of a generalization of the distribution of A booklet to all banking institutions

Affine Paris its position on the mode of distribution of the booklet has, on two weeks of the date deadline set by Brussels under the infringement procedure. The Treasury must justify the "special right" to La Banque Postale and Caisses d'Epargne the exclusivity of the distribution of this regulated savings product, including the outstanding reached 108 billion euros at end-March.

Relying on article 86 of the Treaty on the exclusive rights granted by Member States in some companies, the Directorate for competition of the European Commission found, in early June, that the exclusivity enjoyed by the two banking institutions may violate two key internal market principles: the freedom of establishment and freedom to provide services.

Several avenues are explored in Paris, to convince the Commission that it is false road. First argument: the booklet A is more than a marginal share of the savings of the French talking about less than 4 , which raises the question of the appropriateness of a flat discount system. And he lost ground to the booklets taxable, which shows, view Paris, that it does interfere in any way or access to the market or the competition.

Remember the interest of the device

The second axis of the arguments by Paris should be to remind the interests of the current device, which allows to respond to the needs of financing of social housing and beyond, to ensure his own future a part of the collected funds is invested in markets to ensure the liquidity of a system to resources totally liquid and jobs, instead, in the very long term. The opening of the Congress of the HLM, today in Bordeaux, may be an opportunity for stakeholders in the sector, reaffirm their attachment to the current system, at a time where the construction of new housing needs have never been as large.

In these conditions, Paris should attach to highlight the risks of an anonymization, i.e. of a generalization of the distribution of A booklet to all banking institutions. Of course, it would probably hand in hand with a lowering of the level of Commission paid to collecting networks: while the position is now paid at height of 1.3 in the title of this collection and Caisses d'Epargne 1, some propose to market A booklet for only 0.8. This relief for the cost of the resource would be probably passed, at least in part, on the rate of loans to housing, which would then become more beneficial organisms. "But there is not need of trivializing to reduce the level of Commission", explains in Bercy, recalling that he already has dropped on two occasions last year.

The issue of the "small" booklets

Above all, the authorities fear to base the system on the only commercial policy of the banks. They showed at the beginning of the year, massively redirecting savings deposited on the old ELP to life insurance products after unfavourable tax measures adopted by the Government in December, the speed with which they are able to "siphon" a product for the benefit of another. In a system where banks have their hands on the collection, stability of stocks deposited on the booklet would be therefore be guaranteed, noted at Bercy. Even if the State could always apply to establishments distributors to collectively commit to a minimum level of collection, to prevent any risk of lack of funding for social housing.

Another difficulty that Paris should not fail to notify Brussels, the issue of the "small" books, many in particular to the Banque Postale. A solution would pass by a form of sharing or a system of specific remuneration to compensate the networks which incur in, more than others, the costs. A jigsaw puzzle in perspective and raises watermark the future of La Banque Postale.