The Livret A saw a record level of collection in April of nearly 5.5 billion euros, according to figures published Wednesday by the Caisse des Dépôts, this phenomenon reflecting the fall in consumption caused by the measures of confinement in the face of coronavirus. Fundraising totaled 2.71 billion in March. A year earlier, it was just under 2 billion.
Collection on the Sustainable and Solidarity Development Booklet (LDDS), which contributes to the financing of the social and solidarity economy, also reached a historic monthly level of 1.93 billion euros. In total, net inflows on the Livret A and LDDS combined, investments both tax exempt, amounted to 7.39 billion euros in April.
Savings estimated at 40% of income
It is "a level never reached since the previous crisis (...) three times more than in April 2019", said Wednesday morning Eric Lombard, general manager of Caisse des Dépôts, during a hearing before senatorial committees. "The French have saved because they could not spend and this lack of spending naturally weighs on the economy," he said.
"Today, we estimate the savings of the French at 40% of their income", he continued, adding "that the sooner it will come out [it] (…) to finance consumption and investment, the better it will be [it] ”.
Expanded use?
In France, the sanitary measures put in place to combat Covid-19 led to the closure for several weeks of non-essential businesses. Many sectors in great difficulty hope for a rebound in consumption. "But in the meantime, this savings does not sleep, it is fully used to support our economy: the activity of financing social housing continues, the activity of financing local authorities has increased significantly and, more and more, we are going to use it ”, detailed the number one of the Caisse des Dépôts.
"We are very much in favor of the idea (...) that the use of these funds can be widened to be more useful and more effective in this period of exit from the crisis," he defended before the senators.
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