As several new amendments have been tabled

Credit France housing (CIF) should soon be fixed on its fate. The Senate looks today at second reading the draft law on housing and will discuss the famous article 8 bis A on the last independent sector. Born of an amendment of the Government, it also imposed in its initial version an affiliation of the Group of real estate credit, to identify the key a few billion euros. The raised outcry and concessions obtained from the CIF led the Government to withdraw its draft forced back-to-back. The issue focuses on the reform of anonymous companies of real estate credit, Saci, owners of the last independent real estate credit in France.

The Committee of wise men, the Group of experts established by the Minister of housing, Jean-Louis Borloo, "so that the agreement could be sealed off in good conditions and may receive a different legislative translation", started its work last week. On the menu including: the governance of the Saci, their level of financial contribution for social housing and their missions for the assumption of social property.

Agreement on the financial side

First point of debate, the change in status of the Saci and their governance. Both members of the family of the HLM movement and of credit institutions, they could lose that banking status due to changes in their mission to only support for social housing. They are then transformed into cooperative societies of collective interest and their monitoring body, the chambre syndicale in the union of the social economy. "The hiving-off complete activities of credit because of the removal of the loans to home ownership (PAP), no longer warrants that the network be placed under the aegis of a central body within the meaning of the Banking Act," said Senator UMP Dominique Braye.

The refocusing of the Saci on social housing however raises two problems. First, continuing the Senator, the positioning of the financial center is still "in debate (...)." "Reflections are underway on the desirability of combining the group credit Immobilier de France to another ou financial institution to enable to exchange its shareholdings with another institution. Then, the allocation of own funds, which are not necessary for the new mission of the Saci. The Socialist Group, as well as Senator Marini received the President of the ICW, Claude Sa'dun, have each tabled an amendment to delete the principle to determine by order the assignment of the own funds of the Saci who do not meet their mission. "Such drafting opens the door to the own funds of the Saci periodic uptake could be akin to nationalization," said Dominique Braye (report to the commission for Economic Affairs).

The various parties appear to have found an agreement on the financial side. The Government and the chambre syndicale, which controls the Saci fell in fact agreed on a payment of EUR 350 million in 2006 and 150 million euros in 2007 "in the title of the catch-up from previous years. So far, the Saci paid a few tens of millions of euros. However, the level of contribution of the Saci in 2008 still appears to be debate. The discussions at the high Assembly therefore promise to be animated. As several new amendments have been tabled. Three of them, from the Socialist Group, the Communist Group and Senator UDF Michel Mercier, require the deletion of article 8 bis A.