Inflation: the gesture of French banks in favor of purchasing power

Europe 1 with AFP 3:01 p.m., September 13, 2022

After the energy shield, the bank fee shield: Bercy has obtained from the banks that they do not increase their prices by more than 2% next year and that they divide them by three for the vulnerable public, in order to limit the impact of inflation.

"All the banks have made a commitment not to increase their banking rates by more than 2% over the year 2023", declared Bruno Le Maire on Tuesday during a press conference after a meeting with sector officials.

“There was an energy shield, we are putting in place a shield on bank charges,” he added.

A sharper increase in bank charges in 2022

According to the study carried out by the comparator Panorabanques at the start of the year, bank charges (account maintenance, cards, etc.) increased further in 2022, after two years of very moderate increases, to reach an average of 219.90 euros. per year, i.e. 1.5% more than in 2021.

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"The entire banking profession has decided on a policy of strong moderation of its rates", for his part underlined Laurent Mignon, boss of BPCE (bringing together the Banque Populaire and Caisse d'Epargne networks in particular) and ensuring since September 1 the rotating presidency of the French Banking Federation (FBF), a professional organization in the sector.

Each of the banks will now announce its rates in due course.

Bank charges for the most vulnerable reduced to 1 euro per month

The banks have also undertaken to reduce the maximum bank charges for vulnerable populations from 3 euros to 1 euro per month.

These remain significant: 118 euros per year, according to the annual report of the Observatory of banking inclusion chaired by the Banque de France, the latest analysis of which relates to the year 2021.

Bank incident costs are also much higher in France than in neighboring countries, denounced the consumer defense association UFC-Que Choisir in June on Tuesday.

It is on this last point that Crédit Mutuel Alliance Fédérale, which brings together 14 of the 18 federations of the mutualist group, had communicated in July by announcing "an account at 1 euro net per month without any incident costs", for customers " in financial difficulty".

Societe Generale had followed the movement by announcing also lowering its fragile clientele offer from 3 euros to one euro, the new standard therefore next year.

"A significant effort" against inflation, admits Le Maire

According to Bruno Le Maire, the profession is making "a significant effort" against the price increase.

Faced with high inflation (5.8% over one year in August according to the latest provisional estimate from INSEE), the government had invited companies in a position to do so to make a gesture in favor of the power of purchase of the French.

With record profits in 2021, the banking sector quickly found itself in the sights of Bercy.

BNP Paribas, Crédit Agricole, Société Générale, BPCE and the Crédit Mutuel group have together earned more than 30 billion euros in net profits.

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The current year is following the same trend.

And the rise in rates - the European Central Bank (ECB) raised its rate on bank deposits from 0% to 0.75% on Thursday - is favorable to them, recalled before the summer the governor of the Banque de France François Villeroy de Galhau.

Big absent from the declarations: the rate of wear.

This ceiling rate intended to protect individuals from abusive borrowing conditions, which is under fire from critics in particular from brokers who accuse it of considerably hampering access to real estate credit, has not been addressed.

After the bank, next Monday it will be the turn of insurance, whose main leaders will also be received at Bercy.