France will respond 'clearly' to EU investigation of tax-free savings accounts
Finance Minister Thierry Breton said the government will respond ‘clearly’ to the EU Commission’s investigation into the restricted distribution of Livret A and Livret Bleu savings accounts, though it has not yet received any elements of the infringement proceedings.
‘Of course, we are ready to respond clearly,’ Breton told journalists.
Earlier today, the Commission said it will contest the granting of exclusive distribution rights of Livret A savings accounts to state-owned La Poste and mutual bank Caisse d’Epargne.
The tax-free accounts are extremely popular, held by over 46 mln people, with total funds under management of over 112 bln eur. The funds are used to finance public housing projects.
The Commission is also examining whether another mutual bank, Credit Mutuel, received excessive compensation from the French state for the exclusive distribution of Livret Bleu tax-free accounts between 1991-2005.
