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

1848

BNP Paribas Historical Collections

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  • Banks & Financial Institutions
  • Historical Events
  • Project financing
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The Comptoir National d’Escompte de Paris (CNEP) was created on 7 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 1949 he created 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.

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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 www.histoire.bnpparibas.
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collected by BNP Paribas and to have it amended, updated or deleted, where such information is incorrect, incomplete or outdated.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.

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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.
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