French bank cancels customer debts

A 375-year-old French bank has dropped the debts of customers who owed less than €150

Crédit Municipal de Paris, an institution offering small, low-interest loans against inexpensive valuables, announced a one-time cancellation of the debts of 3,500 customers to mark its 375th birthday.

The action was applied to the accounts of customers who owed less than €150 (£125).

The bank said that the economic crisis has resulted in a 30% increase in customers.