EU declines comment on report to rule against French savings account exclusivity
The European Commission declined to comment on a report that it will rule today against the exclusive distribution of French tax-free savings products.
‘I cannot make any comment,’ said a spokesman for EU competition commissioner Neelie Kroes.
Agence France-Presse, citing unnamed sources, reported the commission will rule that the exclusive distribution of ‘livret A’ and ‘livret bleu’ savings accounts by La Poste, the Caisses d’Epargne and Credit Mutuel infringes competition laws.
AFP also reported that the French finance ministry envisages appealing the commission’s ruling.
In early June last year, the commission initiated infringement proceedings on the accounts, which are intended to finance social housing as well as private savings.
