PARIS (Reuters) - Unlike many of their sisters in Italian and English, French banks are reluctant to disclose their participation in the second refinancing operation three years (LTRO) Wednesday organized by the European Central Bank (ECB).
This has lent almost 530 billion euros to banks, bringing to more than 1,000 billion the total amount of capital lent to three years to financial institutions in order to avoid a credit crunch.
If the mutual bank BPCE warned that it would not borrow cash to the ECB, the other three major French banks have refused to say if they had chosen to take advantage of the 1% rate currently offered by the European institution.
Yet some analysts say they have obtained information on these establishments participating in this exercise refinancing.
And the Morgan Stanley analysts said in a research note published Thursday that BNP Paribas and Credit Agricole had participated.
BNP Paribas "has confirmed that they have participated and made billions," writes Morgan Stanley.
In any event, communication of French banks in this regard calls observers.
"I think it is a blunder from the time when other banks have clearly responded, saying they were not gone, either saying they were going and for how much," Judge Christopher Nijdam, an analyst at AlphaValue.
For him, the banks had nothing to lose by playing transparency. "They would have won in the shot image," he adds.
"COMING OUT"
For connoisseurs of French capitalism, is the fear of being stigmatized and considered financially fragile that discourages big banks to play the transparency.
Another argument cited the desire to keep a low profile and not be open to accusations of some politicians who accuse them of gorging cash while restricting access to credit in France.
Another analyst suggests in turn a possible directive of the Prudential Control Authority (ACP).
Contacted by Reuters, nor the French Banking Federation, nor the Banque de France nor Societe Generale, BNP Paribas and Credit Agricole have wished to speak on the subject.
For an official of a foreign bank based in Paris, the silence of French banks in this case falls rather within the culture of secrecy and reluctance to transparency of their own.
To this financier, this attitude is all the more "archaic" or "grotesque" they risk no stigma.
Indeed, 800 banks went to the counter of the ECB and those who have formalized their participation in LTRO were not punished the stock market.
Britain's Lloyds Banking Group said on Wednesday he borrowed £ 11.4 billion (13.7 billion euros) to the ECB and the Italian Intesa Sanpaolo has done the same, saying he had borrowed 24 billion euros.
French banks would then, according to this official, nothing to fear.
"It's like a coming-out: you most afraid to announce it but once that's done, you quickly realize that everyone cares," he joked.
Financial analysts also note that this is partly due to LTRO that much of European banks have experienced a sharp rebound in stock.
Julien Ponthus, Matthieu Protard, Lionel Laurent, Juliette Rouillon, Jean-Baptiste Vey and Christian Plumb, edited by Marc Angrand
This has lent almost 530 billion euros to banks, bringing to more than 1,000 billion the total amount of capital lent to three years to financial institutions in order to avoid a credit crunch.
If the mutual bank BPCE warned that it would not borrow cash to the ECB, the other three major French banks have refused to say if they had chosen to take advantage of the 1% rate currently offered by the European institution.
Yet some analysts say they have obtained information on these establishments participating in this exercise refinancing.
And the Morgan Stanley analysts said in a research note published Thursday that BNP Paribas and Credit Agricole had participated.
BNP Paribas "has confirmed that they have participated and made billions," writes Morgan Stanley.
In any event, communication of French banks in this regard calls observers.
"I think it is a blunder from the time when other banks have clearly responded, saying they were not gone, either saying they were going and for how much," Judge Christopher Nijdam, an analyst at AlphaValue.
For him, the banks had nothing to lose by playing transparency. "They would have won in the shot image," he adds.
"COMING OUT"
For connoisseurs of French capitalism, is the fear of being stigmatized and considered financially fragile that discourages big banks to play the transparency.
Another argument cited the desire to keep a low profile and not be open to accusations of some politicians who accuse them of gorging cash while restricting access to credit in France.
Another analyst suggests in turn a possible directive of the Prudential Control Authority (ACP).
Contacted by Reuters, nor the French Banking Federation, nor the Banque de France nor Societe Generale, BNP Paribas and Credit Agricole have wished to speak on the subject.
For an official of a foreign bank based in Paris, the silence of French banks in this case falls rather within the culture of secrecy and reluctance to transparency of their own.
To this financier, this attitude is all the more "archaic" or "grotesque" they risk no stigma.
Indeed, 800 banks went to the counter of the ECB and those who have formalized their participation in LTRO were not punished the stock market.
Britain's Lloyds Banking Group said on Wednesday he borrowed £ 11.4 billion (13.7 billion euros) to the ECB and the Italian Intesa Sanpaolo has done the same, saying he had borrowed 24 billion euros.
French banks would then, according to this official, nothing to fear.
"It's like a coming-out: you most afraid to announce it but once that's done, you quickly realize that everyone cares," he joked.
Financial analysts also note that this is partly due to LTRO that much of European banks have experienced a sharp rebound in stock.
Julien Ponthus, Matthieu Protard, Lionel Laurent, Juliette Rouillon, Jean-Baptiste Vey and Christian Plumb, edited by Marc Angrand
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