarante link paralys group suspens procedur privatis cic major factor decis state interven order determin govern oper natur state aid distinct drawn cost born state sharehold state bear reason capac author respons monetari financi stabil commiss court justic reject argument extend respons state sharehold liabil aris liquid share compani capit ground extens respons tantamount confus state role sharehold bodi respons social polici cost state sharehold relev compar cost solut adopt altern solut aid charact oper stem behaviour state compar privat investor connect clear unsuit cost social cost tax cost includ comparison cost normal circumst compani sharehold bear resourc liquid situat sharehold held liabl capit guarante provid french author furnish proof state sharehold equat de jure de facto manag compani commit error manag engag wrongdo caus loss injuri french author likewis proven financi consequ respons mismanag wrongdo amount envisag unproven element establish enabl french state side step applic articl treati contradict legal principl person found argument mistak nemo auditur propriam turpitudinem allegan thirdli gan respons uic articl bank act remain proven articl invit oblig presum oblig make good liabil de facto consid violat principl limit liabil sharehold proport hold limit liabil compani principl valid constitut point view competit rule discrimin privat bank public bank privat investor access unlimit resourc state reason case refer sharehold decid give support wish safeguard financi interest activ wish ward legal consequ situat obtain estim state intervent cover group greater estim share held state hold compani central gan compani state intervent cost involv stem state sharehold mistak state support equat privat investor constitut state aid distort trade member state liberalis financi servic integr financi market effect make intra commun trade increasingli sensit distort competit trend grow context econom monetari union creation singl currenc trade commun develop exchang risk cost principl financi insur institut oper cross frontier basi encount obstacl expand busi abroad obstacl due fact domest institut shield effect competit make attract foreign competitor enter market aid intend financi insur institut surviv profit face competit aid grant gan distort competit commun level make difficult foreign financi insur institut gain access domest market aid question gan liquid sold financi sound institut part judici wind procedur event institut undertak purchas foreign competitor wish set busi expand commerci presenc franc procedur facilit dispers gan asset market share larg number potenti purchas note current plan separ dispos french foreign subsidiari gan break group busi remain financi link addit aid intern institut gan bank insur product firm competit intern market financi servic competit european financi institut time expand foreign busi network agenc franc liabl distortionari effect intra commun trade aid enabl gan inter alia restructur number foreign subsidiari unit kingdom itali spain competit commun financi institut note gan foreign insur busi achiev total turnov frf billion repres total insur turnov share commun busi gan consolid intern insur turnov frf billion conclud public support measur question caught articl ec treati constitut state aid distort competit extent liabl affect intra commun trade assess compat aid determin measur consider natur state aid fall scope articl commiss examin measur compat common market pursuant articl aid case aid social charact grant individu consum aid grant order promot develop french region aid remedi disturb economi seek remedi difficulti singl recipi gan difficulti experienc oper industri aid grant common european interest except provid articl potenti applic virtu commiss power authoris aid facilit develop econom activ aid advers affect trade condit extent contrari common interest compat measur assess light specif rule restructur aid commiss consid aid restructur contribut develop econom activ affect trade extent contrari common interest condit met comprehens implement restructur plan base realist assumpt make restor reason timescal requisit minimum return capit invest ensur long term viabil busi exist adequ quid pro quo offset distort effect aid competit make conclud aid contrari common interest proportion aid object sought limit amount aid strict minimum restructur order recoveri effort born firm carri full restructur plan oblig provid final commiss decis set system monitor complianc preced condit order assess extent condit met articl compli account case sensit financi sector difficulti purpos financ group gan restructur aid guidelin aid view supplementari natur aid question come top approv scale distort effect examin condit met rigor detail complianc principl verifi aid grant gan fact septemb commiss favour frf billion capit increas decid check assess base erron inaccur inform commiss note french author deterior gan situat evid mid trend decis carri specialis audit properti busi commun commiss decis approv frf billion aid septemb note talk held commiss repres french author notabl purpos discuss assess report drawn morgan stanlei french author inform commiss group situat improv markedli gan carri specif audit properti busi order establish addit provis requir knew deterior result insur busi compar forecast connect french author state treasuri decis request specialis audit properti busi commiss decis establish gan inform treasuri worsen situat date commiss decis commiss reason french author provid essenti background inform mention prompt decis septemb detail commiss possess inform furnish time