The Crédit Municipal de Paris, better known by the nickname "My Aunt", organizes an operation from January to March 2019 that consists of free giving objects to their owners who have deposited them as premises. An old tradition for this multi-secular institution.
"My aunt", famous for his pioneering work on the Parisians, was founded in 1637. But it is exactly one hundred years since she got the name Crédit Municipal de Paris (CMP).
To commemorate this Centenary, the CMP, from 2 January to 31 March 2019, introduces a free cleaning-up operation, consisting of free giving objects to their owners who have deposited them as premises (hence the term "release"). This is a very old tradition for this multi-secular institute, which has been practiced 30 times since 1789.
Historically, struggle against usury
The last free release dates from 2012: the operation was intended to celebrate the 375 years of creation, created by Théophraste Renaudot under the name Mont-de-Piété. Born in Italy in the fifteenth century, folk fathers (monte di pietà in Italian, which should have been translated as "charity allowance") are pawnshops. Their aim is to fight usury, that is, the offending interest rates. The oldest bank in the world, Monte dei Paschi di Siena, was founded in 1472 as a pawnshop. The pawnshops were recognized by Pope Leo X on the 5the Lateran Council, in 1515.
In October 1918, the pledgees in France were converted into municipal loans by a decree that authorized them to open deposits. Today, municipal loans are both public institutions and banking institutions. There are 48 of them.
A brief history of Crédit Municipal de Paris
The origin of the nickname "my aunt" is uncertain. The most quoted is a historical anecdote: Ferdinand Philippe d & # 39; Orléans, son of King Louis-Philippe, had to put down his watch as a promise to deal with his gambling debts. To explain the disappearance of his watch, he pretended to be forgotten at my aunt's ".
The operation of the pawnshop
To get a credit from "my aunt", you must deposit one or more items. We then receive a sum representing between 50% and 60% of the estimated value of the deposited object. The annual interest depends on the loan amount. It grows, from 4% for amounts less than or equal to € 300, to 8.45% for loans between € 1,000 and € 6,000. For higher amounts, the rate is lower by 5.80% remain competitive against the competition "Says Xavier Giorgi, deputy Chief Executive Officer of the institution.
If the borrower has not repaid one year after the start of the loan, two options are possible: in 90% of the cases the contract is extended by one year. Otherwise the deposited object is auctioned. If the sales price is higher than the amount due, the difference (the bonus) will be paid to the borrower. In 2017, borrowers received 3.7 million euros in bonuses.
An institution with a "social calling"
The transaction for the first quarter of 2019 only concerns borrowers whose outstanding loans (with the exception of interest) on 31 October 2018 were less than or equal to € 100. They can take back their (their) object (s) free of charge. This operation corresponds to " the confirmed social calling Xavier Giorgi emphasizes the CMP.
Almost 600 people go to the CMP every day for a pawnshop. The typical customer of "my aunt" is a Francilienne: 83% of the customers are women and 93% live in Île-de-France. The gold jewels represent 95% of the objects deposited in pledge. In addition, nine out of ten people find their object back.
A total of 1,700 people may have been affected by the approval operation, for a total outstanding amount of € 120,000. About 10% of these people have currently benefited from this release. The objects involved in the release are diverse: " small art objects such as sculptures, bicycles, jewelery, silverware, etc. "Says Xavier Giorgi.
The book Paris Partage
The pawn building activities are partly financed by the Paris Partage book, which was launched at the end of November. It allows to place up to 50 000 €, with a gross interest rate (before payment of the mandatory fees) of 1% per year. Investors decide to allocate at least 25% of the interest to one or more associations.
The three partner structures of the CMP are Emmaus Coup de Main (professional integration and accommodation), the Agency of the gift in kind (collection of unsold products for non-food benefits) and the Siel Bleu Foundation (support of the fragile people through the Physical activity) .
For the Paris Partage booklet, the CMP obtained a Finansol label, relating to the investment of savings in the pawn exchange activity and the donation of part of the interest, whereby each of these two criteria was sufficient for the allocation of the label. At the end of December 2018 the total amount placed in this booklet was almost € 300,000. Half of the savers already had a savings account with the CMP.