There ore could ha e expected a little bit

The Bank o rance chose not to recommend the Li ret A rate increase. This is a surprise

Yes, it's a little surprise. The Bank o rance is based on the low ariation in in lation excluding tobacco since December. Howe er, it is passed, since the last amendment o the Li ret A rate o -0,75 in July 2009 to 1.5 in March 2010. There ore could ha e expected a little bit. As the context was: with the ongoing pension re orm, the debate on the tax shield and the rise in unemployment, the authorities could send a symbolic signal gi ing boost to this popular sa ings product. On the other hand, it cannot be aulted the Bank o rance: it is a Central Bank decision which inds that other short-term interest rates are historically low.

Can it weigh on the collection o the booklet, which shows signs o slowing down or a year

I do not think so. The collection has been slightly positi e in January and ebruary, o the order o EUR 500 million is the corrected or seasonal ariations. This is certainly not huge, but this is done while the rate is at its historic low o 1.25! The obser ed unds between May 2009 and today remains ery modest i compared to the mass o deposits placed in the booklet in the irst months o 2009, at the time o the tri ialization, and i it re ers to historical precedents. In 1996, there had been a decrease in the stock o EUR 15.5 billion while the rate was reduced by 100 basis points. This time, the rate has lost 275 points o base in six months and the decline o deposits has been that o EUR 2 billion between May 2009 and ebruary 2010. There are actually three actors that play in the e olution o the Li ret A deposits: remuneration in absolute and relati e to other liquid in estments alue, the con idence o households and the e ect o o er. Today, absolute earnings is not meet but, in the matter, isn't so bad. The product remains highly secure while household con idence is low. And the distribution channel is wider with new distributors.

It was announced both the creation o a new booklet o sa ings industry, an o erhaul o the rules on the sustainable de elopment booklet, a re i al o the PEL... What may be the consequences on the allocation o sa ings

I authorities relating to the terms o these products to their limits, it is certain that this could ha e consequences. But the arbitration would be in my iew primarily in large amilies o sa ings, more than among amilies o sa ings. Plan sa ings housing (PEL), who ound a ew colors a ter three successi e years o hemorrhage, ound o the irtues in this crisis. or banks, it is a resource o stock o ering a ery good isibility o er our years. It is there ore not surprising that the authorities are studying it. On the other hand, they ponder probably twice be ore touching on the taxation o li e insurance, which drains a substantial part o the sa ings o households towards the inancing o public debt. The length o detention could be extended, but I do not think to a great e ening o the taxation o li e insurance.