Contrary to what one might think, the money in your Livret A does not only serve your interests. It is also used by banks and the State. A new measure aimed at financing a particular project is also at the heart of discussions in the Senate.
Did you think that your money was sleeping peacefully in your Livret A while waiting for your next transaction? Of course, the savings account is in your name, the funds collected are your property, but the money deposited is in reality very active and used by third parties to finance projects of general interest, without you having any say in the matter. . In fact, part of the funds in Livret A are “kept on the banks’ balance sheets and the other is transferred to the Caisse des Dépôts et Consignations which uses them for projects of general interest such as the financing of social housing.” For the part managed by the banks, “financing must concern in particular the following sectors: financing of SMEs, financing of projects contributing to the energy transition and financing of companies in the social and solidarity economy”the Postal Bank tells us.
But the government plans to adopt an amendment to use part of the funds from Livret A and the Livret de développement durable et solidaire (LDDS) for the benefit of the defense industry. An idea that does not convince most French people: 54% of them are against money from Livret A benefiting companies in the defense industry, notes a recent survey Moneyvox conducted with Yougov among 1055 people. Conversely, they would have been in favor of Livret A financing the public hospital (61%) and the school (43%). “The Livret A has an image of “social utility” which does not really fit, in the eyes of the French, with Defense financing“, adds Maxime Chipoy, president of MoneyVox.
The project in question was tabled by deputies Thomas Gassilloud, Christophe Plassard, and Jean-Louis Thiériot. It is also one of the many amendments currently being examined by the Senate as part of the 2024 Budget. If the project sees the light of day, “there will be no collection by the State. Only Livret A sums managed by banks could be affected. Bercy told us. Furthermore, banks reserve the right to dedicate or not their savers’ Livret A money to financing the defense industry. “There is no direct allocation of funds to dedicated financing. In a bank, all of the funds deposited are used to finance the projects of individuals or businesses,” specifies La Banque Postale. For the moment, this measure, which is not unanimous, has not yet been adopted. Debates around the expenditure aspect of the 2024 Finance bill continue until December 12.