Overall I consider therefore that we have reached a point of balance

At the end of the negotiations, enhancement of 3 billion euros in the capital of La Poste is located in the bottom of the mentioned range. Is this a victory for you

Note that process is not quite come to completion. It belongs to the Director-General to transmit the decision of the Caisse des Dépôts at the State and this operation will probably be considered by the Commission of the entries and transfers. In addition, a presentation of the case to the Community authorities is necessary. The first concern of the Caisse des Dépôts was to pay its participation of EUR 1.5 billion at a fair price. I remember that this amount corresponds to the annual capacity of investments of the Fund of deposits. Therefore needed to ensure the reliability and profitability of this investment in the long term. Even if the past calls for the leaders of the position, its business plan is optimistic and risks. The Court of Auditors indeed emphasized recently significant areas of any remaining shadow, on the evolution of the e-mail activity.

However, this value takes into account the impact of the pension reform on the accounts in the Group and of the possible evolution of the interest rate on the performance of La Banque Postale. Overall, I consider therefore that we have reached a point of balance. In other words, it is an objective valuation that reflects the interests of the parties in a sincere manner.

The safety net is sufficient for the Caisse des Dépôts in degradation of the accounts of the post

We have obtained satisfactory guarantees, particularly in the event of significant degradation of the performance of the business plan for the position. Contrast, if it exceeded its objectives, the complement of price that the Caisse des Dépôts should pay would be without effect on the distribution of the capital. As a shareholder, we would we welcome that the company be better than expected.

Under normal conditions, what profitability expect investment in post

The same profitability average investments of the Caisse des Dépôts, is between 8.5 and 10. We want a progressive dividend policy that enables the Caisse des Dépôts receive in return for its investment income giving it the means to contribute to the financing of its missions of general interest.

Did you get insurance to weigh on the strategic directions of the post

In addition to the presence of three directors to the Board of Directors of the company, governance rules provide that no policy decision may be taken without the agreement of the Caisse des Dépôts. Moreover, we are sure to reinforce the orientations of the Caisse des Dépôts through this investment. In particular, we believe that CNP Assurances is permanently anchored in the Caisse des Dépôts and the position, which owns 17.5 of the capital alongside us. The shareholders Pact which binds us falls in 2015 and the direction of the post is committed to go beyond. We hope that the State, its majority shareholder, clearly manifest the same intention.

Is the project of reconciliation of Dexia with La Banque Postale the first brand of the influence of the Caisse des Dépôts

This topic is different from the agreement on our entry to the capital of the position. However, during this operation, the Caisse des Dépôts could partly reflect with the State to the Organization of their relations through banking institutions to which they are all two interested parties, whether it's La Banque Postale, OSEO or Dexia. Records are not related but the Caisse des Dépôts monitoring Commission wishes to have a clear vision of the future strategies of these institutions. Especially since, in view of the new prudential standards, investments in these entities will cost substantially more expensive capital. With Dexia, it is common knowledge that its balance sheet structure requires it to refinance of costly way markets. This problem will be not simply resolved through an agreement with La Banque Postale but opportunities deserve to be studied if the benefits are useful to Dexia as to the position.