The Savings Fund :
everyone's savings in the
service of the general
interest
The missions of the Savings
Funds
Within the Caisse des Dépôts, the Savings Fund has the
following missions:
■ Ensuring
the security and liquidity of the regulated savings
gathered by the banking networks and centralised within
the Caisse des Dépôts
■ Transforming
such demand savings into long-term loans
for purposes of general interest identified by the State,
primarily social housing and city policy
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The general economy of the
Savings fund
LA
Passbooks
Outstandings
LDD
LEP
65%
Centralised
outstandings
70%
Fund
Manager
The Savings Fund centralises the regulated savings (Livret A passbook, LDD, LEP)
then transforms part of these short term savings into long-term loans.
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The passbooks centralised within the
Savings Fund : main aspects
Opening
conditions
Deposit
ceiling
Compensation
rate
LA
Any
natural
person
€22,500
Indexed on inflation
and money market
rates
LDD
Adults
Maximum 2
LDD/household
€12,000
Livret A passbook rate
LEP
People
Tax < €769
Maximum 2
LEP/household
€7,700
Livret A passbook rate
+ 0.50%
Max (½ Inflation excl. tobacco + ¼ Euribor 3 months
+ ¼ Eonia / inflation + 0.25% )
With half-yearly change limited to 1.50%
4
Centralised
part
65%
65%
70%
Evolution of the centralized
outstandings
Figures at FY 2012
5
Savings collected by all networks
A unique transformation
model
Livret A
passbook
and
LDD
€ 343 bn
Collection
centralised
in the
Savings
Fund
€ 256 bn
+
+
Capital and
others
LEP
€ 52 bn
€ 14 bn
Loans
€ 147 bn
Social housing
and city
€ 128 bn
Other
€ 19 bn
Financial
assets
€ 123 bn
Rate
90 %
Shares
10 %
Figures at FY 2012
Commission paid to the banking network
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Sharehol
ders
equity
Earnings
Compensation for
the State
guarantee
Long-term financing at preferred
rates with high achievements
A single pricing policy, irrespective of the institution and the duration
Loans at preferred rates, most often granted at the resource cost or even
below for social housing
A regulated environment, with every loan from the Caisse des Dépôts that
must be guaranteed by a local authority
The activity has been rising sharply, with a strong development of the
Infrastructure sector in the past few years
New loans signed in 2012 (total amount : € 24 bn) included :
€ 14,5 billion for social housing and the city (including refinancing)
€ 3 billion for sustainable infrastructures
€ 6,5 billion for local authorities
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Prospects of the Savings
Fund
■ Still scarcity of financing
■ Specifically in the offer for long-term loans from commercial
banks
■ Public ressources are drying up
■ Increasing needs
■ Construction of social housing
■ Adaptation of the infrastructures to the new challenges of the
sustainable city (adaptation to ageing, urban renewal, ecological
transition)
■ Stimulus plans through investments in the infrastructures
■ Prospects for expanding activity
■ The missions of the savings fund have been confirmed by the
recent crisis and are expected to evolve
■ The Savings Fund is completely legitimate as the long-term
financing source for projects of general interest
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The Infrastructures activity at
the Savings Fund
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Financing sustainable
Infrastructures
As a general interest mission, the Savings Fund has been entitled by
the Minister in charge of the Economy to finance the development of
infrastructures :
First infrastructure package (2004 – 2008) : € 4bn with a focus on public
transportation projects
■ Second infrastructure package (2009 – 2012) : € 11,5 bn, with same
and aditionnal sectors (education, health, water…)
■
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Financing sustainable
Infrastructures
2013 – 2017 : € 20 bn debt financing for infrastructures projects
The € 20 bn new debt financing package
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Tarification :
Floating, 130 bps over Livret A (i.e. 305 bps all-in as of today)
Floating, inflation + margin, actuarial neutrality between Inflation and
Livret A + 130 bps
Tenor :
higher than 20 years and max 40 years
Sectors :
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Eligible clients :
several sorts of local public entities, SPV’s…
Public transportation
Water
Floods protection
Waste treatment
Very-high speed Internet Networks
Public buildings refurbishments
Social housing subsidies
Universities
Hospitals
Schools
Financing sustainable
Infrastructures
Intervention through both direct loans to local public entities or PPP
Project Finance scheme
■ Direct loans to local public entities :
Eligibility of the project to be analyzed
■ Credit quality of the financing entity to be checked by the credit comitee
■ Loan Agreement to be signed with the local public entity (only public risk being
accepted)
■ Intervention during both construction and operation period
■
■ PPP Project Finance :
Possible to finance a project with private sponsors
■ Contractual structure : French PPP contract « Contrat de Partenariat »
■ Compulsory 100% public guarantee leading to an intervention only during
operation period on Senior State secured debt : a share of the availability
payments paid by the public concessionnaire is to be directly paid to the Savings
Fund.
■
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Projects financed through Direct
Public Loans by the Savings Fund
■ 2004 – 2008 : Transportation (52 loans, € 2 bn)
High speed Lines, road projects : € 460 M
■ 31 loans for Tramways, Buns rapid transit (€1,35 bn)
■
■ 2009 – 2012 : Transportation (119 loans, € 4,8 bn)
44 loans for High Speed Lines : € 1,6 bn
■ 44 loans for Tramways, Buns rapid transit € 1,5 bn
■ 8 loans for Ports : € 250 M
■
■ 2009 – 2012 : Education (31 loans, € 480 M)
■ 2009 – 2012 : Water (24 loans, € 428,4 M)
■ 2009 – 2012 : Hospitals (75 loans, € 1,45 bn, with ¼ under « HQE
certification »)
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Projects financed through PPP
Project Finance
■ Transportation (9 loans, € 1,9 bn), for
mainly High speed Lines projects :
« Sud Europe Atlantique » project
■ « Nîmes Montpellier » project
■ « Bretagne – Pays de Loire » project
■
■ Education (7 loans, € 200 M) :
■
Université Paris 7 Paris Diderot,
Université
Paris
4
Sorbonne
Clignancourt, Université Versailles St
Quentin, Zoo de Vincennes, GreenER, Campus Bordeaux, Université
Toulouse II - Le Mirail
■ Hospitals (1 loan, € 19 M : Belfort
Hospital)
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The Savings Fund :
everyone's savings in the
service of the general
interest