French households again dipped into their current accounts in the first quarter, according to a quarterly barometer from the Banque de France published on Friday, while at the same time the Livret A was full. Dormant amounts in cash, i.e. the outstanding amount of banknotes and coins, and on sight accounts fell by 18.5 billion euros between January and March, after an already substantial decline. of 14.1 billion euros in the previous three months. Nevertheless, there remains 782.4 billion euros in this form as of March 31, 2023.
This drop is to be compared to the filling of the Livret A and the Livret de développement durable et solidaire (LDD), which attracted 25.4 billion euros in the first quarter, and still some 9 billion more since, according to data shared each month by the Caisse des dépôts. It must be said that at 3% net since February 1, these two regulated savings products are much more attractive than the remuneration of demand deposits offered by banks, by 0.04% on average in June for individuals.
Banking institutions have nevertheless made a small effort for companies, whose sight deposits are remunerated twelve times more, at 0.48% on average. Another financial product also bears the brunt of this fierce competition from Livret A: euro life insurance funds. The latter have experienced a negative net collection (ie benefits greater than contributions) for several years which is accelerating: they deflated by 15.5 billion euros in the first half, according to figures from the professional federation France Assureurs.
