chart of the week
For Livret A, the year 2022 got off to a flying start. After a net inflow (deposits minus withdrawals) of 6.25 billion euros in Januaryit is 2.94 billion that were garnered in February by this savings account not taxed, according to the Caisse des dépôts.
If we add the figures of Sustainable and solidarity development booklet (LDDS), a product with terms very similar to those of the Livret A, net inflows in February reached 3.48 billion, and those made since the start of the year, 10.28 billion. Enough to bring the total outstanding amount of these two booklets to 479.9 billion euros – 352.5 billion for the Livret A and 127.4 billion for the LDDS.
The amount collected during the first two months of 2022 is very similar to that recorded during the same period in 2021 (10.96 billion euros). It greatly exceeds pre-health crisis levels (7.13 billion in 2019 then 6.08 billion in 2020).
Precautionary savings
In question, according to Philippe Crevel, director of the Circle of savings, “raising the rate”but also “the health context marked by the resurgence of Covid-19” and the Ukrainian crisis [qui] has, moreover, encouraged French households to maintain a strong buffer of precautionary savings”.
The rate of remuneration for these two booklets was in fact doubled on 1is February. It rose to 1% after stagnating at its all-time low, 0.50%, for two years. “The rate effect lasts, as a rule, between three and four months”says Mr. Crevel.
Attention, who says recent increase in the rate does not say protection of the savings placed against inflation. “The Livret A is the investment of reference in periods of crisis, the increase in the rate amplifying this reflex. However, with inflation approaching 4%, the real rate of the Livret A is negative by nearly 3 points. You have to go back to the early 1980s to find such a gap between inflation and the yield of the Livret A”note M. Crevel.
When will the next increase in the Livret A and LDDS rates be seen? A priori the 1is August 2022, since the calculation, which takes into account half the inflation of the last six months, half the short-term interbank interest rates, is theoretically half-yearly.
The Governor of the Banque de France is however authorized on April 15 of each year to propose by mail to Bercy a revision for the 1is May, if he thinks “as the change in inflation or money markets warrants”, indicated the decree of January 27, 2021 relating to interest rates for regulated savings products. Asked by The worldthe Banque de France did not wish to comment on its intentions for the moment.