It was necessary to network all the skills

Laurence Parisot said that 70,000 SMEs are threatened or credits. Mediation has played its role well

I much appreciate the work done by Laurence and I doubt not willingness to defend the companies, but the truth must be said that it had misinterpreted the numbers. She thought he saw a sharp drop of credit business in July there where there were mostly fall in credit to financial corporations. Need to pay attention to what is said, because this type of statements has the misfortune to instantly complicate relations with thousands of employees of banks, which have a sense of injustice. It is wrong to say that banks finance over the economy in France. The stock of credit business in June and July were still in progress. What you see at this time in the mediation, it is that banks are always placed on large real estate development operations. For the rest, they are little solicited for investment projects, and there is a deficit in this area in France.

It is on this point, according to you, that is at stake, the strength of the recovery

Started from June to see a few signs on the activity. But it is not yet if the recovery is only technical or sustainable. It will be sustainable, in my view, that if, collectively, we ensure that companies are boosting investment projects, industrial redeployment. It will need banks, because this will will result in equity and credit needs. But it mainly that businesses have real industrial strategies, that courses reflect the creation of our future champions.

Mediation yet expressed some concerns about the attitude of the banks this summer...

Our role is to remind the banks to their commitments, we have never hesitated to do so. It is true that we saw back this summer small lower than 5.000 euro records and some syndication files blocked by local banks. But things released subsequently, meetings at the Elysee Palace were very helpful! Relations of enterprises with their banks are more difficult, it is a fact: it gets more credits as 5 years ago. Banks look at again seriously records because they know that now they will keep a part of the risk.

Specifically, what balance pull you of your action, at the time where, after a year, you will pass the hand to Gérard Rameix

Mediation has unblocked credit EUR 1.5 billion and is crushed to 1 billion euros of debt. We always settle two records on three that are before us and this represents 83 of the outstanding credit in question. But most importantly, we have implemented a smart solidarity chain and all actors have played the game. They did so because we have asked anyone to abnormal efforts. In particular, cannot ask banks to fund that losses. They have agreed to take more risks, including major groups, such as the credit insurers, who made a double cultural revolution. On the transparency of ratings and prior information of reduction or removal of insurance companies.

In concrete terms, how you acted on the ground

The directors of the Bank of France, which are departmental mediators, working in cells of follow-up contact by the prefects with all field players, especially payers treasurers general and OSEO. We also have in place a network of about 800 trusted third party mediation, socio-professional and employer organizations and consular Chambers of certified public accountants. All these organizations have agreed to make their assistance to businesses under a same banner with a single switchboard, and for free.

Can this system be perpetuated

The absence of this tracking, for example in the Japan with their large agency for SMEs, was a weak point of the France. Could not ask for simply more credit to banks without also talking about the strategy of the activity. It was necessary to network all the skills. This is the success. This device will be preserved because it works. Moreover, place agreement signed late July lasting installs mediation, especially with banks since it was agreed that a Lite device will be maintained after the crisis. This agreement assures enterprises that, sometimes, were reluctant to come and see us for fear of their banker.

Indeed, have all banks they really played the game

All do not work at the same pace, all do not have the same positions locally. Therefore there was some differences of course, particularly when regional branches have some autonomy. I submitted regular reports to the President of the Republic who reported the incident, I was brought to him periodically take some risks "skid". The Bank, it is primarily a matter of individuals. You'll always have people who understand the issues, which are more motivated, who are willing to take more risks. But at the end, it cannot distinguish between the good of the poor students. All banks have contributed to the success of the device.

Why are you leaving the mediation

I had announced at the outset that I could not stay more than a year. I must also take care of my law firm of independent financial expertise, which had to refuse missions because it might be a conflict of interest. It was important that he found a simple situation.

What are the issues for your successor

It was important that banks and credit insurers play the game, now, that major donors of order, the major groups that have a significant buyer power, fully play their role. Some are willing, others less. We opened with discussions. My successor at the head of the mediation will pursue them. This is a great site.

Beyond the issues of credit do you think that the solutions sought by the g-20 to the financial crisis are relevant

Three points seem particularly appropriate. Firstly, organize transparency, showing what is in the off-balance sheet, in tax havens. Second reform necessary: the rules of compensation in banks, because it cannot be said that they do not influence the behaviour of operators. Finally, the approach to counter-cyclical of regulation of the banking system and especially of the equity is a necessity. When interest rates are low, it takes a strong leverage effect to make a profit. It arrived at a system of retail without inventory in stores!

That you reply to those who fear a weakening of the financial hub of Paris

But Paris is already weakened. And it is not because it has failed to attract the best traders but rather because that we did not visited enough attractive financial room for companies. We do not sluggish London in the field of financial engineering, but rather by the richness of our pool of companies. With the President of the authority of financial markets, Jean-Pierre Jouyet, the pattern of the Caisse des Dépôts et Consignations, Augustin de Romanet, and Theodore Jean-François, President of Nyse Euronext, we asked Thierry Giami and Marc Lefevre a report on the subject just to Christine Lagarde.

Do you think that a new reform of the project of the authority of accounting standards on the market value is possible And how to reform its governance

I want to reiterate once again that accounting standards are in the financial crisis and that the problem lies in the procyclical effect of the combination of these accounting standards with the rules of banking regulation. This is the reason why the reform of the governance of the IASB that defines the international accounting standards is important. The challenge is to ensure a perfect coordination with the banking supervisors and insurance as the regulators of financial markets. The challenge is also to ensure that international standards compared to American standards do not create a disadvantage in Europe.