Much of this activity is on real estate transactions

Placed under the supervision of the legislative authority, the Caisse des Dépôts performs missions of general interest which are, naturally, in the territorial development of the country. Links with local communities are old. If this public financial institution is always present in the financing of social housing, it lends more to local communities since credit Local now Dexia took its autonomy in 1993. However, it has capabilities for investment in support of local communities.

It has invested EUR 250 million, equity share Caisse des Dépôts in 2005, and plans to spend 300 million euros in 2006, an amount multiplied by eight account view of the effects of leverage and the partnership to the volume of investment.

Much of this activity is on real estate transactions.

1You head one of four trades exercised by the public institution.

Investment turned to local communities was relaunched three years. What are your criteria for intervention

Francis Mayer welcomed upon arrival at the head of the Caisse des Dépôts strengthen our historic partnership with local authorities and accompany the second wave of decentralization. This is the pulse. The doctrine, the Fund is in investor advised long-term, areas which meet the expectations of local communities and where private initiative is insufficiently developed.

This activity is consistent with the purpose of general interest of the Fund. We invest where it is useful and structuring for public communities and if there is a support strong political officials to projects. Through its commitment, the Caisse des Dépôts seeks to lead projects and attract other partners in areas where the players are few and not relevant investors "short-termistes".

For 2006, our own funds to these investments represent more than 300 million euros, which, by other investors and banking leverage training will enable a higher volume of investment eight times. 4/5 Focus on real estate transactions in the broad sense and 1/5 digital services or infrastructure.

2The Caisse des Dépôts is very active in the financing of the logementsocial. You invest in the free area, why

Beyond its traditional activity of lender for social housing, and urban renewal actions, the Fund welcomed, with the encouragement of public authorities, play a role in the housing market. The idea is to weigh the offer with rents below market range, open to creditworthy people who hardly access rental housing in the private park. We anticipate on the adjustment of neighbourhoods in renewal, building quality housing. Our roadmap plans to fund 5,000 units over five years. In addition, we buy to avoid "cutting sales" building by institutional investors who require tenants in place to acquire or leave their homes at the end of their lease. In Paris, in conjunction with the municipality, our acquisitions have focused on four buildings, which allowed to avoid the sale of 200 apartments in the cut. Other new construction operations are underway in Marseille, Nice, Strasbourg...

3Vous invest in other real equipment, which and why

We are engaged in real estate trade, business, health and social, urban leisure. In urban areas in evolution, the demolition and reconstruction is not enough. Do not AFN city without this type of equipment: multiplex cinemas, retirement homes, malls... involved in urban reconstruction and rebuilding of real centres of life. We wish, as in housing, partner with great professionals. We work with Altarea to the achievement of 10 shopping centres with Medica France in the walls of new nursing homes.

We are also present in industrial sites in conversion. It is to restructure in vocation but now also diversifying the functions: habitat, trade, activities... The restructuring of headquarters of the black cow to Arcueil or entry is Tarbes, formerly occupied by Alstom, are illustrations.

We also want to invest in large infrastructure, particularly in the sectors of renewable energy, waste treatment, and public amenities as PPP (public private partnerships).

Today, large real estate operators and local authorities associate us with the implementation of their projects. This activity, which was three years ago for the Caisse des Dépôts for a gathering economy, has become a core business and partnership with local and regional authorities a strategic axis of the Caisse des Dépôts, by Francis Mayer.