Tag: La Poste

In the new state plan contract drawn up for La Poste, the French national postal service operator, outlining targets and plans for the period 2003-07, it is envisaged that a sum of 1bn euros be invested in the modernisation of sorting offices, and that the group create a credit institution capable of providing property loans without prior savings with effect from 2005.

The French Court of Auditors, which presented its report on the management of La Poste between 1991 and 2002, is less than enthusiastic about the national postal services group’s new business plan for the period 2003-2007. The Court estimates that La Poste is not in a strong position to face competition on the mail market, neither in terms of its financial situation, nor the quality of its service.

La Poste, the French post office, has received government approval for a limited expansion into financial services despite vigorous lobbying by French banks opposed to the move, French business paper Les Echos reports.

Nicole Fontaine, the industry minister, said La Poste would be authorised to begin offering mortgages to individuals buying homes, without the need to set up a savings plan, from 2005. However, requests by La Poste to begin offering disaster insurance and consumer credit were rejected by the government. Its application to enter the consumer credit market will be reviewed again in 2006.