“It should be up to the president elected in 2017 to appoint the director of the CDC ‘- Les Echos

Pierre-René Lemas, who will be affected by the age limit, he will complete his term of CEO?

as prefect seconded to Caisse des Dépôts, Pierre-René Lemas should retire in August 2017. Thereafter, it should in my opinion belong to the newly elected President of Republic to appoint a successor or arrange for it to go to the end of his term. As an elected official and president of CDC Monitoring Committee, I hardly imagine that the CEO of the Caisse has no political affinity with the president since the CDC intervenes despite everything, in support of the policies of the state. Moreover, the President of the CDC Supervisory Committee is appointed by the National Assembly. It would be a case of particularly singular face if we had a president of the supervisory committee from the majority that is not in line with the general director of the CDC.

in this configuration, what guarantees the independence of the CDC in relation to the executive?

this is his oversight committee, composed of parliamentarians and qualified people but also its general manager, who is independent of the executive power even if designated by the latter. The bicentenary is an opportunity to go further. The Monetary and Financial Code could be amended on the occasion of the review of the Tree II law, to allow the supervisory board to approve the CDC accounts, without prejudice to the level of allocation of profits. This legislative vehicle could also be the opportunity to enter the DCC staff representatives in this committee.

This week the CDC celebrated the anniversary of its bicentennial. What is the longevity of his model?

Everyone knows the origin of the Caisse des Dépôts, created to protect the savings of French after the Napoleonic bleeding . Its longevity, it is especially the originality of his model that transforms short-term resources – especially the popular small French savings in long-term jobs for the benefit of all. Halfway between the private and public spheres, the CDC embodies perfectly the French inclination for a mixed economy. For this reason and without appeal to taxpayers, she played a major role in financing the development of the country since 1816, contributing significantly to the state budget. This is since 2000, General Section and confused savings fund, more than 30 billion samples.

This model is still powered on in the current period of low interest rates …

This context is difficult for any investor long term but the prudential model of the CDC was designed to enable it to cope with such situations. Thus in 2015, we earned $ 1.3 billion, which, added to the decline in the level of payment to the State announced by the president in January, allows us to initiate a plan of EUR 3 billion of additional investment, including $ 1.5 billion for social housing and 1.5 billion for thermal renovation of public buildings. We must also salute the dynamic activity of the savings fund with more than a billion of income and 21 billion euros of new loans, a record high.

These results they Caisse des Dépôts to be quite offensive?

When we speak of interest generally, one is never quite offensive! The group needs a more active management of its subsidiaries that in some ways, the lines moving. Thus, the CDC seems a successful international openness: its first subsidiary is bpifrance rise in support for export companies and was recently entrusted the management of public guarantees of Coface. Furthermore, its international subsidiary CDC has emerged as an input platform of foreign sovereign wealth funds to invest in France. Faced with the difficulties of local authorities, the Deposit shall also play a countercyclical role strong field of local public investment, particularly in the field of tourism. My only regret is that the CDC group is not more involved in supporting the industrial sector.

Interview by S. W

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