Livret A and LDDS books on track for a record year
2023-08-22 17:45:00
The difference between deposits and withdrawals (net inflows) last month of these two flagship regulated savings products amounted to +3.13 billion euros, a record for a month of July, announced Tuesday the Caisse des dépôts (CDC).
Total outstandings now reach 547.4 billion euros, an unprecedented amount.
The flamboyant year in progress can be explained in particular by the increase from 2 to 3% of the rate on February 1 and weak competition from euro life insurance funds, which are not very competitive and are less promoted by insurers, who prefer investments in units of account (UA), more risky.
“Despite the decision not to revalue the rate for 18 months, households do not change their behavior,” commented in a note Philippe Crevel, director of the Circle of Savings.
On the proposal of the Governor of the Banque de France François Villeroy de Galhau, the Minister of the Economy Bruno Le Maire indeed decided on July 13 to maintain the rate at 3% on August 1 and until January 2025, instead of the 4.1% expected according to the calculation method.
The passbook A rate remains at 3%AFP / Anibal MAIZ CACERES, Sylvie HUSSON.
This good month has enabled Livret A and LDDS savings accounts to grow by 37.67 billion euros (+7.4%) since the start of the year, something never seen before. At this rate of collection, they could exceed the record year of 2012 (49.16 billion euros in one year), boosted at the end of the year by the raising of the ceilings.
The total remuneration of savers will also be much higher: around 15 billion euros a priori this year, against 6.62 billion euros at the time.
Appeal
But the rate freeze remains far from neutral for passbook holders, especially in a period of high inflation: it could represent a shortfall of around 3 billion euros over the period from August 2023 to January 2024, to which are added nearly 800 million euros amputated between February and July 2023, with the previous rounding of the rate downwards, from 3.3% to 3%.
This decision also attracted the attention of an associate professor of law faculties at the Panthéon-Sorbonne University, Paul Cassia, who filed an appeal before the Council of State on the same July 13.
The request of the administrative law specialist requests the outright cancellation of this decision, Mr. Cassia contesting the notion of “exceptional circumstances” brandished by the Banque de France to justify the rounding down of the rate.
Mr. Le Maire has in fact deviated from the formula three times over the last four rate updates, in January 2022 (upward), in January 2023 (downward) and in July 2023 (downward).
“The notion of exceptional circumstances becomes in a way permanent,” Cassia told AFP.
The texts also open up the possibility for the Banque de France to update the rate every quarter and not every six months if it “deems that the variation in inflation or the money markets justifies it”, which it does not however, did not do on May 1 or November 1.
In addition, Mr. The Mayor “short-circuited” the six-monthly meeting with the governor, adds Mr. Cassia, by fixing the rate by decree over such a long period, 18 months instead of 6.
Bercy will provide an answer within two months, a spokeswoman for the ministry told AFP on August 8.