I do not see a national treatment of credit

François Fillon said yesterday that the State was ready to enter the capital of French banks if they did not meet their commitments... Do you worry a nationalization of Société Générale

We have not ceased to since the beginning of the year. In the third quarter, our business credit outstanding rose by 18, and those individuals to 9: we for example granted 3.3 billion euros of real appropriations between July and September 2008. It is logical that public authorities are concerned about the funding of the French economy. We have made clear commitments to progression of the credits in 2009. We'll keep them up even more readily that support our clients is in our genes. Our capital base, it is very strong with a Tier-1 from 8.5 to 30 September, which will be increased to 9 with hybrid securities programs taking place in the fourth quarter.

How do you work with the mediator appointed by the Government credit

Meetings have already taken place. We will investigate cases that arise problem on a case by case. The right strategy is to treat the records at the local level. I do not see a national treatment of credit.

Don't you be afraid despite interference stronger Government considers that the banks "are not their work"

That the regulator reinforces its controls, it is normal. Société Générale is his work with increase of its credits in France. We must continue to lend and always responsibly, what we do. On the other hand, that would be unhealthy is to support companies structurally profitable step. French banks should not alter their credit-granting policy which allowed them to avoid the French economy to earn "subprime" risk of the crisis that we know. The plan on which banks are granted with public authorities is well calibrated, intelligent. Put the implementation and its results will be!

Mid-October, you said not need public bank recapitalisation and yet, one week after, Société Générale is was 1.7 billion... Can you really exclude any recapitalisation

I said that we had no need for capital support, as was the case for Dexia. The French plan allows us to further develop the credit France and engage us on the medium and long term. But we do not need capital hard through State participation decision-making. Hence the idea of resorting to hybrid securities, in reasonable proportions. Compare that to the recapitalisations of other European institutions, you'll see that it remains very reasonable amounts.

Will you do other hybrid securities emissions Government desk

It would have been problematic to continue to lend about ten, fifteen or twenty years by relying on short-term resources made by the ECB. Hybrid debt market is closed. It was smart that State overrides the market. We will make an issue of hybrid securities of 1.7 billion euros by the end of the year for having the necessary comfort and continue to lend. Our policy of funding in 2009, we can rightfully consider a show of the same amount. If the hybrid debt market reopens, we will make the market every year, otherwise we will pass by the window of the State. The proportion of hybrid securities in our capital will remain what it is about 25, which seems to me a good level. Whatever happens, we will be able to maintain a ratio of 9 Tier-1 end of 2009.

Has this ratio of 9 of own funds therefore become the standard

There is now a disconnect between what asking the regulator and that demand markets. At the bottom of the cycle, it is normal that capital is low: it is precisely their role to act as shock absorbers. Markets probably need of reassurance at this time.

In recent weeks, the course of Société Générale has been extremely volatile, subject of many rumors...

October was a very volatile month and it is logical that people are nervous. There are rumours because, today, people are afraid of everything. This is why we have sought to communicate as soon as possible our results to give facts and stop these rumours. Or on the markets in October on emerging countries, I confirm that we have nothing to anxiety-provoking to declare.

According to you, the worst of the crisis now happened

Yes, the risk of systemic crisis appears behind us. The market of interbank liquidity unfreezing but this will take time, at least no doubt a few months, before that investors are really reassured. The collapse of Lehman Brothers, Bank thought yet too big to fail, has created a true shock investors. But the assets of the latter cannot in my view stay indefinitely invested in Treasury bills!

Don't you be afraid however that other bubbles break as those of the emerging countries

There where we are present, as in Romania or Czech Republic, the economy remains strong. It is the same for the liquidity of our banking. In addition, there is no systemic risk in Russia. If necessary, the Russian Central Bank will put much of its 540 billion in reserve available to banks, which will probably not prevent a restructuring of the Russian banking sector. More generally, I am still convinced that it is emerging that will come in the medium-long term growth.

It is in these countries that you intend to seize opportunities for acquisitions

Certainly. Countries such as the Poland, with a relatively good economy and part of the European Union, for example could be the scene of external growth operations on the part of Western banks who crossed the better the crisis. Our strategy is to strengthen us up by late 2008 to 2009 in the best conditions. But anyway, there is no emergency: prices will not rise any time soon and able to be mobile banks are more Legion. 2009, on the other hand, could be a quite active year for the most solid banks such as the Société Générale.

And a marriage of equals may be topical

We prefer the organic growth and with respect to acquisitions, they will have to strengthen our model balanced between developed and emerging countries.

What are the changes induced by the crisis for Société Générale

We have reduced our market positions and reinforced our controls. In addition, we initiated a reflection on the restructuring of our asset management activities. The global group continues to grow, retail banking activities account for 60 of our activity and our Bank for investment and financing revenues are strong. Today, our teams are motivated, develop our activities, the group is well capitalized and well armed to continue to serve its customers.