Every year, billions of euros deposited in Livret A, LDDS or even LEP accounts silently leave the accounts of the French to irrigate the real economy. A discreet, but central circuit in the financing of public policies.
In 2025, the Banque des Territoires granted 41.7 billion euros in loansup 45% year-on-year. This increase in power is based on a specific model, a large part of Livret A and LDDS deposits are centralized within the Savings Fund, then transformed into very long-term loans. This financing can be spread over exceptional periods, up to 80 years, a horizon that commercial banks do not cover. This system thus makes it possible to back liquid and guaranteed savings with heavy investments, but essential for the general interest.
Social housing: the main outlet for savings
Social housing constitutes the heart of this circuit. According to the 2025 balance sheet of the Banque des Territoires, 22.9 billion euros were devoted to this sector, making it possible to finance 122,000 new housing units and renovate 43,000.
In total, nearly one in two social housing units in France is financed via this mechanism, according to the 2025 report from the Banque des Territoires. In a context of a lasting housing crisis, this lever remains decisive for maintaining production and supporting the renovation of the existing stock.
However, not all the sums deposited directly finance social housing; a part is kept by the banks or invested in order to ensure the financial balance of the system.
An impact well beyond housing
The use of these savings is not limited to housing. In 2025, these are 11,700 projects which have been funded in more than 4,350 municipalities, testifying to the territorial scope of the system.
The funds are thus used to support essential public infrastructure, renovation of schools, modernization of transport with carbon-free solutions, or even investments linked to the ecological transition and local public services.
A legal framework that is difficult to read for savers
Contrary to popular belief, the use of regulated savings is strictly regulated by law. The centralization mechanism via Caisse des Dépôts is provided for by the Monetary and Financial Code and is an integral part of the operation of the Livret A, the LDDS and the LEP.
But if many savers are unaware of this, it is also because this information appears mainly in the general conditions, the details of which are not always explicitly presented during subscription. However, they remain accessible at any time, in particular from banking establishments or via public sources such as Service-Public.fr or the publications of the Banque des Territoires.
In practice, the saver cannot object, these products are standardized and do not allow them to choose the use of the funds. Accepting the booklet also means accepting its role in financing the general interest.
Secure, but mobilized savings
For savers, the mechanism remains invisible, their capital is guaranteed, available at any time, and remunerated at a rate set by the State. However, in the background, part of these deposits is mobilized to finance long-term projects.
In a context of growing needs, housing, ecological transition, territorial cohesion, this system appears more strategic than ever. Regulated savings are thus establishing themselves as a discreet, but essential, pillar of public investment in France.
