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interestrateripoff

Bnp Paribas Boss: No 'peril' In French Banking System

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http://www.guardian.co.uk/business/2011/sep/22/bnp-paribas-no-peril-french-banks

The boss of BNP Paribas tried to restore calm in the French banking system on Thursday, insisting there was no "peril" in the sector despite the continued fall in the share prices of the country's major banks.

Baudouin Prot dismissed speculation that BNP Paribas – the eurozone's largest bank – was trying to raise fresh funds from Middle East investors, and the suggestion that the French government might step in to prop up its banks.

Shares in French banks – which have lost 50% of their value in three months – fell sharply again, amid a global share selloff. SocGen was off 9% and BNP down 5% in markets that were already depressed by anxiety about the pace of growth in the world's major economies and warnings by the IMF about the health of eurozone banks.

Prot took to the French airwaves to formally deny any suggestion that the bank was talking to Middle Eastern investors about a capital injection. "I formally deny this. We have no particular contact because we don't need a capital increase," he said.

If this follows the same pattern as Greece, Ireland, Portugal who all denied they where in trouble the French banking system is in trouble and needs a huge bailout.

Although I'm sure this time that the French banking system isn't in trouble because they all passed the recent stress tests. We won't mention that all the Irish banks passed the last one before needing a huge govt bailout...

Edited by interestrateripoff

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This all sounds very familliar...is it 2007 again. :blink:

2012 is going to be the new 2008...but there will be no dead cat bounce this time...only fear.

Edited by TheCountOfNowhere

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This all sounds very familliar...is it 2007 again. :blink:

2012 is going to be the new 2008...but there will be no dead cat bounce this time...only fear.

No, this is actually 2009. This is what SHOULD have happened in 2009 (remember how the euro plummeted to around $1.20 at the start of 2009), but did not.

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Maybe it should be a legal requirement that all bank CEOs, board members, senior executives, anyone who gets paid a bonus above X must keep all their/their family's money in the bank they run/work for at least 3 years (without the benefit of any deposit protection schemes). That might help with their stewardship of the bank. After all, a captain should go down with his ship!

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you sure he didn't say 'no perrier' on account of them not being able to afford posh bottled water anymore for board meetings?

Edited by Si1

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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