The booklet is an issue of conquest customer, but also a formidable lever to drain of deposits on the balance sheet of banks. A sensitive subject with the lack of liquidity which they currently suffer. By commoditization, some new distributors had relied on transfers of the order of EUR 25 billion from the historical distribution system. All institutions have therefore led negotiations very aggressive with the Treasury to secure key sharing of these more than 160 billion euros of savings without counting the upcoming collection.
Final rules must limit this potential "siphon" of the resources of the historic banks by the news. So far fully centralized by the Caisse des Dépôts et Consignations, the booklet A is more long term to about 70, in the same envelope with the sustainable development booklet (ex-money). The Finance Minister Christine Lagarde said that this percentage was calculated so that there is no more cash on the balance sheet of banks after that before 1 January. In the meantime, he was arrested that single collection made in 2009 would be distributed in 2009 between old and new entrants and beyond a threshold of EUR 160 billion, centralized at the Caisse des Dépôts only. Old and new networks will share the collection into two equal parts, to not to penalize the historical networks: one as a percentage of the initial stock, the other based on stream of new collections.
Safeguards
Yet the new distributors don't want lower arms. They had struggled, unsuccessfully, to make it the date of July 31, 2008, and not that of December 31, 2008, which is used as a count of the new collection to share in the booklet. They wanted to enjoy them also the transfer of savings to the booklet A paid 4. In fact, the squirrel had calculated in August a potential positive impact of 17 to 20 billion on its balance sheet through the increase in the rate of the booklet. As at the same time, rising to 4 of the booklet A forced new distributors to raise the pay of their savings products, namely a cost of EUR 2 billion in the full year.
They also chafe at the additional security obtained by the Caisse des Dépôts et Consignations on the threshold of $ 160 billion. For collection decrease, or even decline in the stock below this threshold, banks will in fact not resources to share. These safeguards in place to maintain balances, including the financing of social housing, annoy some to the point that Credit Agricole, first to go to war against the monopoly of the Livret A, does not exclude actions against this device. But the new networks are not if fined the leaves appear. They got the early liberalization, in the fall, the booklets popular savings passbooks for sustainable development, or some EUR 15 billion. They will also benefit such as historic, the repayment of a portion of the capitalised interest, an amount of EUR 10 billion for the coming three years.
Finally, the remuneration of the booklet A decline, if it occurs, their is not damaging. Mechanically, they will have less to pay their other savings products. Savings of liquidity perspective.
It is difficult to imagine that this profile to outlast himLilly France is working on the same projectAccording to the original quantificationsThe place has several encouraging factorsThe modern worker in many cases must be mobileThe second has lost more than 60 since the beginning of JanuaryEven in Waterloo Ontario can win victoriesWhat to allow the French to restore the currentWith these liquidity Rio Tinto has paid 2We will lose 300 million euros of revenues
