French bank reveals Santa doesn't exist!

The French bank Crédit Mutuel is in hot water with parents after a commercial it aired revealed that Father Christmas doesn't exist.

The spot only lasts 20 seconds, but it has been the subject of controversy for the best part of a week.

It features a father offering up his adult son some "sound" financial advice, insisting that banks touch a commission whenever they carry out transactions on behalf of their clients.

"I have some bad news for you," the father says to his son right at the beginning of the commercial.

"Father Christmas doesn't really exist."

Crédit Mutuel; "Father Christmas doesn't really exist" (snapshot from commercial)

All right, all right. So nothing too controversial in that. After all he doesn't really exist that is in any tangible sense (apologies to those of you who've just had a myth destroyed).

He is of course a figure used by parents to...well an explanation isn't really necessary, surely.

The problem, apparently as far as many parents in France are concerned, comes not with the commercial or its message so much as with its placement; as it was broadcast immediately before the animated Walt Disney film "Ratatouille" aired on TF1 a week last Sunday.

It is of course a movie aimed primarily at children, and plenty of them were reportedly in front of the box eagerly awaiting the start when their illusions were shattered.

And even though some might think parents were overreacting, a psychologist insisted that finding out in such a way that Santa doesn't really exist could have a detrimental effect on young children.

"Being told so suddenly that Father Christmas is imaginary could be viewed (by children) as a punishment or a lie," children's psychologist Sonia Ouali told the French website Rue89.

"Denying this imaginary figure (in such a manner) is like taking away part of childhood."

Crédit Mutuel's initial reaction was to try to play down the growing storm of protest.

"It would be a mistake to withdraw the commercial," its communications director, Bernard Sadoun, told Rue89.

"The whole controversy has been taken totally out of context."

But in an effort to diffuse mounting criticism, including a Facebook group protesting the commercial, it subsequently contributed to the debate by posting its own message in threads in which it promised it would "only air the spot after 8;30pm to reduce its impact on young children."

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