Since its rollout to all banks in 2009, the French have never saved as much in their Liver A as they did in the first half of 2023.
The Livret A account posted a surplus of €25.84 billion compared to withdrawals made by depositors during this period.
Since its rollout to all banks in 2009, the French have never saved as much in their Liver A as they did in the first half of 2023.
The Livret A account posted a surplus of €25.84 billion compared to withdrawals made by depositors during this period.
The record isn’t necessarily surprising, but it confirms the attraction of the French for Livret A: savers have invested almost 26 billion euros more than they have withdrawn, an unprecedented level. Booklet A is the most popular French booklet as 55.1 million of them had one of these free savings accounts at the end of last year. The French have never deposited as much money into their Livret A as they have withdrawn since the device was rolled out to all banks in 2009, according to first-half data released by Caisse des dépôts on Friday.
The numbers are up thanks to a 3% revaluation this winter.
How to explain such numbers? The 3% revaluation of Livret A certainly boosted French investment. It’s also the first quarter to record record results in those six months. Indeed, between January and the end of March, the difference between deposits and withdrawals, referred to as “net inflows”, was already in surplus of 20 billion euros. Although they also accumulated significant amounts of savings over the next three months, deposits calmed down somewhat before the start of the summer.
Economy Minister Bruno Le Maire confirmed this on July 13 on TF1. maintaining Livret A at 3% from August 1, where some taxpayers again hoped for a revaluation. This announcement should in any case slow down the growth of this “net inflow” in the next six months. The influx of savings in Livret A, after falling from 2% to 3% in February, likely played a role in the decision of the authorities not to raise the rate this summer, so as not to slow down consumption, the main driver of growth in France, too much.
New records are just around the corner?
Livret A, with a maximum savings of €22,500, is not the only savings account that has set records in the first half of the year. Indeed, the Sustainability and Solidarity Booklet (LDDS), limited to 12,000 euros, raised 8.7 billion euros during this period, again reaching an unprecedented level. In total, between January and June, the two savings books recorded about €34.5 billion net, bringing their outstanding amount to €544.2 billion at the end of June. This corresponds to an increase of 11% over a period of one year.
- Booklet Rate A as of August 1: remains at 3% without increase
If the situation does not change in the second half of the year, Livret A and LDDS should surpass the 2020 one-year exceptional collection, which rose to 35.21 billion euros. The 49.16 billion euros raised in 2012 during the raising of the ceiling of these two booklets may even be exceeded by the end of the year.
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