The quarrel between independent producers and bankers

A recent study by the National Center for Cinematography, which shows a doubling of the costs and insurance of producers, raises questions from the profession about the system that links them to the two credit institutions that participate in the financing of French films.

The world of finance, in French cinema, is usually as cozy as it is secret. Almost unknown to the general public, two credit institutions, Coficiné (a company acquired at the end of 1999 from Caisse des Dépôts and now a 92.5% subsidiary of Natexis) and Cofiloisirs (a joint subsidiary of BNP Paribas, the UGC film group and of the Banque OBC), have for years been sharing a small French market, that of the financing of films. The relationship between these financiers and their customers, mostly independent producers, is starting to get worrying.

It all started with a recent study by the National Center for Cinematography (CNC), which shows that the financial costs and insurance of producers exploded between 2003 and 2004: out of 125 French films studied, these expenses almost doubled, from 26, 14 million euros to 46.84 million. Meanwhile, the profits of these credit institutions are improving: the ratio net income/turnover of Coficiné has increased from 13.5% to 17.25%.

The soaring financial costs is considered sufficiently boring for Jean-François Lepetit, president of the Chambre Syndicale des Producers de Films, to have asked the CNC for more detailed explanations on this study – even if it is to encourage the profession to ask, as soon as, at Coficiné and Cofiloisirs, to explain the very important differences in customer rates and to ask them to lower their rates. Without denying that these figures reflect a very strong progression, which raises legitimate questions of the profession, the CNC calls however to a certain “caution” on these data. Meanwhile, several films are affected by the deterioration of the relationship between producers and private financiers.


Paulo Branco, the independent producer who has been responsible for many films by Manoel de Oliveira, Raoul Ruiz, Pedro Costa and Chantal Akerman, believes that Coficiné, with whom he has been working for years, is abusing his power and putting the very existence of independent production. He criticizes “the excesses of a duopolistic system” and judges “credit rates, often at 10% or even 11%, more than abusive”.

In three of his last feature film, the rates have varied between 12.81% for Changing Times by André Téchiné, 10.81% for Tomorrow We Move by Chantal Akerman and 12.58% for Mother Christophe Honored. “It is all the more shocking that the loans of Coficiné are counter-guaranteed, up to 50% to 70%, by the State, via the I fcic – Institute for the financing of cinema and cultural industries – Coficiné, therefore, takes almost no risks, “he adds.

The most prolific French independent producer, who certainly does not display a flamboyant financial record and is sometimes suspected of resorting to cavalry methods, also accuses Didier Courtois Duverger, Vice President of Coficiné, for exercising “intolerable pressure than others, less measured, would call blackmail ” for the credit, finally obtained at the end of July, of his next film, of Santiago Amigorena.

Paulo Branco, who also took in hand the films started by his friend Humbert Balsan, who committed suicide on February 10 ( Le Monde, February 12), claims that Coficiné asked him for a written proof of his consent. Antoine de Caunes to reduce his stamp of a comedian on this film. The bank conditioned its agreement to the new line of credit awarded to Paulo Branco to obtain this letter and also asked the producer to obtain the release of the right of retention used by the GTC laboratory on a film by Francis Girod.

Because the tensions are also sharp with the world of the technical industries, in particular, the laboratories. Gildas GOLVET, head GTC, a laboratory currently in receivership, which must be taken by Eclair Group, is in conflict with Coficiné about the film by Francis Girod A friend Perfect for a romantic t. Mr. Golvet exercises a right of retention on this film in the hope that his creditors, including Coficiné, pay the total debt (0.8 million euros) of Ognon Pictures, the former production company of Humbert Balsan, in bankruptcy.

Faced with these attacks, Didier Courtois Duverger defends himself by asserting that the credit rates practiced by Coficine “vary between 4% and 11%”, which presents “very wide differences” conditioned on the balance sheets of the borrowing company and on its surface financial.

In 2004, the Natexis subsidiary lent 500 million euros to someone hundred films. “In other European countries, producers must give personal guarantees, ” he says, explaining that this practice is exceptional in France and affects less than 1% of credits it grants. One of the last to bear the brunt of such obligations is the producer Catherine Jacques, who lost her house and all that was in it for Philippe Grandrieux’s film, which bore the predestined name of Sombre. According to Mr. Roland Rappaport, lawyer of Humbert Balsan, he had also had to give a personal guarantee in favor of Coficiné to finance its projects to the tune of 480,000 euros. Added to this was another personal bank loan from a private bank, all amounting to 1.15 million euros.


As for the controversy over the estate of Humbert Balsan, Didier Courtois Duverger says that “it has no connection with the loans granted to Gemini, the company of Paulo Branco”. More broadly, he believes that “everyone has to take into account the operating procedures of the other.” Thanks to the French system, which gives us a guarantee from the State, we have also lent money for fifty-five years to Companies that have very bad balance sheets The limit of the system lies in the fact that producers are the only ones who manage their business, and it would not be absurd to ask these quality producers to take out life insurance , “he says.

“The film economy is not viable, the films are suffering from real underfunding: Canal + now only buys one film out of four today, the tax credit and the advance on recipes Finance cinema remains a risky business and, if my operating account is not positive, I will not be allowed my independence and the opportunity to finance French cinema”, he continues. The boss of Coficiné is also worried about the new prudential rules that are likely to increase, for banks, film loans by 30%. A context that deserves a cold flattening of the problems of producers and their financiers.

