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French Authorities’ Reactions in the Wake of the Crisis

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Abstract

As most states, France has been affected by the global financial crisis and has quickly taken appropriate steps to tackle its worst effects. Thus, France immediately took measures to respond to the liquidity crisis and recapitalised the most important banks in order for them to continue to finance the ‘real economy’. Some measures have been aimed directly at the ‘real economy’, such as the creation of a mediator for the distribution of credit and the establishment of a French sovereign wealth fund aimed at investing in strategic companies facing difficulties and in medium-sized companies. After the first wave of the crisis, France took a preventive measure concerning the remuneration of traders and a punitive measure by creating an exceptional taxation of traders’ remuneration. But the crisis has also provoked a long-term reform of the French supervisory landscape, merging the supervisory authorities of the banking and the insurance landscape into a single body, the Authority for Prudential Control (Autorité de Contrôle Prudentiel).

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References

  1. On the crisis, its origins, effects and possible solutions, see, for example, George Cooper, The Origin of Financial Crises (Vintage Books 2008); Viral V. Acharya and Matthew Richardson, eds., Restoring Financial Stability — How to Repair a Failed System (Wiley, New York University Stern School of Business 2009); Vincent Dujardin, Yves De Cordt, Rafael Costa and Virginie de Moriamé, eds., La crise économique et financière de 2008–2009 (Peter Lang 2010); Olivier Pastré and Jean-Marc Sylvestre, Le roman vrai de la crise financière (Perrin, Collection Tempus 2008); Jacques Attali, La crise, et après? (Fayard 2008); Brian Rance, Tony Besse and Mark Finer, ‘The Credit Crisis and Moving Markets’, 4 Revue trimestrielle de droit financier / Corporate Finance and Capital Markets Law Review (2008) p. 6; Financial Services Authority, The Turner Review: A Regulatory Response to the Global Financial Crisis, March 2009, at pp. 11–50; Report of the HighLevel Group on Financial Supervision in the EU (chaired by Jacques de Larosière), Brussels, 25 February 2009, at pp. 7–12; Sébastien Huyghe and Jean-Luc Warsmann, Rapport d’information sur les défaillances de la régulation bancaire et financière, 22 December 2009, Assemblée nationale No. 2208; Philippe Marini, Rapport d’information sur la crise financière et la régulation des marchés, Sénat No. 59, 21 October 2009.

  2. For the German plan, see Alexander Glos, ‘German Financial Market Stabilisation Act and Financial Market Stabilisation Fund Regulation’, 4 Revue trimestrielle de droit financier / Corporate Finance and Capital Markets Law Review (2008) p. 32.

  3. Dexia’s troubles which followed from the problems of its American subsidiary FSA Asset Management LLC resulted in substantial measures being taken by France, Luxembourg and Belgium. Thus, further to the substantial capital injection (€6.4 billion) which Dexia received from these three states, Act No. 2008-1061 of 16 October 2008 (Art. 6 IV) authorised the French government to grant Dexia and FSA a state guarantee for funds raised on financial markets between 9 October 2008 and 31 October 2010. However, this guarantee is only valid as long as Belgium and Luxembourg also respect their engagements; see Richard Parolai, Diane de Mouy, Bruno Fatier, Frédérick Lacroix and Camelia Dragan, ‘French Action Plan to Restore Confidence in the Banking System (Update)’, 4 Revue trimestrielle de droit financier / Corporate Finance and Capital Markets Law Review (2008) p. 18.

  4. For a critical view of the reaction of public authorities to the crisis, see Alain Pietrancosta, ‘La crise financière, les biais cognitifs et le droit’ (editorial), 4 Revue trimestrielle de droit financier / Corporate Finance and Capital Markets Law Review (2008) p. 4.

