THE French government's new plan for reorganising the troubled State-owned Credit Lyonnais bank will not be filed with the European commission until the end of March, Economics and Finance Minister Mr Jean Arthuis said yesterday.

The plan concerning preparations for privatisation of the bank, which has had to contend with crushing debt problems in the past, was supposed to have been communicated to the commission yesterday. Credit Lyonnais owns 53 per cent of Woodchester Bank, a stake it is now thought likely it will be forced to sell, despite denials by Woodchester.