incomplet notabl posit uic hive vehicl suffici enabl examin group viabil properli state support measur partial attribut fact plan commun implement full sale uic provid gan substanti resourc recoveri commiss consid decis approv frf billion capit increas revok aid oper examin part present proceed basi inform fact restructur plan fail fresh aid time larger initi aid found gan surviv make essenti examin compat initi aid part proceed compat aid hereinaft examin jointli examin restructur plan group viabil order analys detail document hand french author posit gan group restructur plan viabil commiss enlist intern invest bank solid reput consult commiss analysi set benefit consult technic expertis complex field order determin propos restructur plan resolv compani difficulti elimin failur guarante return viabil avoid futur recours state support step understand reason gan failur gan failur properli understood suitabl last solut found state aid gan stem number factor excess uncontrol exposur properti sector imprud polici expans life insur ineffect system check part sharehold word system check group run consist rule institut relev financ exercis control compani corpor govern prove inadequ view gan slow react cyclic downturn onset difficulti rent properti price fall steadili slow recoveri process gan year deal definit properti problem clear coloss amount aid grant reflect confid gan top manag state sharehold felt event oblig eras past mistak wit argument put forward french author cost altern solut gan group pursu highli specul polici publicli own institut crédit lyonnai privat suez banqu palla market public institut count state aid privat forc market restructur drastic enter sort composit arrang reason gan implicit explicit support state embark hazard polici embark event restructur earlier greater determin state support ultim tantamount surviv insur fail institut inform report french senat remark effect protect creditor protect remov incent creditor monitor behaviour debtor institut longer subject control punish hand market protect unwarr excess effect encourag unsound manag credit institut european parliament council european union state direct ec deposit guarante scheme born fact uic continu financ market tune frf billion catastroph situat support sharehold turn permit support market effect delai correct action increas final amount state aid keep statement made council european parliament commiss fulli endors argument develop scientif light bank crise number countri stress import moral hazard mean explain gan crisi clear last solut gan includ reform corpor govern group subsidiari coupl solut moral hazard problem number solut solut propos french author involv obtain back core busi bank insur independ partner directli subject market forc commiss consid solut make reconstitut effect system check base undistort action market tabl compar plan develop gan result return capit present french author tabl gt tabl gt plan present base primarili restructur measur place number year start bear fruit includ measur reorganis life insur portfolio help reduc significantli gap gan competitor ad measur reduc oper cost announc thousand redund insur bank job loss total insur bank gan sold number subsidiari withdrawn strateg busi cfjpe ctr scor gan belgium hnl plan present spring introduc addit measur inter alia reorganis group separ unit central gan compani hold compani head group insur unit hold compani gan sa bank unit repres cic group properti unit consist uic hive vehicl parixel bâticrédit french govern recent confirm thrust content plan present april number piec inform commiss includ conclus audit report arthur andersen cross check kpmg document drawn expert work independ gan treasuri memorandum sbc warburg restructur plan memoranda jp morgan goldman sach viabil cic gan insur unit memorandum lazard frère uic correspond uic bank commiss insur supervis commiss gan insur envisag gan withdraw credit insur sell sacren insur brook oper cost diminish result implement workforc adjust plan gener save frf million full year frf million oper cost frf million product cost frf million personnel cost product cost hous produc post cut repres total staff januari personnel cost cut result job loss month repres staff concern provis frf million made level gan sa cover cost adjust plan local branch downsiz order resolv intra group financ problem restructur plan present french author separ sale insur busi gan sa bank busi cic properti financ busi uic immov properti asset claim build hive vehicl bâticrédit parixel manag liquid basi group hold compani gan sc remain hand state size reduc dispos place gan group complex consolid account make examin viabil question properli main area activ examin separ hive vehicl hive vehicl pose problem term viabil manag liquid basi problem quantifi aid dealt point question quid pro quo examin level structur transfer poorli perform asset hive vehicl import manag asset hive vehicl transpar transfer suffici rapid commiss consid hive vehicl gan bank insur arm separ ensur time cic gan sa dispos repurchas asset hive vehicl connect commiss take note french author undertak confirm current process dispos asset bâticrédit parixel process larg complet end possibl asset acquir cic gan time dispos bank specialis properti sector uic french author plan maintain bank specialis properti sector concern pend sale potenti buyer interest take goodwil control interest leas subsidiari ui french author acknowledg number problem connect institut viabil resolv french author state consid liquid uic view graviti condit end decid cost option chosen ow knock effect entiti group primarili cic