SAI wants to get rid of old PELs, which are overpaid
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SAI wants to get rid of old PELs, which are overpaid

It should be noted that the negotiation between the banks and their clients to close the penal code in exchange for compensation.

Small gold mines for savers before 2011, old residential savings schemes (PEL) are in the sights of the Court of Accounts, which on Monday requested a cut in their salaries taking into account their cost to the state and banks.

Currently, the Performance Appraisal Act, which is paid once and for all when subscribing to a contract, does not look very unhelpful at a rate of 1% since 2016, while booklet A brings in double (2%) and booklet of popular savings (LEP) ) 4.6%. But this was not always the case: before 2015, money placed on PEL returned more than 2%. Its yield even rose to 3.27% between 2000 and 2003 and exceeded 4% before 1994.

In theory, PEL is a medium-term investment: it allows you to get a loan on favorable terms for the purchase of real estate or financial work. Since 2011, it has become possible to feed it only for 10 years and accrue interest for 15 years. A pre-2011 PEL subscription continued to accrue interest for an unlimited period, at the fixed rate at the time of the contract, encouraging some savers to hold it for longer.

A situation denounced by the Audit Bureau in a report published on Monday: “PEL is transformed from the historical goal of home ownership into a long-term savings product‘, she argues. According to the foundation, ancient PELs are similar toTo a real annual salary, especially for the benefit of older asset owners who own high assets“.

Expensive for banks and the state

This situation has been denounced for several years by interest-paying banks. “These old time limits are no longer in line with today’s market and are a huge cost to finance the economy.”, confirms the French Banking Federation (FBF) to AFP. According to the Bank of France, accounts for PELs opened before 2011 accounted for 107.7 billion euros last year with an average wage of 4.5%, compared to 3.04% for all PELs.

In a letter to the Court of Auditors published on Monday, its governor, François Villeroy de Galau, described the situation as “abnormality“. PELs also cost state money because those opened before 2018 are exempt from income tax until their thirteenth birthday and allow, when spent on a loan, to receive a state bonus (up to 1,525 euros), the amount of which depends on the interest received.

The Court of Accounts estimates 411 million euros the cost of the state in 2022 for these old costs.”Without the state withdrawing any financial return or directing the resource towards uses of public interest, as is the case for organized savings accountsShe confirms.We recommend considering a removal device“For the advantage of legacy PELs over other savings products, which you consider”Unjustified and even disproportionate“.

Economy Minister Bruno Le Maire responded on Monday, saying:take noteof the Court’s recommendations, and contented themselves with saying that the Court’s conclusion on PELs”can legitimately raise questions about the efficiency of this housing savings allocation“.

Commitment is commitment»

Reviewing old PEL rates is not easy because they are governed by contracts between individuals and banks. The topic is more sensitive because inflation, which reached 5.8% in August over a one-year period according to INSEE, is eroding real earnings for savers. “Commitment is an obligation and it must be respected”, in response to Francois Carlier, general delegate of the Consumers Association CLCV. If the banks decide to reduce the remuneration of the old ledgers, it will lead to major lawsuits and damage their image towards their customers, assures the Court of Audit.

Hence it specifies other solutions, such as negotiating between banks and their clients to close the penal code in exchange for compensation, or amending contracts by law in the name of the public interest, in exchange for an obligation from the banks. . To finance priority projects, such as environmental transformation and energy transition. FBF guarantees that “The profession is open to participation in work recommended by the court to public authoritiesA regulatory change is preferred in the performance of old PELs.

#SAI #rid #PELs #overpaid

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