"We have a banking sector in very difficult position since September 2008. On the airwaves of public radio RTE, the Irish Minister for Finance Brian Lenihan announced a massive bailout about to upset the Irish financial sector. His government is preparing to take effect in banking reform to rid the system of 81 billion euros of toxic assets from the Financial Times. The information was officially confirmed in the afternoon.

16 billion euros at a discount of 47%

To carry out this project, the Government should announce the creation of the National Asset Management Agency (NAMA), a bank created to buy their rotten assets, mostly mortgages risky accumulated before the bursting of the credit crisis.Initially, the NAMA buys 16 billion euros in loans at a discount of 47%.

Paral?lle be completed a recapitalization plan. According to analysts, banks would need 15 to 20 billion euros while strengthening their own funds. They could throw a party the money itself, by making asset sales. In return, the rules will have to be modified. The banks should strengthen their Core Tier 1 ratio to bring it to 7%. "We must put our banks in a situation where they will be able to finance themselves with confidence on the international markets," said Brian Lenihan.

The government should give more detail on Tuesday late afternoon.

Wave of nationalization

At the Dublin stock exchange, these ads and the suspense that surrounds them, are very unwelcome. Around 16 hours, the action Allied Irish Banks (AIB) loose 5.59% to 3.38 euros.Bank of Ireland (Bofi) lost 9.40% to 1.25 euros guaranteed payday loans. Already Monday, the shares of banks had been abused.

Investors are concerned because the wave of nationalization or increased state participation in banks suggests that such a plan. That recapitalization by the government should increase its stake in the bank (AIB) to more than 70% against 16% currently. The competitor in its Bank of Ireland (Bofi) should rise to 40% against 25% today. The state had already acquired shares having salvaged their coffers 3.5 billion euros.

The Anglo Irish Bank had already been nationalized last year.The government could also take control passage of two credit institutions Mutual, the Irish Nationwide and EBS.

Ireland under surveillance

Global markets keep an eye on the reforms undertaken in Ireland. The country is indeed one of the most affected by the crisis. In 2009, economic activity has suffered a fall of 7.1% and the country is still not out of the recession. The government keeps its hopes for recovery in the second half of this year.

According to analysts, if this ambitious plan than the original amounts provided by the government, this could affect the country's sovereign debt. Just as Greece, Portugal or Spain, Ireland through debt problems which have already led to a program of fiscal restraint in December.At 11.7% of GDP, the budget deficit is currently the largest after that of Greece which was 12.7%.

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The level of corporate failures falls back down in October 2009 on a month, while remaining at a high level because of the fragility of economic conditions. INSEE reported Friday a drop of 7.9% of these corporate failures in October 2009 compared to September, after declining by 8.8%.

In one year, the trend is however extremely unfavorable failures have increased by 12.2% over the previous year. SMEs, the first victims of the crisis have been particularly affected by the carnage of 2009. Coface points out that in the summer, the number of failures rose by 80% when they grew by 55% for micro-enterprises. Companies or groups producing a turnover of more than 50 million euros have instead benefited from relative stability, albeit with a downward trend.As for the sectors most affected, manufacturing, real estate and transportation have paid the heaviest toll, according to the latest Deloitte.

For 2010, the trend is not open to the improvement. The observatory Coface anticipates stabilization figures failures at very high in 2009 (67.000). The two components of total failures should in fact be offset: the bound, very normally, demographics businesses should help to push further failures, due to the increasing number of businesses created. In contrast, the component related to the economic crisis as it should gradually decline, until they find the second half of 2010 "a symmetrical curve than the end of 2008"

How to create a bridge between, on one hand the world of midsize companies and intermediary who need capital to grow and the other financial markets constantly on the lookout for good investments? To answer this question, Christine Lagarde met the players in the world of SMEs and funding agencies (MFA, Bank of France, Caisse des Depots, NYSE-Euronext … OSEO). The Economy Minister arrives with concrete steps, beyond those already announced October 12 at the first panel to meet the government's objective of developing a strong network of companies of intermediate size (ETI ) more competitive

If markets do not turn instinctively to the ETI, it is primarily because they do not know. Why the Minister of Economy will launch this Thursday Observatory of SME financing and ETI.Hosted by the CDC, the observatory could become a mine of information on these companies.

