They will be replaced by patterns of regional banks

Heads have fallen to the squirrel, two days after the announcement of the loss of 600 million euros in the markets. A long Supervisory Board of the Caisse nationale des Caisses d'Epargne (CNCE), the central organ of the group, yesterday endorsed the departures of the Executive Board of Charles Milhaud, President of Nicolas Mérindol, the Director-General, and Julien Carmona, in charge of finance. They will be replaced by patterns of regional banks. The political class, Nicolas Sarkozy in mind, had put pressure for that leaders of the group "take responsibility". The squirrel has therefore taken note, the decision of its landmark directors clearly a resumption in hand of the group by the regional barons.

The negotiations lasted all weekend long, and the Council had to be interrupted several times yesterday to stop the new governance. Charles Milhaud, the iconic Chairman of the group, wished to leave in a few months, the time to find a successor. But members of the Supervisory Board have finally decided to push towards the exit. They appointed Bernard Comolet, the President of the Executive Board of the Caisse d'Epargne, the Ile-de-France, to succeed him and take the reins of the group. Charles Milhaud announced in the evening he would seek compensation. "Having spent my entire life to Caisses d'Epargne, I have not a moment considered me avoid my responsibilities", he added.

Nicolas Mérindol, his man of confidence over the past two years, is also excluded. The CNCE branch will be entrusted to Alain Lemaire, the President of the Executive Board of Fund of savings Provence-Alpes-Corse. As Bernard Comolet, Alain Lemaire was until then member of the Supervisory Board of the Ecureuil and its audit committee. Their arrival signs the rise of Caisses d'Epargne regional when negotiating the reconciliation with the Banques Populaires. "This is no doubt that the early, Bernard Comolet and Alain Lemaire agree now redistribute the power in the region", indicates a squirrel. Other regional barons could make their entrance to the Executive Board. As Nicolas Mérindol, who always said "in the service of the group", it could bounce to a subsidiary of Caisses d'Epargne head. Julien Carmona also leaves the Executive Board, but it will keep the Executive Directorate of finance.

A security symbol

The pressure had ceased to climb over the weekend. Since the Canada, President Nicolas Sarkozy had himself requested that "those responsible for this case derive consequences", and at all levels, holding that it was "not acceptable". Charles Milhaud, Councillor UMP in Marseille, is however considered close to the head of State. Several members of the Government, Christine Lagarde to Xavier Bertrand passing by Luc Chatel, have also expressed their frustration and their "anger" and called for changes. The President of the ECB, Jean-Claude Trichet, that he was "shocked".

The loss of 600 million euros, disclosed Friday by "La Tribune", sparked outrage in the group as in the general public. Caisses d'Epargne are a symbol of security for millions of French: nearly one in two is holds a bank account or a booklet was. The case comes to the more evil for the savings banks, while come to start negotiations with the Banques Populaires. In the two mutual banks, it is said that this fellow accident does not call into question the interest of the marriage. But it weakens the squirrel in the iron arm that undertakes, on the enhancement of the central bodies called upon to merge. The Standard & Poor's rating agency has indicated that, if the loss had an impact moderate on the solvency of the group, it raised many questions about risk management, and therefore increased the pressure on the "rating" of the CNCE as on that of its subsidiary Natixis.