"Customers are asking us if they have to worry about. To reassure them, we remind the facts, we communicate on our exposure to Greece … our profitability, "said Jean-François Sammarcelli, Network Manager of Societe Generale France. He said the withdrawals are not more important than usual, as the bank continues to attract savings … but the wealthiest clients shall, as a precaution, to spread their cash across multiple institutions. "Those other banks have the same reaction. We therefore also take this opportunity, "he adds. This is a situation that the banks had already known in 2008.
In every European bank, customers benefit because in case of bankruptcy of a guarantee on their deposits: checking account, savings plans, deposit accounts, or bank books (excluding Livret A, guaranteed by the state).But it is capped at 100,000 euros per person.
In France, it is provided by the Guarantee Fund deposits, which now has … two billion euros. Obviously too small a sum to compensate customers of a major bank. "The fund is one of the best capitalized in Europe. And he may at any time raise additional capital or borrow from banks, "says Thierry Dissaux, CEO of the Guarantee Fund deposits. In practice, its mission is primarily to avoid the worst, by participating in the rescue of troubled institutions before it is too late.
Life insurance affected?
And it is ultimately the more reassuring for the French: none imagine that the state gives up a large bank low fee payday advance. The debate, which opened this weekend on the assumption of a partial nationalization in point.Some investors wonder, them, especially the fate of their contract of life insurance. Although insurers claim to have little Greek bonds, a default of Athens served diminish returns to investors. Yields as affected by the collapse of the Exchange.
Insurers also hold, in proportions much larger government borrowing Italian or Spanish. If concerned about this exposure to sovereign debt, and disappointed by the declining returns of their investment favorite, the French withdrew their money en masse, insurers could be forced to sell their assets at the worst time. "We're not there. Withdrawals from the contracts increases for two years, partly because the holders of life insurance age and draw on their savings to finance their retirement, "said Chistophe Eberle, President Optimind, actuarial consulting firm.But insurers still manage the risk. "In 2008, the drying up of liquidity in the markets had led to withdrawals from the contracts. In our funds in euros, so we decided to keep cash in the interests served by our bond portfolios, to be ready to face any withdrawals, "says Sonia Fendler, General Heritage.