  Baccara banque is a three-person zero-sum game parameterized by
$\theta\in(0,1)$. A study of the game by Downton and Lockwood claimed that the
Nash equilibrium is of only academic interest. Their preferred alternative is
what we call the independent cooperative equilibrium. But this solution exists
only for certain $\theta$. A third solution, which we call the correlated
cooperative equilibrium, always exists. Under a "with replacement" assumption
as well as a simplifying assumption concerning the information available to one
of the players, we derive each of the three solutions for all $\theta$.
