Press Release: Commission considers that its decision on livret A and livret bleu has been implemented and closes infringement procedure against France on livret A and livret bleu

The European Commission closed an infringement procedure under Article 226 of the EC Treaty after France complied with its obligation to give all banks the possibility to distribute 'livret A' and 'livret bleu' tax-free saving books. On 10 May 2007, the Commission had required France to put an end to the special rights granted to Banque Postale, Caisse d'Épargne and Crédit Mutuel for the distribution of these savings products. Since 1 January 2009, a significant number of new 'livret A' accounts have been opened in banks which are now enabled to distribute these accounts and the brokerage fees have been cut by nearly half. Moreover, since opening 'livret A' and 'livret bleu' to all banks, the amount of savings increased by 14% from €164 billion in December 2008 to €187.3 billion in April 2009.