It is also because the financial analysis necessary at any investor is very poorly developed with respect to this class of business. But for analysts interested closer to the listed SMEs, there is nothing more effective than financial incentives! Christine Lagarde should announce the creation of a mutual fund financed by the place, to develop financial analysis devoted to small and medium enterprises.

New envelope of the Caisse des Depots

The minister also wants to strengthen the presence of institutional investors in the markets for listed SMEs. The TFB will spend an additional approximately 200 million euros investment in SMEs.In addition, to encourage the clustering of SMEs too small to issue bonds only, OSEO will provide its guarantees on "bundled borrowings" faxless pay day loans .

Finally, Christine Lagarde has relaxed the regulatory and legal framework surrounding the ETI, extending the scope of companies that can buy their own actions that only companies listed on regulated markets can do today. These financial measures should satisfy ASMEP-ETI, the union of mid-cap companies chaired by Yvon Gattaz. But the employers' organization, which holds its annual talks Monday, demand more.She hoped in particular that social rules are adapted to the size of firms employing fewer than 5 000 employees, allowing, for example, mandates the merger of the works council and delegate staff and allowing negotiations in companies that do have no unions representing the majority.

The ASMEP militates for exemption from charges to encourage the employment of workers over 65 years. These adaptations enable ETI to save between 1 and 1.5 billion euros. The ETI-ASMEP also advance proposals on taxation, export, access to public markets. To promote long-term investments, the union founded by Yvon Gattaz supports the establishment of a fund to assist ETI to grow by acquiring companies.Recalling once again that the ETI and SMEs are taxed more than large companies, it proposes measures that would facilitate the transmission and simplification of tax legislation.

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"Every seven minutes a small die …!

"To the question, the clipboard will it continue to exist? I think fundamentally, No! This movement could take five, ten or fifteen years but I remain convinced that this is not bad news for the press! ". Invited the morning breakfast Ina-Odeon, Alain Weill, the chairman NextRadioTV Group (RMC, BFM Radio, BFM TV, Group 01, "The Tribune"), confirms its strategy to reduce the number of kiosks that sell La Tribune "" the most profitable, or about 2,000 throughout the territory by the Director General of the daily, Val?rie Decamp.

"The current industrial process which produces millions of copies with the final 60% of unsold leave by truck to be destroyed or recycled is no longer a viable solution," said the businessman who already admits read "The Tribune about his phone iPhone in print.The proliferation of digital shelves of reading as Apple iPad, should, according to him, upset, this year, the landscape of the press, giving the phrase "once old computers" low fee payday loans! ???!!!???!!!.

In this context, Alain Weill plans to "be ready for launch in late April in France of the tablet iPad", although "there is more an issue of image than an economic issue," he admits. By the end of the year, two applications (BFM and "Tribune") should be available on the iPad.

Finally, at the BFM awards Awards November 15 next, the group plans to turn his radio BFM radio in a television channel called BFM Business. This new channel could be open in Paris since the TNT, if not via ADSL networks and / or cable."BFM Business reflects our strategy" 360 degrees "to be present on all existing media" and can "give a boost to our radio business, particularly" flat "in 2009, justifies Alain Weill.

The investment company Eurazeo published its 2009 results on Monday. Its turnover reached 3.785 billion euros, down 6.6% compared to data published in 2008. The group emphasizes its losses to 199 million euros against 68 million in 2008.

This result includes 484.6 million euros EBIT adjusted operating companies incorporated (ANF, APCOA, B & B, Elis and Europcar) a decrease of -7.3%. The dividend per share is maintained, however, to 1.20 euros per share cash advance faxless . Moreover, Eurazeo proceed with the allocation of one bonus share for every 20 held.

The results of associates is negative this year. Similarly for changes in investment property and the market value of derivatives.Gains are primarily for sales of Danone shares made over the year.

