4 billion withdrawals between July and September

This is confirmed. Whereas since a few days due to the revisions to the increase in the month of December inflation forecasts by Insee, the Livret A rate increase has been recorded yesterday by Bercy. It will be increased to 2 February 1, 1.75 in force since August. Interviewed yesterday on France Inter, the economy Minister, Christine Lagarde, said: "I was committed to me that the remuneration of the booklet can allow the maintenance of purchasing power and that there is therefore a close relationship with inflation." "This rate will help maintain a positive regulated savings in real terms pay", has said the Bank of France.

The formula for this placement since 1818, whose performance is adjusted twice a year, February 1 and August 1, is a function of inflation and interest rates. According to official figures published yesterday, the increase in consumer prices accelerated in France in December, 0.5 on month and 1.8 over a year ( 0.4 and 1.7 excluding tobacco), due to the increase in the price of oil. As the money market rate, they settled on average in December to 0.50 for the rates day by day and 1.02 for 3 months.

Difficult to say how long the lower rate of the booklet will continue. Energy, and more particularly - currently very volatile - oil, determines the half of the rise in the price. "If the price of oil down permanently under $ 80, one can imagine that this will slow the rise in inflation and therefore decrease the Livret A rate." "But oil may very well continue to rise," summarizes Dominique Barbet, an economist at BNP Paribas.

Hearings in the Assembly

Almost mechanically, increase the performance of the booklet, distributed in all banks since January 1, 2009, should promote the collection. This was the case in August when the passage of the rate of 1.25 to 1.75 had doped deposits, they are revealing higher of EUR 4.4 billion withdrawals between July and September.

However, it should not have any direct influence on the debates at the level of centralization of the amount outstanding at the Caisse des Dépôts et Consignations (CDC). Tuesday and Wednesday, hearings continued with the Finance Committee of the National Assembly, who wants a right to look at the subject while a decree is expected next week. After the President of the social Union for habitat (USH) Tuesday, the President and the Director General of the CDC Wednesday, and the President of the French Banking Federation (FBF), Christine Lagarde will be heard next Tuesday.

Banks newly vending machines, but mostly Credit Agricole, the largest collector of new entrants in this market, require that the rate of centralization is not brought to 70 as planned by the Government (against 60 today). For them, the financing of the economy is at stake. Tuesday, Bertrand Corbeau, Director General of the National Federation of Credit Agricole, and believed in our columns, if any, "there will be less money both for the regulated savings and for the financing of the regional economy".