EU Rules Against France In Savings Books Dispute

Law360, New York (May 10, 2007, 12:00 AM EDT) -- The European Commission has given France nine months to make legislative changes to end its practice of giving three banking networks exclusive rights to distribute tax-free savings products.

Banque Postale, Caisses d’Epargne and Credit Mutuel distribute the so-called savings books—which represent tax-free savings accounts—and in return for a fee, relay the proceeds to France’s Caisse des Dépôts et Consignations, which uses the funds to finance state-subsidized housing for low-income residents.

About 50 million French citizens have a total of approximately €128 billion invested in the tax-free...
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