The Banque de France acted immediately to ensure the financing needed to support the economy in order to prevent bankruptcies and redundancies:
- It participated, together with the ECB and all national central banks, in the deployment of a financing bridge
- Together with the HCSF and the ECB, it eased some of the regulatory requirements affecting banks to increase their ability to lend to businesses
EUR 400 billion were injected by the Banque de France to encourage banks to grant loans to companies and individuals (including state-guaranteed loans)
More favourable financing conditions :
- EUR120 billion of government securities were purchased from banks by the Banque de France as part of the pandemic emergency purchase programme
- The Eurosystem’s key policy rate is 0%
- Banks can refinance certain loans at – 1%
- The state borrows at negative rates to finance its aid programme
The Banque de France analysed and closely monitored the economic effects of the crisis in ordre to provide reliable, up-to-date economic information that is accessible to all, enabling it to :
- calibrate monetary policy at the European leve
- implement it at the national level
- assess the effects of the support measures
With the ACPR, it constantly monitored the soundness of the financial system :
- it monitored the continuity plans of financial institutions and market infrastructures
- it analysed financial risks in the banking and insurance sectors
- it prepared the financial sector’s exit from the crisis to ensure its robustness and resilience:
- adjusting timetables for implementing regulatory changes
- integrating climate change issues
It ensured the continuity of all its missions and expanded its services to the economy and society for those who need them most :
- it extended its support for VSEs and SMEs to all companies
- it enhanced its role as Credit Mediator by speeding up the procedure and increasing its number of interventions fifteenfold
- it participated in a crisis committee set up to deal with the lengthening in payment times
- it ensured the continuity of the cash circuit and the smooth functioning of payments
- it adapted its services and assistance to individuals: continuity of reception and introduction of online filing of overindebtedness files
- it participated in major solidarity initiatives
