The CRDS levy

The CRDS levy is a broad-based tax on all earned and unearned (investment) incomes. It was specially introduced for CADES, and its receipts are allocated exclusively to CADES. This tax levy guarantees the reimbursement of the borrowings incurred by CADES.

The CRDS is withheld directly from earned and replacement income, which account for 90% of its tax base.

The CRDS levy's tax basis and collection costs are borne by CADES.

CADES' other resources: the proceeds from the sale of part of the social security system's real estate assets (pursuant to article 9 of the government order dated January, 24th 1996) 

According to the article, the real estate assets privately owned by the National Social Security funds and ACOSS (the Social Security Bodies' Central Agency) have been used to generate income from rents. On the owners' initiative, all these assets, except for the premises allocated to administrate functions, will be sold and the proceeds of this sale will be allocated to CADES.

All the assets that will not have been sold by December, 31st 1999, and the rights and obligations attached to them, will be transferred to CADES, which will be entitled to call on any authorized unit or body to manage and to sell the said assets. All real estate assets must be completely sold by December, 31st 2008 at the latest. At December 31st, 2003, 467.2 million euros had been generated through sales operations.

According to the Order dated December, 27th 1999, published in the Official Journal on December, 30th 1999, the rented private building stock belonging to the Caisse Nationale d’Assurance Vieillesse des Travailleurs Salariés (CNAVTS) has been transferred to CADES. The Board of directors has a mandate to sell this property as quickly as possible and at the best financial conditions. This has been completed by year end 2003.