Economic forecasts for 2010 are uncertain

Two days after the intervention of the head of State on the necessary revival of credit to SMEs, Baudouin Prot, the President of the Federation banking française (FBF), announcement this morning of measures for the credit to SMEs, in the presence of Jean-François Roubaud, the President of the CGPME. Before any qualitative proposals, including on transparency in the processing of cases, the banks do not want to commit to targets for growth of the outstanding credit. It would be counterproductive, feel. Interview with Ariane Obolensky, Executive Director of the FBF, which is also expressed on the announced financial reform week last one by Barack Obama.

You advertise this morning of qualitative measures, but not of commitment to growth of credits to SMEs

This fall, the Presidents of the major banks have been a tower of France to discuss with some 1,200 heads of businesses of all sizes and in all regions. The most often mentioned problem was how their credit application was processed and in what time frame. It is for us a true issue of quality of service and it became important to respond to us. This is why we take transparency measures on the processing of the credit process, for each bank shall communicate to the business manager the projected duration of examination of the record and informs him immediately in case of problems.

The President, Nicolas Sarkozy, however, was much more demanding Monday evening asking banks to "do their job" and revive the credit to SMEs.

French banks are mobilized to finance projects of companies and attractive conditions. Demand for credit financing of investment is directly related to the environment. However, the objective of the outstanding amount of credit from 3 to 4 increase has been established with a forecast of growth of GDP by 1.4 for 2009. Today, there is a gap of more than 3, which inevitably has effects on the progression of the outstanding credit. However, in recent weeks, there is a strong increase in demand for real estate credit, which is almost 50 of the outstanding credit. With respect to the business credits, when there is the detail, the France Bank statistics show that the credit for independent SMEs - TPE grows by 1.8 and that large companies have heavily favored funding on the market. In the end, it is possible that the growth of credit outstanding performance is better than we thought, but we are still uncertain.

In this case, why not reword commitments

Quantified commitments are neither relevant nor effective. Economic forecasts for 2010 are uncertain. Display quantitative objectives is not the right method, while it is difficult to anticipate the evolution of the GDP or the recovery of the stock corporations. Banks are mobilized to meet the demand of companies and with quality service, as shows our commitment to improving the question of the time. I would add that the credit Ombudsman is there to ensure that all of this works.

Will there be penalties, as the Government was committed for non-compliance of the objectives

Who will we penalize because growth is not at the forecast Again, the banks are collectively and individually mobilized to accompany the application and the rebound on the real estate market proves.

Barack Obama submitted last week a reform to limit the size of banks and reduce some of their more risky activities. What do you think

It is an American initiative that corresponds to the specificity of the US market and the level of responsibility in the crisis. In France and in Europe, it was decided to first apply the principles of the g-20 and the strengthening of the prudential rules under Basel II. This is not the case in the United States, even while the crisis was born across the Atlantic to a clear lack of regulation in the distribution of credit and supervision. Equity-building, reintegration of insufficiently risks into account (markets, liquidity, etc.), organization of the supervision or supervision of the bonus... Europe and the France in particular acted, while doubt had insinuated lately on the ability of the United States to reform their financial system.

Is this doubt lifted

The fact that Barack Obama to be seized of the subject, Yes. On what he really wants to do Not yet. The American taxpayer has been widely asked to rescue us banks and can understand that the US Government imposes on banks a new tax to recover the money he lent them. The situation is quite different in France, where banks did not cost money to taxpayers because they did not need to be "saved".

It would seem that Barack Obama would like to especially limit the riskiest activities such as those on own account or "hedge funds" internal...

No one knows for the moment the detail and is not very clear to priority reduce the size of the large banks of deposit or to limit the speculative activities of major investment banks. The Bank is to finance the economy through the credit either ensuring the link between savings and investment through capital markets.

Don't you be afraid a reform of the same type in France

It would be totally unsuitable and dangerous for our economy. We do not have the same practices in France and in the United States. First, banks are much more important to the financing of the economy while American companies funded in large part on the markets. Then, the French banks have little activity for own account. They develop activities on the markets to meet the demand of their clients, including institutional investors, to which they can offer solutions to investment in hedge funds ("hedge funds") outside the banks.

However need to go further

The approach of the Basel Committee is adapted, in its consideration of the more risky activities. And Basel III, in this regard, is already add strong constraints on own funds. But be careful to not jeopardize the financing of the economy. In General, the current prudential rules penalize capital investments. Who will provide equity to SMEs and innovative businesses if it is venture capital The effects of the reforms are not the same as the banking and financial models to which they apply. Therefore, a simple rearrangement of us measures has no meaning in Europe. It would be paradoxical that the United States, where the crisis arrived, becoming the universal legislator!