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It is said that the “hundred people Hidekoto” chosen by Fujiwara Teiji is the prototype. His diary “bright moon Symbol” According to the,

as colored paper to put on the shoji (bran) in the Sanso “Yoritsuna Utsunomiya in the Saga of Kyoto (Yoritsuna Utsunomiya), chose each one a song of the ancient poet who I ”

such description is, in may of 1235 year 27 It is in the day. This is generally thought to be the “establishment” of the Hyakuninchu.

100 people of the poet who was the person who dynasty are said to poet between the era of the “new Kokinshu” times from the beginning of the 13th century “Kokinshu” 10 century of the beginning.

However, the fact that there are some differences in the Senka of the “hundred Shuka” and “Hyakunin” is, has been found in today’s research.

For example, there were no songs by Sugano Inu and Shunkeisongs originally in Hundred Hideto . (Instead that amount, contains the other poet of the song.)

This is a jōkyū war, Toba Institute, for Juntokuin became exile, choosing the song of the two men Teika It was thought that it was difficult in the political situation of the era of.

But later, after becoming a substitute for a son of a home, these two songs were added, it seems that some correction was done and it seems to be in the form of the current “Ogura Hyakuninju”.

It is thought that it was established in such a flow.


Search in the order of songs

The Hyakunin Isui is arranged in numerical order (by the order of songs).
You can search that song in the order of the song.

Also, clicking on the numbers jumps to the explanation page of each song so you can follow the order and read commentary on the song.


■ Order of songs
We will reveal the tomb of the autumn rice field Kariyohana
Being too spring it will be fragrant in the summer and it will be white
The footsteps of the mountain bird’s tail, Sadori
If you come out Tagonoura outdoors
Autumn leaves on Okuyama Fumi crying deer
The frost placed on the bridge over the bunka
If it sees as a source of heaven, it will be Kasuga
My anther only has the taste of the city
The color of the flower is rustling
This and this I will go and return, either
Watashi wagashi wagashi leaves
It’s closed cloudy clouds on the road
The river that falls from the peak of Tsukuba
Michinoku no Shinobu no Michizuri Who are you
Because you are going to the spring field and Wakana veggie
It falls on the ridge of the mountain in the standing stands
Chihayaburu Yoshikazu Tatsuta River
Wave by the shore of the Sumi River
Namba lagoon Mizakaki The fusumasu of the legendary legs
It will be the same Nanba now if I get wet.
As long as I say nothing is going on for the long time
As long as the plants of the autumn blossom from blowing
The things are sad when things see the moon
Thank you for your continued support.
Name is Azaka mountain’s rust
Omori Ogurayama’s Peeled Momentum
Mikanoharu Ikeda Nagaru Izumi River
Yamazato is wintering with loneliness
Of fresh frost that bothers to heart
From Ariake’s unfamiliar seemingly good-bye
By the time the moon is seen Ariake’s moon
The wind-hanging shape in Yamakawa
On the day of the spring light of the Hikakata
Takasago who talks to anyone who might
People do not know the badges but their hometown
Summer evenings still sunny as it is still in the evening
The field of autumn that wipes the wind with white wind
I ought to swear by myself forgetting to forget
Asakusa’s Ono no Shirane’s original shinobi
Shinobu ‘s color depends on my appearance My love is
Love squat name is still on stand
While squeezing the sleeve into a lump
If it falls over the heart after seeing it
Without being afraid to do it
Pitiful person should be
A boat crossing Yura’s mouth
To the lonely of the inn where the Yae Yuguru is dyed
Pain in the winds Rocks Only depressions of the waves
Mikakori Masato wants a fire night
Because you are outrageous and dying
Cucumber and squid are also grasses
While rushing as if it would be miserable
While rushing as if it would be miserable
If you do hard until the end of the train
The sound of the waterfall has been constantly long and wet
To other thoughts out of the rough nature
Looking around and seeing it
Shinohara style wind blows by Arima Yana
Please pray for something chewy
With Oeyama sanbu way
Double cherry blossoms in the capital if it is the oldest
Together we can see the bird’s aerodynamic sound
Now it’s just a matter of fact
Umbakake Uji on the other hand
Haters Resurrection Something that is in a sleeve
Wild mountain cherry blossomingly thoughtful
To the hand pillow that only dreams of the spring night
It is also in my heart that this
The storm blowing rumble leaves of the mountain of the three rooms
If you settle down on loneliness
In the evening you can take Kadota’s inaba
The waves of the beach at the beach on Takashi
I caught a cherry tree on the top of Takasago
People who can appreciate those who lay down Hatsume ‘s mountain
Even if you tear off your tears, you deal with dew
If you see Wada’s Hara, it’s a hindrance
Takigawa’s frozen rock formations
Awaji Shima Kaufu voice without zigzags
From the clouds growing in the autumn wind
I do not even know my long mind,
As long as you tell me how to fix
Thoughtless thought life is something
There is nothing wrong in the world, but rather, we will enter
While doing so, again these days goodwill
Potential thinking comes from the dawn
With a few words, the moon and things come to mind
The dew of the rainy season is still a little weak
Yuni no Ya towards Kappe no Nagae
If it is uncanny if it is unbelievable
Even the sleeves of the lazy river
Rather than on the frosty night without grinding
My sleeve is shinobi invisible stone
The world is always gonna nagashi
The autumn breeze of the mountain of Minoyoshi
It is okay with the people of Ukiyo
If the snow in the garden of the stormy stork
In the evening of Matsuho’s Pouring Mountain
Evening of the brook with wind blowing
People and morons grudge and hesitate
In addition to Shimabushi and Shinagawa’s eaves end