provid frf billion financ market frf billion refinanc lazard frère solut control liquid spread year likewis cost solut adopt approxim frf billion recapitalis solut work frf billion recapitalis top restructur measur theoret make uic attract buyer social plan implement involv reduct staff number space year plan includ reduct overhead frf million frf million level product bank arm worth frf billion year poorli perform properti asset dispos year doubt asset reduc half acknowledg french author big question mark hang liquid asset timescal receipt sale discount scenario present uic manag revis basi pessimist assumpt gt tabl gt analysi inform furnish french author comment made provis ratio rais suffici level theori uic book frf billion properti asset subject consider price fluctuat auditor acknowledg addit provis event asset sell price lower estim dispos delai note connect month delai dispos programm coupl fall sell price result loss frf million kpmg revis work auditor arthur andersen major risk precis evalu order determin valid provis failur partner snc sci call make good defici asset rate risk due imbal asset liabil gener credit institut show ratio doubt asset total asset question carri core busi surviv ratio level cyclic downturn take excess risk bad lend institut fail process select monitor risk wrong order gain understand aspect rememb half uic asset form subject matter canton hive vehicl item includ uic asset qualifi doubt word estim uic asset form subject matter canton shown asset qualiti transfer hive vehicl good qualiti asset remain book due good luck good manag busi plan present stop short show return viabil uic back scenario commiss consid valid scenario plan imponder uic continu record loss end time deduct minor interest leas subsidiari ui capitalis uic separ entiti weak view risk book averag bank specialis properti sector group liquid pose problem stretch liquid gener substanti loss uic short uic situat critic bank reach break point bank viabl highli treasuri recapitalis prior dispos sold loss state financi market undertak effect french author state support exce loss scenario frf million conclus basi analysi ow fact profit neg capitalis weak imponder link risk remain book numer commiss opinion uic viabil ensur secur institut back stronger highli capitalis bank group capabl carri administr staff restructur institut view fact delai restructur rise addit cost dispos occur event end connect commiss take note undertak french govern effect continu process dispos uic subsidiari ui includ share ui held gan sa process complet end network bank cic cic bank group compos region bank balanc sheet total frf billion end make largest bank belong french associ bank group manag deposit frf billion asset frf billion establish franc result possibl maintain close contact custom cic enjoi good net interest margin region bank regular stabl incom worsen margin link fall interest rate competit environ affect cic larg network bank reduct interest incom offset increas commiss account net bank incom socapi hold jointli gan cic occupi choic posit purpos financ market franc confirm invest banker jp morgan consult gan transfer gan uic cic healthi balanc sheet structur good qualiti asset high level provis tabl show main result cic busi plan present french author gt tabl gt plan base assumpt annual growth approxim number target custom privat individu profession peopl sme averag annual increas asset incom year region bank level group level interest margin expect fall continu region level growth share net bank output account commiss growth slow result commiss bank transact diminish due introduct euro overhead slightli ow higher cost introduct euro frf million year specif staff cost remain fairli stabl cut workforc rate net alloc provis region bank lend fall level due increas provis recur item assumpt realist group suffer weak high oper cost sizeabl exposur compani gan group meagr level profit current level futur prospect issu oper cost ratio overhead net bank incom high end current averag french bank target level crédit lyonnai long term context free competit european level technolog innov reduct interest margin offset reduct overhead staff cost british bank nowadai effici europ rate return lower oper ratio measur term ratio overhead net bank incom context increas competit pressur due integr market singl currenc clear bank excess high oper ratio unabl surviv regard weak cic book frf billion commit vi vi entiti gan group includ frf billion vi vi uic frf billion vi vi gan sa approxim frf billion vi vi hive vehicl bâticrédit plan convers half loan uic loan bâticrédit expos cic tune frf billion loan nomin cover explicit guarante state make good loss incur hive vehicl loan gan sa repaid proce cic privatis loan uic cover state undertak meet properti subsidiari capit requir recapitalis sale uic cic loan longer cover guarante cic retain substanti exposur gan group coverag risk remain subject dispos cic recapitalis dispos uic success conclus transact vital cic solvenc lastli cic bank group enjoi posit low level profit compar averag european bank plan strategi sustain expans return capit end compani level minimum level laid commiss bank case adopt cic time commiss decis main difficulti scale overhead staff cost context sell presum prudent privat investor prepar pai price compat return capit allow synergi addit restructur cost buyer prepar pai price includ discount capit obtain profit ratio ad strateg premium face sever competit bank field margin increasingli narrow region market cic carri restructur order improv profit propos dispos cic form part condit commiss decis recent confirm