  5. Guillaume Maujean, ‘Bonus: Nicolas Sarkozy veut ériger Paris en “modèle” avant le G20 de Pittsburgh’, Les Echos, 26 August 2009; ‘Brown promet de limiter les bonus, réticent sur l’initiative française’, Les Echos, 1 September 2009; Bruno de Roulhac, ‘L’Europe se dirige vers un consensus modéré sur les bonus’, L’AGEFI, 2 September 2009; Florence Autret, ‘L’Union Européenne sert les rangs en vue du G20’, L’AGEFI, 3 September 2009; Patrick Jenkins and Brooke Masters, ‘Crackdown to Cut Bank Profits’, Financial Times, 9 September 2009; Gabriele Parussini, ‘Lagarde Pushes for New Rules on Bonuses’, The Wall Street Journal, 17 September 2009.

  6. This plan was implemented by Act No. 2008-1061 of 16 October 2008 (Financial Support Act); ‘En réponse à la crise: Le plan français’, Revue Banque, November 2008.

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  14. Ibid., at p. 13; please note that, at first, Eurostat and the French National Institute for Statistics and Economic Studies (Institut National de la Statistique et des Etudes Economiques) indicated that they would include the debt issuances by the SFEF in France’s public debt, based on the state’s veto and other minority blocking rights in the SFEF. Etienne Lefebvre, ‘Le soutien aux banques risque de porter la dette publique à 80% du PIB dès 2009’, Les Echos, 13 May 2009; Sophie Rolland, ‘Le soutien aux banques françaises en question’, La Tribune, 22 June 2009. This was in big contrast to the accounting treatment of the guarantees issued directly by other European states, which were not counted as debt as a result of these measures and put France in a peculiar situation. However, Eurostat revised its position and no longer included the issuances by the SFEF in France’s public debt. Benoît Menou, ‘La SFEF ne viendra plus alourdir le fardeau de la dette publique’, L’AGEFI, 17 July 2009.

  15. Parolai, de Mouy, Fatier, Lacroix and Dragan, supra n. 3, at p. 20.

  16. Martin, Saba and Alogna, supra n. 7, at p. 14.

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  19. Art. 107(3)(b) Treaty on the Functioning of the European Union (TFEU).

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  21. Banque de France, Communiqué relatif à l’évolution de la Société de Financement de l’Economie Française, Paris, 18 December 2009, available at: <http://www.banque-france.fr/fr/instit/telechar/communiques/2009/communiq_bdf_091218.pdf>.

  22. The six banks concerned were Crédit Agricole (€3 billion), BNP Paribas (€2.55 billion), Société Générale (€1.7 billion), Crédit Mutuel (€1.2 billion), Caisse d’Epargne (€1.1 billion) and Banque Populaire (€0.95 billion); see ‘L’Etat français va injecter 10,5 milliards d’euros dans six grandes banques’, Le Monde, 21 October 2008, available at: <http://www.lemonde.fr>.

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  26. ‘L’Etat français, premier actionnaire de BNP Paribas’, L’Expansion, 7 April 2009, available at: <http://www.lexpansion.com>.

  27. The SPPE also subscribed for preferred shares issued by Société Générale (€1.7 billion) on 28 May 2009 and lent €2 billion to the Caisses d’Epargne and the Banques Populaires.

  28. ‘La spéculation retombe sur Natixis’, Les Echos, 12 August 2009.

  29. European Commission, State aid N29/2009 — French Republic, Amendment to the capital-injection scheme for banks, Brussels, 1 January 2009, C(2008) 597 final, at p. 3, No. 14.

  30. Parolai, de Mouy, Fatier, Lacroix and Dragan, supra n. 3, at p. 21.

  31. See also European Commission Recommendation on Remuneration Policies in the Financial Services Sector C(2009) 3159 of 30 April 2009.

  32. Martin, Saba and Alogna, supra n. 7, at p. 19.

  33. European Commission Decision C(2008) 8278 final corr., 8 December 2008; European Commission Decision C(2008) 597 final, 28 January 2009.

  34. Frédérique Garrouste, ‘Le ratio de solvabilité, un outil, pas une panacée’, L’AGEFI, 26 February 2009; Parolai, de Mouy, Fatier, Lacroix and Dragan, supra n. 3, at p. 21.

