Debt

The State will pay off Crédit Lyonnais debt

PERIOD

The state will borrow 4.5 billion euros on the financial markets in December to settle the debt- Work Force-usa from the wreck of the Credit Lyonnais, reports Sunday, November 10 the newspaper Le Parisien, which confirms the Ministry of the budget.

“It is well planned in the draft budget law rectification a debt recovery of the EPFR” (Public Establishment of Financing and Restructuring), an organization created in the 1990s to organize the financial support of the State Crédit Lyonnais bailout, said a spokesman for the ministry, which also confirmed the amount mentioned by the newspaper.

Specifically, one of the articles of the amended 2013 Finance Act to be presented Wednesday in the Council of Ministers “will allow the Agence France Trésor – the service of Bercy responsible for debt – to borrow 4.5 billion euros on financial markets ” , with the aim of repaying ” the last debts generated by the virtual bankruptcy of this public bank in 1993 ” . “If the Parliament accepts the measure, the State will, therefore, put an end to the financial aspect of this industrial shipwreck, ” says Le Parisien.

To save Crédit Lyonnais, the State created two structures in 1995: the Consortium de réalisation (CDR) was responsible for selling the assets of Crédit Lyonnais and the EPFR, which had borrowed at that time 130 billion francs (approximately 19.8 billion euros) to the banking establishment, recalls the newspaper. It remains today a draft of 4.5 billion euros to settle before December 31, 2014.

“We anticipate a year on the deadline because the financing conditions are favorable,” said the spokesman, saying it was “a solution consistent with the interest of public finances. ”

ADIDAS SHAPE

However, the judicial serial of this file continues, in particular the file Adidas and the controversial arbitration which had granted 403 million euros to the businessman Bernard Tapie to settle his litigation with Credit Lyonnais.

“When the state claims that it is the closing of the slate, I am not sure that it is the case,” reacted Bernard Tapie, who wishes that “be in the Senate, or in the National Assembly, he There is a commission of inquiry that seeks to shed light on the biggest scandals of Credit Lyonnais.

With a complex set-up, the bank bought Adidas from Bernard Tapie in the first half of the 90s before selling the equipment supplier to Robert Louis-Dreyfus. Bernard Tapie had considered himself cheated and sued for compensation. This gave rise to an arbitration and 403 million euros of compensation.

But justice now investigating this arbitration, it suspects of being an “organized fraud” who meddle Bernard Tapie, his lawyer Mr. Maurice Lantourne, the referee Peter Estoup or the boss of Orange Stéphane Richard, former director of cabinet Christine Lagarde then Minister of Economy and Finance.