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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Source: A-infos-en@ainfos.ca
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