Credit Lyonnais bailout saga finally nears an end
- 11 years ago
The French government is finally drawing a line under the Credit Lyonnais affair, settling the debts of the formerly state-owned bank which collapsed back in the 1990s.
French Finance Minister Pierre Moscovici said Paris will borrow 4.5 billion euros by the end of this year to do that, taking advantage of low interest rates.
Reportedly the total cost to French taxpayers will have been 14.7 billion euros since the bank first got into trouble in 1993.
Credit Lyonnais – which was the largest French bank at the time – had to be bailed out by the government after losing billions, allegedly due to mismanagement.
Now rebranded as LCL, it was taken over by Credit Agricole 10 years ago.
French Finance Minister Pierre Moscovici said Paris will borrow 4.5 billion euros by the end of this year to do that, taking advantage of low interest rates.
Reportedly the total cost to French taxpayers will have been 14.7 billion euros since the bank first got into trouble in 1993.
Credit Lyonnais – which was the largest French bank at the time – had to be bailed out by the government after losing billions, allegedly due to mismanagement.
Now rebranded as LCL, it was taken over by Credit Agricole 10 years ago.