The new calculation rule should avoid this pitfall

After months of negotiations on the delivery flat of the Caisse des Dépôts with State financial relations, the new rule of benefit-sharing was finally arrested. If the financial institution supervisory board gives the green light next Wednesday, it is half of its profits, and not just a third party, which will be feed from the State budget. This significant increase of the voluntary contribution of the Caisse des Dépôts must allow to integrate the exceptional gains her.

Hitherto these were indeed excluded from the basis of calculation of the dividend of the public institution. Each new gain was the object of debates between the State and the old lady of the rue de Lille, who wanted each obtained a significant share. The new calculation rule should avoid this pitfall.

Safety net

It has a safety net for the Caisse des Dépôts in return: dividend may not exceed 75 of its social result. In other words, whatever the performance of subsidiaries of the financial institution, the State will not benefit that provided that it does not erode the financial soundness of the institution itself. In the same logic, if the Caisse des Dépôts was led, as in 2008, to record losses, it would not to pay dividend corresponding floor to the product of the annuity of notaries, which it has a monopoly.

The State as the Caisse des Dépôts display their satisfaction. For the first, this new method of calculation is very appropriate to the time where Bercy has the more difficult to find enough financial resources to balance the French budget. Michel Bouvard, MP for Savoie (UMP) and President of the commission on monitoring of the Caisse des Dépôts, if being committed to the Minister of economy, Christine Lagarde, the new rule this year, the institution should provide to the coffers of the State 330 million euros, which will be added to the 660 million already paid to the title of 2009 results. The total amount of the dividend (EUR 990 million) paid in 2010 will thus exactly match half of the recorded profits last year by the Caisse des Dépôts.

Immediate invoice heavy

It recognizes that the immediate Bill is heavy, but, according to her, is a lesser evil. Indeed, the gap is, until 2009, minimal between its social result and its consolidated income statement - EUR 416 million-, which explains that the dividend ceiling does not apply. But this gap promises to increase significantly in the coming years because of the growing weight of subsidiaries. For example, dividends from the strategic Fonds d'Investissement (FSI), which appeared in the social outcome in 2009, will be transferred for accounting purposes in the outcome of the subsidiary itself in 2010.

The new mode of calculation ensure provided sufficient financial surface to the Caisse des Dépôts to fulfill its missions of general interest They enjoyed so far by one-third of the profits of the financial institution. This proportion should more than 25, or even less, with the new own funds requirements. It is now in the monitoring commission to forge his belief and vote Wednesday.