The Caisse des Dépôts is counting on a rise in the Livret A rate due to inflation

A consequence of the return of inflation caused by the war in the Middle East. The deputy director of the Caisse des Dépôts (CDC) Antoine Saintoyant declared this Wednesday that he expected an increase in the Livret A rate, currently at 1.5%.

With “inflation tending to rise”, the CDC, which manages nearly 60% of the outstanding Livret A, “still rather expects the Livret A rate to rise” by the end of the year, explained Antoine Saintoyant.

The next revision of the rate, the calculation of which is partly based on the evolution of prices, will be decided by the Banque de France and Bercy in mid-July, for application from August 1.

In a first estimate published on March 31, INSEE has already announced an increase in consumer prices of 1.7% in March over one year, after 0.9% in February.

Bad news for social housing?

This acceleration in inflation is notably due to a significant rebound in energy prices, particularly petroleum products (+7.3% year-on-year in March, compared to -2.9% in February), since the first Israeli-American attacks against Iran at the end of February.

If it is beneficial for savers, an increase in the Livret A rate is not good news for social housing players, who see the cost of their loans evolving in parallel with the Livret A rate.

“Below 2%, financing conditions remain interesting” for social landlords, estimated Antoine Saintoyant during a presentation of the 2025 activity report of the Banque des Territories. “If we exceed 2%, it could have consequences,” he warned.

Investments in nuclear power

Asked about the financing of six new nuclear reactors, the leader mentioned an envelope of nearly 50 billion euros, at a rate of around 4 billion per year for a dozen years.

“We have plenty of room in the balance sheet of the Savings Fund (…) to inject these 50 billion euros” from the end of 2026 or the very beginning of 2027, he indicated.

The Élysée announced last month that the money placed in Livret A would contribute to the construction of six new EPR2 nuclear reactors, the cost of which is estimated at 72.8 billion euros.