On major issues our arguments were heard

The banks have not occupied once the front of the stage at the last g-20. This is good news

All that will help in the financing of growth is good news. The subject of own funds is crucial not only for banks but also for growth. For the French economy remains powerful in the long term, we must preserve our role as accompanist of the individuals and companies. Banks are the sherpas of the growth and, in particular, Credit Agricole, first financial partner of the French economy, and intends to contribute actively to its recovery. Let us not forget that 1 billion more capital stopped in our balance sheet, it is more than 10 billion of credit granted in less

The Basel Committee appears to have substantially amended its initial project under fire of criticism from banks. That is which worries you more now

We are not worried, we are attentive. On major issues, our arguments were heard. But on other issues, such as including entries in the insurance, the reflections are continuing. We participate in the reflections and we expect clarification. That regulators want better supervise and secure the riskiest financial activities, we are entirely in agreement. But why penalize traditional banks and questioning the French model of bancassurance which has proved its worth for our customers This has no meaning.

The principle of an international banking tax was not retained by the g-20, while the France is committed to impose one. This is rather bad news

A new tax is always bad news. This tax, if it sees the day, will introduce new distortion of competition for French banks over their foreign competitors, including us, when we are already delivering a specific tax is the tax on wages and that the reform of professional tax penalises us. This will disadvantage us, while the French banks have done or failed during this crisis. Our banks are already among the major taxpayers in the country. Still should be that it does not weaken.

Mechanically, all these measures will lower the profitability of the own funds of banks. What do you think the acceptable threshold for banks

Banks continue to support the economy, they must be able to drain own funds. Below a certain threshold of profitability, it is clear that they will have difficulty to constitute reserves and attracting investors. In fine, it is a question of determination. One thing is certain however: yields of equity (RoE) of more than 20 will be now completely shifted to the economy and society.

The liquidity tensions returned to the forefront since the Greek crisis. Is this a phenomenon that concerns you

With regard to Credit Agricole, we have not and we have never had problems of liquidity. And indeed we crossed without difficulty 2008 and 2009. Because we are the first collector of deposits in France, we have significant reserves, which allow us not to appeal to the European Central Bank. For the future, we have also no particular concern, even if the market is affected by the issue of sovereign debt as well as by the new rules of liquidity affecting us mutual fund invested in monetary assets. In this context, we just rise to EUR 1 billion in five years with a "spread" of 0.45 and we realized almost two thirds of our refinancing program to medium and long term this year.

Do you think that the publication of the "stress tests" will help to reassure the markets

Tests have the merit of restoring confidence. Let's be serious, beyond that, no European country will fail.

Is that you have the more surprised since your function in March

In General, what was the most notable is the crisis across the countries of southern Europe since April. Internally, since my arrival and the new President of the Board of Directors, Jean-Marie Sander, we put more emphasis on team spirit and the transversality of the trades. This is what I put in work in a new Executive Committee and the construction of the project group in which we think, with the CANF and the regional banks. Now the time is to the stability of the men and I'm sure that Credit Agricole can play a big role in the future showing together and mobilised.

What would one different bank from others

First by working more than ever on the concept of utility, transparency and loyalty to the client. We are a bank to the mutualistic basis, which means that we prefer economic performance, but not at any price. We do not run size and we are not ready to take all the risks to the benefit. Second major difference, our horizon is the long term. We reason of course less than three months, but also to more than ten years. And all this, it's every day that we must demonstrate, at all levels of the company, giving men and women at the heart of the organization.

What will be the outline of the project that you disclose in December

The project as its name implies is not a project Chifflet. We are working, we are debating. We will clarify the identity and the values of this group and reflect on our trades (retail banking, insurance, skilled trades, bank financing and investment). In this area, many scenarios arise such as partnerships, the image of what we did with Amundi Newedge.

But are there not urgency to back the Credit Agricole SA title

Currently, the value of Bank Securities is difficult to interpret, you will agree. Our capitalization is now lower. The priorities of the Credit Agricole Group are known: the relief in Greece, the accompaniment of the dynamics of the group in its traditional trades, and in a long-term perspective, the project group. On the Greece, we have adapted the Emporiki strategic plan. The project group, we will unveil the 15 December. With regard to Credit Agricole SA, it will be declined operationally before the 1 March 2011.

You have engaged in discussions with Citic Securities in brokerage. What do you do with them

We are in discussion prior to the end of the year. These discussions are part of an overall strategy of the line business brokerage of Crédit Agricole. We are present in Europe with Cheuvreux, in the United States with Credit Agricole Securities Asia with CLSA. CLSA is not in China and ally us with Citic Securities in a joint venture would acquire a strong position in the area. I also confirm that CLSA will remain in the fold of the Credit Agricole Group.

What do you make of Newedge, your joint venture brokerage on derivatives with Société Générale

NEWEDGE is a company that works well and with which we strongly oppose in the long term and a stock market is not the order of the day.

Regional banks will follow an increase in capital of Casa

This is not news at all. I would remind you that, even taking into account the Basel III perspectives, the Credit Agricole Group is well capitalized. Regional banks, are naturally very solidarity of the group. They have done so recently in the distribution of the dividend, subscribed shares 60 of our shareholders. This operation brought to 56 share of capital held by the regional funds.

Are you ready to seize opportunities for acquisitions if they occur

For us, significant acquisitions are not on the agenda. We are not inactive so far, we have so recently strengthened our positions in Italy, thus becoming the 7ebanque of the country.

Would pioneer in Italy interest you

The current priority is to finalize the integration of the Caam and SGAM from activities. However, we had indicated after the announcement of the creation of Amundi that the platform could be open to other partners.

Finally, will the Credit Agricole continue to sponsor the France of football team

We have arrested an advertising campaign a few days earlier than planned. But our partnership with the France team is in length and runs until 2012. Above all, Credit Agricole is and remains partner of football for over thirty-five years, including through amateur football. The boxes are very attached to local Associational life animation. For regional banks, the sport has always been a factor of social links.