The French deposited in their Livret A 2.33 billion euros more than they withdrew in April, according to figures published Tuesday by the Caisse des dépôts et consignations, a high level but much less than the months previous ones. Net inflows, ie the difference between deposits and withdrawals, stood at 4.17 billion in March, 6.27 billion in February and 9.27 billion in January.
These very high levels were explained by the rise in the interest rate, set at 3% in February, and which prompted the French to transfer part of their money which was dormant in their current accounts to their Livret A. April 2023 remains higher than the 1.87 billion of April 2022.
Its cousin, the Sustainable and Solidarity Development Booklet (LDDS), also remunerated at 3%, recorded net inflows of 1.15 billion euros last month, compared to 420 million in April 2022. Cumulatively, net inflows therefore amounted to 3.48 billion euros in April, and 28.86 billion over the first four months of the year.
By way of comparison, the Livret A and the LDDS had garnered 33.49 billion euros over the whole of 2022, the third best year after the 35.21 billion in 2020, a vintage marked by the pandemic, and the 2012 record (49.16 billion) due to the raising of the ceiling.
It remains to be seen whether this relative normalization will continue, while the Livret A rate should rise again on August 1, if the calculation formula is applied. If the rate can in theory go up to 4% or 4.5%, Éric Lombard, the general manager of the Caisse des dépôts has indicated his wish that it remain at 3%. The decision will nevertheless rest with the Governor of the Banque de France, François Villeroy de Galhau, and the Minister of the Economy Bruno Le Maire, who will have to give his approval.
Managed jointly by the Caisse des dépôts and the banking networks, the Livret A is mainly used to finance social housing, while the LDDS is dedicated to the social and solidarity economy as well as to energy savings in housing. The outstanding amount of the two passbooks reached 538.6 billion euros at the end of April, an increase of 10% over one year.
