IEDOM – Behind the influence of France’s overseas territories lies a key challenge: sustainable, inclusive development. As the central bank for the French overseas departments and territories, the “Institut d’émission” plays an essential role in supporting businesses, promoting promising projects, fostering financial education and strengthening the resilience of local economies. A discreet but essential player in the dynamics that also irrigate the economic, cultural and tourist sectors of these territories.
INTERVIEW - Ivan Odonnat, Chairman of the IEDOM
What exactly is the role of the IEDOM in the French overseas territories?
IEDOM is the “Institut d’émission des départements d’outre-mer” (French overseas departments note-issuing bank). It acts as the Banque de France’s delegated central bank in the overseas territories whose currency is the euro. We are present in Guadeloupe, Saint-Barthélemy and Saint-Martin, Martinique, French Guiana, Mayotte, La Réunion and Saint-Pierre-et-Miquelon. Our head office is located in Paris.
What are your concrete fields of action?
Our missions are many and varied. We put euro bills and coins into circulation, guaranteeing their security and quality. We analyze the financial health of companies, and help individuals in financial difficulty. We also contribute to the financial education of the general public, including young people. Finally, we produce studies on a wide range of topics: economic conditions, inflation, unemployment, the financial situation of companies, payment terms, financing conditions, credit, savings, bank rates.
Do you have a concrete example for an individual in financial difficulty?
When an individual is no longer able to repay their debts, they can file an over-indebtedness application. If the application is accepted, the over-indebtedness commission will choose the best possible solution, depending on the individual’s financial capacities: a break in payments, spreading repayments over a longer period, or even cancelling certain debts if the situation shows no sign of improving.
What about companies? Do you help them find financing?
Exactly. We support very small businesses (VSEs) and small and medium-sized enterprises (SMEs) via our VSE-SME correspondents in our branches. They are available to listen to entrepreneurs about their financing issues and direct them to the right contacts. Simply make an appointment.
What are your financial education missions?
We put in place a range of initiatives to raise public awareness of economic and financial issues. For example, we offer workshops on budgeting, bank accounts and credit. We give advice on how to recognize and avoid financial scams. Finally, we organize sessions on economic concepts to help you understand current debates.
We work in secondary schools, directly with students and their teachers, as well as with social workers and people in financial difficulty.
How many people work at the IEDOM today?
We have around 250 employees, divided between our head office in Paris and our 6 branches in Les Abymes, Fort-de-France, Cayenne, Mamoudzou, Saint-Denis and Saint-Pierre. All of them are committed to supporting the economies of the French overseas territories on a daily basis, and to assisting them in their transformations.
You’ll find all our branch addresses and information on our missions on our website www.iedom.fr.
By supporting local economies, facilitating access to financing and accompanying entrepreneurial dynamics, the IEDOM plays a full part in the economic, cultural and tourist vitality of France’s overseas territories.
