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Business

State finance body reports heavy losses

Latest update : 2009-04-16

France's Caisse des dépôts et consignations (CDC), a state savings and investment body controlled by the French parliament, has reported an annual loss of 1.468 billion euros, its first loss in almost two centuries.

AFP - The giant French state-controlled savings and investment vehicle CDC reported an annual net loss of 1.468 billion euros (1.9 billion dollars) on Thursday, its first loss for nearly 200 years.

The Caisse des depots, which receives certain regulatory deposits and acts as an investment arm for long-term policy, said that its results for 2008 had been dragged down by provisions for some shareholdings in its investment portfolio.

The organisation said that it had provisioned 921 million euros for its portfolio of shares, and 2.082 billion euros for its 17.6-percent holding in French-Belgian bank Dexia and for its 20.1-percent interest in French civil engineering group Eiffage.

Managing director Augustin de Romanet said that the shares had not been sold and the these provisions reflected latent capital losses.

He said that the loss demonstrated "the extent of the commitment of the Caisse des depots as a long-term investor."

The CDC said that after exclusion of exceptional items, it had made a recurrent net profit of 1.535 billion euros.

Date created : 2009-04-16

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