The cash voucher

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In return for a deposit from the Bank or a company, the investor receives a good; on this document, the recipient agrees, in Exchange for money given by the lender, to repay according to the schedule agreed these are assorted interest agreed upon in advance, it's a term investment. The Fund may be refunded to the applicant or to any beneficiary designated by the Subscriber (in the latter case, the cash purchase is passed by back). The Fund is a flexible method, which is very interesting.

Different savings bonds

The Treasury bond

Claim on the Treasury so the State whose interests are progressive. More good is preserved, the higher the interest rate. The Treasury bills are securities bond (i.e. the debt securities) issued by the State, through the Public Treasury (where their name). It constitute debt short term of the State. These securities are issued at all times by the State to cover the excess of its expenses on its resources
The buyer of a Treasury bond is so creditor of the State. The State undertakes to reimburse the purchaser to maturity term, and before this deadline, to him regularly pay interest. The value of the signature of the State, its ability to repay and his tips do not refund in the currency of monkey are therefore very important. Instead of an obligation, no coupon will be paid annually

There are different types of bonds available to investors in France:

  • The Treasury Bill rate and annual interest (BTAN)
    It is issued to meet the State's medium-term financing needs. His maturity is 2 to 5 years. It is issued by tender, the third Thursday of each month, as part of a semi-annual calendar published in advance. The BTAN deadline as well as the date of payment of the coupon are attached to the 12th of the month.
  • The Treasury Bill rate and interest precompte (BTF)
    It is issued to meet the needs of the State's short-term financing. Maturity is 3, 6 or 12 months. It is issued every Monday by tender, as part of a quarterly calendar published in advance. Interests are said to be "securities" and are payable on the day of the acquisition of the good.

The classic cash voucher

It's a term investment you can buy your bank easily in case of a cash surplus. Some banks may establish a voucher for the amount of your choice with however a minimum (often 1000).

 

Kassenbon in the crowdlending as a result of the refrome

Participatory financing reform on crowdfunding in France enacted with the order of May 30, 2014 had opened a breach in the banking monopoly by allowing operating platforms under the status of intermediary in crowdfunding (IFP) to offer financing in loans paid to companies.

 

However, the new regime was to ready to make such individuals: companies were not eligible for the quality of lenders in crowdlending to other companies.
This restriction limited the possibility of financing through IFP platforms.
Some platforms have so for circumvented this difficulty, reactivated an old financing tool that existed for a long time in the monetary and financial Code: the cash voucher.

The legislator therefore decide to modernize all this thanks to a reform which will take effect on October 1, 2016.

The order introduces three types of changes of positive law:

  • it modernizes the general scheme of cash bonds, a financing including the legal instrument was essentially in 1937 and, except for the credit institutions, was largely fell into disuse, until crowdfunding again; popularized them
  • She creates plan 'minibons", i.e. savings bonds the subject of intermediation by the crowdfunding platforms;
  • It is also of minor adaptations of the legal regime applicable to professionals of crowdfunding, participatory investment advisors and investment services providers.

All traders individuals and all commercial companies can now issue box, provided you have the balance of their third commercial exercise. All credit institutions may also issue such securities. Finance companies cannot issue of savings bonds.
In principle, savings bonds are entered into directly with the issuer (an exception was introduced to allow the intermediation of the minibons, see Q9 below).

 

Minibon 

A minibon is a fund subject to an intermediation by a crowdfunding platform held by a consultant equity investments (CIP) or (PSI) investment services provider. Unless a waiver, the general scheme of savings bonds is therefore applicable to minibons, who must also present certain specificities for the sake of policyholder protection.

Savings bond

The savings bond is presentation and characteristics identical to the purchase Fund with however some differences on points that following.
Duration: savings bonds are always 5 years, but may be reimbursed at the end of the third month following the subscription.
Rate: compensation is free, but the rate of savings bonds is progressive, meaning that it increases (with retroactive effect to the date of subscription) with the term of the investment. Over the date of the refund will be away from the date of purchase, the higher the rate on which interest will be calculated and this up to five years.

Interest payments: the saver that can from the fourth month choose repayment date, interest will be calculated and paid to this date. In fact, we don't know, by definition, the actual duration of the investment that the day where the investor requests the refund. Therefore, the interests are always postcomptés.