  35. See, for example, the letter of 16 June 2008 from Danièle Nouy, Secretary-General of the Banking Commission, and Hervé de Villeroché, Assistant Director in charge of banking affairs and financing in the general interest at the Ministry of Economy, to Patrick Pearson of the European Commission, arguing (at p. 3) that non-cumulative preferred shares should not be treated as ordinary capital, see: <http://www.banque-france.fr/fr/supervi/telechar/supervi_banc/20080616-exigences-de-fonds-propres-reponse-francaise.pdf>; Alexandre Garabedian, ‘La CNCE innove pour conserver un ratio de solvabilité acceptable’, L’AGEFI, 13 January 2009.

  36. ‘La Société Générale pourrait très vite rembourser les aides de l’Etat’, Les Echos, 6 October 2009; Guillaume Maujean, ‘Les banques françaises se pressent pour rembourser les aides publiques’, Les Echos, 7 October 2009; Matthias Blamont, ‘Crédit Agricole rembourse à son tour l’Etat’, Les Echos, 14 October 2009; Réjean Reibaud, ‘Avec le Crédit Agricole, toutes les banques françaises sont en train de se défaire des aides de l’Etat’, Les Echos, 15 October 2009.

  37. Sophie Rolland, ‘Les aides aux banques auront bientôt rapporté 700 millions d’euros d’intérêts’, La Tribune, 27 October 2009; Antoine Landrot, ‘Soutien aux banques: un bilan financier encore difficile à établir pour les Etats concernés’, L’AGEFI, 2 September 2009; Réjane Reibaud, Ingrid Francois and Pierre de Gasquet, ‘Le soutien aux banques s’avère lucratif pour les Etats’, Les Echos, 7 September 2009.

  38. Nathalie Raulin, ‘Les banques remboursent, l’Etat perd 12 milliards’, Libération, 1 October 2009.

  39. European Commission, State aid N29/2009, supra n. 35, at pp. 4 and 5.

  40. Agence France Presse, ‘Les banques françaises se pressent au guichet pour rembourser l’Etat’, Le Point, 1 October 2009.

  41. See the speech of Nicolas Sarkozy ‘Measures to Help the Economy’ which he gave in Argonay on 23 October 2008.

  42. See: <http://www.fonds-fsi.fr>; Parolai, de Mouy, Fatier, Lacroix and Dragan, supra n. 3, at p. 21.

  43. Speech of Nicolas Sarkozy, supra n. 48.

  44. See: <http://www.fonds-fsi.fr/fr-fr/le-fsi/le-fsi-presentation.html>.

  45. See: <http://www.mediateurducredit.fr>; the first mediator was René Ricol, Honorary Chairman of the Conseil supérieur de l’Ordre des experts comptables, a disciplinary authority for accountants; in October 2009, he was replaced by Gérard Rameix, former Secretary-General of the AMF.

  46. See: <http://www.gouvernement.fr/gouvernement/le-plan-de-relance-pour-l-economie>.

  47. ‘Bonus Culture to Blame for Banking Crisis, Say MPs’, The Telegraph, 15 May 2009, see: <http://www.telegraph.co.uk>.

  48. Parussini, supra n. 5; Alexandre Boksenbaum, ‘Le G20 s’ouvre sous le signe de la régulation financière et de la diplomatie’, L’AGEFI, 25 September 2009; Guillaume Maujean, ‘Bonus: les banques jurent de leur bonne foi, le gouvernement veut en faire un enjeu du G20’, Les Echos, 10 August 2009.

  49. Parolai, de Mouy, Fatier, Lacroix and Dragan, supra n. 3, at p. 21.

  50. Soraya Haqual’H and Stéphanie Salti, ‘Bonus — La France ouvre la voie’, L’AGEFI Hebdo, 3 September 2009; Benoît Menou, ‘Christine Lagarde prône la voie du consensus sur les bonus à Pittsburgh’, L’AGEFI, 17 September 2009; Richard Hiault, Jacques Docquiert and Alexandre Counis, ‘Bonus: les discussions au G20 s’annoncent des plus ardues’, Les Echos, 17 September 2009.

