Collection record for the Livret A in 2009
Despite the decline in its earnings had fallen to historically low rates (1.25%) since July, the Livret A French still attracted. According to the Fund Deposit banker of the state 16.57 billion euros have been deposited in Savings Books in 2009. It's much more than in 2008, or only 10.6 billion had been placed on this savings product.
The total stock of savings on the book A late December amounted to 184.91 billion euros, including interest.
Loss of monopoly
The importance of the collection is mainly explained by the opening of the monopoly of the distribution of the savings product on 1 January 2009. At the request of Brussels, the Postal Bank, the Savings and Credit Mutuel have lost exclusivity. The rate of pay, while 4%, has attracted the French who have rushed this product to secure savings.18.31 billion euros have been placed in single month of January 2009. During the year no less than 8.5 million booklets that were open in new vending banks, including 4 million just for the Credit Agricole.
Despite an end of year quieter, due in part to the closure of illegal Booklets some investors who already have a book in another bank, the French remained rather faithful business cards design . The crisis has indeed calmed the most daring in making them less attractive investments risky.
Life insurance in ambush
Life insurance, however, has a responsibility in the defections. From February 2009, compensation contracts in euros to 4% has few rivals when the Livret A is average at 2.5% and then gradually to 1.25%.In late November, net inflows (payments on contracts less benefits paid to policyholders) in life insurance and was up 65% over the first eleven months of last year.
The erosion could continue in 2010, Economy Minister Christine Lagarde has so far ruled out a recovery rate of the Livret A. Some economists like Cyril Blesson Seeds of Finance, however, believe that it may rise to 1.5% in the month of May.
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58.8 million savings books for 64.3 million inhabitants