Livret A: the Commission requires generalization to other banks
(B2) The European Commission is asking - within nine months - France to open up the distribution of livret A and livret bleu to all banks (and therefore to abolish the monopoly granted to the Banque Postale, the Caisses d'Epargne and Crédit Mutuel. Reason: the Commission considers that the special distribution rights in question constitute a restriction incompatible with Community law (principle of free competition). The requested amendment "does not call into question the missions of general interest", according to the Commission - namely the financing of social housing and accessibility to basic banking services - and "does not imply any adverse change in the operation of these savings accounts for individuals" (see IP / 06/746).
Decision that provokes many reactions in the social environment. I'Social Union for Housing (USH), in particular, shows its concern. Far from strengthening the collection of savings, "this decision is likely to weaken and jeopardize the ability to produce social housing," says the USH, which brings together housing organizations with moderate housing.
Banks that have asked for the Livret A to become commonplace “will have every interest in capturing wealthy customers and encouraging them to invest their funds in more profitable products for them,” she adds. The historical distributors, “who particularly welcome modest people for whom the livret A serves as a bank account and entails costly management, will be less encouraged to maintain a network for this clientele only in rural areas and in disadvantaged neighborhoods”. Eventually, “the pressure will be strong to challenge centralization”. Finally, “commoditization will bring no advantage to savers: the French are not victims of any obstacle linked to the monopoly (there are more than 46 million savings accounts). On the contrary, it can result in a lesser service to the most modest savers”.
Continuation of the battle before the Court. The French government indicates its intention to challenge this decision before the Court of Justice.
(NGV)