But there are three elements to have in mind

Georges Pauget mandate at the French Banking Federation head ends in a few weeks. Baudouin Prot, administrator and CEO of BNP Paribas, will then take over for one year. The General Director of Credit Agricole SA returned to "Les echos" on a Presidency particularly rich in events, with the bankruptcy of Lehman Brothers, public assistance plans to the banks, the reforms of the regulation in Europe and the United States, and the rise of the cost of the risk linked to the economic crisis.

Bankers come to live an "annus horribilis". What balance take you

French banks have shown their capacity for resistance, despite the high hardness of the exercise. They were also able to act quickly and collectively. The crisis, we discussed, with a unitary vision and in respect of competition, the plan of support for the financing of the economy, whether it is market (SFEF) or the strengthening of the capital (EPPS) instruments. And then the French bankers quickly began preparing the post-crisis. Thus, compensation of market operators, we have proposed and adopted new rules to adapt wages to the risk control and limit strictly, for example, guaranteed bonus. We also have all the means to continue to finance the economy, including through dialogue with the Ombudsman of the credit for businesses, which was not obvious at the outset. The people of good faith can recognize our efforts!

Have you however regret the way in which French bankers have managed the crisis and its consequences

Our mobilization has been strong and United and I think I can say that the French banking system is better out than many others. But we are aware of the strong demand of society towards us. Cannot respond without a solid professional cohesion, whether executive compensation, to market or the issue of countries not cooperative, on which we have taken courageous initiatives.

What home have reserved the European banks to your project for strengthening of transparency in tax havens

Our proposals have launched the debate and triggered much discussion. European banks have positively welcomed our initiative and we remain optimistic about an approach which will have to be pragmatic.

What perspective do you wear on the latest European developments in banking supervision

Progress was made last week with the acceptance by the British of a European systemic risk and the principle of reinforced supervision, as the favoured the Larosière report. The linkage between macroeconomic and microeconomic supervisions, however, is still far from clear. And we continue to believe, we French, must be a true European supervisor. But this process must be done in stages and will be of the time.

At the international level, many measures have been announced for regulation. Do you think that they are to avoid such a crisis in the future

We must see how the rules will actually change. We do not naive. In this process of reconstruction of the financial regulation, each defends its model. The authorities create the conditions necessary to ensure the effectiveness of their industry on average period encouraging their dominance on the markets, where 70 of investors are in relation to us banks. The European banking model is, most focusing on intermediation. Seen to the level of regulators, less present on the theme of market risk. We are therefore facing two visions corresponding to two banking and financial practices different. The risk would be considered as universal certain rules, in the image of the "leverage ratio" (total balance reported own funds), today in fashion across the Atlantic, but that did not prevent the bankruptcy of banks in the United States. From this point of view, the "stress tests" came as a great communication campaign!

Are you in favour of publishing the European tests

We have nothing to hide, our supervisor has already all our data. Need to publish European tests, we will post, but the danger would be to publish results comparability would not be assured.

Do you consider reasonable to begin to repay State aid early 2010, as announced by Baudouin Prot

We have not yet had discussions on this subject in the French Banking Federation. Before to determine, each bank must take into account the cost of the various products, changes in the environment and prospects for end of crisis.

Precisely, some people see the future. This is your case

The greater uncertainty today is the impact of the economic crisis on the portfolio of loans banks. I have not this uncertainty stand before the second half of 2010.

Are you concerned about the rise of the cost of the risk

This is clearly the subject of the year 2009. The economic crisis really erupted in November 2008, we see its full impact on business six months later. The magnitude of the cost of risk will depend on the speed of recovery. More will be slow, more the provisioning rate will be important.

According to current trends, the French banks who have received the support of the State will have difficulty in meeting their commitment to growth of the outstanding credit of 3 to 4 at end-2009...

It is clear that we face a sharp decline in demand for credits. But there are three elements to have in mind. First, our commitments in October 2008, were based on a 2009 GDP growth of 1 while it is now down 3. Is then, our credit outstanding progressing even 5, which is above the average European. Finally, the crisis induced a significant change in the mode of business financing, which, with the sharp drop in interest rates, massive resort to bond markets. The financing of the economy must therefore be apprehended in a comprehensive manner by integrating both credits and the use of markets.

Chance then that you stick to your commitments for credits

We have fulfilled our obligation of means, with commercial campaigns and communication wholesale and fruitful cooperation with the Ombudsman of the credit. But with the economic crisis, the application is not the appointment. The part will play on real estate, since it accounts for half in the portfolio of credits to the banks. If the market does not resumes in October, we will not be able to reach 3.