Neighbors of Revel, Northern Rock and Bradford & Bingley, have stumbled because of the liquidity crisis and fell under the guardianship of the State. The last independent French of the loan to the habitat, credit real estate France (CIF), poster, him, some resistance. It has been more dynamic in 2008 than its competitor land credit and market. Its production is contracted only 2.5 (to EUR 6.36 billion) against a decline of 38 per cent (19.6 billion) for the subsidiary of Caisses d'Epargne ( 53 for the individual production) and 17 for the market. Its stock rose by 10 to EUR 31,11 billion, 7, to $ 114.4 billion for Credit Foncier. Its market share has suddenly elevated to 5.43, a level never reached in ten years.
Degradation
This growth is part of walking plan 2008-2012: Group wants to increase its production in four years to EUR 9.4 billion of 43 and double its stock to 43.7 billion, said Fitch in a report. Its market share could reach 6.91, but the Agency considers "very ambitious" plan, the environment and the performance of the Bank.
The results of the ICF did not follow the same dynamic that the activity. Net banking product of the group rose by 6.5, to EUR 462,9 million, slightly less than that of the Credit Foncier ( 10.4, 1.037 billion), and its net result to be shaped 27.9 to 61.5 million ( 4.6, 220 million for Credit Foncier), essentially due to an increase in the cost of risk ( 49 million, for a total of EUR 59 million).
This degradation is due to a loss of EUR 12 million related to the bankruptcy of Lehman Brothers, the provisions on the bridge loans and rental investments. Expenses also increased by 6.7, to EUR 318,2 million, but Claude Sa'dun, President of the group, believes that "the plan of merger of the subsidiaries will be completed at the end of the first half of 2010" and that "the migration of the computer systems have resulted at the end of next year". Thus the CIF bear more charges to this deadline.
A vigilance point
Rest for the agencies of scoring a point of vigilance: refinancing of its mortgage markets group. After Fitch, which lowered in October from stable to negative the perspective of the note of issuer default group credit Immobilier France development, Moody's long-term took a decision identical end of February to the notes of debt and financial strength in the long term from the Central Fund of the CIF. "Our concern is on the prospects for refinancing in the long term if the situation continues, because the group must refinance credits long maturity, says analyst Virginia Merlin." If it needs to rethink its structure of refinancing, there will be an impact on the cost of refinancing.
For Claude Sa'dun, refinancing of the CIF markets does not call into question its model. "The mode of refinancing is an absurd way to the problem." Generalist banks are all dependent resources market and the European Central Bank as we. "If he referred to a time the possibility of closer industrial partner, the question is not the order of the day. On the contrary, the independence is now fully justified. "We have ensured our production, our results stand, when there is a systemic shock, we stand." We have own funds EUR 2.4 billion. We have no issue for metaphysical to ask on a back-to-back. I still persuaded that specialized industry model is the best mode of distribution of the credit to the habitat.
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