But stop the commitments of the private institutions

Do not release the pressure on banks. And, especially, explain and re - explain to the French the why and the how of the bailout of the economy. After the presentation, Friday, credit mediation device, the Secretary General of the Elysee is is intended pedagogue, yesterday evening. The "Grand Jury RTL - LCI -"Le Figaro"" guest, Claude Guéant insisted on the fact that State aid to the financial system was not an intervention bleeds. That money was essentially "virtual" and designed as safeguards, to release the credit to businesses and individuals, and not to help the institutions Bank themselves. It also issued a new warning. State "did not intend to become a banker" and "it is not by train to prepare a plan of nationalization". But the Government is "pragmatic" and "is prohibited there", in the event that the banks would not take their promises: "If it is necessary to enter the capital of a Bank, the State the would", said Claude Guéant, and there would be "of interest in having the blocking minority". In contrast, serve on the Board of Directors, "it serves no purpose", he said.

Increase of margins

The banking profession, on the other hand, moved messages on the theme of the inevitable tightening of credit. The last survey of the France Bank to financial institutions is very clear, even if it was carried out "while the financial crisis was a particularly acute phase" (1): from here to end of December, all companies will face a hardening of the conditions of the loan, share more of the two-thirds of the banks. Certainly, they are committed to support a growth of 3 to 4 per year of appropriations and, in September, the amount of new loans granted to companies is maintained at a high level on an annual basis, to EUR 308 billion. But stop the commitments of the private institutions.

Moreover, the tightening of the conditions for granting loans is already a reality. Between June and September, more than three-quarters of the banks have more tight screw that they do had anticipated it (77 versus 46 announced). The gear change was painful for SMEs. Before the summer, banks were 38 want to harden their attitude to the place of small and medium-sized enterprises, they finally were more than 82 to do so.

A hardening that resulted in almost all of establishments, by an increase in margins. Because, in late September, always on an annual basis, the cost of the credits is added more than 60 points, to 5.64. Half of the banks have reduced their envelopes, nearly 60 of them have limited the maturities, and more than 60 required additional guarantees.

In the coming two months, what are large companies that will be the main victims, warned the Bank of France: 69 of banks (compared to 52 in the third quarter) will be more demanding in their regard. Some in have already suffered, like Pernod Ricard, which excludes any strategic operation, under pain of having to pay, nor 150 basis points, but 600, for its line of more liquidity of EUR 6 billion.