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Prepare for the future - March 2012
For European economies and financial institutions, 2011 will be remembered as a particularly difficult and contrasted year: the sovereign debt crisis, especially in Greece, the high volatility of financial markets and the liquidity crisis, all these elements which came to disturb further a context of weak economic growth. These factors also led banking regulators to speed up the timetable for the application of new regulatory measures on banks’ capital ratio requirements. The banks had to deal with this by taking unprecedented adaptive measures while pursuing with their efforts in financing the economy.
After a strong first half of the year, Crédit Agricole, like many other companies, was affected in the second half by this depressed economic climate. Our results suffered and we had to adapt quickly in order to deal with the situation and prepare for the future. The task before us now is to bolster the Group's fundamentals in the current climate whilst securing its ability to serve its customers as effectively as possible. The dynamism of our business lines, the commitment of our 160,000 employees, the confidence of longterm shareholders and governance helped us weather the storm of 2011. These strengths allow us to take on 2012 with caution, yet with the determination that comes from having fought a battle.
We must now continue to prepare for the future. Our strategy is clear: our priority lies in retail banking and its related businesses, including corporate and investment banking, which is essential for serving large corporates and the local economy in which they operate. We are the leading financial partner of the economy and we intend to carry on fulfilling this role, as we did in 2011, because we know that the lending of today produces the jobs and growth of tomorrow. In the midst of turmoil, we have not only maintained the support we provide to economic players, but enhanced it: our outstanding loans in France have risen by 4.6%.
The monetary and financial crisis will not come to an end in 2012. Europe must make progress in resolving the debt crisis – especially Greek debt – and improving its governance. Only in this way can it secure the future of the euro zone. France will have to face challenges of controlling its deficits and kick-starting growth. As executive managers of Crédit Agricole S.A., we want the Group to be up to the task. Even if French banks are being unjustly vilified, they are an essential part of the economic and social fabric of our country. A country like France with no large banks would be unimaginable. France can count on its banks and on Crédit Agricole.
