With BPCE for example in consumer credit

Baudouin Prot, Deputy Director of BNP Paribas, book the "Echos" his feeling on the likely consequences of the implementation of the Basel prudential reforms announced on 12 September by regulators.

After fighting for months the proposals of the Basel Committee, it appears that your concerns have been taken into account in the calibration of the own funds and timing of new ratios...

Stop the controversy and measure instead the journey these past weeks in terms of regulation. It is a complete paradigm shift, a real New Deal banking as it is that all the fifty years, to the extent of the crisis that we have experienced. On the plan of the Organization of the supervision of first, also essential in the prevention of crises that the level of capital requirement. It has evolved in France with the creation of the supervisory authority (CPA). Europe also has to create three new supervisory authorities - for banks, insurance and markets - with unprecedented powers. At the same time in the United States, the Dodd-Frank Act will strengthen the supervision of the banks - even if it is regretted that it simplifies much relations between the many authorities - and will create a consumer protection agency, which was essential in the countries where the "sub-prime" crisis is born.

And in terms of own funds

The decisions of Basel are historical. The new definition of the capital is much stricter than the old: the threshold of 7 of capital to risk weighted assets which is now the key figure is equivalent to a ratio of approximately 10 in the old definition. It is therefore actually a fivefold increase in the bank capital requirement since the regulatory threshold of hard equity ratio was up to 2 now. However, each additional point ratio represents about 500 billion euros of capital in addition to the global banking industry.

And France

Since the crisis, French banks have increased their own funds of more than 30 on average to be well above the minimum of the current regulations. Their model is robust enough for the increased demands of Basel III resulting from capital are filled in the next few years through the reserve of the majority of their results. This will require a continuous and important effort which cannot underestimate the extent. It is also imperative that all G20 countries apply the new rules of Basel III and everyone walking the same step.

Nourish your concerns in this regard

We call upon the European Commission in the most extreme vigilance. It is not possible that Basel III is not applied in the United States - who include 7,800 banks, to compare the European 1,300 - and by the emerging countries, now represent nearly 50 of global GDP. It is the sine qua non for new regulation ensures the stability of the global financial system. The European transposition of Basel III must in any case precede the laws in other countries. It is also the only solution to restore a real equality of competition.

Are you going to use the markets to meet new ratios

Non. We will continue to put two-thirds of our benefit in reserve and distribute one-third as we already for several years on average. With such a policy of distribution and managing our footprint in an active manner, we should be continuously above the 7 during the period of transition without having to raise additional capital.

Do you fear the introduction of specific constraints for systemic institutions

With regard to the issue of systemic risk, the process by a new capital overload because the most important institutions would be a grave error. It would clearly unreasonable area, leading directly to the "credit crunch", particularly in France, where five banking groups provide more than 80 of the credit business. Need, in these establishments, using reinforced supervision, establish innovative capital instruments - contingent capital type - and plans to resolve the crises harmonized and coordinated at the European and global level.

What do you think of the next banking tax

It is clear that contrary to the Germany or the United Kingdom, this tax has no legitimacy in France to the title of the Bill passed because the banks claimed nothing of taxpayers in our country. On the contrary, what has been called State aid have been loans paid in full by the banks with 2 billion of interest. In addition, it must be consistent: while Basel III involves the reserve of their results by banks for several years, taxing them is clearly tax credit, therefore the economy. Finally, I remember that banks are already performing a specific tax on wages, a professional tax sensitive increased - unlike the other sectors - and a new tax to finance the supervisory authority and now the authority of financial markets. All this will weigh on the competitiveness of banks and the economy.

Are you slow your credits to the economy

Strong enhancement of capital requirements will inevitably influence the cost and volume of credit, where the risk of less dynamic funding and for the economy, more expensive. Regulators objective is to avoid new runaways such as those that led to the United States in the crisis of the "sub-prime". We are indeed witnessing the establishment of a genuine framework for credit in the world. With the implementation schedule finally retained, the macroeconomic impact of Basel III, however, should be less than that provided by the Institute of global finance (IIF) last June. It should move closer to estimates of the Bank for international settlements.

Will Basel III limit for a time any major operation in the banking sector

In the next few years, banks will probably not have the means to realize significant acquisitions paid in cash without raising capital markets. Of course, by Exchange of securities transactions will remain possible.

You're ready to acquire Zachodni in Poland, finally won by Santander. What is the difference

The price. The Santander offer was significantly higher than ours, which was consistent with our acquisition criteria.

Would you be interested in an acquisition of Pioneer, soon put UniCredit asset management subsidiary for sale

We will certainly look the file when it is on the market.

And the German private bank BHF

We are not interested.

In retail banking, you are very present in Western Europe, but what are your relay of growth in emerging markets

In ten years, BNP Paribas became the first bank in the euro area. We therefore prefer the development in this area near emerging countries, bonded economic flows: in Eastern Europe, the Poland with 240 agencies and also the Ukraine with 640 agencies. But we are mainly the first banking network in the Mediterranean, our presence on the North Shore is complemented by a strong implantation in Turkey and in the Maghreb, with approximately 1,100 agencies.

BNP Paribas is a universal bank this almost on all trades. In the future could reduce the wing in certain trades Think you transfers or partnerships

Our model, put in place by Michel Pébereau in the creation of BNP Paribas in 1999, is a balance of complementary activities focusing on service to clients and the real economy. We are not saying that it is only possible, but it is one which allowed us well to the crisis and for strong development. In this context, we are very open also to partnerships. We in already renewed several in recent months. With BPCE, for example, in consumer credit. We have also expanded to Commerzbank our former partnership with Dresdner Bank consumer credit.

In 2012, the Presidency of Michel Pébereau ends. 2011 will be your last year as Director-General

It is the exclusive responsibility of the Board of Directors.

Read the interview in full on lesechos.fr/interview