Global law firm White & Case LLP has advised the dealer group on the establishment by Caisse Centrale du Crédit Immobilier de France (3CIF) of its new €8 billion French State Guaranteed Debt Issuance Programme arranged by Deutsche Bank.

The programme was finalised following final approval by the European Commission, on November 27, 2013, of the orderly resolution plan of Crédit Immobilier de France authorising, pursuant to EU State aid rules, the French Republic to grant its final state guarantee until December 2035 in respect of debt issues by 3CIF including, in particular, those under the programme.

3CIF previously benefitted from the temporary guarantee of the French Republic pursuant to previous temporary EU Commission approvals pending final approval of the orderly resolution plan of Crédit Immobilier de France.

The White & Case team in Paris was led by capital markets partner Cenzi Gargaro with support from associates Grégoire Karila, Anne-Laure Jennequin and Petya Georgieva. Partner Alexandre Ippolito and associate Marcus Schmidbauer advised on French tax aspects with advice from New York on U.S. tax aspects from partner Ray Simon and associate Stephanie Gentile.