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PARIS (Thomson Financial) - Distribution of 'Livret A' tax-free savings accounts will be opened to all French banks as part of an economic modernization bill to be presented to parliament next year, Prime Minister Francois Fillon's office said in a statement.

France was ordered by the European Union to end the monopoly on Livret A distribution currently held by state-owned postal bank La Banque Postale and mutual bank Caisse d'Epargne.

The bill including the provision for opening up Livret A distribution to all French banks will be presented to parliament in the first half of 2008, the prime minister's statement said.

greg.keller@thomson.com

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