The FFSA , an insurance industry group in France, estimates that the size of the total insurance market in France to be FRF 727 billion, of which FF 498 is traditional life insurance and 229 property and casualty insurance. The FFSA estimates that over 203,000 people are employed by the French insurance industry, and the FFSA has many more details about the industry at its website. The French banking system underwent a fundamental structural reform in 1984, which removed most of the distinction between commercial banks and merchant banks and grouped most financial institutions under a single supervisory system. The largest French commercial banks, such as Societe Generale, Credit Lyonnais, BNP Paribas, Credit Agricole, le groupe CIC, and Credit Commercial de France, rank among the largest banks in the world. Commercial banks also assist in public offerings of shares and corporate debt, as well as mergers, acquisitions and takeovers.
Banks also offer hedging services against interest rate and currency fluctuations.
The Banque de France participates in the regulation and supervision of the French banking and financial system. Its governor is the chair of the Committee on Credit Institutions, which grants or withdraws banking licenses. The governor is also president of the Banking Commission, which ensures that banks adhere to banking regulations. The French government has sold its majority equity stakes in major banks and insurance companies. However, it retains ownership of the Caisse des Depots et Consignations and minority stakes in several major financial institutions, including Credit Lyonnais.