Latest news with #LivretA
Bloomberg
3 days ago
- Business
- Bloomberg
Bank of France Recommends Cutting Regulated Savings Rate to 1.7%
France is set to cut the rate on its popular regulated savings products, following a recommendation from the central bank. The return on so-called Livret A and LDDS accounts should be lowered next month to 1.7% from 2.4%, Bank of France Governor Francois Villeroy de Galhau said in a statement on Wednesday.
RTÉ News
10-07-2025
- Business
- RTÉ News
Proposal for state-backed savings scheme for social and affordable housing
The Social Democrats have published proposals for a state-backed savings scheme which would provide funding for social and affordable housing. The savings scheme is along the lines of a French scheme, called the Livret A, which has been in operation for decades and is consistently among the most popular savings products. The party's housing spokesperson, Rory Hearne TD, rejected suggestions it was along the lines of the Celtic Tiger-era SSIA savings scheme, stating that money was not ringfenced for anything. Deputy Hearne said the party's Homes for Ireland savings scheme could provide a real solution for the housing crisis that would give people hope that the "housing disaster" was solvable. The TD for Dublin North-West said the current housing situation was "a social catastrophe and the biggest issue facing our country". "We're saying to young people, the housing crisis does not have to go on, new policies can solve the issue," he said. Deputy Hearne said such a savings scheme could channel some of the €163bn currently on deposit in Irish banks. Increase to social and affordable homes He said the funds would then be channelled through agencies like Home Building Finance Ireland or the Housing Finance Agency who would then provide favourable finance rates to local authorities and Approved Housing Bodies to build social and affordable housing. Deputy Hearne said this would not provide "more shoebox apartments by funds", but rather much-needed social and affordable homes. He pointed out that in France, some €19bn was provided for social and affordable housing in 2020. He said if Irish savers amassed €1.5 - €2bn in deposits, this could be used to fund between 6,000 and 7,000 units per year. The TD said the Government repeatedly claimed that the Opposition was not providing ideas to solve the housing crisis, and said "here's a solution". Also speaking at the event was Professor of Social Policy in UCD, Michelle Norris who sat on the Housing Commission. Professor Norris said the Commission had recommended that the level of social and cost-rental housing needs to be doubled – so around 20% of the population are living in the sector. She said while a lot of public money was currently being spent on social housing, this was not matched by the building of social housing. Housing waiting lists She said people were spending years on social housing waiting lists, and there needed to be measures to promote counter-cyclical investment in housing, meaning that housing could still be built during an economic downturn. She said the scheme in France had provided a stable, low cost source of finance for social housing providers. "France has managed to double its supply of social housing to the levels of supply the [Housing] commission recommended for Ireland to about 22% of the population," Prof Norris added. She said the Livret A scheme provides a really stable source of funding so the sector is not entirely dependent on government, and said it was suitable for the Irish context. Professor Norris said the Housing Commission recommended in its report that the scheme should be underpinned by legislation, a Social Housing Act, to guard against privatisation.
Euronews
12-03-2025
- Business
- Euronews
Macron's defence spending plan drives open political divisions in France
The French president warned of tough budget decisions ahead as the country struggles with a daunting public deficit. ADVERTISEMENT French President Emmanuel Macron is spearheading an accelerating effort to reshape European security. He is taking the initiative just as the European Commission agrees on an €800bn plan to bolster European defence sovereignty in response to the rapprochement between Russia and the US, as well as US President Donald Trump's increasing scorn towards both Ukraine and NATO. But as France's debate over military spending intensifies, political divisions mean the chances of finding consensus are increasingly slim. France currently allocates 2% of its GDP to its defence sector. Macron told French newspaper Le Figaro that he aims to raise defence spending up to 3.5% of the country's GDP, a hike that would require an additional €30bn annually. Such a drastic increase would be a major challenge given the state of France's strained public finances. Macron's ambition clashes with the government's current goal of lowering France's budget deficit to 5.4% of its GDP by the end of 2025, down from around 6% in 2024. One proposal under discussion to finance France's increased military spending is a national loan, a measure last used to reduce state debt in 1993. Prime Minister François Bayrou and Economy Minister Eric Lombard have floated the idea and also proposed setting up a defence-specific account similar to the Livret A — a regulated, tax-exempt personal savings account with an interest rate set by the state, with funds invested by the state to pay for infrastructure and housing, national debt payments and other uses. Lombard has also proposed seeking investment from banks, insurance firms, and institutional investors. What do the French think? 'I think that in the current situation, France can hardly afford to increase its public debt,' Sylvain Bersinger, chief economist at consulting firm Asteres, told Euronews. "Another solution is to try and increase growth and therefore resources and tax revenues. Typically, this means getting the French to work more by increasing the pension age. But that's so unpopular that I don't think it's even possible. I'd say there's no magic solution." Yet despite economic concerns, public support for increased defence spending remains high. A recent survey conducted by Ipsos-Cesi Engineering School showed that 68% of the French electorate support the idea. Even 66% of voters supporting the hard-left party France Unbowed (LFI), which is usually wary of any military intervention, said they support the budget increase. As for supporters of the far-right party National Rally (RN), a little more than half said they are in favour of boosting military spending. Where do other parties stand? While most MPs in France's lower house of parliament have expressed their support for Ukraine specifically, political divisions remain. Last week, lawmakers debated France's stance on Ukraine and whether to send peacekeeping troops on the ground. RN leader Marine Le Pen said that while she supports aiding Ukraine, she believes France should prioritise its national interests. ADVERTISEMENT She also rejected a unified European defence strategy and opposed any suggestion of sending French troops to Ukraine. Meanwhile, the Socialist Party and the Greens have aligned themselves with the government, agreeing that Europe must strengthen its military sovereignty. Socialist leader Olivier Faure said he was against any measures that would place the burden on French citizens. Instead, he has proposed taxing corporations and cracking down on EU countries that serve as tax havens for big tech, in particular Ireland and Luxembourg. LFI MP Alma Dufour, meanwhile, has raised concerns that increased military spending will ultimately benefit the US defence industry. ADVERTISEMENT 'We're not against France and Europe rearming," she said in an interview with broadcaster Franceinfo. "The question is that if we spend €40bn this year on military equipment, where will that go? To the United States." On Monday, a report by the Stockholm International Peace Research Institute showed that 64% of Europe's arms imports come from the US, followed by France, South Korea, Germany and Israel. Dufour has proposed an increased tax on billionaires, claiming that a 2% tax on France's 500 richest individuals could generate €25bn — putting France well on the way to achieving Macron's military spending ambitions.
