 Des taux anormalement bas ?Yves Ullmo, Antoine Mérieux and Christophe Marchand Revue d'Économie Financière, 1995, vol. 35, issue 4, 159-171 Abstract: [fre] Le développement de campagnes de publicité pour les particuliers, de prêts aux entreprises à des taux inférieurs au seuil de rentabilité et dans certains cas à ceux des placements sans risque de durée équivalente, constitue une concurrence destructrice qui joue finalement au détriment des emprunteurs et fragilise le système bancaire. L'extension au secteur bancaire de la réglementation générale de la concurrence (revente à perte) ou de la jurisprudence sur la concurrence déloyale ne peut constituer un remède pour des raisons à la fois pratiques et de principe. La spécificité des banques, c'est-à-dire la gestion du risque, en l'espèce de crédit, conduit à retenir une démarche à objectif prudentiel. Celle-ci devrait s'exercer par la mise en place, à la demande des autorités prudentielles, de systèmes de contrôle interne des différentes catégories de risque, et par le contrôle, par ces autorités, de l'existence, du fonctionnement et de l'efficacité de ces systèmes de contrôle interne. . L'analyse économique conduit à retenir comme critère de taux anomalement bas, servant de référence dans le contrôle interne, le coût d'opportunité, c'est-à-dire le taux du placement sans risque de durée équivalente à celle du crédit, majoré d'une prime de risque minimale correspondant au risque moyen encouru. Cette recommandation, formulée dans un rapport du Conseil national du crédit, s'est traduite par une lettre du Gouverneur de la Banque de France, Président de la Commission bancaire au Président de l'AFEC, suivie d'une instruction d'application de la Commission bancaire. [eng] Are interest rates too low ? . The spread of advertising campaigns offering personal and business loans at interest rates that are lower than the break-even point or, in some cases, even lower than the yield on risk-free investments with equivalent maturities is a form of destructive competition. In the end it is contrary to borrower's interests and it weakens the banking system. Practical reasons and matters of principle mean that general business regulations prohibiting selling at a loss and the jurisprudence on unfair competition cannot be applied to the banking sector. The specific business of banks, which is managing risk, and credit risk in particular, leads to the choice of a prudential approach. This should be implemented through internal control procedures for monitoring the various categories of risk, which are set up at the prudential authorities' behest and supervised by the same authorities to ensure their existence and their effectiveness. . After economic analysis, the criterion selected as an internal control yardstick to assess abnormally low rates, is defined as the opportunity cost, which is the yield on a risk-free investment with an equivalent maturity to the loan, plus a minimum risk premium based on the average exposure. This recommendation, put forward in report by the French National Credit Council (Conseil nation du crédit), has resulted in a letter from the Governor of the Banque de France, in his capacity as Chair of the Banking Commission, to the President of the Association of French Credit Institutions (AFEC) and it has been followed up by an implementation instruction from the Banking Commission. categories of risk, which are set up at the prudential authorities' behest and supervised by the same authorities to ensure their existence and their effectiveness. . After economic analysis, the criterion selected as an internal control yardstick to assess abnormally low rates, is defined as the opportunity cost, which is the yield on a risk-free investment with an equivalent maturity to the loan, plus a minimum risk premium based on the average exposure. This recommendation, put forward in report by the French National Credit Council (Conseil nation du crédit), has resulted in a letter from the Governor of the Banque de France, in his capacity as Chair of the Banking Commission, to the President of the Association of French Credit Institutions (AFEC) and it has been followed up by an implementation instruction from the Banking Commission. Date: 1995 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:prs:recofi:ecofi_0987-3368_1995_num_35_4_2220 Access Statistics for this article Revue d'Économie Financière is currently edited by Association d'Économie Financière More articles in Revue d'Économie Financière from Programme National Persée |
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