On Monday 26 July, the European Commission authorised compensation of €1.77 billion for La Banque Postale to continue to provide the service of general economic interest (SGEI) of banking accessibility in France during the period 2021-2026.
The Commission had already authorised two SGEI mandates for La Banque Postale in 2013 and 2017.
The French authorities impose a number of obligations on La Banque Postale in relation to the distribution of the Livret A, to ensure easy access to a basic bank account for economically disadvantaged people.
In accordance with the agreement relating to banking accessibility applicable in France, La Banque Postale is required to: - open a Livret A account free of charge to all persons who request it; - offer a number of other banking services free of charge at all its branches; - maintain a territorial presence in areas where other banks have little presence in order to guarantee access to the Livret A.
According to the Commission, the compensation does not exceed the costs incurred by La Banque Postale for the accessibility mission, including a reasonable profit, and there is therefore no risk of overcompensation. The Commission found that the measure fulfils the other conditions of the 2012 SGEI Framework. Consequently, the Commission concluded that the measure was in line with EU State aid rules. (Original version in French by Lionel Changeur)