A-Infos (en) France, OCL CA #360 - The Livret A savings account will finance nuclear power (ca, de, fr, it, pt, tr)[machine translation]

There is talk that the Livret A savings account, which can already be 
used to finance the defense industry, will also be used to finance the 
nuclear revival. ---- But what exactly is the Livret A? ---- The 
question may seem odd since almost everyone has one. It is, in fact, the 
savings account for those who don't have much (savings). It's called a 
Livret A because originally it was indeed a savings account (everyone 
who's older remembers them) that you could get at the post office or the 
Caisse d'Epargne (Savings Bank). Its distinguishing features are that 
the interest rate is regulated, the same regardless of the bank where 
you opened the account, it's tax-free (you don't pay taxes on the 
interest), and the funds are centralized (at least 65%) by the Caisse 
des Dépôts et Consignations (Deposits and Consignments Fund), a public 
financial institution. The minimum deposit is low (EUR10) and capped 
(you can't exceed a certain amount). You can withdraw any amount you 
want at any time without fees. In fact, it's a bit like theft: the rate 
is generally lower than the inflation rate, so you think you're saving, 
but you're actually losing purchasing power. Savings products that yield 
higher returns are reserved for the wealthy: you have to deposit more 
upfront, and you can't withdraw the funds along the way without fees.

Saving is indirectly lending money. The interest rate doesn't fall from 
the sky. The deposited money is lent with interest to institutions or 
companies, and that's why it earns interest. When you have bank savings, 
you generally don't know who you're financing: it might be Dassault, 
artificial intelligence, data centers, the genocide in Gaza... The 
Caisse des Dépôts (French public sector financial institution) is 
supposed to use the funds from the Livret A savings account to finance 
missions of general interest, and particularly social housing. That's 
why when savers turn away from the Livret A, for example because it 
yields too little or because other savings products become tax-exempt, 
it weakens social housing.

Back in 2020...
2020, remember? It was COVID. A EUR100 billion stimulus package was 
planned, and the Caisse des Dépôts used the Livret A to provide EUR26 
billion. Since November 7, 2023, the Livret A has also been used to 
finance companies linked to national defense. It couldn't have escaped 
your notice while watching advertisements that banks are now selling us 
"ethical" savings. And they've discovered, surprise surprise, that many 
of their clients don't consider arms exports to be ethical. So, they had 
to find another source of funding. Therefore, be aware that if you've 
kept your Livret A savings account, you're financing the defense 
industry. During the nuclear policy meeting held on March 12th, the 
Élysée Palace indicated that "60% of the total amount of the[new nuclear 
program]will be financed by the Caisse des Dépôts savings fund," meaning 
the Livret A, Sustainable Development Savings Accounts, and the Livret 
d'Epargne Populaire (People's Savings Account). This government has a 
very particular conception of the public interest. Certainly, the public 
interest has always served the interests of capital. But in this case, 
it's downright arbitrary, since all it takes is for the Élysée Palace to 
decide.

How much does it cost?

And how much does 60% of the total amount of the new nuclear program 
amount to? Well, we don't know. The "major overhaul," meaning the 
necessary maintenance and repairs to extend the lifespan of the power 
plants, is estimated at around one hundred billion euros by the Court of 
Auditors over several years. For the EPR2 reactors, in December 2025 EDF 
announced approximately 90 billion euros, after having announced around 
59 billion in 2022[1]. And for the moment, there is only site 
preparation work, not the slightest sign of a nuclear construction 
project... It's worth remembering that Flamanville, the only EPR built 
in France, was initially estimated at 3.4 billion euros by EDF, and at 
23.7 billion euros in January 2025 by the Court of Auditors. As for the 
SMR reactors, if you read the article published last month, you know 
that we haven't the slightest idea.

By arguing that social housing loans are operating at a loss (the Caisse 
des Dépôts pays very low interest to savers but also a commission to the 
banks that offer the savings accounts), the Caisse des Dépôts obtained 
permission for a portion of the funds to be used for profitable 
financial operations. According to Wikipedia, at the end of 2007, social 
housing loans amounted to EUR84 billion and financial operations to 
EUR114 billion.

What's certain is that social housing is already underfunded. If the 
Livret A savings account has to finance the astronomical sums required 
for the nuclear revival, the situation will only worsen. What's also 
certain is that if the government decides to finance the nuclear revival 
with the Livret A, it's because the banks and financial markets aren't 
exactly rushing to buy. Could it be that the energy of the 
future-decarbonized, sovereign, and cheap-is in trouble? Perhaps capital 
isn't certain of its feasibility and profitability? Perhaps some have 
doubts about EDF's financial stability?

In short, if you don't want to finance this kind of nonsense, close your 
Livret A. And if you don't want to finance big business, avoid saving at 
all.

Sylvie

Notes
[1]These are approximate figures, not only because EDF doesn't actually 
know the figures, but because EDF is using 2020 euros and I have 
converted them to current euros

http://oclibertaire.lautre.net/spip.php?article4702
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