French savers turn from Livret A
The Caisse des Dépôts, the French public institution managing savings books, has announced a negative inflow of €-1.05bn in January for its traditional products Livret A and Livret de développement durable.
In detail, concerning the Livret A, withdrawals exceeded deposits for a total of €850m in January. The Livret A, with a rate of 1% since August and which had been expected to be cut to 0.25% in February, faced its ninth consecutive month of outflows. In 2014, French savers withdrew €6.13bn of their Livrets A.
After collecting €370m last December, the Livret de développement durable, who also has a 1% rate, faced a €200m outflow.
The Caisse des Dépôts explained those outflows by “the record number of Plan d’épargne logement (PEL) opened at the end of January.” The guaranteed rate for any PEL opened before 1 February was 2.5%. After this date, the rate fell to 2%.
As of 31 January, the Caisse des Dépôts managed €364.1bn of assets on Livret A and Livret de développement durable.