Edited by François-Charles Laprévote, Joanna Gray and Francesco De Cecco
Chapter 11: State aid to banks in France
French banks proved relatively resilient to the crisis. Their diversified model made their losses generally manageable, with the exceptions of Dexia and Crédit Immobilier de France, which ultimately had to be placed in resolution. However, the crisis revealed some of their weaknesses and led to targeted intervention by the State, including financial support schemes – through the creation of the Société de Financement de l’Économie Française and the Société de prise de participation de l’Etat – and individual measures. France also strengthened its oversight framework with the creation of the Autorité de Contrôle prudentiel and of the Conseil de Régulation Financière du Risque Systémique. This set of measures contributed to avoiding any major bankruptcy and maintaining funding to the real economy.
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