Saudi Gazette
11-03-2025
- Business
- Saudi Gazette
Macron's defense spending plan drives open political divisions in France
PARIS — French President Emmanuel Macron is spearheading an accelerating effort to reshape European security. He is taking the initiative just as the European Commission agrees on an €800bn plan to bolster European defense sovereignty in response to the rapprochement between Russia and the US, as well as US President Donald Trump's increasing scorn towards both Ukraine and NATO. But as France's debate over military spending intensifies, political divisions mean the chances of finding consensus are increasingly slim. France currently allocates 2% of its GDP to its defence sector. Macron told French newspaper Le Figaro that he aims to raise defense spending up to 3.5% of the country's GDP, a hike that would require an additional €30bn annually. Such a drastic increase would be a major challenge given the state of France's strained public finances. Macron's ambition clashes with the government's current goal of lowering France's budget deficit to 5.4% of its GDP by the end of 2025, down from around 6% in 2024. A contentious bill Macron has put forward aims to cut €30bn from public spending and raise taxes by €20bn to curb the deficit. The question in front of the government is how to do it. One proposal under discussion is a national loan, a measure last used to reduce state debt in 1993. Prime Minister François Bayrou and Economy Minister Eric Lombard have floated the idea and also proposed setting up a defense-specific account similar to the Livret A — a regulated, tax-exempt personal savings account with an interest rate set by the state, with funds invested by the state to pay for infrastructure and housing, national debt payments and other uses. Lombard has also proposed seeking investment from banks, insurance firms, and institutional investors. 'I think that in the current situation, France can hardly afford to increase its public debt,' Sylvain Bersinger, chief economist at consulting firm Asteres, told Euronews. "Another solution is to try and increase growth and therefore resources and tax revenues. Typically, this means getting the French to work more by increasing the pension age. But that's so unpopular that I don't think it's even possible. I'd say there's no magic solution." Yet despite economic concerns, public support for increased defense spending remains high. A recent survey conducted by Ipsos-Cesi Engineering School showed that 68% of the French electorate support the idea. Even 66% of voters supporting the hard-left party France Unbowed (LFI), which is usually wary of any military intervention, said they support the budget increase. And as for supporters of the far-right party National Rally (RN), a little more than half said they are in favor of boosting military spending. While most MPs in France's lower house of parliament have expressed their support for Ukraine specifically, political divisions remain. Last week, lawmakers debated France's stance on Ukraine and whether to send peacekeeping troops on the ground. RN leader Marine Le Pen said that while she supports aiding Ukraine, she believes France should prioritize its national interests. She also rejected a unified European defense strategy and opposed any suggestion of sending French troops to Ukraine. Meanwhile, the Socialist Party and the Greens have aligned themselves with the government, agreeing that Europe must strengthen its military sovereignty. Socialist leader Olivier Faure said he was against any measures that would place the burden on French citizens. Instead, he has proposed taxing corporations and cracking down on EU countries that serve as tax havens for big tech, in particular Ireland and Luxembourg. LFI MP Alma Dufour, meanwhile, has raised concerns that increased military spending will ultimately benefit the US defense industry. 'We're not against France and Europe rearming," she said in an interview with broadcaster Franceinfo. "The question is that if we spend €40bn this year on military equipment, where will that go? To the United States." On Monday, a report by the Stockholm International Peace Research Institute showed that 64% of Europe's arms imports come from the US, followed by France, South Korea, Germany and Israel. Dufour has proposed an increased tax on billionaires, claiming that a 2% tax on France's 500 richest individuals could generate €25bn — putting France well on the way to achieving Macron's military spending ambitions. — Euronews
Local France
23-02-2025
- Local France
March dates, mutuelles and signs of Spring: 6 essential articles for life in France
As it's the last weekend in February, it's time to look ahead to next month's key dates. From the high-stakes conclusion of Marine Le Pen's embezzlement trial to the end of the school winter holidays and a higher eco tax on plane tickets, here is what is on the agenda for March 2025 in France. Everything that changes in France in March 2025 Most people registered in the French health system have the 'top up' health insurance known as a mutuelle – here's how to understand the French system and pick the best policy for you. Can you work more than one job in France? If you open a French bank account, you may also be offered a Livret A savings account – here, we explain exactly what they are, and whether they are a good option for foreigners in France. What is the Livret A savings account and should foreigners in France open one? Spring seems to have arrived early in 2025 – it's only mid February but already large parts of the south of the country are issuing pollen alerts, while some local authorities have begun their anti-mosquito treatments. Meanwhile, the weather's getting warmer, it's lighter longer into the evening and flowers are starting to bloom, as they do in all northern hemisphere countries… But there are also some peculiarly French signs that spring has sprung.
