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.)


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