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.)
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.