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The crisis drummed cards capital investment

The Economy Minister, Christine Lagarde, hopes that SMEs and mid-cap companies (ETI) employing less than 5 000 people found the path of the Exchange. It proposes that the European Commission to set up a "small business act" of securities law. For this she draws the report to be presented Demarigny Fabrizio, director of capital markets activities of the Mazars Group. The document proposes 20 measures to establish a financial environment and regulatory framework. Because SMEs are less likely to go public. According to the European Central Bank, only 1% of European SMEs have issued shares or calls to investors.

The report proposes that the Small Business Act adopted in Europe in June 2008 to promote SME development should be extended to securities law.

Fabrice Demarigny recommends "creating a European definition" for this category of companies listed named "smilies" – "small and medium sized issuers listed in Europe 'cash advance . That would be "at the IPO companies for which the amount of funds raised is less than 75 million euros. Member States should be able to set a lower threshold for the companies they own the home Member State ".

Standards Simplified

Fabrice Demarigny proposes that the documentation requirements for listed companies is shorter and more readable for large groups. For example, financial information could cover only two years. Companies are allowed to publish their financial reports within three months instead of two now.He asked that the IFRS to be adopted by all companies are simplified by giving them the opportunity to use the IFRS for SMEs. For it is "thinking small" that Europe can expect to find a new economic breath.

After playing the "yo-yo" these last two, the CAC 40 continues to move closer to 4000 points. So much so that the index confirms its Paris flagship positive trend since the beginning of the year (0.46% Ed).

This is especially gradual return to the announcement of the Fed to keep "for a very long time" rates to very low levels, to continue soutenirla economic recovery. However, after climbing from 1.23% Tuesday, the progression of CAC 40 slows, the Paris index advancing 0.39% to 3954 points. The London Stock Exchange opened up, the Footsie-100 index rising 0.39% to 5642 points.

Deficit: 14 countries of the EU under scrutiny

Investors keep an eye on the report published by the European Commission on evaluation of efforts to reduce deficit of fourteen countries of the European Union, including France, the United Kingdom, Germany and Spain.The Director General of the International Monetary Fund, Dominique Strauss-Kahn, should also deliver a speech to Parliament.

However, the side of macroeconomic statistics, the day will be fairly quiet in France with a single indicator, the start-ups for the month of February, published by INSEE.

Across the Atlantic, are scheduled this afternoon, the producer price for the month of February and the weekly inventory of crude oil. Moreover, the Organization of Petroleum Exporting Countries is scheduled to meet Wednesday in Vienna.

Values follow

Atos Origin: According to a report in Le Figaro, the group covets a giant electronic payments be for sale by Royal Bank of Scotland No teletrek payday advance .Thierry Breton, CEO of Atos Origin has declined comment.

EADS: Nicolas Sarkozy and Angela Merkel expressed once again concerned about the conditions of the bidding for the tanker market in the Air Force and U.S. have called on the United States to resist the temptations protectionist

Mr Bricolage has announced an increase of 23.8% of its 2009 operating profit at 39,7 million with a turnover of 547.5 million (+6.2%). Net income, group share, in contrast to declining 36.1% to 21.4 million, while fiscal 2008 incorporated a capital gain of 14 million.

Stallerg?nes reported Tuesday an increase in its results, its dividend and its cash in 2009 and has said it expects an increase in its margins and its activity in 2010 thanks to falling costs of studies on the product Oralair desensitization.

JC Decaux: Rating agency Moody's raised its rating outlook to stable from negative cons before.

Publicis: Members of the Executive's advertising group gave up their bonuses for 2009. This decision relates to Maurice Levy, chairman of the group, and David Kenny, Jack Klues, Jean-Yves Naouri and Kevin Roberts.

Bourbon: The maritime services group announced Wednesday a net profit of 155.4 million euros in respect of 2009, against 224.4 million in 2008. It is therefore a decrease of 30.8% in 2009.

After market, Ingenico, Dassault Aviation and Hi-Media will publish their annual results, and GFI Informatique results for fourth quarter 2009.

From our Washington correspondent

Senator Chris Dodd dream of finishing his career in style. His desire to reform the American finance is not necessarily near completion. The Connecticut Democrat, to Congress since 1974, introduced on Monday a bill that takes into account a number of priorities but Barack Obama has the support of any Republican. "We must restore accountability to our financial system to restore confidence among Americans and that this system works and protects them," said Chris Dodd.

