The Comptoir National d’Escompte de Paris (CNEP) arises from the crisis


BNP Paribas Historical Collections


  • Banks & Financial Institutions
  • Historical Events
  • Project financing

The Comptoir National d’Escompte de Paris (CNEP) was created on 8 March 1848 by decree of the provisional Government of the French Republic to kick-start the economy by restoring credit. This extract from the Bulletin des lois de la République française mentions the creation of the new institution and its bylaws.

Between 1846 and 1848, France experienced a persistent economic crisis: many banking institutions failed, prices increased continually and industrial activity slowed down. The February revolution broke out against this background and the Second Republic was declared. The economic situation was so catastrophic that cash payments replaced supplier credit and bank discounts. Moreover, the rediscount of Banque de France was blocked and it was virtually no longer possible to obtain the guarantee of a third signature affixed by the banks on bills of exchange.
To unblock the situation, the new Minister of Finance, Finances, Louis Antoine Garnier Pagès, resurrected the idea of the comptoirs nationaux d’escomptes (national discount accounts), already issued during the 1830 revolution. On 7 March 1848, a first decree of the provisional Government of the French Republic demand the creation short-term lending institutions in the main cities in France. The Comptoirs Nationaux d’Escompte de Paris and the Comptoirs Nationaux d’Escompte de Mulhouse, forerunners of BNP Paribas, were among the 69 lending institutions created in 1848.

Initially, CNEP was an novel creation, bringing together the state, the city of Paris and private interests, primarily represented by the booksellers and publishers.


Contact us / Send us a document

    This website has a cultural and historical purpose; it is not intended to deal with trade and banking relationship issues which will not be processed. See moreless

    If you have a document, a photo, a story about BNP Paribas history and want to share it, please do not hesitate to share it there.

    In transmitting this document, you certify to own it and to hold the property rights needed for their use. You authorize BNP Paribas to use it on the website Source of History.

    Thank you for indicate the origin of the documents and give us any information you consider relevant to its understanding.

    The personal data collected on this form is processed by BNP Paribas SA for processing. It allows us to provide a personalised answer to your requests (access to archives, research, information requests. Please note that fields identified by an asterisk (*) are mandatory.

    For more information on the processing of your personal data, you can access our Data Protection Notice.


    Suscribe to Well of History's newsletter

    The personal data collected from the Site are subject to data processing by BNP Paribas to enable access to and use of the functionalities offered by the Site
    Pursuant to the French Data Protection Law No. 78-17 of 6 January 1978, you are entitled to access the data collected by BNP Paribas and to have it amended, updated or deleted, where such information is incorrect, incomplete or outdated. You can exercise this right by contacting: BNP Paribas – APAC TDC Val de Marne, TSA 30233- 94729 FONTENAY SOUS BOIS Cedex.


    Files download

    I undertake to make private use of the contents downloaded from the website


    You have added an item to your selection.

    You can find your saved contents in the “My space” section, which can be accessed at the top right of any page of the website.

    My space English A+ A-

    To find this content on your next visit, you need to create an account from this section, by clicking on:

    Fermer Welcome to

    Well of History

    Since 1822, history has made us a key player and a witness of transformations taking place in society and economy in Europe and around the world. We invite you to share in our story and explore our archives to learn more about our constantly changing world.
    Jean Lemierre Jean Lemierre,
    of BNP Paribas