Tag: La Poste

The European Commission yesterday reignited its long-running feud with France over alleged illegal subsidies and unfair advantages granted to the country’s savings banks. The Brussels-based regulator suspects the French government could have violated European Union rules in its dealings with Credit Mutuel, La Poste and Caisse d’Epargne – the three lenders allowed to distribute popular, state-subsidised savings books known as Livret A and Livret Bleu. It has launched a formal probe into the matter. An inquiry will be a boost for the group of rival French banks – including Societe Generale, BNP Paribas, Credit Agricole and Banque Populaire – which have spent years trying to break what they claim is an unfair oligopoly among the savings banks.

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.