undertak govern sell separ cic gan buyer posit ensur futur viabil long term develop lead major involv privat investor secur provis addit fund expertis bring pressur bear order restructur drive step notabl area reduct overhead french govern undertaken ensur oper aim find potenti buyer transfer ownership start event june carri accord principl open equal treatment candid insur gan restructur plan insur busi separ rest group notabl hive vehicl uic remain control central gan compani gan sc hold compani gan sa retain control gan ia incendi accid gan vie gan capitalis socapi viabil insur busi analys term entiti life insur gan ia carri busi life insur gener agent network compos agenc earli gan ia pursu polici growth conquer market share result fourth largest life insur term direct gross premium polici growth cost pursu fast rate compar compani capac select risk tabl motor vehicl class result gan ia run increasingli heavi loss exhaust capit number contract technic result million motor insur gt refer graphic gt attempt made achiev turnaround increas premium excess termin number contract agent close supervis induc increas product view reduc overhead reorganis distribut system pai agent remodel line axa involv gradual replac commiss base turnov convent payment method share technic result busi brought agent number cut busi plan present french author signific reduct turnov stabilis frf billion claim premium ratio franc continu improv oper cost fall frf million frf million reduct year lastli incom set fall ow inter alia reduct capit gain frf million frf million premium receiv insur compani form technic reserv cover commit policyhold amount technic reserv idea size insur compani indebted policyhold insur person improv result gan ia base assumpt compani made lost time creat technic provis suffici reserv meet increas claim outstand gt tabl gt return profit plan present remain subject number imponder result conclud return solid viabil back problem problem abil maintain technic margin stabl high limit neg result oper cost regard level capitalis problem liquid perform asset portfolio regard problem number aspect underscor return profit speed releas frf million reserv except incom frf million transfer cic secur gan sa gan ia consid achiev substanti surplus enabl releas frf million reserv correspond aggreg compani result level surplus achiev confirm gan abil continu releas reserv year ahead time current level reserv adequ word fact return profit depend larg extent releas provis made past cast doubt strength prospect recoveri gan ia competitor term technic factor compani made signific progress reduc number claim ratio oper cost claim hand premium end high compar ratio gan main competitor averag lower ratio reduct number claim accompani suffici reduct oper cost comparison made care ow consider fluctuat premium period chang account method cost alloc polici pursu competitor observ compar premium oper cost restructur period remain unchang level excess high gt tabl gt gan intend deal problem launch system distribut life insur product cic bank network case life assur product gan competitor process implement polici busi plan subsidiari respons area progress posit return profit number year take account life insur subsidiari incom busi franc reduc frf million frf million low level capitalis uncertainti affect gan ia technic result invit caution compani abil return viabil problem gan ia portfolio invest suffer illiquid inadequ return compar competitor total portfolio worth approxim frf billion frf billion account immov asset frf billion account sharehold entiti group approxim frf billion form intra group debt hand proport high yield long term secur portfolio modest approxim portfolio compos illiquid asset profit portfolio modest portfolio gener profit french stock bond market rate return asset exclud capit gain includ capit gain french stock bond market gain approxim dividend reinvest expect portfolio yield exclud capit gain includ capit gain lastli unrealis gain account portfolio low view fact quarter unrealis gain deriv immov asset note strateg asset enter book high notabl intern valu expos gan ia loss event sold book lastli sensit analysi make assess trend compani result event variat basic assumpt made show gan ia remain expos risk favour develop busi cycl competitor record perform gan inevit face competit rate effect reduc margin manoeuvr gan intend tackl problem reduc strateg asset portfolio notabl ui bif pai part intra group debt made dispos cic measur suffici account portfolio conclus view increasingli low level project profit capitalis regard problem commiss consid viabil gan ia remain fragil life assur life assur activ gan group carri main compani gan vie gan capitalis socapi examin separ gan vie sell pension product network special assist exclus agent collect insur network salari salesperson individu cover busi plan present french author gan vie forecast reduct turnov level frf billion technic expens fall frf billion frf billion enabl gross technic margin improv slightli oper cost fall slowli invest incom set increas stabilis frf billion increas appropri profit share fund insur person reduc financi margin frf million result increas due substanti realis capit gain frf million correspond return capit gt tabl gt comment made plan present gradual reduct turnov bear wit loss market share gan vie individu collect class account turnov famili welfar class maintain market share high technic margin extent class offset fall rel level activ class remain toughest challeng face gan vie improv technic margin compar turnov depend larg extent contract termin rate gan fall notabl