Saturday, November 1, 2014   

France calls US fine on BNP Paribas 'unreasonable'
(06-03 15:36)

France's foreign minister on Tuesday labelled as "unreasonable'' a US$10-billion-dollar fine the US is reportedly seeking from BNP Paribas bank on charges of violating sanctions on Iran, Sudan and Cuba.
In the first public comments by a senior French official on the high-profile case, Laurent Fabius said in a television interview that the figure sought by the US was not justified.
"If there was a fault, then it is normal that there be a sanction, but the sanction has to be proportionate and reasonable. These figures are not reasonable,'' he said.
Meanwhile the New York Times newspaper reported that the governor of the Bank of France, Christian Noyer, had visited New York last week to argue on behalf of BNP Paribas and to warn that such a big fine could have serious effects on the banking sector.
Noyer, who is the highest banking regulatory official in France and also sits on the policy-making body of the European Central Bank, met state and federal prosecutors in New York, the newspaper reported, citing people close to the matter.
Noyer stressed the case could have major repercussions both for BNP, the biggest French bank by capitalisation, and the global economy.
French officials are concerned that as part of a guilty plea, the bank might be forced to suspend a core business operation in New York, which could erode BNP's bottom line, the Times wrote.
It appears likely that the bank might be banned for a limited period from carrying out transactions in dollars, which could drive away part of its international client base.
Noyer was accompanied by the new French banking regulator Edouard Fernandez-Bollo who has been the head of the French prudential and control body ACPR since the beginning of this year.
Fernandez-Bollo had already visited New York the previous week but had been unable to change the attitude of the US authorities, the report said.
President Hollande has also recently raised concerns about a plea deal with the White House, the paper wrote. --AFP
   
Other Business breaking news:
German retail sales post biggest drop for 7 years (10-31 17:59)
Hang Seng finishes higher (10-31 17:22)
IAG airlines group logs improving Q3 profits (10-31 17:21)
European stocks rally at open (10-31 16:47)
Panasonic says half-year profit dives (10-31 15:53)
Nikkei soars to seven-year high (10-31 15:44)
Japan Airlines H1 net profit slips (10-31 15:43)
Sony says half-year loss balloons six-fold (10-31 15:42)
RBS sets aside 400m pounds for forex probes (10-31 15:41)
BoJ chief says at 'critical moment' for exiting deflation (10-31 15:40)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.