Could the rehabilitation of the libretto to 2

Is the booklet A a feature in the European savings

There are products tax-deferred elsewhere in Europe, but their regulation is less rigid. In England, the administration has introduced rules for the "individual savings accounts" (ISA), as the absence of costs. But their remuneration is defined less unilaterally. Thus, it imposes only, the rate of remuneration of the ISA is not more than 1 lower than the the Bank of England base rate.

The financing of social housing with a tax shelter product is also a French specificity

In this sense, Yes. Other countries do not in the same circuit of financing of social housing use. The United Kingdom social Park was largely transferred from Commons to associations and they finance by borrowing on the market. Germany, social housing agencies are on the decline in the surplus of housing offers context linked to the construction boom that followed reunification in the 1990s. Public aid for investment, which are mostly of the Länder, and that can fund interchangeably the private sector and the public sector, are in decline.

How can Brussels interpret this French particularity in the complaint to a trivialization of the booklet A consideration

The mode of determining the rate regulated as such cannot be suspected to be decided in an arbitrary manner. As the British ISA, it is the automatic result of objective parameters, the rate of interest on the market and inflation. What is challenged is that the tax benefit is reserved for savers who spend by two networks, in contrast to the United Kingdom, where the ISA is distributed by all banks. However, in General, deferred savings books, where they exist elsewhere in Europe, are stalled and consolidate small stocks as in Belgium or the Portugal.

The decisive question is the position of the booklet in the landscape of the French savings. So far, the stock of regulated savings had an internal system of communicating vessels, collection of a resulting product falling rising on the other. Since the beginning of the year, are both the livret A, the ELP and the PEP, who see their stocks lower, while housing savings accounts and the Sara stagnate. All of this for the benefit of life insurance and competitive products not regulated as Auditors on deferred booklets. Thus that commoditization of distribution is not in itself a guarantee of dynamism.

What effect would a trivialization of the booklet on the stocks

It may have some positive impact. This will depend on the commercial policy of the banks and the manner in which they will see this product in their range. However, half of a Livret A holders have their main account in another establishment, and those will not be able to open a new booklet with their main bank. And 40 million people are already equipped with. Thus, there is no new massive expect outstanding.

Declining stock of the booklet A is cyclical or structural

This decline is cyclical in the sense where it is directly linked to the conditions of remuneration of these booklets. Today, we are in a period of low rates, and savers investing in market products, through life. However, the erosion of the booklet for the benefit of the taxable booklets is continuous. It is linked to the sociological profile of its holders. Smaller and older than the average of other investors, their relative weight tends to decrease as a result of the enrichment of the population or their disappearance. A greater proportion of savers and switch their assets to taxable books, non-capped.

Could the rehabilitation of the libretto to 2.75 rate have a temporary rebound effect

There may be a slowdown of erosion because the rates increase made in August is two times larger than the previous. It entered a period where the reactivity of the amount outstanding at the rate is lower than before. Erosion will continue. Not to mention that the acquisition of A booklet is no longer an automatic reflex of the young people begin to save. Parents open more often a booklet for their children.