{"id":146223,"date":"2015-07-23T16:37:29","date_gmt":"2015-07-23T16:37:29","guid":{"rendered":"https:\/\/dievolkswirtschaft.ch\/2015\/07\/lengwiler-u-a-franz\/"},"modified":"2023-08-24T00:28:51","modified_gmt":"2023-08-23T22:28:51","slug":"lengwiler-u-a-franz","status":"publish","type":"post","link":"https:\/\/dievolkswirtschaft.ch\/fr\/2015\/07\/lengwiler-u-a-franz\/","title":{"rendered":"Les communes profitent de taux faibles"},"content":{"rendered":"

Les communes suisses d\u00e9cident en toute autonomie de leur recours aux capitaux \u00e9trangers. Les co\u00fbts de financement constituent un poste qu’elles doivent optimiser. Elles cherchent donc \u00e0 se financer aux meilleures conditions possibles et \u00e0 limiter les risques inh\u00e9rents aux fluctuations des taux du march\u00e9.
\nQui finance les communes suisses? \u00c0 quelles conditions les cr\u00e9dits sont-ils octroy\u00e9s? Quelle est la p\u00e9riode de validit\u00e9 des int\u00e9r\u00eats et du capital? Comment les finances communales ont-elles chang\u00e9 ces derni\u00e8res ann\u00e9es? Voici quelques-unes des questions abord\u00e9es dans le cadre d\u2019une \u00e9tude men\u00e9e par l\u2019Institut des services financiers de Zoug (IFZ), qui d\u00e9pend de la Haute \u00e9cole de Lucerne.
\nL\u2019enqu\u00eate sur le financement des communes al\u00e9maniques de taille moyenne, publi\u00e9e fin 2013, est la quatri\u00e8me sur ce th\u00e8me. Les pr\u00e9c\u00e9dentes datent de 2003, 2007 et 2010. Elle est repr\u00e9sentative et se base sur une banque de donn\u00e9es solide de 212 localit\u00e9s, soit 63% des 338 communes al\u00e9maniques de 4000 \u00e0 30 000 habitants. Avec un total avoisinant 1,8 million d\u2019habitants, cela repr\u00e9sente un quart de la population suisse et un tiers de la population suisse al\u00e9manique (voir tableau 1<\/em>)[1]<\/a>. <\/p>\n

Tableau 1. Comparatif des chiffres-cl\u00e9s de l\u2019\u00e9tude IFZ sur le financement des communes de taille moyenne<\/h3>\n