  51. Antoine Landrot, ‘Les bonus placent les banques entre deux feux’, L’AGEFI, 25 August 2009; ‘Bonus: la place de Paris met en garde contre les distorsions de concurrence’, Les Echos, 25 August 2009; Maujean, supra n. 5.

  52. Alexandre Garabedian, ‘La surveillance des bonus se ferra par le biais des fonds propres’, L’AGEFI, 28 September 2009; André Prüm, ‘L’étau se resserre autour de la rémunération des “traders” et des dirigeants des établissements de crédit et des entreprises d’investissement’, 1 Revue de Droit Bancaire et Financier, January 2010, alerte 1.

  53. On the legal risk of these measures, see Guillaume Maujean, ‘L’encadrement des bonus des traders se heurte à des obstacles juridiques’, Les Echos, 19 November 2009.

  54. Parolai, de Mouy, Fatier, Lacroix and Dragan, supra n. 3, at p. 21.

  55. ‘Les bonus continuent de faire polémique’, Le Figaro, 17 August 2009; ‘Le PS dénonce le versement de “bonus pharaoniques” par les banques à leurs traders’, Le Point, 18 February 2010; ‘Les bonus des traders de la BNP suscitent la polémique’, L’Expansion, 5 August 2009; ‘Banques: la polémique des bonus’, Les Echos, 15 January 2010; ‘Polémique sur les bonus: Matignon convoque les banquiers’, La Tribune, 7 August 2009; for the reactions in the UK, see also: La rédaction, ‘Les profits des banques britanniques commencent également à agacer’, L’AGEFI, 19 October 2009; Nicolas Madelaine, ‘Bonus des banquiers: la polémique enfle outre-Manche’, Les Echos, 20 October 2009; ‘Les bonus vont augmenter de 50% cette année à la City’, Les Echos, 22 October 2009.

  56. Toby Helm and Heather Stuart, ‘Darling Plans Tax on Bank Bonuses’, The Observer, 6 December 2009; Ian Traynor, Andrew Clark and Jill Treanor, ‘France and Germany Back UK Bonus Tax’, The Guardian, 10 December 2009, see: <http://www.guardian.co.uk>; Adam Sage and Emily Ford, ‘France Follows Britain with Bank Bonus Tax’, Times Online, 10 December 2009; Prüm, supra n. 60, alerte 1.

  57. This increase is due to European legislation, see Directive 2009/14/EC of 11 March 2009 amending Directive 94/19/EC on deposit-guarantee schemes as regards the coverage level and the payout delay.

  58. See press release of 16 December 2009, ‘Christine LAGARDE présente la création d’une taxe exceptionnelle sur les bonus versés en 2010’, on the website of the French Ministry of Finance <http://www.economie.gouv.fr/discours-presse/discours-communiques_finances.php?type=communique&id=3722>; ‘Lagarde annonce une taxe de 50% sur les bonus des banquiers’, Le Monde, 12 December 2009.

  59. Report of the High-Level Group of Financial Supervision in the EU (chaired by Jacques de Larosière), Brussels, 25 February 2009.

  60. Commission Communication ‘European Financial Supervision’, COM (2009) 252 final, Brussels, 27 May 2009; Thierry Bonneau, ‘Le projet de réforme de la supervision financière européenne’, 4 Revue Trimestrielle de Droit Financier / Corporate Finance and Capital Markets Law Review (2009) p. 4; Fabio Recine and Pedro Gustavo Teixeira, ‘Towards a New Regulatory Model for the Single European Financial Market’, 4 Revue Trimestrielle de Droit Financier / Corporate Finance and Capital Markets Law Review (2009) p. 8.

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  63. Commission of the European Communities, ‘Proposal for a regulation of the European Parliament and of the Council establishing a European Securities and Markets Authority’, COM (2009) 503 final, 2009/0144 (COD), Brussels, 23 September 2009.

