Lagarde report on Société Générale

04 February 2008

France's finance minister Christine Lagarde issued her report to the Prime Minister on the Société Générale case.

 

“Certain internal control mechanisms at Société Générale did not work”, she concluded, “and those that did were not always followed up with the appropriate changes.”

 

The report also proposes to increase the maximum amount of financial sanctions, currently set at 5 million Euros, the Commission bancaire can impose in case of breaching the rules.

 

Press release (French)

Statement Legarde (French)

Full report (French)