La Banque Postale is responsible for ensuring access to banking services, as set out in the French Monetary and Financial Code. As such, it receives compensation, which is formalized in a public service compensation contract. The 2021-2026 contract is currently being studied by the European Commission.
What does La Banque Postale's banking accessibility mission entail?
Created on January 1, 2006, La Banque Postale, a subsidiary of the La Poste group, fulfills a mission of banking accessibility. As stated in the French Monetary and Financial Code, "in the fields of banking, finance and insurance, La Poste offers products and services to as many people as possible, in particular the Livret A passbook savings account".
In concrete terms, La Banque Postale's public service mission consists of :
- open a Livret A passbook account to anyone who requests one,
- issue bank cheques,
- provide an ATM card,
- allow direct debit and credit transfers for holders of these Livret A passbooks.
The aim of this banking accessibility mission is to combat the risk of banking exclusion, which affects many people in precarious situations.
Validation of the public service compensation contract
In exchange for this public service mission, La Banque Postale receives remuneration from the French State, which is fixed by contract for a period of 5 years. For the period 2021-2026, the public service compensation contract has been validated by the French Treasury, and must now obtain the green light from the European Commission.
Compensation for this period amounts to around 300 million euros a year. This will enable 1.5 million customers to benefit from the free services agreed as part of this public service mission.
La Poste group is also responsible for 3 other public service missions:
- press transport and distribution,
- contributing to regional development through the presence of post offices,
- and mail delivery 6 days a week.