2 billion per year to the State is pinned

Taxing the banks

As the Germany, who has just adopted its project in the matter, and the United Kingdom, the France is preparing a project of Bank tax. It is the Finance Act for 2011, the project must be submitted in late September, which will introduce this new collection. Little is known at this stage. In principle, the French tax will be sitting on risky assets banks. It is the choice posted by Christine Lagarde in July at the annual meetings of Paris Europlace. Clearly, it's to avoid penalizing retail activities to finance the economy and focus on market activities. Tax concocted by Bercy should present several features from the British and German devices. First, while Berlin has decided to assign this new resource to a dedicated Fund to bail out institutions that would be undermined in a new crisis, the product of the French tax (such as the British) will be paid directly to the State budget. On the other hand, unlike the choice made German and British, the French tax should be deductible from corporate income tax. A means of limiting the invoice. The France account withdraw the tax several hundreds of millions of euros.

Channel the savings to the service of industry

Instead of creating a new product savings, Bercy has finally decided in early summer to use the savings to finance equity small and medium-sized enterprises (SMEs) and industrial companies. In fact, nearly 85 billion euros in outstanding company savings schemes (PEE) represent them an unhoped-for oasis in a context of scarcity of credit. As the source is perennial, the savings draining each year gathering approximately EUR 2 billion to some 12 million beneficiaries employees. In practice, Bercy intends to impose on companies to integrate in their PEE at least a profiled funds dedicated to the industrial sector or in SMEs and intermediate listed companies, as the funds dedicated to the solidarity savings that they already make available to their employees in their range of investments. The Treasury Branch is closing with the social partners the necessary consultations for the implementation of this reform.

Adapt the bank rates to fragile clients

The bank rates will be again under the spotlight in this school. After the publication of the report Pauget Constans early July, bankers and consumer associations are called to develop in music as early as September some of its lighthouses, through the Advisory Committee of the financial sector. This is the substantial decrease in costs of incident on levy (limits the amount and the number of boards of intervention) and the development of the range of alternative payment (automatic overdraft over cheque card) for the most vulnerable clients. The CFSC will also reach agreement on the price list of the ten products and services the most used each bank should then display to facilitate comparisons between institutions. Christine Lagarde wants also to appear in each monthly account statement and the application of the common glossary of banking terms already defined by the banks, before the end of 2010 the total amount of fees paid by the client. The Minister for the economy finally militates for the development of offers on the map to the package ("package"), which is widely imposed since 15 years. All these developments should interfere without regulation but "if necessary...". "the provisions could be incorporated into the law of banking regulation discussed in September", but warned the Minister.

Strengthen financial sanctions

Cornerstone of the post-crisis G20 decisions, Christine Lagarde will defend this fall its financial regulation Bill considered in second reading. Number of amendments should be discussed. In the current state of the text, the supervisors will see their power strengthened with the creation of a financial regulation and the systemic risk Council, responsible for coordinating the action of the France International. Similarly, the financial markets authority will impose higher fines, restrict market emergency negotiations and oversee credit rating agencies. Error, they are directly responsible for the damages suffered.

During the control pane, the second package of measures aims to encourage the resumption of the financing of the economy. The SME rating procedures will be facilitated, credit insurance will have new tools for risk analysis with data bases of the France Bank and OSEO, the public SME financing bank, will be more room for manoeuvre with the merger of its three support to SMEs, financing tools, the guarantee and innovation. Finally, banks will gain access to new instruments of refinancing, Habitat, calibrated obligations to the standard of the French market, the surety, guarantee and to open their doors to a large market of investors.

Touch or not to the taxation of life insurance

Insurers know targetted at the time when the Government will remove some 10 billion euros in tax and social benefits. Mid-August, "Les echos" revealed a very critical General Inspection of finance report on fiscal and social incentives for saving devices. The life insurance, which costs 1.2 billion per year to the State, is pinned. He complained to complete less its objectives in the financing of the economy. A criticism without foundation, counter the insurers, reminiscent of that in 2009 their 1,600 billion euros of investments were invested for a third party obligations of companies, 19 in shares and 34 in obligations of States of the OECD. "It is a secret: public authorities ask us to invent new products promoting the holding of shares", explains an insurer. What objects are in the profession, faces a bottom trend: "insurers turn away of quoted shares because yields are not meet. In all cases, prevent they touch to the taxation of life insurance, and thus to long savings, could falter the financing of the economy. "One of the successes of the French economy, is its household savings.". "We are very careful to not to destabilise," promised François Baroin, the Minister of the Budget, in an interview with the "Figaro" last week.Bercy refused for the time being to raise the subject. The record, it is true, is politically sensitive, since no less than 14.5 million French hold a life insurance contract. "We will oppose any challenge to the taxation of life insurance, as required by mobilizing our members", therefore prevents Jean Berthon, the President of the Faider, which brings together 11 associations of savers. But insurers may also be used to finance the social debt ("Les Echos" from August 20).