Commissie heronderzoekt de commissies die de Franse regering betaalt voor het distribueren van spaarboekjes (en)

The European Commission today adopted two decisions concerning French savings books, the so-called `livret A' and `livret bleu'. The decisions are distinct but related. The Commission is pursuing a state aid investigation into the fees paid by the State to Crédit Mutuel for distributing the `livret bleu', to establish whether there has been overcompensation.

La Poste, the Caisses d'Épargne and Crédit Mutuel also have special rights to distribute the `livret A' and the `livret bleu' and here the Commission has decided to initiate infringement proceedings, by sending the French authorities a letter of formal notice asking them to submit observations on the justification for these rights. The Commission fears that these special rights may infringe the Treaty by raising obstacles to the freedom of establishment and freedom to provide services (Articles 43 and 49). The decisions do not affect the way the savings books work as far as private individuals are concerned.

Competition Commissioner Neelie Kroes i commented, "Both sets of proceedings should be seen in the context of the Commission's efforts to increase competition and widen consumer choice in the financial services sector".

The `livret A' and the `livret bleu' are tax-free savings products intended to increase savings and finance social housing. They are distributed only by three banking networks (La Poste, Caisses d'Épargne and Crédit Mutuel), which transfer the sums collected to Caisse des Dépôts et Consignations (CDC), and receive an intermediary's fee in return.

Extension of formal inquiry into the `livret bleu'

In a decision of 15 January 2002 (see IP/02/67), the Commission held that Crédit Mutuel had been overcompensated for the costs incurred in distributing the `livret bleu', and that this was incompatible with the Treaty. That decision was annulled on 18 January 2005 by the Court of First Instance, which found that the grounds had not been properly stated.

In today's decision the Commission extends the scope of the proceedings. It does not question the mandate given to collect deposits to finance social housing, in the general economic interest, but it wants to examine the costs and revenues associated with the distribution of the `livret bleu', in order to determine whether there has been overcompensation for the service provided by Crédit Mutuel to the State from 1991 to 2005. Any such overcompensation might constitute state aid contrary to the rules of the Treaty prohibiting aid that distorts competition (Article 87). The Commission could require France to recover any such illegal aid from Crédit Mutuel.

Infringement proceedings regarding `livret A' and `livret bleu'

At the same time, the Commission has decided to open infringement proceedings, under EC Treaty rules governing the management of services of general economic interest (Article 86(2), concerning the special distribution rights of the `livret A' and the `livret bleu'. The Commission takes the view that the special rights given to La Poste, the Caisses d'Épargne and Crédit Mutuel may be contrary to the rules in the EC Treaty which guarantee the freedom of establishment and freedom to provide services, because (i) they make it less attractive to set up a business in France offering savings products to private individuals, and (ii) they prevent credit institutions from other Member States from offering this service to their customers and receiving fees from the CDC in return.

The general interest can justify certain restrictions on the freedoms guaranteed by the Treaty, but the Commission considers that the special rights in question are not necessary in order to achieve any objectives of this kind. The rights do not serve to remunerate the distribution networks, which receive a fee direct from CDC, and do not appear to be necessary in order to preserve their characteristics for the benefit of individuals or in order to help finance social housing.

The Commission has therefore decided to send the French authorities a letter of formal notice which asks them to provide information within two months. The distribution networks will also be asked for their observations. When the Commission has studied the replies it may ask the French government to put an end to the special rights.

The two decisions follow the decision of 21 December 2005 approving the establishment of Banque Postale (see IP/05/1654), which said that the `livret A' would be considered separately later.

The Commission's objective is to create the conditions for fair competition on the liberalised market in savings products in France, and particularly to remove any barriers to the entry of new operators into the market.