Posted on Oct 19, 2020 at 6:17 PM
One of the sea snakes of savings is resurfacing: how to direct French savings towards businesses? The question has returned to the forefront, because during the period of confinement, they reached an additional savings of 87 billion euros.
However, half of this “excess” of savings is due to the wealthiest 10% that savings products could interest. Part of the answer could lie in a new label “Relance” given to funds ” who will undertake to quickly mobilize new resources ” for French companies, says Bercy.
With this label, the government seeks to reconcile two objectives: to strengthen the balance sheets of French companies, and to reach as many savers as possible. Private equity funds meet the first requirement, but they are reserved for professional investors.
Top ten labeled funds
To democratize access to the label, open funds invested in listed companies are also eligible. They must invest a significant portion of their assets in shares of French companies, including small caps.
And above all to commit to participating in capital increases or IPOs. However, this commitment is more of a moral obligation than an absolute requirement.
The authorities thus presented the first ten labeled funds, the majority in private equity. Four funds open to the general public and invested in the markets are also concerned. The biggest French management players are behind them: Amundi, BNP Paribas AM and Natixis, via its affiliate Mirova.
The funds labeled Relance would be covered by a guarantee system managed by Bpifrance. A guarantee financed by premiums paid by the funds and by part of their capital gains. The State also provides in case of imbalance, a line of 150 million euros.
Three weeks to respond
It remains to be seen whether this “label” will be consistent enough in its content, the funds being able to take advantage of it by default if the administration has not made a decision within three weeks.
” The funds will be subject to, environment and measurement of their impact on support to the territories, including the Ministry of Finance. We will also be particularly vigilant in the management of funds under the Relance label, their management being like the others subject to scrutiny, in particular through our ethics committee. », Explains Dominique Gaillard, president of France Invest.