The CET1 ratio remains the primary filter for assessing a bank’s strength, but it is not enough. We observe that in 2024-2025, large French banks display hard capital ratios well above the Basel III and CRR2 regulatory thresholds. This safety margin, combined with high liquidity levels, reduces the systemic risk perceived by rating agencies, despite an unstable geopolitical context.
LCR Ratio and MREL Buffer: What CET1 Alone Does Not Reveal
One ratio is not sufficient to judge the solidity of an institution. Three prudential indicators deserve to be systematically cross-referenced before any conclusion.
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- The CET1 ratio measures hard capital relative to risk-weighted assets. Large French banks generally range between 13% and 20%, significantly above the regulatory minimum.
- The LCR liquidity ratio assesses an institution’s ability to face a liquidity crisis over 30 days. An LCR below 100% is a warning signal, but most French banks far exceed this threshold.
- The MREL and TLAC requirements concern the capacity to absorb losses in the event of resolution. These buffers, imposed on systemic institutions, protect depositors even before the activation of the guarantee fund.
A high CET1 with a fragile LCR indicates a well-capitalized bank but vulnerable to a massive withdrawal of deposits. The opposite is equally problematic. We believe that evaluating the safest French banks requires reading these three indicators together, never in isolation.
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Crédit Mutuel and La Banque Postale: Atypical Prudential Profiles in the French Banking Landscape
Crédit Mutuel stands out with a mutualist model that limits exposure to market activities. The group claims in its 2025 report (2026 edition) to comply with prudential ratios significantly above regulatory thresholds. This positioning places it among the best-capitalized European banks.
La Banque Postale presents a comparable profile in terms of prudence, with a balance sheet focused on retail banking and community services. The absence of significant investment banking activity mechanically reduces balance sheet risk.
These two institutions rarely occupy the top spots in fee or customer number comparisons. In terms of deposit safety, their conservative risk profile constitutes a structural advantage that fee comparison tools underestimate.
BNP Paribas and Société Générale: The Counterpart of G-SIB Status
BNP Paribas and Société Générale (now SG) are part of the global systemically important banks (G-SIB). This status entails capital surcharges imposed by the Financial Stability Board, enhanced stress tests by the European Banking Authority, and resolution plans validated by the Single Resolution Board.
The paradox is well-known: a systemic bank is both more monitored and more exposed. Financing and investment banking activities generate diversified revenues but increase balance sheet complexity. For a depositor, the protection remains the same (100,000 euros per client and per institution via the FGDR), but the contagion risk in the event of a crisis differs.
BoursoBank Approaching 9 Million Clients: What Impact on Deposit Safety
BoursoBank is nearing 9 million clients. This rapid growth transforms an online bank long considered a niche player into an institution whose volume of assets and deposits now requires enhanced prudential controls.
An online bank of this size is subject to the same MREL and TLAC requirements as a traditional systemic bank. The fact that BoursoBank is a subsidiary of Société Générale adds a layer of consolidated supervision at the group level. In practice, deposits remain independently covered by the FGDR, but the strength of the parent group plays an implicit role in risk perception.
We observe that this rise in power changes the risk landscape for individuals. Choosing an online bank is no longer synonymous with choosing a marginal player. The question of safety now arises in the same terms as for a network bank.
FGDR and Guarantee Ceiling: What the 100,000 Euro Protection Really Covers
The Deposit Guarantee and Resolution Fund covers up to 100,000 euros per depositor and per institution. This ceiling applies to all accounts held in the same bank: current account, ordinary savings account, term account.
Three points deserve attention:
- Regulated savings accounts (Livret A, LDDS, LEP) benefit from separate coverage, guaranteed by the state, with no ceiling related to the FGDR.
- Life insurance is not covered by the FGDR but by the Persons Insurance Guarantee Fund, with a distinct ceiling.
- In the case of a recent property sale or inheritance, a temporary exceptional guarantee can extend coverage beyond 100,000 euros for a few months.
Multiplying institutions remains the most direct strategy to increase total coverage. For liquid assets exceeding the ceiling, spreading holdings between two or three solid banks neutralizes the risk of loss in the event of isolated failure.
The solidity of a bank cannot be summed up by a single ratio or a fixed ranking. Prudential indicators evolve every quarter, supervisory scopes change with the size of institutions, and the FGDR only protects a fraction of wealth. Cross-referencing CET1, LCR, and G-SIB status provides a more reliable reading than any annual ranking.