François Villeroy de Galhau: Presentation of the 2022 Annual Report of the Prudential Supervision and Resolution Authority

Speech by Mr François Villeroy de Galhau, Governor of the Bank of France and Chair of the Prudential Supervision and Resolution Authority (ACPR), at the ACPR press conference, Paris, 31 May 2023.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
01 June 2023

Ladies and Gentlemen,

I am pleased to welcome you to our yearly presentation of the Annual Report of the Autorité de contrôle prudentiel et de résolution (ACPR – Prudential Supervision and Resolution Authority), in the company of Jean-Paul Faugère, Vice-Chairman of the ACPR, Alain Ménéménis, President of the Sanctions Committee, and Nathalie Aufauvre, Secretary General of the ACPR since January 2023.

The events of 2022 and the beginning of 2023 have raised significant challenges, but also two valuable confirmations: that of the soundness of the French banking and insurance sector (I), and that of the European model of regulation and supervision (II). We nevertheless need to take reinforcement actions in the short and medium term (III).

I. Major challenges that confirm the robustness of our financial system...

2022 will naturally remain the year when Russia invaded Ukraine. Geopolitical uncertainty spread to the financial sector, notably with the sharp rise in commodity prices and margin calls on their derivatives. This was compounded by other sources of volatility, in particular on the UK's sovereign debt, and the collapse of a number of crypto-assets.