individu class contract class produc modest technic result compar product leav expos high surrend risk materialis improv technic margin revis thirdli oper cost high turnov level unsustain long run compar lower level market approxim purpos financ institut approxim point view abil gan vie face competit pressur purpos financi competitor uncertain distribut insur product financi institut post offic treasuri continu develop market share grown steadili increas ten year insur network fell direct sell mean distribut rose year problem made wors fact gan ia gan vie suffer problem insuffici return asset held compar policyhold promis problem induc gan sa repurchas part portfolio gan vie reportedli ask substanti addit provis current liabil financi conting oper gan vie larg number illiquid asset order portfolio total portfolio worth approxim frf billion frf billion immov asset frf billion account sharehold entiti group intra group debt approxim frf billion profit portfolio modest portfolio yield profit french stock bond market rate return asset exclud capit gain includ capit gain french stock bond market gain approxim dividend reinvest portfolio yield exclud capit gain includ capit gain lastli unrealis gain account portfolio low view fact quarter unrealis gain deriv sharehold group entiti properti portfolio neg unrealis gain restructur asset portfolio suffici strong buyer ensur risk low profit lead insuffici competit rate part gan loss interest gan custom product ultim loss market share lastli gan vie rest group suffer problem balanc asset liabil lai open major interest rate risk durat capit measur variat capit compar variat interest rate regard matur asset held high main competitor conclud view increasingli low level project profit capitalis regard problem commiss consid viabil gan vie remain fragil back gan capitalis gan capi sell individu retir save product network agent busi plan compani submit commiss includ capit inject frf million state make end request supervisori author contract market capitalis product aim increas product compar develop life assur product balanc activ capitalis vie present breakdown weight heavili favour capitalis technic expens rise frf billion frf billion technic margin remain oper cost absolut term compar turnov ow thing develop singl premium product oppos involv payment period premium reduct financi margin contribut contract result frf million frf million return capit fall half compar gt tabl gt gan capitalis suffer main problem collaps market capitalis product insuffici return asset hold regard problem note report french consil nation du crédit fall demand capitalis bond continu trend start ow arriv market flexibl profit product market contract express unit account competit unit trust gan capi propos redeploi life assur sector redeploy prove difficult market life assur growth rate fall competit constantli increas remain gan capi compet head purpos financ institut mutual franchis network profit famili welfar class problem inadequ return asset assess light minimum rate policyhold guarante receiv capit appreci gan capi unabl cover guarante rate portfolio asset compos larg bond liquid insur entiti case group entiti return bond share lower market equal unrealis gain account portfolio gan capi prospect good lastli exposur risk interest rate movement substanti view compani low capitalis conclud view increasingli low level project profit capitalis regard problem commiss consid viabil gan capitalis remain fragil back socapi joint ventur cic gan sa sell save product cic bank network market share sixth largest french purpos financ institut object rate turnov growth broadli estim purpos financ compani asset stock grow year frf billion end overhead increas slowli make reduc slightli oper ratio plan increas percentag product period premium compar singl premium product nowadai account premium incom gt tabl gt socapi difficulti gan insur compani effici profit compani problem prolong purpos financ agreement context cic privatis level commiss socapi pai cic agreement affect profit background separ dispos gan cic question aris commerci capit link entiti gan state purpos financ essenti viabil wish maintain strong commerci agreement cic purpos financ agreement forc cic gan cic receiv load respect net cancel premium busi load applic mathemat provis amount outstand contract durat year renew permit termin payment penalti frf million coupl oblig part cic bui back stake held gan vie socapi part dispos separ cic gan agreement review inform transmit french author cic increas stake socapi commiss amount outstand increas approxim penalti earli withdraw abolish view mainten hold gan cic gan consolid equiti method cic result time hold cic retain control socapi consolid fulli account gan purpos financ agreement cover life assur creation compani progress gan major sharehold point connect purpos financ agreement import respect gan viabil cic sell price socapi profit balanc solut enabl gan count substanti stabl sourc revenu time induc cic buyer depriv possibl freeli bank network distribut insur product seek quid pro quo form discount cic price socapi interest oblig pai commiss cic reduc profit view fact agreement affect viabil gan socapi net cost state aid oper commiss ensur agreement satisfi dual requir minimis net cost state ensur viabil respect commiss opinion cours action propos meet dual requir gan intern gan sa maintain signific presenc abroad subsidiari group hold compani gan intern gan intern turnov end frf billion approxim gan group insur turnov predomin activ life insur turnov gan intern turnov achiev unit kingdom itali account spain canada