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Noyer Says French Banks Can Contend With Any Greek Problems

Monday, 12 Sep 2011 09:34 AM

Bank of France Governor Christian Noyer said French lenders are capable of facing any Greek response to sovereign-debt difficulties and have no liquidity or solvency problems.

“Whatever the Greek scenario, and whatever provisions have to be made, French banks have the means to face it,” Noyer said in an e-mailed statement today. “French banks have neither liquidity nor solvency problems.”

BNP Paribas SA, Societe Generale SA and Credit Agricole SA plunged today in Paris on a possible ratings cut by Moody’s Investors Service, extending their more than 40 percent slide in the last three months.

Noyer also said 5 trillion euros ($6.8 trillion) of collateral is available in the euro system and the European Central Bank is providing 500 billion euros of refinancing. French banks have added 50 billion euros to their capital in two years, he said.

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Bank of France Governor Christian Noyer said French lenders are capable of facing any Greek response to sovereign-debt difficulties and have no liquidity or solvency problems. Whatever the Greek scenario, and whatever provisions have to be made, French banks have the...
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