Unpopular in his constituency, the chairman of the Senate Banking Committee, aged 65, chose not to run again in November and is thus free of any pressure from lobbyists.However, his retirement program withholds part of the authority to rally his fellow skeptics to a text, however priority for the White House. This emphasizes that ten months after the outbreak of the financial crisis is urgent to implement concrete reforms.

Dodd has significantly altered the first draft that was presented in November. At the time, he had described as "abysmal failure" of how the Federal Reserve had analyzed the risks that led to the crisis. He then offered to withdraw the full power of Fed bank supervision to prevent him leaving that responsibility for the conduct of monetary policy.As a result of four months of pressure from the Treasury and the Fed, he proposed Monday a text that would strengthen the supervisory power of the Fed's biggest banks no teletrack payday loans . In addition, it would give the central bank of the United States new powers equivalent financial firms that do not collect public savings.

Deception left the Democratic Party

The Fed would be the same entity selected to house a new autonomous agency to regulate financial services to the general public. This solution creates a great disappointment to the left of the Democratic Party. Barney Frank, chairman of the Committee on Financial Services of the House, believes that inadequate regulation of mortgage and consumer credit is one of the major causes of the crisis.Through his efforts, the House of Representatives has already voted in December a different version of the finance reform that creates a new fully independent agency of the Fed.

The concessions made by Chris Dodd Republicans are not guarantees of the success of his approach. The Conservatives, although the Senate minority can block for months this reform. Conversely, the Democratic leaders of the House consider his text too timid compared to the version of the reform they have to pass in December.

This version will then be harmonized with the version passed in December in the House. After difficult negotiations ever between leaders of both chambers, it would then Senators and Representatives to vote again the same text before submitting it to the signature of President Obama. This will be achieved before the summer.It is unlikely that this deadline.

This time, union officials of Air France have the heart net. A new audit of accounts of the central works council (CEC) of the company they were unveiled Thursday.

An initial audit, issued last January, already pointed "chronic budget deficits" and "the commitment of expenditure and by credit cards on which weigh uncertainties.

The new report was commissioned by the new management (Workers Power) and the CEC has been given to Mazars' advice on the management of Air France. The second ray of works, including Le Figaro has obtained a copy, is rather elliptical. The audit is "a lack of overall control of the financial part," the dispersal of accounting records and lack of centralized accounting documents, and a disruption in cash.The firm has found that CCE Air France held 108 bank accounts. Questioned on the subject by Le Figaro, Francois Cabrera, secretary general (CFDT) EAC until last November, says that these accounts were responsible for all camps.

Running out of cash

The report recommends Mazars elected to rebuild "the main stages of cash, customers and suppliers" to "able to produce accounts, of 2009, and further recordings in 2010.

Alongside the presentation of the audit, the elected union were able to obtain more precise information from members of Mazars on the accounts of the CEC.It appears that the EAC should be run out of cash at the end of summer and holiday offers should be canceled.

Of the 44 million subsidy paid by Air France for the year 2010, 10 were in fact already spent in 2009 due to a cash advance granted by the company. Ten million were disbursed in January and February. The CEC can certainly still count on 10 million of revenue related to a payment of solidarity of seafarers EC Company. But by the end of the year, it will have to pay 5 million for maintenance of its assets, 25 million for the operation of the seven-setting committees (EC) and the friendly sport and that 17 million to pay salaries of its 300 employees.In total, a hole of 13 million euros is expected later this year, without including 1 000 unpaid bills whose firm Mazars said Wednesday elected to Air France "does not know the amount."

No bankruptcy

Questioned on the subject, the former management of CEC rejects responsibility for such unpaid on the new team, ensuring that all invoices had been paid before departure.

The deficit forecasts in addition to over 15 million virtual hole from 2004 to 2009, offset by special payments of Air France and a payment of support works council (EC) for aircrew, which is autonomous. "We can not however say that the CEC is bankrupt because of his immense wealth" into perspective a part of Air France.

While unions are seeking to restore the institution afloat, the Financial Guard is continuing its preliminary investigation.A new search has taken place this week at the headquarters of the CEC.