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Pierre-Yves Collombat: «Tous les ingrédients d’un nouveau krach sont réunis». - Algerie360
Le sénateur Pierre-Yves Collombat publie un rapport de prospective sur les risques d’une nouvelle crise, dix ans après celle des subprimes. Il recommande la séparation réelle des activités de banque de dépôts et d’affaires et une modification des circuits de financement des PME à partir de l’épargne régionale. Des pistes intéressantes mais qui manquent de substance sur certains sujets majeurs comme le trading à haute fréquence.
A l’heure où les principales banques françaises viennent de dévoiler des bénéfices annuels 2016 solides, revenus largement au-dessus des niveaux d’avant la crise, malgré des taux d’intérêt très bas qui pincent leurs marges, le sénateur Pierre-Yves Collombat a présenté ce mercredi son rapport d’information intitulé «Une crise sans fin : quand l’Histoire bégaie».
Le sénateur RDSE (ex-radicaux de gauche) du Var s’y penche sur «les possibilités de réédition d’un nouveau krach financier, presque dix ans après la crise ouverte en 2007 et à ce jour non terminée». Sa conclusion est pessimiste : la probabilité «technique» d’une crise d’une ampleur équivalente «n’a pas diminué, bien au contraire. Tous les ingrédients d’un nouveau krach sont réunis», a-t-il déclaré aux sénateurs le 9 février lors de l’adoption de son rapport.
Ce n’est cependant «pas le scénario le plus probable» à ses yeux. Cet agrégé de philosophie redoute avant tout des «émeutes électorales» engendrées par la crise économique, qui provoqueraient un nouveau krach.
La banque universelle sur la sellette
Cette approche résolument politique est sans doute le point faible de ce rapport qui apporte assez peu de propositions concrètes pour prévenir une nouvelle crise financière et bancaire. Pierre-Yves Collombat suggère tout de même «quelques réformes sectorielles susceptibles de sécuriser durablement le système financier européen, ce qui éviterait d’avoir à intervenir en catastrophe». Et une prioritaire :
«Il faut absolument une vraie séparation des activités de banque de dépôts et de banque d’affaires, ainsi les dépôts serviraient exclusivement à l’émission des prêts. Si on ne le fait pas, on peut spéculer avec les dépôts et avec les crédits que peuvent les dépôts», a développé le sénateur mercredi lors d’une rencontre avec la presse.
Il y a bien eu une loi de séparation bancaire en juillet 2013, dans la continuité des promesses du candidat Hollande sur la «finance ennemie», qui a été largement vidée de sa substance. BNP Paribas et Société Générale ont filialisé leurs activités de trading et cela n’a pas changé grand-chose. Au niveau européen aussi, le projet de Michel Barnier a été enterré sous la pression des lobbys.
Les banques françaises en particulier étaient vent debout contre cette réforme mettant à mal leur modèle de banque universelle (tous les métiers sous la même ombrelle) présenté comme plus résilient. Force est de constater que ces six derniers mois les activités de marchés des banques françaises, en pleine forme, mais aussi l’assurance et la gestion d’actifs, ont permis de compenser la faiblesse dans la banque de détail à cause de renégociation de prêts immobiliers.
Une vraie séparation, sorte de Glass-Steagall Act à la française, est «une fausse bonne idée» contre les crises selon Christian Noyer, le gouverneur honoraire de la Banque de France, arguant que les établissements en difficultés en Europe l’avaient été à cause des crédits spéculatifs et que les deux symboles de la crise des subprimes n’étaient pas des banques universelles :
«Lehman Brothers était une pure banque d’investissement, Northern Rock en Angleterre, une pure banque de détail.»
Financer les PME par l’épargne régionale
Le sénateur préconise également «une modification substantielle des circuits de financement des entreprises, particulièrement des PME», en revenant au système antérieur à la réforme bancaire de 1984, s’appuyant davantage sur l’épargne régionale, en étendant les missions de la Caisse des Dépôts, de la Banque Postale et de la BPI.
Il évoque aussi, sans trop creuser, «la limitation stricte du levier d’endettement des banques», une proposition émise récemment par la Commission européenne (ratio de 3%), et de l’ensemble des acteurs financiers (ce qui sera compliqué pour des fonds de private equity et de LBO) ou encore «l’assèchement des bilans bancaires de leurs créances douteuses», ce qui est bien avancé chez les banques françaises et en bonne voie ailleurs, y compris en Italie.
Le rapport survole des sujets pourtant majeurs comme le trading à haute fréquence, dont François Villeroy de Galhau, le gouverneur de la Banque a lui-même jugé «l’utilité économique contestable» dans un discours en janvier, la titrisation ou l’encadrement des produits dérivés. Le sénateur ne cache pas une forme de mépris pour le secteur bancaire et la finance, qu’il compare à «des activités parasitaires», en reprenant les propos de l’économiste Gunther Capelle-Blancard, professeur à Paris-1, qu’il a auditionné : en revanche, il n’a pas jugé bon d’auditionner un seul patron de banque commerciale française (Philippe Auberger, du comité d’audit de la Banque de France), préférant recevoir Jérôme Kerviel et son avocat.
Un parti pris assumé :
«Nous avons rencontré des banquiers», a-t-il assuré, évasif, devant la presse. «Ils ont un discours très rodé» a-t-il ajouté, dénonçant «le poids du lobby bancaire», dont il évoque les arguments en à peine une page.
Pierre-Yves Collombat semble s’intéresser assez peu au sujet et davantage aux politiques de relance économique, sous Obama notamment, à la paralysie de la zone euro (il pense qu’il faut en sortir) et à «la révolte contre les élites» qui point. Ceux qui chercheront des pistes d’amélioration du système bancaire resteront sur leur faim.