We therefore very much in our plan to walk

After two difficult years linked to the merger, 2005 and 2006 especially marked relief of Calyon, the subsidiary funding and investment of Credit Agricole. Its Director General, Edouard Esparbès, displays its serenity to the creation of Natixis and considers that the objectives assigned to the end of 2007 will be almost all achieved with one year in advance. The priority of the Bank will be the United States, where it wants to increase its revenues by at least 30 in two years.

Natixis is on track. Are you worried this new competition

For us, it is not a change as Natexis and Ixis are already competitor. We reach more than 5 billion of net banking product (GNP) on the year, half for the BFI of Natixis. We are located in 60 countries while Natixis is less present abroad. But competition is now playing at the European, or even global level. We want to be present in all the markets that matter and on all trades where we have identified opportunities for profitable growth. This is why we continue to strengthen our platforms products and country by recruiting professionals experienced with a priority: increase our ability of origination. Nothing in 2005 and 2006, we have recruited nearly a thousand people a year worldwide. And we will continue as long as conditions appear favorable to us.

2006 will remain as a record year for Calyon

It will likely be a very good year and we are quite confident for 2007. The cost of the risk should remain always also low. We are able to advance our revenues with conditions still looming carrier next year.

Where are you in your goals of development for 2007

We will almost all achieved them this year! Our exploitation coefficient is already below the 60. This figure is consistent in the long term with our requirement both return on equity and development. Our goal of profitability of the own funds of 15 is he widely exceeded since we are 23 in the first half. But let us not forget that the cost of the risk is zero and that this situation won't probably indefinitely even if for the moment, there is still nothing coming. Our objective of rebalancing revenues between the Investment Bank and the Bank of funding is also being completed, the first posting growth rates of more than 40 revenues against less than 20 in the second. And this trend is probably called to continue taking into account the demand for commodity markets.

On derivatives shares, you want to generate revenues of EUR 600 million end of 2007 and catch up with your rivals...

We should reach close to 500 million euros of revenues on derivatives actions in 2006. We therefore very much in our plan to walk. To the purpose of catching up with our competitors by 2008, it never was question on only derivatives actions. We are well aware that BNP Paribas and Société Générale, who created these many activities before we continue to make progress on this trade and it will still take time to reach their level of income. In addition, development in this market has its constraints, such as the recruitment of qualified profiles, course, but also investment in computers, back-office and market risk management. Could certainly go faster but stewardship must follow, or even precede! In addition, our goal is to have balanced and diversified activities and income sources. Therefore, we do not want to depend on too strongly to a single activity.

Where are you in your development of the institutional clients, in particular the "hedge funds"

"Hedge funds" customer displays remarkable growth rates of more than 30 per year. Even if the competition is tough, there is room for progress and, indeed, we are making progress.

You finally come to the final status of "financial holding company" in the United States. What is this change

This status gives us the right to acquisitions, as Credit Agricole Structured Asset Management (Casam) just to do so by purchasing Ursa in the funds of arbitration. But it frees especially our capacity for development in the United States. Thus, Calyon Securities USA activities are more limited. In fact, we are reviewing our strategy in the United States, by far the first market in the world. We are now about 20 of our turnover. We have the intention to accelerate our development in all trades, particularly in the international trading, derivatives actions and mergers & acquisitions for operations with a European dimension. This will be our priority in 2007. We plan to increase our revenues in the United States from 30 to 40 in two years, with unchanged conditions. Recruitment will follow.

Is Asia a development priority axis

We continue in our seven branches, working under our brand on rule open products. I have no interest to grow through acquisition in China. Indeed, it is clear that the banking sector is strategic for the Chinese and they will leave not likely foreigners take control of their banks, excluding insurance and asset management activities. Through eight branches, we are rapidly developing in India, where the range of products authorised for foreigners is wider than in China.

Will the outcome of the links with Banca Intesa and the acquisition of a network of agencies in Italy Calyon impact

Yes. Very positive. We remain shareholders of Banca Intesa. We will continue to cooperate with the new group in the Bank financing and investment as in the past we mutually providing business, by exchanging portfolios of assets and providing them with certain products. René Carron and Georges Pauget have done a remarkable job in clarifying the situation, which now gives the Crédit Agricole Group important opportunities of development in this market.

Is management team still called to evolve

Not because Calyon was only two years old. Top management has changed these last two years. Half of the Executive Committee was not in 2004 as well as a large part of the Executive of the Bank. A survey recently employees shows that the general aspiration is clear, today, managerial stability and the establishment of new ambitions. The merger belongs to the past. We are working to achieve these ambitions for the employees of Calyon plan development defined end of 2005 by Credit Agricole SA.

Your mission is therefore met. Are you thinking about starting

It is a decision that belongs to the Board of Directors.