Bloomberg News

French Banks Prefer Volcker Rule to Vickers Plan, Les Echos Says

August 29, 2012

French banks oppose firewalls between consumer and investment banks and prefer a version of the so-called Volcker rule used in the U.S. that would ban commercial lenders from proprietary trading, daily Les Echos said, citing Credit Agricole Chief Executive Officer Jean-Paul Chifflet.

A U.K. proposal from a group led by former Bank of England Chief Economist John Vickers would force banks to ring-fence a pool of reserves to back retail banking activities. That would lead banks to move retail units into distinct subsidiaries, Chifflet was cited by Les Echos as saying.

Credit Agricole has provided requested documents concerning Euribor rates and isn’t involved in Libor investigations because it only became a contributor to the system in February 2011, the newspaper said, citing Chifflet.

To contact the reporter on this story: Alan Katz in Paris at akatz5@bloomberg.net.

To contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.net.


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