Le magazine du trésorier - n°69 - 1er trimestre 2010 - (Page 26)

FORUM OF ADVERTISERS 15 minutes with… The Corporate Funding Association Project « The new financing option for corporate groups » Corporate Funding Association (“CFA”) is the project name of a groundbreaking initiative to create a financing consortium, operating with a banking licence, for corporate groups. This represents a unique opportunity for Group Treasurers to diversify their funding sources, as a long-term response to the recent turmoil in the financial market, and to reduce their overall cost of funding. François Schlumberger, formerly Group Treasurer of PSA Peugeot-Citroën and ex-AFTE Chairman, who is supporting on personal basis the project within an ad-hoc Advisory Committee, and Hugues Delafon, one of the project initiators, are responding to our questions: ATEL:What are the main benefits for corporate members ? FS: CFA is a supplementary source of funding at attractive cost. CFA will grant 5- to 10-year credit lines, which will cover a fair share of the members’ financing needs. The reduction of funding costs will be achieved thanks to very low operating costs and to the fact that the CFA revenues, less the cost of risk, are redistributed to members in the form of dividends. In addition, CFA will not charge any upfront commissions. François Schlumberger Crédit Photo : Rémy Lecourieux Crédit Photo : Rémy Lecourieux ATEL: Who can join the cooperative? François Schlumberger: CFA targets, at a first stage, mid-cap, blue chip as well as privately held companies with an investment grade credit profile, which operate outside of the financial industry. ATEL: How will CFA finance itself ? How can it do better than the established banks? Hugues Delafon: CFA is targeting a strong credit rating from day 1. As such, it will benefit from a large access to capital markets funding, as most highly-rated banks. Additionally, in case of market disruption, its Hugues Delafon Eurozone banking status will grant CFA access to ECB refinancing operations, for the direct and immediate benefit of its members: virtually all of its asset base will be eligible for ECB refinancing. Based on the standard pre-crisis ECB operations rules, CFA would be able to triple the size of its loans to members within one month. 26

Table des matières de la publication Le magazine du trésorier - n°69 - 1er trimestre 2010

Couverture
Sommaire
EDITORIAL
- Mesures et contre-mesures, jusqu'où aller sans aller trop loin ?
FINANCIAL HIGHLIGHTS
INTERVIEW
- Tachfine Bekkari, Directeur trésorerie, ALD Automotive
FOCUS
- Les entreprises seront-elles les victimes collatérales de la régulation de la finance ?
- Overhaul of IAS 39: revolution or simplification ?
- Treasury management in Latin America: still as complex as that?
FORUM OF ADVERTISERS
- Les anciens employés mécontents, un risque croissant pour la sécurité des systèmes d’information
- Above E-invoicing
- 15 minutes with… The Corporate Funding Association Project
TREASURERS' ASSOCIATIONS
- 13th IGTA meeting Paris - November 2009
- Leading European companies unite against proposed derivatives regulation
- Formation Chambre de Commerce de Luxembourg
NEWS

Le magazine du trésorier - n°69 - 1er trimestre 2010