The French finance ministry has ruled out the possibility of providing a third rescue subsidy to Crédit Lyonnais…

Date: 11/04/1996

...consequently avoiding a clash with the Commission. After Crédit Lyonnais reported a tiny 2-million-ecu profit in 1995, well below its forecast, pressure started to grow on the government to inject further capital. Coming on top of last year's 21-billion-ecu bad asset write-off, this would have run into severe problems with the Commission.