This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BNP Paribas's CEO Presents At Morgan Stanley Conference (Transcript)

BNP Paribas (BNPQY.PK)

Morgan Stanley Conference Call

March 28, 2012 04:30 pm ET


Jean-Laurent Bonnafé - CEO



Jean-Laurent Bonnafé

Good morning ladies and gentlemen. Well I have told today's presentation swiftly adapting to the changing environment. In fact over the next half hour, I would like to talk to you about, first the way BNP Paribas has adapted through swift and resolute actions to the turbulence seen in the second part of 2011. Secondly, the resilient performance shown by our different business lines leveraging on our traditional strengths such as profitability and risk management and lastly what we are working on for 2012.

Changing world, so starting with the first part. In Q3 and Q4 we were faced with a concentration of factors of uncertainty. These can be summed up as first, the sovereign debt crisis especially on peripheral eurozone countries. Second, tension on liquidity and funding especially in US dollars and third, solvency requirements that were suddenly increased and brought forward by the EBA. BNP Paribas responded to these challenges by immediately implementing a series of specific actions.

On sovereign debt, first of all Greece. We led negotiations on the PSI and increased the level of provisions to 75% by year end 2011. Following the exchange of (Inaudible), the 1 billion you see as residual exposure today has actually been reduced by €0.6 billion, corresponding to the amount of [EFSI] bonds received.

In terms of the global sovereign portfolio, the anticipation of mark-to-market rules meant that the volatility on certain country’s debt could potentially impact our solvency ratios. With that fall, downside of the overall portfolio as you can see on the graph, both in the eurozone and in the rest of the world by 29% in six months.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs