Fortunately such projects have more courses

The Caisse des Dépôts has more General Manager since the death of Francis Mayer. It is an important function: Caisse des Dépôts is the protector of the people's savings (deposit 200 billion) and plays an essential role in the financing of social housing, the major infrastructure and, in General, in the territorial development. The Director-General has greater freedom of action: he is appointed by the Council of Ministers for five years. Public establishment is a large providers of miscellaneous revenue of the State: 2.8 billion euros are provided for in this title in the Finance Act 2007. What will be the mission entrusted to the future Director General

Public establishment with special legal status, the Caisse des Dépôts must first fulfil its public service missions. Its primary mission is the financing of social housing. It, over the past five years, a considerable effort to accompany the relaunching of this sector: the number of housing starts has more than doubled in five years, from 40,000 units to about 100,000 units. Similarly, it largely vested on urban renewal operations led by the National Agency for urban renewal (Anru). Do more implies that social landlords to offer more. It is endeavoured to meet its financing needs (decrease in the cost of the resource, interest subsidy, extension of loans). It has especially developed, on an experimental basis, the financing of the porting of the land, with a commitment of Commons, to facilitate social accession to property. This is an innovative field which should be amplified in the future, because the social home ownership should be more developed in our country.

Another important area of intervention is the financing of major infrastructure. Our country takes delays, lack of available budgetary means. Private partners are reluctant to commit to long term for operations whose immediate profitability is not always guaranteed. Should do more, especially in the context of public-private partnerships. But the procedures are long and complex. Simplifications should be sought. The Caisse des Dépôts, with its technical and financial expertise and confidence it raises, should take a more active part.

The management of pension plans is a sector in full news with the pension reform, and in particular that of the special schemes. The Caisse des Dépôts has acquired with the many plans that it manages (agents of local communities and hospitals, additional public service plan including) solid competence for the treatment of mass operations and the investment of the reserves waiting for employment. This should get him to seek new mandates.

To deal with these various missions and adapt its governance, the status of the Fund of deposits should be reviewed. To affirm the autonomy of the institution, it is normal that the Supervisory Board become a supervisory board and take decisions instead of making advice, even if they are very generally followed. The establishment of specialized committees within should be upheld. The appointments and remuneration Committee should be created to fill jobs in management. The Supervisory Board should give its opinion on the appointment of the Director-General. The composition of this Council, currently consisting of parliamentarians and personalities from the public sector, should be open to qualified personalities from the private sector. The Caisse des Dépôts staff could be represented.

The Caisse des Dépôts finally has a large mass of deposits to ensure the liquidity of the financing of social housing or corresponding protected deposits. Traditionally, it is first invested in government bonds. This is a practice made when the State was difficult to finance its deficits, which is no longer the case today. But served interest rates are currently low attractive. It gradually expanded its interventions in bonds issued by private companies, which ensures both diversification and better pay. Is it legitimate that invest a portion of its availability in actions and in particular in quoted shares Certainly, because in the absence of the French pension fund, it has a regulatory effect on the domestic market, which is far from useless. In addition, this ensures, with clear gains, better remuneration than obligations. So why deny this possibility a large public institution Some seem to sometimes shocked by the almost discretionary nature of these investments, they believe this leads to some values to the detriment of others. All savvy managers know that is not playing the index values that it maximizes its outcome. Often, it is better, even increase its risk, focus on where there is significant weight and values on which it is investing over a long period. If it is a private organization, there is no shortage of rent its investment strategy, but when it comes to a public institution, one Cree haro on political pressures and economic patriotism! To cut short such criticism, it would suffice to constitute within the Supervisory Board of an investment Committee that would oversee the investments. This is what is currently done informally, in the Monitoring Committee.

Each presidential election approached, the projects concerning the future of the Caisse des Dépôts whizzing: for some, should make it completely public, funds available should be reserved for the sole benefit of the public sector, for others, must be to the contrary the privatize because such a public instrument would more justification. Fortunately, such projects have more courses. Only remains in debate the balance between the funding given to the public sector and those devoted to the private sector, the first being necessary, the second useful, even essential. So, the future Director General will not to fight to maintain the integrity of the institution. However, it must ensure that the Brussels Commission, on behalf of his religion of competition, does not attempt to amputated.