The French government is about to seek European Commission approval for a plan which could provide up to FFr30bn (£3.33 billion) in new aid to Credit Lyonnais, the troubled bank.

The amount, far higher than the FFr16bn mooted in recent weeks, is in addition to the FFr49bn already provided, which was by far the largest state subsidy ever considered by the Commission. The new demand will be examined closely and will attract opposition from other large banks.

It is also likely to provoke a fierce debate in France, especially in view of leaked estimates of the bank's results circulated yesterday, which suggest it will be able to report strong operating profits ahead of any financial assistance.

Credit Lyonnais owns 53 per cent of Woodchester Investments and there is increasingly speculation that this stake may be sold.