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Credit Agricole cuts debt - announces strategy.
(From Banking Newslink)
Credit Agricole announced that it would cut structural debt by €50bn (GBP44bn $68bn YEN5.2bn Y436bn) in the year from July 1st 2011 to June 30th 2012. It is in fact already half way to this target. €45bn of the total to be cut is from short term debt and the bank announced that it had reduced short term debt by €25bn, almost 15% of the total, in the period from July 1st to September 14th this year. During the same period the proportion of US Dollar debt fell from 44% to 27% of the total. The bank reports a surplus of US dollars with $8bn held on overnight with the US Federal reserve.
The bank estimates that it will …
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