Local governments

Sfil, a new wholly publicly-owned bank to:

  • provide a sustainable solution to the reduction in long-term financing offered to local governments and public hospitals
  • secure access to long-term financing for the sector
  • develop, for the French market, a simple, transparent and accessible commercial offering at the market price
  • provide an active sensitivity reduction policy for “sensitive” loans
1983 2007

DECENTRALIZATION PROCESS
Financial autonomy of the local governments, which now finance themselves independently of the French government
DEVELOPMENT OF A LOAN BUSINESS
undertaken by the commercial banks

2008 2010

DEXIA CRÉDIT LOCAL EXITS THE MARKET
Historical financer of the local public sector, with a market share of 40%,

The commercial banks take over this market share to only a small extent, due to:
– the impact of Basel III
– the increase in the cost of liquidity
– the absence of side business

2011 2012

THE BANKS’ INSUFFICIENT OFFERING
BOND FINANCING VERY LIMITED
– CDC fills this gap
EUR 5 billion in emergency aid provided per year
-Discussions between the French government and the European Commission with a view to creating a new public bank in charge of this activity

2013

CREATION OF Sfil
– 75% owned by the French government, 20% by Caisse des Dépôts and 5% by LBP
– Sfil takes over the balance sheet of DEXMA, renamed CAFFIL
– Scheme fully operational and creation of the financing program by CAFFIL



Last update 06/03/2023