The French state institution Caisse des dépôts (CDC) that manages French public savings accounts has celebrated its 200 years of existence.
Several announcements have been made. By 2020, the CDC will invest €26bn on its own funds in companies and provide loans totalling €100bn.
The money is to back housing, infrastructure and public facilities sectors, CDC’s CEO Pierre-René Lemas said.
French president François Hollande announced the Agence française de développement, which is the operator for France’s bilateral development finance mechanism, will be integrated to the CDC.
He also said the French state will lower its debit on Caisse des dépôts’ profits. Therefore the institution could invest more in the area of sustainable development. Hollande even suggested to rename the CDC to “Caisse des dépôts et du développement durable”.
CDC’s anniversary is being celebrated at a moment when the rate of its emblematic savings product Livret A remains at its historic low, 0.75%.
The rate is expected to be trimmed again by the Banque de France.
In an interview to French radio station France Info, Lemas said he was against a further drop of the Livret A’s rate even though the strict application of the inflation-linked calculation formula used to set the rate should lead to a new trim, likely to 0.5%, over the coming weeks.