French state to inject $14.01 billion into 6 banks

PARIS (AP) -- French Finance Minister Christine Lagarde has announced the state will inject $14.01 billion in capital into the country's six largest banks by year-end in a further bid to boost liquidity drained by a global financial crisis.

Lagarde said after a meeting with bank leaders Monday that the package awards $4.0 billion to Credit Agricole, $3.34 billion to BNP Paribas and $2.27 billion to Societe Generale. Smaller amounts are doled out to Credit Mutuel, Caisse d'Epargne and Banque Populaire.

Lagarde said that "in exchange for this measure, (the banks) must commit to a target of increasing loans to the economy in order to guarantee a degree of financing in line with the needs of individuals, companies, local government and professionals."

(Copyright 2008 by The Associated Press. All Rights Reserved.)


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:

WVLT VOLUNTEER TV

6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Copyright © 2015 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 31318969 - local8now.com/a?a=31318969
Gray Television, Inc.