The number of Popular Savings Booklets (LEP) has now reached 11.5 million in France, the governor of the Banque de France said on Wednesday. However, this figure remains well below the number of eligible people. “We have just passed the milestone of 11.5 million LEP, which is 2 million more than a year ago,” explained François Villeroy de Galhau on RTL. “There are still millions of French people who would be entitled to this LEP, so they should not hesitate to consult their bank,” he added.
The number of these savings accounts, bearing 5% interest reserved for low-income households, is constantly increasing: it rose from 9.5 million in March 2023 to nearly 11.5 million last month, according to provisional data from the Bank of France. Outstandings reached 76 billion euros, compared to 55 billion a year earlier. The LEP has seen a boost since October thanks to an increase in the ceiling, from 7,700 to 10,000 euros. Its rate fell from 6% to 5% on February 1, but the yield remains higher than inflation and other savings products such as the Livret A.
At least some 19 million French people are eligible for the LEP, according to the General Directorate of Public Finances (DGFiP). The opening of LEP by the many eligible savers in France is a key focus of Bruno Le Maire and François Villeroy de Galhau, who have increased their number of speeches over the past two years to ensure its promotion.
