Crédit Agricole (CRARY) Seeks to Eliminate Billions in Debt
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Facing mounting pressure and as Greece continues to sink, French bank Crédit Agricole (OTCBB: CRARY) is looking to eliminate debt... a lot of debt.
According to the Financial Times, Credit Agricole is seeking to relieve its books of about €50 billion in debt as French financials continue to face funding pressure amid eurozone debt uncertainty.
The bank, France's third-largest bank, said it's debt stood at €310 billion at the end of June. Credit Agricole hopes to whittle that number down to €260 billion before the end of fiscal 2012, sources have said.
Much of the bank's debt reduction plan centers around short-term debt, which makes up €45 billion of the €50 billion plan. The bank also alluded to having a surplus dollar position, making about $8 billion in overnight deposits to the U.S. Federal Reserve, though it warned that it's access to short-term financing had diminished, with emphasis on dollars.
Credit Agricole affirmed its long-term funding was "secure."
Along with Societe Generale (OTCBB: SCGLY) and BNP Paribas (OTCBB: BNPQY), French banks have been harangued about holding massive amounts of Greek debt and concerns of ability to get funding.
According to the Financial Times, Credit Agricole is seeking to relieve its books of about €50 billion in debt as French financials continue to face funding pressure amid eurozone debt uncertainty.
The bank, France's third-largest bank, said it's debt stood at €310 billion at the end of June. Credit Agricole hopes to whittle that number down to €260 billion before the end of fiscal 2012, sources have said.
Much of the bank's debt reduction plan centers around short-term debt, which makes up €45 billion of the €50 billion plan. The bank also alluded to having a surplus dollar position, making about $8 billion in overnight deposits to the U.S. Federal Reserve, though it warned that it's access to short-term financing had diminished, with emphasis on dollars.
Credit Agricole affirmed its long-term funding was "secure."
Along with Societe Generale (OTCBB: SCGLY) and BNP Paribas (OTCBB: BNPQY), French banks have been harangued about holding massive amounts of Greek debt and concerns of ability to get funding.
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