<\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
<\/td>\n

<\/p>\n

\u00c9tude 2003<\/td>\n

<\/p>\n

\u00c9tude 2007<\/td>\n

<\/p>\n

2007<\/td>\n

<\/p>\n

\u00c9tude 2010<\/td>\n

<\/p>\n

2010<\/td>\n

<\/p>\n

\u00c9tude 2013<\/td>\n

<\/p>\n

2013<\/td>\n


\n<\/tr>\n

<\/p>\n

Toutes les communes (98)<\/td>\n

<\/p>\n

Toutes les communes (217)<\/td>\n

<\/p>\n

112 communes identiques<\/td>\n

<\/p>\n

Toutes les communes (213)<\/td>\n

<\/p>\n

112 communes identiques<\/td>\n

<\/p>\n

Toutes les communes (212)<\/td>\n

<\/p>\n

112 communes identiques<\/td>\n


\n<\/tr>\n

<\/p>\n

Lignes budg\u00e9taires<\/td>\n

<\/p>\n

1091<\/td>\n

<\/p>\n

1825<\/td>\n

<\/p>\n

1006<\/td>\n

<\/p>\n

1536<\/td>\n

<\/p>\n

831<\/td>\n

<\/p>\n

1309<\/td>\n

<\/p>\n

741<\/td>\n


\n<\/tr>\n

<\/p>\n

Population r\u00e9sidante permanente (ann\u00e9e pr\u00e9c\u00e9dente)<\/td>\n

<\/p>\n

1’264’692<\/td>\n

<\/p>\n

1’894’863<\/td>\n

<\/p>\n

1’023’977<\/td>\n

<\/p>\n

1’874’528<\/td>\n

<\/p>\n

1’044’735<\/td>\n

<\/p>\n

1’809’009<\/td>\n

<\/p>\n

1’108’013<\/td>\n


\n<\/tr>\n

<\/p>\n

Engagements par habitant(en francs)<\/td>\n

<\/p>\n

3157<\/td>\n

<\/p>\n

2750<\/td>\n

<\/p>\n

2858<\/td>\n

<\/p>\n

2289<\/td>\n

<\/p>\n

2319<\/td>\n

<\/p>\n

2118<\/td>\n

<\/p>\n

2162<\/td>\n


\n<\/tr>\n

<\/p>\n

Engagements (en millions de francs)<\/td>\n

<\/p>\n

3993<\/td>\n

<\/p>\n

5211<\/td>\n

<\/p>\n

2927<\/td>\n

<\/p>\n

4290<\/td>\n

<\/p>\n

2423<\/td>\n

<\/p>\n

3831<\/td>\n

<\/p>\n

2395<\/td>\n


\n<\/tr>\n

<\/p>\n

– Banques<\/td>\n

<\/p>\n

47%<\/td>\n

<\/p>\n

57%<\/td>\n

<\/p>\n

57%<\/td>\n

<\/p>\n

64%<\/td>\n

<\/p>\n

66%<\/td>\n

<\/p>\n

65%<\/td>\n

<\/p>\n

65%<\/td>\n


\n<\/tr>\n

<\/p>\n

– Suva<\/td>\n

<\/p>\n

6%<\/td>\n

<\/p>\n

7%<\/td>\n

<\/p>\n

8%<\/td>\n

<\/p>\n

7%<\/td>\n

<\/p>\n

7%<\/td>\n

<\/p>\n

10%<\/td>\n

<\/p>\n

8%<\/td>\n


\n<\/tr>\n

<\/p>\n

– AVS<\/td>\n

<\/p>\n

9%<\/td>\n

<\/p>\n

8%<\/td>\n

<\/p>\n

7%<\/td>\n

<\/p>\n

12%<\/td>\n

<\/p>\n

11%<\/td>\n

<\/p>\n

9%<\/td>\n

<\/p>\n

9%<\/td>\n


\n<\/tr>\n

<\/p>\n

– Caisses de pension<\/td>\n

<\/p>\n

\u2013<\/td>\n

<\/p>\n

3%<\/td>\n

<\/p>\n

3%<\/td>\n

<\/p>\n

4%<\/td>\n

<\/p>\n

3%<\/td>\n

<\/p>\n

7%<\/td>\n

<\/p>\n

8%<\/td>\n


\n<\/tr>\n

<\/p>\n

– Assurances<\/td>\n

<\/p>\n

27%<\/td>\n

<\/p>\n

19%<\/td>\n

<\/p>\n

19%<\/td>\n

<\/p>\n

9%<\/td>\n

<\/p>\n

9%<\/td>\n

<\/p>\n

6%<\/td>\n

<\/p>\n

6%<\/td>\n


\n<\/tr>\n

<\/p>\n

– Autres<\/td>\n

<\/p>\n

11%<\/td>\n

<\/p>\n

5%<\/td>\n

<\/p>\n

6%<\/td>\n

<\/p>\n

4%<\/td>\n

<\/p>\n

4%<\/td>\n

<\/p>\n

4%<\/td>\n

<\/p>\n

5%<\/td>\n


\n<\/tr>\n

<\/p>\n

Engagements (en millions de francs)<\/td>\n

<\/p>\n

3993<\/td>\n

<\/p>\n

5211<\/td>\n

<\/p>\n

2927<\/td>\n

<\/p>\n

4290<\/td>\n

<\/p>\n

2423<\/td>\n

<\/p>\n

3831<\/td>\n

<\/p>\n

2395<\/td>\n


\n<\/tr>\n

<\/p>\n

– Pr\u00eats \u00e0 taux fixe<\/td>\n

<\/p>\n

91%<\/td>\n

<\/p>\n

90%<\/td>\n

<\/p>\n

90%<\/td>\n

<\/p>\n

88%<\/td>\n

<\/p>\n

89%<\/td>\n

<\/p>\n

88%<\/td>\n

<\/p>\n

89%<\/td>\n


\n<\/tr>\n

<\/p>\n

– Avance \u00e0 terme fixe<\/td>\n

<\/p>\n

\u2013<\/td>\n

<\/p>\n

2%<\/td>\n

<\/p>\n

2%<\/td>\n

<\/p>\n

3%<\/td>\n

<\/p>\n

3%<\/td>\n

<\/p>\n

6%<\/td>\n

<\/p>\n

5%<\/td>\n


\n<\/tr>\n

<\/p>\n

Pr\u00eats \u00e0 taux variable<\/td>\n

<\/p>\n

0%<\/td>\n

<\/p>\n

3%<\/td>\n

<\/p>\n

3%<\/td>\n

<\/p>\n

4%<\/td>\n

<\/p>\n

3%<\/td>\n

<\/p>\n

4%<\/td>\n

<\/p>\n

4%<\/td>\n


\n<\/tr>\n

<\/p>\n

– Autres<\/td>\n

<\/p>\n

9%<\/td>\n

<\/p>\n

6%<\/td>\n

<\/p>\n

5%<\/td>\n

<\/p>\n

4%<\/td>\n

<\/p>\n

5%<\/td>\n

<\/p>\n

2%<\/td>\n

<\/p>\n

2%<\/td>\n


\n<\/tr>\n

<\/p>\n

Dur\u00e9e moyennea<\/sup><\/td>\n

<\/p>\n

7,50<\/td>\n

<\/p>\n

8,16<\/td>\n

<\/p>\n

8,07<\/td>\n

<\/p>\n

8,19<\/td>\n

<\/p>\n

8,10<\/td>\n

<\/p>\n

8,18<\/td>\n

<\/p>\n

8,25<\/td>\n


\n<\/tr>\n

<\/p>\n

Int\u00e9r\u00eat moyena<\/sup><\/td>\n

<\/p>\n

3,5%<\/td>\n

<\/p>\n

3,0%<\/td>\n

<\/p>\n

3,0%<\/td>\n

<\/p>\n

2,6%<\/td>\n

<\/p>\n

2,6%<\/td>\n

<\/p>\n

1,9%<\/td>\n

<\/p>\n

1,9%<\/td>\n


\n<\/tr>\n

<\/p>\n

Marges d’int\u00e9r\u00eat moyenne sur pr\u00eats \u00e0 taux fixeab<\/sup><\/td>\n

