1.   Analysts said the franc was affected by release on Monday of an OECE report critical of French policy on public finance.

2.   The weakness of the dollar also affected the franc.

3.   Such a cut had been widely anticipated and would not affect the franc, said foreign exchange chief at the US bank Smith Barney, Christophe Lalo.

4.   The French franc was scarcely affected by suggestions that French Finance Minister Alain Madelin might be implicated into investigation of illegal financing of the Republican Party.