2023-07-21 17:42:03
Never seen. For the first time since the Livret A account was generalized to all banks in 2009, savers deposited 25.84 billion euros more than they withdrew, in the first half, an unprecedented level. This result is not really a surprise following an already historic first quarter for the most widely held savings account in France, by 55.1 million savers as of December 31, 2022.
The booklet A preferred to life insurance
By way of comparison, in May, life insurance recorded negative net inflows, according to France Assureurs. The difference between the benefits paid to savers and the sums deposited in life insurance amounted to 1.6 billion euros. Even maintained at 3% – a level lower than inflation, recorded at 4.5% over one year in June – the livret A still brings much more to its holders than if they place their money in the euro funds of life insurance.
The flamboyant first months of 2023 can be explained in particular by the increase in the rate from 2 to 3% on February 1: rate increases tend to favor an influx of savings into the Livret A in the first months that follow. This argument probably played a part in the authorities’ decision not to raise the rate in August, so as not to handicap consumption too much, the main driver of growth in France.
Record also for the Sustainable and Solidarity Development Booklet
The Sustainable and Solidarity Development Booklet (LDDS) for its part garnered 830 million euros in June and 8.7 billion in the first half, a record over the period in both cases. Unless the situation reverses in the second half of the year, the livret A and the LDDS should well beat the exceptional collection of 2020, which was 35.21 billion euros, even that historic of 2012 (49.16 billion), boosted at the time by the raising of the ceilings.
The money deposited in the livret A and its twin the Livret de développement durable et solidaire (LDDS), capped at 22,950 euros and 12,000 euros respectively excluding capitalized interest, is guaranteed by the State and exempt from taxes and social security contributions.
Managed jointly by the Caisse des dépôts et consignations (CDC) and the banking networks, the Livret A and LDDS savings accounts finance social housing, SMEs, but also the energy transition and the social and solidarity economy (ESS).
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