On Franceinfo, the Minister of the Economy, Bruno Le Maire, showed himself open to an increase in the rate of the Livret A on August 1, without confirming it. In recent days, the banks have launched, in the press, the beginning of lobbying against this increase, despite higher than expected inflation.
Will the Livret A rate increase on August 1st? The deadline is still far away, but the subject is already in the public square. Asked about the topic on France info this Wednesday, Bruno Le Maire, the Minister of Economy and Finance, did not decide the question. But he showed up rather open to the idea of a new increase. “My first responsibility is to protect the savings of the French, especially in this period of crisis, it is extremely important,” he said. “If ever the conclusion of the formula and the Governor of the Banque de France is that as inflation is very high, we must continue to increase the remuneration of the Livret A, [alors] I will follow the recommendation of the governor “.
A rate raised to 4.3%?
In fact, the rise in prices is expected, in April, at 5.9%, i.e. half a point above forecast. In principle, the rule is as follows: every 6 months, on February 1 and August 1, the Livret A rate is updated, upwards or downwards, depending on the result of a algorithm integrating two variables, inflation and interbank rates. In the present case, there is little doubt about the result that will emerge from this formula: being the current rise in prices and rates, its application should give birth to a Livret A rate of around 4.3%, against 3% currently.
But, there is a but “. François Villeroy de Galhau, the Governor of the Banque de France, has a power of derogation “in exceptional circumstances”. The latter has not yet spoken and should not do so before July. If he decided, with justification, not to apply the calculation formula and to propose another rate scenario, the decision would be up to the Minister of the Economy. So to Bruno Le Maire.
Anti-rise lobbying already launched
The media release of Bruno Le Maire is all the more important since, in recent days, not very discreet lobbying has begun, in favor of freezing the Livret A rate. In a article dated April 22, The echoes announce the color: “(…) Behind the scenes, the banks are already campaigning so that nothing changes. And to quote an anonymous “great banker”: “Everyone has an interest in maintaining a rate at 3%. The banks of course, but also the Caisse des Dépôts, which finances social housing, and the entire French economic ecosystem in reality. »
Livret A: banks want to lock the rate at 3%
Also on Franceinfo, the boss of the Caisse des Dépôts, Eric Lombard, publicly expressed his point of view, yesterday Tuesday: “Inflation is transitory, so there is no need to yoyo with the rate of booklet A. I would like this rate of 3% to remain in place for some time”. Reminder: it is the Caisse des Dépôts which centralizes approximately 60% of the collection of the Livret A and the LDDS and which is responsible for lending this resource, in particular, to the social housing sector. The latter, through the voice of the Social Union for Housing, also called for a blockage. Logic: the rates of loans granted by Caisse des Dépôts to organizations are indexed to changes in the Livret A rate.
Final verdict, for the evolution or not of the Livret A rate on August 1, 2023: mid-July, following the publication of the inflation index for the month of June.