  64. Commission of the European Communities, ‘Proposal for a regulation of the European Parliament and of the Council on Community macro prudential oversight of the financial system and establishing a European Systemic Risk Board’, COM (2009) 499 final, 2009/0140 (COD), Brussels, 23 September 2009.

  65. The French government was authorised by Art. 152 of Act No. 2008-776 of 4 August 2008 on economic modernisation to take measures regarding the supervisory authorities in France and aiming at guaranteeing financial stability and modernising the French financial market.

  66. Bruno Deletré, Rapport de la mission de réflexion et de propositions sur l’organisation et le fonctionnement de la supervision des activités financières en France, Inspection générale des Finances, N˚ 2008-M-069-02, January 2009.

  67. Alexandre Bordenave, ‘L’autorité de contrôle prudentiel: nouveau vaisseau-amiral du contrôle micro-prudentiel en matière bancaire et assurantielle’, 384 Lexbase hebdo, Lexbase no. N2580BNU.

  68. Art. 1 of Act No. 2010-1249 of 22 October 2010 on banking and financial regulation.

  69. Thierry Bonneau, ‘Commentaire de l’ordonnance n˚ 2010–76 du 21 janvier 2010 portant fusion des autorités d’agrément et de contrôle de la banque et de l’assurance’, 6 JCP E, 11 February 2010, 1140, No. 2.

  70. Gérard Notté, ‘Création de l’Autorité de contrôle prudentiel’, 4 JCP E, 28 January 2010, act. 71.

  71. Deletré, supra n. 75, at p. 20; see also Bonneau, supra n. 78, 1140, No. 4.

  72. The legal entities under the control of the ACP are listed in Art. L. 612-2 Monetary and Financial Code; see also Bonneau, supra n. 78, 1140, No. 9.

  73. Bruno Deletré, Jack Azoulay and Pascale Dugos, Rapport de la mission de conseil sur le contrôle du respect des obligations professionnelles à l’égard de la clientèle dans le secteur financier, Inspection générale des finances, N˚ 2009-M-040-03, July 2009.

  74. Formerly, the Act qualified the CB as a jurisdiction (Art. L. 613-23 Monetary and Financial Code). The Deletré I Report proposed to abolish this qualification to align the statute of the new authority with that of the AMF and the former ACAM (at p. 37). See also Bordenave, supra n. 76. According to French law, only the legislator can create a jurisdiction. Therefore, as long as the law is silent, a French court cannot qualify a supervisory authority as a tribunal; see Sonia Ben Hadj Yahia, ‘Controverses autour des autorités de régulation’, 18 JCP E, 6 May 2010, 1437, No. 6. However, the European Courts take a broad approach to this matter: see Ben Hadj Yahia, ibid. n. 84, No. 9; see, for example, ECHR, 27 August 2002, Didier v. France, No. 58188/00; ECJ, Case C-195/98 Österreichischer Gewerkschaftsbund, judgment of 30 November 2000, [2002] ECR I-10497. Based on the case law of the European Courts, the Conseil d’Etat changed its jurisprudence and agreed to qualify the financial markets authority as a tribunal in the sense of Art. 6 ECHR (CE, 22 June 2001, No. 193392, Sté Athis). However, the Conseil d’Etat refused to regard the Enforcement Committee of the AMF as a jurisdiction (CE, 26 July 2007, No. 293908).

  75. Bonneau, supra n. 78, No. 8; Jean Bigot and Jean-Louis Bellando, ‘La nouvelle Autorité de contrôle prudentiel et l’assurance: aspects structurels’, 13 JCP G, 29 March 2010, 364, No. 7.

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  76. Bonneau, supra n. 78, No. 8.

  77. Deletré, supra n. 75, at p. 16 et seq.

  78. This is still the case. Art. 612-19 I and II Monetary and Financial Code states that the ACP can use the funds of the Banque de France and that the employees of the ACP are paid and legally employed by the Banque de France. This is somewhat ambiguous considering that Art. L. 612.18 Monetary and Financial Code states that the ACP is financially autonomous.

