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Offbeat The Banque de France supports a return of dividends for bank shareholders

21:00  27 november  2020
21:00  27 november  2020 Source:   ouest-france.fr

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The Banque de France is an independent institution governed by French and European law, and a member of the Eurosystem, which is the federal Safeguarding financial stability is one of the core missions of the Banque de France . It consists in ensuring the financial system functions efficiently

The Banque de France contributes to the definition of euro area monetary policy and ensures its implementation in France on behalf of the Calculation : Banque de France - Companies Directorate - Companies Observatory a Aggregate number of corporate bankruptcies over the past 12 months

La façade de la Banque de France, à Paris. © STEPHANE DE SAKUTIN / AFP The facade of the Banque de France, in Paris.

The governor of the Banque de France said on Friday November 27 that he was in favor of a "cautious opening towards a distribution" of dividends. The European Central Bank had recommended stopping all remuneration for bank shareholders this year.

François Villeroy de Galhau, gouverneur de la Banque de France. © Axel Schmidt, REUTERS François Villeroy de Galhau, Governor of the Banque de France.

In a speech delivered this Friday, November 27, in the morning, the governor of the Banque de France François Villeroy de Galhau was in favor of a return of dividends for the banks and their shareholders, report Les Échos .

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The Banque de France provides economic expertise in the form of research, forecasts and contributions to international financial bodies. Through these activities, it helps to establish a complete diagnosis of the economy, which is necessary for the conduct of monetary policy.

The Banque de France carries out a broad range of cash-related activities: it issues banknotes, monitors recirculated banknotes and puts In France , bank lending is monitored via the following channels: the lending activity reflected in banks ' balance sheets, a regional census of flows of new

At the start of the health crisis, the European Central Bank (ECB) recommended that financial institutions stop all forms of shareholder remuneration this year , in order to maintain their financial capacity and support the economy .

The ECB had also asked the banks to be extremely moderate in the payment of bonuses, for example by reducing the sum of the variable part of salaries.

"Preserving attractiveness for investors"

"Undoubtedly, the reserve of all of the results in 2020 was an effective measure to support solvency" , argues François Villeroy de Galhau.

For the Governor of the Banque de France, two arguments plead in favor of a "cautious opening" towards a distribution of dividends, explain Les Échos.

First, we must take into account "the resilience of financial institutions to very significant shocks illustrated by their situation at the end of 2020" . If the crisis had an impact on the results of banks, down 39% for the main French groups, this does not call into question "the solid fundamentals of French banks which have continued to improve their solvency" .

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The Banque de France contributes to the definition of euro area monetary policy and ensures its implementation in France on behalf of the Eurosystem. The Banque de France carries out a broad range of cash-related activities: it issues banknotes, monitors recirculated banknotes and puts coins

The Banque de France contributes to the definition of euro area monetary policy and ensures its implementation in France on behalf of the Eurosystem. The Banque de France carries out a broad range of cash-related activities: it issues banknotes, monitors recirculated banknotes and puts coins

The Banque de France also believes that it is necessary to "preserve the attractiveness of financial institutions for investors, essential to be able to raise funds" . An argument that was notably advanced by the banks themselves.

Read also : Coronavirus crisis. Do not pay dividends? French banks balk

The banking sector has suffered

The banking sector is one of those that suffered the most during the crisis, the European index of banking stocks having fallen by nearly a quarter this year, recalled Les Echos.

The Banque de France highlights the risk of distorted competition between listed establishments, while "most jurisdictions outside Europe seem to be moving towards controlled liberalization" of dividend distribution.

While this governor's position should satisfy the large listed banking groups, we must wait for the ECB's position on the issue. Opinions seem to diverge on this subject within the European institution, oscillating between a lifting of the ban and much more "caution" on a return of dividends.

The answer should fall from December 10, when the ECB has refined its macroeconomic forecasts.

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dividends

Overseer urges ECB to extend bank dividend ban .
(Bloomberg) - Europe should extend its de facto ban on bank dividends by six months, a high-ranking representative of the supervisory area of ​​the European Central Bank demands. This dampens the hopes of investors that distributions can be made again early next year. In the coming weeks, regulators at the ECB and the Bank of England will decide whether and how to lift their recommendations on dividend payments.

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