morocco approxim compani present unit state germani switzerland portug luxembourg subsidiari profit gan canada albeit low level return capit save morocco case gan market share abroad significantli greater plan present initi reduct gan intern turnov frf billion frf billion inter alia result sale gan belgium ctr appear account half recoveri frf billion gan intern net result neg tune approxim frf million posit rate return capit consolid level remain view gan intern constitut group subsidiari profit viabl morocco neg impact viabil gan intern conclus viabil gan insur activ conclud light consider set recoveri measur project profit gan leav precari viabil insur compani independ entiti subsidiari gan vie gan capitalis problem insuffici incom asset held compar minimum return guarante policyhold share termin contract year ahead policyhold substanti part asset consist commit subsidiari group uncertain lastli sensit analysi show heavi exposur interest rate case life insur major restructur drive carri past busi loss make ow thing excess high oper cost profit expect order area insur activ life life capitalis weak term competit posit capitalis invest portfolio compani viabil fragil suffici strong capitalis partner socapi profit year ahead socapi account gan total premium result unabl offset compani poor profit commiss analysi gan base consider french insur market matur market expans unfavour econom environ limit poor growth record potenti purchas life insur call question tax break reduct household propens save sharpen competit longer make strong advanc observ insur person past decad competit network mutual purpos financ institut oper cost lower ow low cost distribut insur product affect tradit network agent broker brand channel distribut insur product telephon effect reduc margin standard product point view gan intermedi posit hand profit link cic bank network distribut life assur product continu bear convent insur oper cost averag higher distribut insur product look angl gan object maintain partnership cic event transfer control understand group trump card view context gan insur entiti oper commiss consid viabil entiti assur part transfer partner econom human resourc complet depth restructur gan insur busi commiss consid financi stronger capitalis investor enhanc viabil gan group compani provid addit capit meet regulatori oblig wider safeti margin back gener synergi level economi scale achiev notabl increas product employe reduc unit cost capita overhead concentr gan activ compar lead insur group financi strong buyer diversifi gan sourc profit view concentr asset portfolio properti sector intra group sharehold low profit buyer suffici broad liquid portfolio asset increas diversif profit back process enabl start made undo capit financ guarante link affect group liquid profit commiss consid lastli plan dispos reduc moral hazard root major collaps strengthen group corpor govern step monitor distort market commiss take note respect french author undertak sell separ cic gan buyer posit ensur futur viabil long term develop conduct oper aim find potenti buyer transfer ownership start offici june accord act august principl open equal treatment candid quid pro quo number factor suggest question quid pro quo examin commiss increas vigil scale aid question total frf billion supplementari natur aid compar approv commiss provid guidelin rescu restructur aid context note aid notifi month commiss decis part restructur plan carri fact rais doubt factor commiss need account reach decis autumn commun thirdli fact oblig dispos major stake cic main concess return decis compli lastli sizeabl distort competit caus aid note connect explicit implicit support state gan group engag past price rate competit view increas market share properti financ life insur subsequ result incur substanti loss conduct unfortun reason breakdown corpor govern system effect increas consider final amount aid passiv state turn effect creat moral hazard problem bank insur sector consequ mistaken imprud conduct show greater length time take run inordin risk translat financi loss make pursu riski polici longer effect creat greater distort properti sector suffic gan bank subsidiari specialis sector doubl asset frf billion frf billion incur loss frf billion uic lead player properti market uic gan group entiti activ properti market indulg specul gan crédit lyonnai group bill period steepest ow notabl excess uncontrol exposur total asset uic hive vehicl billion gt refer graphic gt cost provis uic hive vehicl billion gt refer graphic gt life insur growth sustain fast rate compar capac select risk view size gan group area insur bank properti financ conduct term busi expans price polici effect harm competitor includ prudent oper decid remain aloof specul price war untrammel conquest market share design offset loss stem ill control expans past year aid question result substanti distort competit preclud normal consequ conduct free competit market disappear ail firm market aid gan liquid dispers asset bought competitor view gan contribut minimis distort effect aid competit direct competit situat group bank insur activ franc abroad gan group integr activ purpos financ quid pro quo concern bank insur busi regard aid french author undertaken compli oblig stem decis reduct gan commerci presenc dispos major stake cic group dispos place short space time constitut precondit viabil group entiti enabl start made process undo capit financ guarante link entiti afford greater flexibl dispos carri separ gan start june latest regard aid french author state dispos cic top number dispos gan carri year view restructur withdraw activ essenti group core busi includ subsidiari gan belgium gan canada elit cfjpe hnl ctr industri financi hold total société générale gan avenir hold dispos total frf billion term net book gan approxim frf billion term sell price intern sphere dispos carri year account approxim busi abroad french author point result restructur embark gan set lose signific market share return earli level share life life insur market franc fall end gan ia market share fall argu lastli separ sale gan sa cic uic constitut control dismantl gan group consid quid pro quo dispos albeit group restructur viabil consid verit quid pro quo aid time greater aid form part plan quid pro quo offer call question gan viabil potenti strengthen mere reduct market share consid suffici view volum aid repetit natur reduct simpli effect voluntari reduct perform contract aim reduc loss increas product firstli group compon part liquid asset market share broken main entiti group intact continu oper maintain substanti link separ dispos gan cic uic likewis consid adequ quid pro quo dispos essenti group viabil dispos entiti consid quid pro quo made state aid commiss opinion dispos insur activ abroad account approxim gan turnov consider pose problem gan viabil concern connect french author state gan intern constitut import resourc gan ow main factor enabl gan serv custom abroad constitut sourc countercycl profit compar french market dispos gan intern delai render difficult sale gan sa commiss opinion light consider set argument suffici compel conclud gan intern network necessarili maintain present form commiss consid serv gan custom abroad necessarili requir presenc subsidiari spot achiev partnership agreement french intern institut proport group turnov account gan intern busi small countercycl function subsidiari perform limit thirdli except small market share gan leader intern insur market strong strateg posit foreign market fourthli intern side busi essenti gan viabil contrari gan refocu dispos absolut reconstitut core busi insur franc peripher gan viabil intern side busi constitut quid pro quo distort effect aid respect commiss consid reduct intern network term turnov measur end constitut valid quid pro quo hinder process gan sale choic dispos carri view attain object set commiss left buyer connect commiss take note french govern undertak contain letter date juli minist econom affair financ effect dispos asset parti gan sale buyer reduc month gan sold turnov gan intern insur busi compar level enter account decemb frf billion group bank activ commiss consid quid pro quo uic sourc main problem subsidiari cic transfer gan aid uic direct benefit cic creditor uic respect account fact major dispos plan cic accord commiss decis uic ui uic leas subsidiari note ui profit establish averag rate return capit approxim year market capitalis approxim frf billion constitut substanti quid pro quo respect commiss take note french govern undertak effect dispos end uic hold ui held gan group compani signific quid pro quo identifi specif bank field view fact cic bank group signific intern presenc reduct nation network put viabil risk ow residu exposur gan group structur cic solvenc ratio higher regulatori minimum level strong hard core compar european credit institut conclud aid limit strict minimum cic import quid pro quo point view enabl cic pursu aggress strategi inject fresh capit privat sharehold event risk aris cic oblig find restructur balanc sheet element flexibl need absorb shock hand view sharehold line held gan commiss consid asset furnish quid pro quo respect take note french govern undertak effect gan dispos strateg sharehold worth total frf billion asset regard longer form part busi plan gan core busi dispos affect gan viabil commiss consid dispos carri end order evalu complianc undertak refer made net book enter account decemb condit commiss consid condit adher accord restructur aid guidelin order ensur action aid effect restor market excess strong compani lead unduli aggress polici aid compani financ resourc signific part cost restructur accept market suffer overcapac reduct market share attent drawn connect principl contain restructur aid guidelin effect aid compani simpli dispos subsidiari busi affect bottom line properti busi case gan dispos good qualiti asset busi provid compani resourc order financ restructur minimis recours public resourc reduc amount aid strict minimum oblig compani contribut significantli cost restructur view consider set part assess viabil compani group quid pro quo requir commiss opinion condit laid restructur aid guidelin met principl limit aid strict minimum mean ensur hand gan suffici amount capit fulfil regulatori oblig prepar ground sale level capit strictli gener speak event rapid dispos imagin case compar situat satisfact regulatori oblig ensur buyer connect commiss point state aid oper level capitalis group bare regulatori limit liabl strengthen gan strictli restructur commiss consid amount aid excess high bear mind consequ term cost distort competit liquid group gan competitor restructur option commiss consid remain doubt viabil compani group call question evalu capac busi date dispos accord restructur aid guidelin possibl gan group compani receipt state aid question benefit carri tax loss respect tax loss cover capit increas abolish point likewis inadmiss competit point view gan cic bui back asset transfer hive vehicl possibl rule pend sale gan cic commiss consid gan cic uic ui offer sale potenti french foreign buyer transpar open procedur condit includ claus impos unaccept limit number potenti buyer target potenti buyer buyer select view maximis receipt