  79. Bigot and Bellando, supra n. 85, No. 17.

  80. Bonneau, supra n. 78, No. 12.

  81. Art. L. 612-14 II Monetary and Financial Code; for further details, see Bigot and Bellando, supra n. 85, No. 29 et seq.

  82. Art. L. 612-13 Monetary and Financial Code.

  83. Art. L. 612-11 Monetary and Financial Code.

  84. Bonneau, supra n. 78, No. 3.

  85. Art. R. 612-2 Monetary and Financial Code.

  86. Art. L. 612-14 I Monetary and Financial Code.

  87. The Authority for Financial Markets Supervision (AMF) already has an Enforcement Committee.

  88. ECHR, 5th section, 11 June 2009, No. 5242/04, Dubus SA v. France.

  89. Pauline Pailler, ‘Procédure disciplinaire devant la Commission bancaire’, 47 JCP E, 19 November 2009, 2081; Renaud Salomon, ‘Le pouvoir de sanction des autorités administratives indépendantes en matière économique et financière’, 42 JCP G, 18 October 2000, I, 264; Renaud Salomon, ‘Annulation d’une sanction prononcée par la Commission bancaire pour manquement au principe d’impartialité prévu par l’article 6, § 1 de la Convention EDH’, 6 JCP E, 8 February 2001, I, 272.

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  90. Bordenave, supra n. 76.

  91. Bonneau, supra n. 78, No. 13.

  92. Art. L. 612-38 Monetary and Financial Code.

  93. Art. R. 612-35 et seq. Monetary and Financial Code.

  94. Art. R. 612-46 Monetary and Financial Code.

  95. Art. L. 612-16 IV Monetary and Financial Code.

  96. Art. L. 612-15 Monetary and Financial Code.

  97. Bigot and Bellando, supra n. 85, No. 23.

  98. See: <http://www.banque-france.fr/fr/supervi/telechar/supervi_banc/20100421-nomination-des-secretaires-generaux-adjoints.pdf>.

  99. Art. L. 612-23 Monetary and Financial Code.

  100. Bigot and Bellando, supra n. 85, No. 34.

  101. Danièle Nouy, former Secretary-General of the Commission bancaire, was appointed Secretary-General of the ACP by Order No. 31 of 8 March 2010, published in JORF No. 0057 on 9 March 2010.

  102. Bigot and Bellando, supra n. 85, No. 34.

  103. Art. L. 612-46 Monetary and Financial Code.

  104. Deletré, Azoulay and Dugos, supra n. 83.

  105. Art. L. 612-47 et seq. Monetary and Financial Code.

  106. The current coordinator is Fabrice Pesin, a Vice Secretary-General of the ACP; see: <http://www.banque-france.fr/fr/supervi/telechar/supervi_banc/20100421-nomination-des-secretaires-generaux-adjoints.pdf>.

  107. See: <http://www.banque-lrance.fr/acp/pole-commun/convention-ACP-AMF-30-04-2010.pdf>.

  108. Bigot and Bellando, supra n. 85, Nos. 6 and 49.

  109. Bonneau, supra n. 78, No. 15; Bigot and Bellando, supra n. 85, No. 49.

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  1. University of Paris 1, Panthéon-Sorbonne, France

    Iris M. Barsan (LLM Research Assistant, Sorbonne-Affaires)

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This article does not take into account Act No. 2010-1249 of 22 October 2010 on banking and financial regulation as this Act was voted on after the article had been finished. The Act introduces a number of modifications into French banking and financial law, such as measures concerning the creation of a Council of Financial Regulation and Systemic Risk, control of rating agencies, short-selling and derivatives, risk management in financial institutions, and clients’ rights regarding professionals selling financial products.

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Barsan, I.M. French Authorities’ Reactions in the Wake of the Crisis. Eur Bus Org Law Rev 11, 549–574 (2010). https://doi.org/10.1017/S1566752910400038

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