56 to 13613 dollar while it had declined 3Hire stars of football has never been the guarantee of winning the matchIn Britain TMobile and the operator 3 already doMarch 19 the international monetary fund has given the tempoWhat get the bankers to excellent managersEvery word is weighed each taking soupesée positionSomething has changed in the country of financeInformation immediately contradicted by the BankWhy not but it is really not the purpose of the debateEspecially lately among investment banksA little more than a year ago, Michel Camdessus gave the Prime Minister its report on "modernization of the distribution of the Livret A and circuits of financing of social housing. Gilles Vaysset, its general rapporteur, analysis the reform as the Government and the Treasury were drawn to him.
The reform of the booklet, which comes into force on January 1, needed
The answer may be limited to the recall of the decision of the European Commission requiring the France terminate the privilege of distribution of the booklet. But reform is not only the result of a constraint, I believe that it is the result of a double conviction. The first is the need to bring past keys to the modernization of French banking company, started there are 30 years and a recent milestone was the creation of La Banque Postale. The second is that reform leading to lower the cost of the resource for organizations of HLM was absolutely essential to avoid their progressive financial asphyxia.
As it has been drawn, is, according to you, to the benefit of consumers, banks and social housing
The reform is intended to be balanced and it seems to me that all parties are indeed their interest. The biggest beneficiaries will be housing agencies, since the savings in the cost of management of the collection that the reform will come in the cost of the onlending to their operations. Market conditions observed in 2008, can be estimated at EUR 700 million relief of their financial burden that, structurally, will be at least EUR 500 million per year. But consumers will also benefit from greater freedom of choice, banks would now offer the most comprehensive range of products.
Up to 4 in August, the rate of pay of the booklet will falling below 3 since the beginning of 2009. Is the new formula suitable
Fundamentally, the formula has been changed in 2004. The mission chaired by Michel Camdessus suggested that two modifications, adopted by the Government. It should be to keep the two fundamental principles, on the one hand, that of fixation in connection with short-term market conditions, as regards savings available to view and, on the other hand, a guarantee of maintaining the value. Served is thus at least equal to that of inflation more 0.25. This last point is important: it must be remembered that when the rate was fixed arbitrarily by the public authorities, it often and long was less than inflation! It thus favoured a social mission, housing co-OPERATIVES, to the detriment of another, the protection of people's savings. An applicant do not like to see lower it serves him. But the applicant is also a consumer and from time to time a borrower: the fact that the rate of the booklet is to decline significantly at the beginning of the year is globally perceived as good news to the extent this means that the inflation down and therefore its purchasing power is best preserved and that loan conditions also fall.
If the rate drops, is there not a risk of brutal funds and therefore liquidity for saving funds which centralize the product and fund social housing
The risk of brutal livrets seems limited to me: the crisis has clearly shown that performance is not the only criterion to take into account and that the liquidity of the products and security are also important. Oscillation situations have already been met. But there are rules at any time providing savings fund important wheel of liquidity, such as the obligation of centralization to the tune of at least 1.25 times the amount of the stock of social housing loans.
Rules centralization will be complex over the next years. Was it not easier to merge the A booklet and the DDL
The booklet A - LDD fusion is an objective term, at least that is what the Camdessus report. Already, their management conditions have aligned: same commission on the funds in the CCD, same jobs. Only the ceiling is different. Immediate fusion or not, the principle of partial centralization leads to a difficulty: that of having to make a transition both for historical settlements for new distributors of booklet A, in order not to risk saving funds and for a period of smoothing. It is an element of complexity, but transient.
Missing something to reform, according to you
As I said, this reform is based on several pillars, which are broadly balanced. It seems to me that the 20 recommendations we had issued are all more or less implemented. Reflection on the aspect agencies housing financing system reform could however be thorough. We had suggested to open more widely to banks the financing of social housing, to allow a commercial offering if market conditions are favourable. A track of reflection remains open: the removal of the link between tax aid to housing loans of the CDC and social projects.
