The revenues generated are not negligible

A symbol. Philippe Saillard, in charge of La Banque Postale credits, will today its entry to the Board of Directors of the Fund of guarantee of social accession (FGAS) property in an extraordinary meeting. The establishment thus puts end to fifteen years in partnership with Credit Foncier, until then only Manager of its assisted mortgage (ready-to-zero rate, social accession loans). The subsidiary of Caisses d'Epargne is already more in charge of social accession loans (not) of La Banque Postale. Until June 30, it will leave the management of half of its loans to zero (PTZ), and then all in December.

For Credit Foncier, the decision of the Bank led by Patrick Werner is not trivial. Volumes of loans zero that it delegates accounted for one third of its production of PTZ, or EUR 300 million for the last year alone. Internally, in the subsidiary of Caisses d'Epargne, the decision would have been presented as the will to get out of a very profitable partnership. "But if the margin on these loans is low, it is recurring", regrets.

"Each normally earned his life, meets Christophe Pinault, Deputy General Director of Credit Foncier.". We do not rattraperons the lack of production stricto sensu linked at the end of this partnership. But it will be painless and this will we not a problem of profitability, because all of the production of regulated loans growth has been extremely strong last year.

The production of loans to Credit Foncier zero grew in 2009 from 28 in number to 80 amount (EUR 600 million), with the recovery plan. The subsidiary of Caisses d'Epargne claims 40 market share on social accession loans and 75 on not land, whose production has reached EUR 900 million last year. "In the end, we offset the production made with La Banque Postale," therefore the Deputy Executive Director. Already, despite declining to two digits of the real estate credit market last year, the Credit Foncier should display a result exceeding the 200 million euros to the title of the year 2009.

Failure mentioned since 2006

The subsidiary of Caisses d'Epargne has had time to anticipate. Is referred to the end of the partnership since 2006, year where La Banque Postale has been authorized to expand its offer of mortgage than those funded housing savings plans. For the Bank of Patrick Werner, this resumed control of zero rate loans is in the right line of the strengthening of its range of loans to the habitat.

The Banque Postale was for 2009 and 2010 7.2 market share in the real estate credit, with a production of 6.9 billion, or an increase of 68 of the awarded volumes between 2005 and 2010. The revenues generated are not negligible. Nothing in 2004, before the expansion of its supply of real estate credit, housing savings and loans linked weighed 12 of its product net banking for financial services. A weight comparable to the 17 were from the collection of the livret A and B boards. What offset losses in revenues anticipated with the commoditization of the livret A and B.