Amendment passed in National Assembly

The National Assembly adopted amendment number 3274 to the draft finance bill for 2027 on October 30, 2026. Proposed by the LIOT group, it introduces a national loan for individuals with a 3.5% interest rate and tax exemption on interest. The amendment specifies a total amount of 50 billion euros for this operation, based on debate minutes and reports from MoneyVox with AFP.

Vote results and adoption status

The official minutes of the session show 23 votes in favor and 16 against, out of 39 expressed votes. Article 56, which received the amendment, was also adopted. However, the finance bill itself is not yet finalized, and the loan issuance has not been launched.

Proposed loan structure and features

Supporters of the amendment, including deputies Olivier Serva and Constance de Pélichy, described it as a way for French citizens to lend directly to the state at 3.5%, without tax deductions or bank fees. They suggested a ten-year duration, though these are not yet the conditions of a financial product available to the public. A rough calculation shows that 1,000 euros at 3.5% would yield 35 euros in interest annually, but this does not reflect the final structure of the loan or its payment terms.

Estimated savings and expert concerns

The amendment’s authors estimate that the operation could save up to 25 billion euros in interest charges over ten years. This figure is not yet confirmed and was contested during the debates. The minister in charge of public accounts, David Amiel, expressed concerns that the device might end up being more costly for the state than beneficial for savers. The general rapporteur, Philippe Juvin, also had reservations about the effectiveness of a large dedicated loan, despite the committee’s adoption of the amendment.

Comparing with existing financial products

The proposed loan’s 3.5% interest rate differs from existing Treasury obligations, or OATs, which are already available on the secondary market through banks or brokers. These can be resold before maturity, but their tax treatment differs from the proposed tax exemption. The Agence France Trésor explains that OAT interest is subject to ordinary taxation, making direct comparisons misleading without considering factors like taxation, purchase price, and maturity.

Future steps and uncertainty

The draft finance bill for 2027 still needs to go through the parliamentary process. The Assembly’s vote on the amendment does not ensure its inclusion in the final bill or the actual launch of the loan. No subscription counters have opened, and for savers, the relevant timeline will depend on the bill’s final adoption and the official details of any issuance. Until then, no institution can claim the loan is already available.