The separation plan was closed in February

Ten months after his arrival at the head of Calyon with mission the refocusing of the Bank financing and investment Credit Agricole on its traditional trades, Patrick Valroff (BFI) indicates to the "voices" that restructuring is nearing completion and that the first two months of the year 2009 are consistent with the objectives.

Full polemic about the functions of stock options, what is the policy of Calyon

Calyon has never implemented stock plan. Last stock of Credit Agricole SA plan was implemented in 2006 and no other is anticipated to date.

And on the bonus

We have reduced the bonus of 50 on average on market activities and amended their allocation policy. We apply now practice in accordance with the recommendations of the FBF, based both on a moderation of the distributions, a deferred in time taking into account sustainable performance of the company and the introduction of qualitative criteria. These initiatives are in line with the strategy that we are installing.

The financial crisis presents it your plan of refocusing and development involved

No, instead. This plan is trying to anticipate what we consider as a deep of the conditions for the exercise of professions change. The BFI of agricultural credit was among the first to announce the global financial crisis. Given this situation, the Group has chosen to demonstrate transparency and responsiveness. He soon released all of his exhibitions and, as of September 2008, Calyon has implemented an another "business model". A model that matches the deep genes of agricultural credit, refocused and fully oriented customers. We have a roadmap and we will stay the course. As we announced it in September, our plan is to horizon 2010, to obtain a basement of recurrent result of the order of EUR 1 billion, a ratio of 60 and an RoE ("return on equity", profitability of own funds, Editor's note) between 14 and 16. On the first two months of the year 2009, we are in line with our objectives. We are today a bank that meets the needs of its customers. The size race is more about us. We want to build a different model, closer to the real economy.

Where are you today with your "bad bank"

I do not like the expression of "bad bank". We started out better, orderly and controlled the activities which are no longer part of our model to refocus us on our core activities. We have thus reduced our exhibitions on the markets, for example on derivatives actions or AIG, at the request of US authorities, which allowed us to cross the last quarter of satisfactorily despite the unstable environment.

Is the business of the Investment Bank not questioned by the crisis

Non. How do you finance corporations and, more broadly, the economy if there is no bank financing but investment There is no bank financing without investment bank. The problem is whether what we are doing. For us, it must serve the client. Our objective is to achieve a third of revenues from Calyon Bank funding, a third on markets for "fixed income" and a third on the shares, derivatives markets and brokerage even if, in this area, the beginning of the year volumes are down.

How to place your restructuring plan

It is now very good. Cost reductions have been completed ahead of our program. We expected savings of 200 million euros in 2008, then 100 million in 2009. We saved 300 million last year. We announced a decrease in our risk profile including the passage of the VaR (value at risk", Editor's note) of strategic activities under the 35 million euros. It is done. We announced an "adverse stress" reduced by 30. We are at 40. We announced a reduction in the amount of jobs weighted on the BFI: reduction 6 billion were produced between June and December 2008 on the financing bank. But we will still continue our efforts to better adapt our bank at the service of our customers.

Will you go beyond the loss of 500 posts

Non. Our efforts focus on the train of life of the company and control of risks continuing the review of the whole of our exposure by country and by sector. The separation plan was closed in February. It involved 250 positions in France (on voluntary basis) and the rest internationally, including in London, in the United States and Asia. It was justified by the extinction of certain activities. These figures however agree outside brokerage, where 75 deletions of posts are underway at Cheuvreux in Europe and approximately 160 at CLSA Asia.

Have your margins increased

Prices are reassembled because liquidity has become very expensive, has indeed led to improve our margins. It is not the current margins which are abnormal but the former were insufficient.

Has the granting of credit been reviewed on certain sectors or countries

Our daily lives is permanently how we can continue to meet our customers without taking undue risks. We discuss much and getting refund deadlines depending on the situation, to help businesses to move a heading or adjust the structure of their debt. To this end, I see clients several times per week. Geographically, if we have reduced our commitments in the United States since early 2008 or in Eastern Europe, we continue to play our role as banker all over the world.

How do you live competition reduced in the BFI

On the one hand, it puts us in a good position to develop our trade Fund. On the other, this reduction in the number of players risk term limit funding for the global economy. Also will the international community have to think about secure and balanced to ensure future support to the investment needs of the planet, whether it is of major projects, energy production, agri-food supply, world trade or development companies. It is, in my view, one of the issues of the G20.

Do you think that the end of the financial crisis approaching

The France has so far withstood more than most other countries with the good situation of French banks and the voluntarist action of public authorities. From there to say that the crisis is over, I do not. Overall, French companies have responded more upstream than others by controlling their costs and better manage their cash flow. However, their capacity will depend on their size and their market share. I believe that the year 2009 will be difficult and that the cost of the risk will increase. Calyon anticipated it in its scenarios.