Caisse des dépôts et consignations created by Louis XVIII (1816)

The Caisse des dépôts et consignations was established in 1816 as a French public financial institution. It succeeded the Caisse de garantie et d'amortissement, which was liquidated following Napoleon's demise. The creation was driven by Finance Minister Louis-Emmanuel Corvetto amidst government debt distress and distrust of the Bank of France. The founding law defined its role as a special body for administering deposits, consignments, and pension funds.

Episodes

Background and detail

Background. The institution emerged in the aftermath of the Hundred Days turmoil of 1815. It was the brainchild of Louis-Emmanuel Corvetto, Finance Minister under King Louis XVIII. The context included significant government debt distress and Louis XVIII's distrust of the Bank of France due to its Napoleonic baggage. The Caisse des dépôts et consignations succeeded the Caisse de garantie et d'amortissement, created by Napoleon and liquidated in 1816.

Legal Framework. Article 110 of the founding law of 28 April 1816 established the Caisse as a special body for administering deposits, consignments, and services relating to the Legion of Honour, channel companies, and pension funds. Three executive orders on 3 July 1816 further defined its major areas of activity, including safekeeping funds subject to legal disputes, voluntary deposits, and pension funds.

Governance. The 1816 law conferred a special status to guarantee complete independence by placing the institution under the supervision and guarantee of the legislative authorities. This was achieved through a Supervisory Board, designed to protect the Caisse against arbitrary action by the executive powers emanating from the state.

People involved

Sources

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