The asset declarations of the 12 presidential candidates were released this week. And they have some surprises in store. One of them concerns Emmanuel Macron who indicates that he has a Sustainable and Solidarity Development Booklet (LDDS) filled with 120,000 euros. But how is this possible when the legal ceiling is 12,000 euros on this placement?
Question from Alain, March 11, 2022
Have you noticed that Mr. Macron declares to have an LDDS of more than 120,000 euros while the ceiling for an LDDS is 120,000. How is it possible?
Alain’s remark is interesting. The declarations of assets of the candidates for the presidential election have been published Tuesday by the High Authority for the Transparency of Public Life (HATVP) without these having been subject to control on its part. With the exception of that of Emmanuel Macron, published by the HATVP at the end of 2021 since it was his declaration of financial situation at the end of his term of office. The HATVP which examined it had then considered that the variation in the financial situation of Mr. Emmanuel Macron between the beginning and the end of the exercise of the presidential functions, as it results from the elements brought together by the High Authority, does not call no observation.
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Macron’s LDDS explodes the ceiling….
In an article published last December, after the posting of Emmanuel Macron’s declaration of assets, MoneyVox had drawn up an inventory of the management by the Head of State of his money. On this occasion, we noticed, like Alain, that the Head of State’s Sustainable and Solidarity Development Booklet (LDDS) showed a balance of over 120,000 euros. An a priori surprising element when the legal ceiling for this regulated savings product is limited to 12,000 euros but which can be exceeded by the capitalization of interest.
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It is therefore possible to have a Sustainable and Solidarity Development Booklet showing a balance above these 12,000 euros since the interest is added to this ceiling at the end of the year. This is, for example, the case of candidate cologist Yannick Jadot who has 12388 euros on his LDDS. But if Emmanuel Macron there is 120240.66 eurosit is not only because of the capitalization of interests, as for the candidate ecologist.
… but that’s normal
In fact, the Head of State, candidate for a second term, is open to LDDS at Crdit Mutuel, which offers a Fidlit booklet as specified in his declaration of assets. As Crdit Mutuel explains on its website, the Loyalty Booklet is a formula combining three booklets: the Sustainable Development Booklet, the Loyalty Booklet and the Loyalty Plus Booklet. The Fidlit booklet is automatically opened when the LDDS is at the ceiling (12,000 euros). Then when the Livret Fidlit is at the ceiling (74,000 euros), the Livret Fidlit Plus (up to 164,000 euros) is automatically opened.
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The savings deposited are remunerated since February 1st at 1% net up to 12,000 euros as for any LDDS or Livret A. Above 12,000 euros, the money is remunerated at the rate of 0.1% gross interest, i.e. 0.07% net of tax.
As reported by the HATVP, the situation of Emmanuel Macron is therefore not abnormal. And he’s not the only candidate to have an LDDS well over the ceiling: Jean-Luc Mlenchon too. Like Emmanuel Macron, he is a client of Crdit Mutuel and has an LDDS with 20,000 euros on it. He even has 60,000 euros on his Livret Bleu, the equivalent of the Livret A at Credit Mutuel, well beyond the maximum ceiling of 22,950 euros. Again, as with the Livret Fidlit, the money is paid 1% net, up to the ceiling, then 0.1% gross.
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