Bonds may be issued in two forms:

anonymous form (or bearer): there is no indication of the name of the beneficiary
; anonymous vouchers can be passed from hand to hand, but they are heavily taxed;
nominative form: the good name of the Subscriber; the good names
cannot be refunded to the Subscriber.

Benefits of the cash voucher

The right to several benefits for an investor fund

  •  The capital is returned in its entirety except State bankruptcy émetteur(plutôt rare) the issuing bank (already less rare) or (far more common business
  • The remuneration of a cash voucher is progressive. Far more maturity, the higher the interest rate. Crowdlending pay attention is fixed.
  • The funds remain available. You can request a refund for a purchase Fund before maturity, at the earliest 3 months after purchase (in the case of savings bond). Often, attention also in the crowdlending (example unilend) the company may prepay but you cannot claim a refund.
  • Only a bankruptcy from your bank could pose a threat to the capital invested in the case of a cash voucher issued by your bank. But in this case, you benefit from the legal guarantee of deposits (100,000 euros by Bank). However in bank savings bonds rate is really very low.

 

Amount:

There is no minimum no legal minimum (each /entreprise Bank sets its own thresholds) a good can be 20-100 1000 or 10 thousand euros. He n also no maximum. As there is no legal thresholds bonds are established to
demand and thereby can be issued for any amount.

Length:

The minimum duration of a good is 1 month, and its maximum duration of 5 years (60 months).

Rate:

the rate of savings bonds is free, but it is below the rate
money market in the case of banks. It is well to the beyond in the case of crowdfunding.

 

Interests:

There are several methods.
pre-packed: i.e. calculated and paid in advance for the two
first years for example;
postcomptés: that is calculated and paid at maturity or beyond
for example, two years.

 

  • Fund to periodic payment voucher: you earn interest at times regular (ex. each month, quarter, half-year). In crowdfunding, you will find good ones who pay monthly capital + interest.
  • good capitalization: interests are not paid annually, but add to the capital placed at the origin, so that they also produce interest the following year. At expiration, you receive all your principal and all interest;
  • kassenbon step-up: you receive annual interest, but the rate increases with time. example, the savings bond

Tax system

Totally different depending on whether the form is anonymous or nominative:
• If anonymous: PFL 60% on interest (*) as well as 2% per 1 January on the capital (if the BC is issued for a period of less than 12 months, 2% on capital will be charged pro rata temporis).
There are 11% in respect of social security contributions or 71% in total!
-If not anonymous or nominative: IRPP + 11% social contributions collected at the source, or PFL of 27% (16 + 11) – (PFL 18% from January 1, 2008)
-In the case of a declaration at the IRPP, a tax credit of 10% is withheld on interest

Various points of the cash purchase

  • The interest calculation is done on the day the day
  • Anonymity is possible only if it is asked to subscribe since 1 January 1998
  • Past the due date, no pay on the duration exceeding this last, regardless of the date of refund
  • Your bank may, if she wants to redeem them. If there is a prepayment option according to institutions to levy a penalty of 0.5 percent on interest
  • The banks charge no fees on cash bonds.
  • If the good hard less than a month, the compensation is prohibited
  • Possibility of opposition on a cash purchase
  • they are not negotiable: Unlike most securities, they are not likely to be transferred under the terms characterizing the negotiability, which means that they are more transferable by tradition (given from hand to hand) or endorsement (in addition, such transmission does not purge the right of his earlier vices, see Q8 infra).
  • Savings bonds, despite their non-negotiable nature, can circulate terms of assignment of claim which the new regime is defined by the order of February 10, 2016, reform the law of contract, the general scheme and the proof of obligations:
    • a writing is necessary to establish that the transfer of the title;
    • assignment, against third parties from the date of the written document, must be notified to the issuer for cash to be enforceable (unless it has already consented or if it notes);
    • the issuer may object to the assignee all exceptions inherent in debt (invalidity, non-performance, compensation etc.).

Sources:

  • Book principles and Bank technique
  • http://www.Tresor.economie.gouv.fr/13778_modernisation-du-regime-des-bons-de-Caisse
  • Wikipedia
  • http://www.boursereflex.com/Lexique/bons_de_caisse
  • lesclesdelabanque.com/Web/Cdb/Particuliers/Content.nsf/DocumentsByIDWeb/6W7EWV?OpenDocument

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