However these assets remain insufficiently exploited

The French financial markets (Amafi) Association, which represents French intermediaries, today holds its annual meeting. Its President, Philippe Tibi, Paris place must develop long-term savings to be competitive in London. One of the tools could be reserves for the pensions fund. The association, who works in the drafting of a new collective agreement, fears of relocation of activity.

The Place of Paris took the crisis

Do not confuse the collective position of the Place of Paris and the individual situations of any particular institution. Individually, some large French homes have been able to increase their share of market against competitors in difficulty. Collectively, the competitive position of the place has not been radically upset. A place is first formed by institutions, men and women who work and who deliver products and services with high value added to their customers. From this point of view, I do not see a strengthening in terms of market share. Paris has yet the assets needed to be a place of first-order: the domestic household savings is important with some 3,500 billion EUR, our companies are often world or European leaders, and the quality of our infrastructure is recognized. However, these assets remain insufficiently exploited.

As you therefore explain the delay to London

Major international financial markets are characterized by a joint management and intermediation development. Our trades are sometimes presented as antagonists, but the reality is that they reinforce one another. A place that demonstrates its ability to manage domestic savings by creating value-added attracts foreign savings and increases its critical mass. Moreover, intermediation, but also all of the activities that are related (computers, consultants, lawyers...), is located where is management. These activities contribute to the quality of management performance and its radiation. Paris today is mainly to domestic savings still too oriented towards the short term. Accordingly, it does not receive a satisfactory value.

How better guide this savings

The countries that have a long structural savings, as the Anglo-Saxon and Nordic countries, have organized on the basis of a strong political will (... pension fund). The reality is however that this debate has no political outlet in France. On the other hand, we have an excellent tool, the Pension Reserve Fund (RIF). It is a collective institution, accepted by the social body, which could be developed to anchor our territory a savings for long-term improvement of the pensions of all the French service. In this objective, the size of assets managed by the RRF is not sufficient 26 billion euros of assets, at the end of the first quarter, Editor's note. This is mainly due to a level of annual allocations much too low from what had been planned originally. I would add that the question of the financing of the economy is twin to the management of savings. Anglo-Saxon long savings vehicles hold the majority of the capital of their national enterprises.

What was the impact of the removal of the stock exchange tax

The removal of the stock tax was essential to disappear a clear factor of delocalization, but it is not enough to encourage the actors to stay in France. National tropism of any institution that is not enough in the highly competitive environment of our activities. Especially in times of crisis where the search for a critical mass is even more critical. Beyond the individual decisions that analyse in the strategic context of each institution, the Amafi considers that there is a real risk of transfer of activity to London. The development of long-term savings is from this point of view a real subject of collective interest: we contribute to the work initiated on this theme by Paris Europlace in a working group chaired by Yves Perrier.

What are the Amafi sites

Out of the question of the long savings, we are working on projects related to the crisis. We support everything which can increase the security, and thus promotes confidence: offset CDS for example, the Amafi submitted as the need for the Chamber to have directly and quickly access to the competent central bank liquidity to the currency in which are denominated contracts, i.e. the ECB this position leads to locate the room in euro area, EDITOR'S NOTE. On another level, we are currently engaged in the development of a new collective agreement. It is modernizing a text dating back nearly 20 years of age to adapt it to the new realities of our professions, for example characterized by a very high proportion of executives. Discussions are underway with the social partners, must lead in June 2010 at the latest.