Should we continue the international breakJ

Credit Agricole SA was one of the French banks most affected by the crisis. Are you satisfied with its recovery

Jean-Marie Sander. I am not agree with this statement. Of course, like all banks, we have been hurt, but certainly less that others and we are thanks to our own forces among the most solid banks and best capitalised in Europe. The measures taken, in particular those concerning Calyon, as well as the costs savings plan are good measures.

Jean-Paul Chifflet. The leaders of Casa were able to respond. They have not breached their responsibility and we have therefore supported. It is true, as everyone, we thought that this crisis would have such a scale. But, as of June 2008, we have decided to prune the branches that had to be cut, so the tree can return to a balanced growth.

Should we continue the international break

J.-M. S. For twenty years, Europe is one of the major projects for the future of Credit Agricole. But there is a time for everything and we see a break in our investments. It is not final, but she is healthy and reasonable.

How to interpret then your agreement with Generali on Intesa Sanpaolo

J.-M. S. This agreement simply reflects our desire to manage our participation in a framework and a medium and long-term perspective. Since then, a debate. Therefore, it is premature for us to comment.

And what do you do in Spain with Bankinter

J.-p. v. be in Spain is part of a European policy in the long term. If we can go further with Bankinter, why not, but in the future. Bankinter learns to know us and gradually realizes that we have come in allies. We begin patiently to establish industrial partnerships.

After the creation of a joint venture in the management of assets, could you go further with Société Générale

J.-p. v. conclude a strategic alliance, it does not mean that we are going to marry. This joint venture is very relevant, because it is a business where the margins are low and where the size is very important. But if you thought by chance at a larger scale operation, it is not. Société Générale has a substantially equivalent to that of Casa market capitalization: there is fusion between the two, the majority shareholder we could go below 50. It is for us out of the question in the current balances.

Are funds ready to subscribe to a new capital increase of Casa preferential shares

J.-M. S. There is no urgency to do. In March 2008, we have awarded Casa a shareholder loan 3.6 billion euros, Editor's note may be converted into shares of preference when the time comes and operation open to all shareholders. But we observe that this type of product is still little used in France and therefore to ensure that the conditions for success are met.

To reduce your costs, consider you new cooperation between unions or even with LCL

J.-P. C. Cooperation, it is not only a history of costs! We prefer this way among regional banks, as our major new information system project. LCL may join us if he wants to, as it has already done in the conservation of titles or the means of payment. Cooperation is an idea that works at Credit Agricole in more and more areas: insurance, real estate, the regional capital-investment, computing, Internet... There is a greater will to play, what makes irrelevant a debate on the number of regional banks.

You have complained against Caisses d'Epargne for tort of interference on book A transfer. Why

J.-M. S. Caisses d'Epargne did not understand that things had changed on January 1. Our clients have suffered early obstruction organized on closings or transfers of booklets, which caused anger in our network in the early spring. The squirrel is being developed to absent subscribers, remained us more than judicial means to hear the voice of our customers.

Why are you only complaint

J.-M. S. We had already been the first to act in Brussels, but we have the support of all major institutions of the place who live the same problems.

Where are you collecting

J.-P. C. This is not the Saint Barthelemy of booklet announced! As we have said, we have expanded the market opening 3.1 million new books to people who had not, for a collection of 10 billion euros, or a medium booklet to 3.300 euros. And we have a little more than 170,000 applications for transfer. It evokes these days better control of the multidétentions of booklets. I am glad, because it will be, at least, the case of 8 millions of duplicates which existed late 2008 in the historic distributors network.

How did the beginning of the year for regional banks

J.-P. C. Since the end of 2008, there has been, here as elsewhere, a slowdown in demand and therefore the production of credit. Since a few weeks, it goes a little better, especially for credit to the habitat, production stabilized in March and April. We are fighting every day to achieve the objective of 3 growth of the stock on the year.