The “Livret A” savings account funds may be used by the French government and state-owned nuclear operator EDF to partially fund a portion of a €50 billion plan to construct six nuclear reactors.
As per a Financial Times post, “With about €370bn in deposits, Livret A funds are deployed by the Caisse des Dépôts et Consignations (CDC), a state-linked bank that carries out projects in the public interest, such as building social housing.”
By the end of 2022, there were 55 million Livret A savings accounts in France. A year ago, President Emmanuel Macron called for the building of six EPR2 reactors of the latest generation, with the option for eight more.
These six reactors are expected to cost 51.7 billion euros to construct, excluding financing costs, plus an additional 4.6 billion in case of execution issues.
The Livret A is a standard savings account that is quite popular across France, it is tax-free but has a maximum amount that you can keep in it.
Funds from Livret A could be released in the range of €10 billion to €20 billion for nuclear requirements, as per the latest reports.
The Ministry of Energy Transition stated, “the options for financing the new nuclear power plant are being studied, without any direction being arbitrated at this stage.”
The choice would ultimately depend on whether other funding options, such as borrowing money or selling bonds, are thought to be more cost-effective, the sources said.
Matters like this push for more decentralization and financial privacy as the government can simply take our money to fund such big projects without our consultation. Here the French government is trying to take money from Livret A accounts, the next day it could be some other entity that controls our money.
Maintaining control over your own finances is essential given how governments might take advantage of people by acting as though they own their money.
Recently, calls for decentralization arose as Scotiabank banned Jeremy MacKenzie without giving any reason. MacKenzie is also banned from entering any of the Scotiabank branches or premises in person without first getting written consent from the bank.
