Its rate (1%) is fixed and guaranteed by the State, and even more advantageous than the famous livret A (0.5%).
However, it is shunned by the French.
Little known, the popular savings account (LEP) is a small thumb of regulated savings accounts, risk-free investments popular with households.
According to the latest figures from the Banque de France, 7.3 million LEP were open in 2019. While 15 million individuals are eligible.
Capped at 7,700 euros, it is intended for low-income households and its opening is subject to means-tested conditions.
In 2019, the tax income for one part was set at 19,779 euros.
“This product has been in decline for ten years,” notes Philippe Crevel, director of the Cercle de l'Épargne.
Bercy wants to relaunch it and asks the banks to put it back at the head of the gondola.
"
To turn the tide, Bercy has chosen to facilitate and streamline the checks carried out by banking establishments in a decree, published in the Official Journal on March 14.
Banks will be able to digitally query the General Directorate of Public Finances (DGFiP) to obtain the household's reference tax income.
A development “strongly desired” by the banking community to “facilitate the customer approach”.
"This will make it possible to streamline the management of LEPs," the French Banking Federation (FBF) welcomes.
Both public authorities and banking institutions are working on technical adaptations in order to create and ensure the safety and efficiency of the future system.
In conjunction with the State, the banks will be involved in the implementation of the system.
"
Hunt for "duplicates"
In this same decree, Bercy gives a slight turn of the screw to drive out “duplicates”, ie individuals who have several same regulated savings accounts (livret A, livret de développement durable et solidaire or LEP).
"It just makes it possible to ensure the application of the law, which prohibits everyone from holding several booklets in different establishments," says Bercy.
The banks, responsible for carrying out the checks, sometimes struggle to ascertain what their customers say.
As with LEP, they will be able to question the tax administration to simplify and strengthen checks.
“It was a request from the banks, to stop complicating life, abounds Philippe Crevel.
But I think the share of the public concerned is minimal.
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Few of the savers knowingly fill out several livrets A, the preferred investment of the French, up to its ceiling of 22,000 euros.
These famous duplicates would rather result from errors or careless mistakes.
“It can happen that a parent opens an A booklet to his child when he is born.
Who opens another himself, once larger, when he did not know he already had one, we explain to Bercy.
This does not concern millions of French people.
But, no one is supposed to ignore the law.
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After going through the DGFiP sieve, an individual caught with several same regulated savings accounts will be fined 2% of the outstanding amount, and will have two months to regularize their situation.
Otherwise, the bank will settle the passbook, and transfer the money to a checking account.
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These "adjustments" do not aim, it is said in the entourage of Bruno Le Maire, "to free the savings of the French".
They who deposited 20 billion euros in 2020, during the coronavirus crisis on their passbooks, a record.
“That part of the savings be reinjected into the economy is one of our concerns.
We are working on it, but no decision has been taken, we assure Bercy.
The French will spend when they have confidence in the future.
"
