CDC’s Role Isn’t to Rescue Peugeot, Doux, Jouyet Tells JDD

The primary role of France’s Caisse des Depots et Consignations, a state-run bank, isn’t to save troubled companies like PSA Peugeot Citroen and Doux SA, new head Jean-Pierre Jouyet told Journal du Dimanche in an interview.

The sovereign wealth Strategic Investment Fund, FSI, will decide what should be done, the newspaper cited Jouyet as saying. The CDC has a role to play in industrial recovery, although it has finite means, he said, according to the interview.

The limit on the Livret A tax-free state savings accounts will be “progressively” doubled to raise funds for social housing, universities and municipalities, Jouyet was quoted as saying.

The Caisse should play a “major” role in the planned state investment bank to spur economic growth and help small companies, and this entity could integrate the FSI, the newspaper said, citing Jouyet.

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net