sale guarante sharehold posit ensur futur viabil long term develop compani sold end condit submit commiss advanc accord restructur aid guidelin compani gan group proce sale restructur intra group relationship reduc capit financ guarante link group entiti lastli proper implement restructur plan condit impos commiss monitor end regular report french author submit commiss month date commiss decis date fulfil undertak condit set articl decis annual half yearli report princip compani submit immedi approv board director date privatis detail oblig set articl decis conclus conclus frf billion capit increas carri total frf billion plan commit enter state cover loss amount estim frf billion gan determin guarante hive vehicl invok substanti state aid compon mean articl treati view uncertainti surround element plan margin error incorpor state commit gan group maximum amount aid put frf billion measur carefulli examin light articl treati establish consid compat common market light consider set aid grant gan group meet condit laid guidelin aid rescu restructur firm difficulti provid number condit compli constitut essenti precondit viabil quid pro quo return conclud substanti aid common interest commiss opinion back gan uic sine qua viabil concern condit aid question exempt prohibit articl ec treati articl eea agreement consid compat common market accord articl ec treati articl eea agreement adopt decis articl measur contain gan restructur plan form frf billion capit increas carri capit increas plan total frf billion commit enter state cover loss amount estim frf billion gan determin guarante hive vehicl invok state aid mean articl declar compat common market eea agreement pursuant articl ec treati articl eea agreement view uncertainti surround element plan margin error incorpor state commit gan group aid limit frf billion articl aid refer articl authoris subject franc compli undertak sell separ cic gan buyer posit ensur futur viabil long term develop ensur oper aim find potenti buyer sell compani start event june carri accord principl open equal treatment candid end dispos uic hold ui held compani gan group ensur gan sell strateg sharehold worth total frf billion underwrit current process dispos asset bâticrédit parixel process part complet end asset acquir cic gan time sale ensur dispos asset parti gan sale buyer reduc month gan sold turnov gan intern insur busi compar level enter account decemb articl authoris aid refer articl subject franc observ condit ensur recoveri measur arrang provid scheme articl contain restructur plan present commiss implement amend condit laid restructur plan take account condit impos decis commiss prior consent prevent compani gan group receipt state aid question benefit carri tax loss respect tax loss cover capit increas earmark proce sale restructur intra group relationship reduc capit financ guarante link entiti group ensur condit sell off gan cic uic ui includ claus impos unaccept limit number potenti candid target potenti candid ensur buyer select view maximis receipt sale guarante sharehold posit ensur futur viabil long term develop compani sold ensur sale strateg sharehold refer point articl place end evalu basi net book enter account decemb articl french author cooper fulli monitor complianc decis submit commiss document detail report french author implement commiss decis restructur plan report examin viabil entiti group remain state control present detail result compar estim contain plan detail state intervent favour entiti form recapitalis financ guarante waiver debt analys detail undo capit financ guarante link entiti group describ extent undertak condit set articl compli document submit month date commiss decis date fulfil undertak condit set articl balanc sheet account report annual half yearli drawn manag compani form part gan group gan sc gan sa gan vie gan ia gan capitalis socapi progress cic uic ui bif hive vehicl date privatis document submit commiss approv board director entiti question submiss document provid point exempt french author includ report provid point detail provision account balanc sheet entiti group condit plan sell off uic ui cic gan document submit commiss advanc commiss document implement plan assess mean special audit articl commiss decis septemb approv frf billion state aid gan notifi franc octob revok articl decis address french republ brussel juli commiss karel van miert member commiss oj gan minor hold capit cic order deal difficulti minor hold bank subsidiari request state insur recent control bank group agp control cde uap control worm bank commiss commun member state applic articl eec treati articl commiss direct eec public undertak manufactur sector oj commiss commun bulletin european commun discount method assess state aid set commiss commun refer footnot method case notabl bank sector discount rate appli commiss decis ec bull oj ec crédit lyonnai oj notic efim oj judgment court justic join case hytasa ecr subject guarante commerci term constitut state aid recent withhold support privat sharehold number french bank oj publish version decis inform omit reason confidenti senat french republ banqu votr santé nou intéress inform report mr alain lambert senat gener rapporteur behalf committe financi affair budgetari control econom account nation situat prospect french bank system oj durat mathemat concept risk invest describ number year need receiv present futur flow incom invest capit interest gan hold directli capit socapi indirectli hold cic percentag approxim give control annex balanc sheet turnov gan belgium ctr frf million frf million studi recent appear le echo cite french author