According to the latest barometer of the Deposit Guarantee and Resolution Fund (FGDR), carried out at the end of May 2021 by the Harris Interactive polling institute, the French trust banks and are more familiar with the guarantee mechanisms protecting their money.
French confidence in the banking system improves
Since the beginning of the health crisis, French households have been saving. Between the impossibility of consuming due to business restrictions during the various confinements, and the fear of the future in an uncertain economic context, the French have accumulated a surplus of savings which, at the end of June 2021, totalled 157 billion euros.
These savings, placed in deposit accounts, demonstrate a high level of confidence in the banking system, as confirmed by the latest FGDR Harris Interactive barometer published on September 14.
Since the first edition of this barometer in 2016, confidence indicators have continued to rise. Today, 67% of French people say they have confidence in the banking system, 18 points more than in 2016 and 3 points more than in 2020.
When asked if they feel their money is safe when they entrust it to their bank, 68% say they are confident, a percentage stable compared to 2020 despite the health crisis, and up 9 points over 5 years.
In the words of Thierry Dissaux, Chairman of the FGDR Executive Board, "the results of the 2021 barometer, in a period still marked by the pandemic, underline that French people's confidence in our banking system continues to grow".
Better informed customers
The French are also better informed about the guarantees available for their money, whether invested in savings books or current accounts. Asked by the Harris Interactive institute, 55% of French people surveyed said they knew they would not lose all their money if their bank went bankrupt, 15 points more than 5 years ago, and 3 points more than in 2020.
Bank customers can be compensated by the FGDR, via the bank deposit guarantee, if their bank goes out of business. Current accounts and savings books are guaranteed up to 100,000 euros per customer and per bank, while Livrets A, Livrets de développement durable et solidaire and Livrets d'épargne populaire are covered by a government guarantee on the same terms.
In both cases, it is the FGDR that compensates customers, after being automatically notified as soon as the unavailability of deposits has been established by the Autorité de contrôle prudentiel et de résolution.
In fact, the Fonds de Garantie des Dépôts et de Résolution only intervened once, in 1999, to transfer Crédit Martiniquais funds to another bank, as part of a preventive operation preceding the bankruptcy.
Today, 53% of French people surveyed are aware of the deposit guarantee, 9 points more than in 2016. 61% know that their current accounts are guaranteed, and 25% know the maximum amount of compensation. As for the FGDR, 49% of French people are aware of its existence, up 23 points on 2016.
"This confidence honors both the industry and its regulators, while at the same time inviting the FGDR to redouble its efforts in the service of its mission: to protect bank customers and keep them informed, in order to contribute ever more to the stability of the French banking system," emphasized Thierry Dissaux.