<\/p>\n

26<\/td>\n

<\/p>\n

21<\/td>\n

<\/p>\n

22<\/td>\n

<\/p>\n

15<\/td>\n

<\/p>\n

15<\/td>\n

<\/p>\n

19<\/td>\n

<\/p>\n

18<\/td>\n


\n<\/tr>\n

<\/p>\n

– Banques<\/td>\n

<\/p>\n

33<\/td>\n

<\/p>\n

26<\/td>\n

<\/p>\n

\u00a027<\/td>\n

<\/p>\n

18<\/td>\n

<\/p>\n

19<\/td>\n

<\/p>\n

23<\/td>\n

<\/p>\n

21<\/td>\n


\n<\/tr>\n

<\/p>\n

– Suva<\/td>\n

<\/p>\n

8<\/td>\n

<\/p>\n

14<\/td>\n

<\/p>\n

\u00a013<\/td>\n

<\/p>\n

10<\/td>\n

<\/p>\n

9<\/td>\n

<\/p>\n

17<\/td>\n

<\/p>\n

15<\/td>\n


\n<\/tr>\n

<\/p>\n

– AVS<\/td>\n

<\/p>\n

25<\/td>\n

<\/p>\n

17<\/td>\n

<\/p>\n

\u00a015<\/td>\n

<\/p>\n

10<\/td>\n

<\/p>\n

9<\/td>\n

<\/p>\n

9<\/td>\n

<\/p>\n

8<\/td>\n


\n<\/tr>\n

<\/p>\n

– Caisses de pension<\/td>\n

<\/p>\n

\u2013<\/td>\n

<\/p>\n

14<\/td>\n

<\/p>\n

20<\/td>\n

<\/p>\n

3<\/td>\n

<\/p>\n

\u20135<\/td>\n

<\/p>\n

11<\/td>\n

<\/p>\n

10<\/td>\n


\n<\/tr>\n

<\/p>\n

– Assurances<\/td>\n

<\/p>\n

19<\/td>\n

<\/p>\n

15<\/td>\n

<\/p>\n

17<\/td>\n

<\/p>\n

11<\/td>\n

<\/p>\n

10<\/td>\n

<\/p>\n

10<\/td>\n

<\/p>\n

10<\/td>\n


\n<\/tr>\n


\n<\/tbody>\n


\n<\/table>\n


\na<\/sup>Pond\u00e9r\u00e9s selon le volume d’engagement<\/span>
\n
\nb<\/sup>En points de base (100 pb = 1%)<\/span>
\n<\/span>
\n
\nSource: IFZ \/ La Vie \u00e9conomique <\/p>\n

Importance du financement par les banques<\/h2>\n


\nFin 2013, pr\u00e8s des deux tiers des engagements des 212 communes \u00e9tudi\u00e9es avaient \u00e9t\u00e9 sign\u00e9s aupr\u00e8s de banques, les autres partenaires financiers \u00e9tant l\u2019assurance de droit public Suva (10%), le Fonds de compensation de l\u2019AVS (9%) ainsi que diverses caisses de pension (7%) et assurances (6%). Les banques cantonales et Postfinance ont \u00e9t\u00e9 \u00e0 l’origine de 23% des financements chacune, les autres banques se partageant les quelques 20% restants.
\nSi l’on entre dans le d\u00e9tail des cantons, on constate des disparit\u00e9s. La part des emprunts bancaires est, par exemple, sensiblement plus grande dans les communes lucernoises et saint-galloises. <\/p>\n

Retrait des assurances<\/h2>\n


\nL\u2019examen d\u00e9taill\u00e9 des 112 localit\u00e9s repr\u00e9sent\u00e9es dans les trois \u00e9tudes de 2007, 2010 et 2013 r\u00e9v\u00e8le un profond changement au niveau des partenaires financiers (voir illustration 1<\/em>). Postfinance a presque doubl\u00e9 sa part de march\u00e9 (de 12 \u00e0 23%) de 2007 \u00e0 2013 et celle des banques cantonales a cr\u00fb de 17 \u00e0 24%. \u00c0 l\u2019inverse, la part de march\u00e9 d\u2019UBS a diminu\u00e9 de 15 \u00e0 5% et celle des assurances de 19 \u00e0 5%. <\/p>\n

Ill. 1. Pourcentage des engagements communaux par partenaires financiers (2013)<\/strong><\/h3>\n


\n

<\/div>\n