19 January 2009 - Gide Loyrette Nouel, legal counsel on Société de Financement de l'Economie Française, the refinancing vehicle for French banks:

As part of the French State rescue package for French credit institutions, a refinancing company called Société de Financement de l'Economie Française^[1] (SFEF) has been set up. The French State is the primary shareholder (34%) and the main banks (Crédit Agricole, BNP Paribas, Société Générale, Crédit Mutuel-CIC, Caisses d'Epargne, Banques Populaires and HSBC France) hold the remainder of the capital in equal shares. Since October 2008, SFEF has been issuing debt instruments guaranteed by the French State (for valuable consideration) and using the proceeds of these issues to grant medium-term loans and financings to licensed credit institutions in France. This part of the rescue package was approved by the European Commission on 31 October 2008 as authorised State aid. As at 16 January 2009, the amount issued by SFEF and on-lent to credit institutions was 18 billions euros.

Xavier de Kergommeaux and Nicolas Jüllich, partners, and Lucile Gaillard advised the banks holding shares in SFEF when they acquired their interests in its capital in October 2008 and offered corporate advice in connection with SFEF.

Xavier de Kergommeaux, Christine van Gallebaert and Béatrice de Meaux worked alongside SFEF in its granting of loans and financing to the banks and financial institutions. Hubert du Vignaux, partner, Marc-Etienne Sébire and Valérie Charreton advised on the SFEF bond issues.


[1] French Economy Financing Company.