FRENCH DEPOSITORS

As regards our country, I tell the French who fear for their savings deposited in banks and financial establishments: French banks seem to be in a position to overcome the current difficulties, but, I say this solemnly, if speculation were to put them in a difficult situation, I wouldn’t accept a single depositor losing a single euro because a financial establishment proved unable to meet its commitments. Savers who have trusted our banks, companies, our country’s financial institutions won’t see their trust betrayed. They won’t pay for the possible errors of the executives and possible imprudence of the shareholders. The State is here and the State will do its duty.

I make a solemn promise this evening: whatever happens, the State will guarantee the security and continuity of the French banking and financial system.

Equally determinedly I say: if the present difficulties were to lead to a restriction of credit depriving the French and businesses, particularly SMEs, of the resources to finance their investments or ensure their cash flows, the State would intervene to underwrite this funding. It would do so through bonds, through guarantees, through capital injections or by amending banking rules, but it would do so to prevent the economy fatally spiralling into a long-term recession which we won’t tolerate.…