Banks will indeed receive every term a 0

The winners

Savers

Since January 1, savers may find A booklet in the Bank of their choice. The number of kiosks offering placement has doubled to more than 40,000 points of sale. And for the kickoff of the commonality, new distributors often offer a few bonuses. CIC and others thus proposed a fee of 6 gross for several months under the ceiling of deposits.

New distributors

After years of legal proceedings, Credit Agricole, Société Générale, BNP Paribas and Banque Populaire affect on goal. By grace of massive présouscription these last four months, Credit Agricole and LCL subsidiary already collected more more million requests. Société Générale and BNP Paribas have already won several hundreds of thousands of présouscriptions each.

Brussels

In May 2007, the Commission had asked the France remove the monopoly of the Livret A, considered as an obstacle to free competition. A year and a half later, she won on the line. Brussels has closely followed the development of reform, including issues related to housing and banking accessibility via La Banque Postale.

Social housing

Commoditization long troubled housing environments because it is on the principle of the total centralization of collection from the Caisse des Dépôts savings funds, which provide funding for housing agencies at subsidised rates. But the Act provides that the centralized resources cannot be less than 125 of the outstanding loans to social landlords, what constitutes a strong safeguard. Many players consider also that the reform is broadly favourable to social housing, as it should help to expand the collection of the booklet and to reduce its funding costs. Banks will indeed receive every term, a 0.6 commission for collection against more than 1 today. This represents an annual savings of over EUR 500 million for the benefit of the HLM world.

The losers

Historical distributors

La Banque Postale, Caisses d'Epargne and Crédit Mutuel lose their oligopoly. Many transfers of booklets and blue should take place as early as this month. The challenge is greatest for La Banque Postale and Caisses d'Epargne: the booklet A represents a third of their deposits, while the blue booklet represents 19 of the deposits of the Crédit Mutuel (12 at the level of the group including the CIC). The three networks however will recover a portion of the outstanding centralized so far at the CDC.

They have also mitigated the impact of commoditization by full of books in recent months with the attractiveness of the rates of pay (4) and the effects of the financial crisis. They obtained the transitional e before joining the "common" to all banks system. The Banque Postale finally received its banking accessibility mission is recognized and paid at height in excess of EUR 200 million per year. And it won the right to distribute credit consumption and damage insurance.

Life insurance

Life insurance experienced a black year in 2008 due to competition from liquid savings products and the aversion to financial markets. End of November, contributions were down 11 from the same period of the previous year. Media in units of account payments dropped by 42. Total net collection even tipped in red in the month of October. With the decline in the rate of the booklet, life could regain some colors.

The arbitrators

The Caisse des Dépôts

The Caisse des Dépôts has lost total centralization of the booklet. But for the next three years, it retains in its savings fund resources, generally considered as high sales EUR 160 billion. Moreover, the results of saving funds will mechanically increase with the effects of the reform, which decreases the cost of the collection.

The Government

Under pressure from Brussels, the Government has managed to pass a reform that goes to the balances of many actors: social housing, banks, the CDC, the most modest households dealings via the booklet... It will strengthen the banking accessibility by improving the functioning of the right to the account and reinforcing the role of La Banque Postale. But the Government must also cope with the sharp decline in the rate used to depositors at the wrong time.