This Wednesday, in the Finance Committee of the National Assembly, deputies gave the green light to a bill which should facilitate access to real estate credit by returning to the 35% debt rule. But a last minute modification could still change the situation.
Everything has for that? The Finance Committee of the National Assembly voted on Wednesday in favor of a bill aimed at reforming the High Financial Stability Council (HCSF).
This eight-member body chaired by the Minister of the Economy brings together economists, the governor of the Banque de France, and the presidents or vice-presidents of the financial (AMF) and banking (ACPR) police. The text adopted in the Commission and which must be debated at a meeting on April 29 of the National Assembly provides for the arrival of two new members, a deputy and a senator.
The HCSF must remain a technical body, but, while its decisions have an impact on access to real estate credit for millions of French people, it must not be a technocratic body, indicated, according to The echoes, Renaissance MP Lionel Causse, the author of this bill. The presence of parliamentarians would make it possible to stimulate public debate around the planned developments and to strengthen the democratic legitimacy of the measures taken.
The end of 35% debt?
But this text also aims to relax the regulation of real estate credit by allowing banks to deviate from it more easily. Today, according to the latest rules dictated by the HCSF, the household debt rate is notably limited to 35% of the debt rate, with exceptions. A principle accused in particular by brokers of having aggravated the fall of the market with credit production falling by 40% in 2023.
Real estate credit: this rule for having a loan is very strict, should it be modified?
However, the relaxation of this framework initially provided for by the text will perhaps not be self-evident. According to The echoesthe deputies introduced an amendment which leaves it to the governor of the Bank of France to propose himself the conditions under which credit establishments and financing companies […] may deviate from these decisions, taking into account variations in credit supply and demand.
However, the Banque de France is very cautious about the idea of changing the current rules concerning household debt. The text may still evolve between now and its passage in plenary session and then in the Senate.
Real estate credit: these new developments that could change the rules of your loan