Bercy calls on the entire financial sector to mobilize. Bruno Le Maire convened major French bankers and insurers on Friday to ask them to support businesses in difficulty. Frédéric Oudéa (Société Générale and French Banking Federation), Philippe Brassac (Crédit Agricole), Jean-Laurent Bonnafé (BNP Paribas), Laurent Mignon (BPCE), Isabelle Ferrand (Crédit Mutuel), Tony Blanco (La Banque Postale), Benoît de The Bizot Chapel (FBF), as well as the directors of the French Insurance Federation and the Central Reinsurance Fund were called to “Be vigilant for companies in difficulty and support the companies that suffer the most in the events, tourism, transport and catering sectors”, does one explain on the side of Bercy.
“Financial institutions have also been asked to relay the measures taken by the government to heads of companies in difficulty who come forward to their departments, and who are not necessarily aware of them, like the provisions deferral of social charges ”, do we also explain to the Ministry of Finance.
Labor Minister Muriel Pénicaud said on Sunday that nearly 900 companies had already applied for partial unemployment benefits. “This concerns 15,000 employees”, she said, putting the measure at 52 million euros the cost of the measure. We cannot leave VSEs, SMEs at the mercy of these kinds of situations ”.
According to a CPME survey of 940 business leaders from February 27 to March 3, 54% of companies exporting to areas infected with the virus are experiencing difficulties, as are 39% of those sourcing there. To these are added small and medium-sized enterprises in the tourism sector. The majority of them have already observed a drop in their turnover. And general concern is mounting. They are now 68% among business leaders to express fears for their activity, against 51% the previous week.
Postponement of credit maturities for several months
In the wake of the meeting in Bercy, the French Banking Federation (FBF) affirmed the “total mobilization” of the banks “In order to support their customers, in particular VSEs and SMEs, in the face of possible difficulties resulting from the development of the coronavirus epidemic which may temporarily impact their activity”. Lenders “Will carefully examine the individual situations of VSEs and SMEs impacted in the sectors exposed to the consequences of this health crisis. The banks will in particular seek on a case-by-case basis solutions adapted to short-term financing needs ”, also indicates the FBF.
Earlier, the Crédit Agricole group had announced targeted measures. ” Case by case “, the bank said it was ready to study the postponement of credit payments for up to 6 months and set up an accelerated credit agreement procedure in less than 5 days for the most urgent situations.
Under these conditions, it can also remove the penalties and additional costs from customers’ credit and maturity deferrals. In terms of insurance, the mutual bank will be able to speed up the procedures for handling claims from covered customers.
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