Trésor-Info - Publications de la direction générale du Trésor - Taux-moyenFlux de publication de la direction générale du Trésor - Taux-moyenFluxArticlesTag-Taux-moyenCopyright 20262026-01-22T00:00:00+01:00/favicon.pngDirection générale du Trésorhttps://localhost/sitepublic/contact@dgtresor.gouv.fr3bb4493c-b068-498b-836d-5dbf54053f2cTaux moyen de rendement des obligations des sociétés privées (TMO)Le Taux moyen de rendement des obligations des sociétés privées (TMO) est le taux moyen de rendement des obligations des sociétés privées émises au cours du semestre précédent. L'article 14 de la loi du 10 septembre 1947 dispose qu'il constitue le taux plafond pour l'intérêt servi par les coopératives à leur capital. Il est également le taux minimum de rémunération des accords de participation. L'accord détermine l'affectation des sommes issues de la participation.2026-01-22T00:00:00+01:00<h2 style="color: #333333;">Plusieurs affectations sont possibles :</h2> <ul type="disc"> <li>acquisition d&rsquo;actions de l&rsquo;entreprise ;&nbsp;</li> <li>compte courant bloqu&eacute; dans l&rsquo;entreprise ;</li> <li>acquisition de titres de SICAV ;&nbsp;</li> <li>acquisition de parts de Fonds Communs de Placement d&rsquo;Entreprise ;&nbsp;</li> <li>PEE, PEI ou PPESV ;</li> <li>souscription d&rsquo;actions des soci&eacute;t&eacute;s cr&eacute;&eacute;es par les salari&eacute;s en vue de la reprise de leur entreprise.</li> </ul> <p>Les comptes courants bloqu&eacute;s sont r&eacute;mun&eacute;r&eacute;s &agrave; un taux d&eacute;termin&eacute; par l'accord qui ne peut &ecirc;tre inf&eacute;rieur au taux moyen des obligations des soci&eacute;t&eacute;s priv&eacute;es.</p> <p>Lorsque le Taux moyen de rendement des obligations des soci&eacute;t&eacute;s priv&eacute;es constat&eacute; est n&eacute;gatif, il est recommand&eacute; de retenir pour son application dans les cas list&eacute;s ci-dessus un taux nul.</p> <p>&nbsp;</p> <p>&nbsp;</p> <table border="1" summary="Tableau des TMO" cellspacing="0" cellpadding="0"> <tbody> <tr> <td valign="top"> <p align="center"><strong>Ann&eacute;e</strong></p> </td> <td valign="top"> <p align="center"><strong>Semestre de publication</strong></p> </td> <td valign="top"> <p align="center"><strong>Taux</strong></p> </td> <td valign="top"> <p align="center"><strong>Date de publication au JO</strong></p> </td> </tr> <tr> <td valign="top"> <p style="text-align: left;" align="center">2025</p> </td> <td valign="top"> <p style="text-align: left;" align="center"><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second semestre</span></p> </td> <td valign="top"> <p align="center">3,705%</p> </td> <td valign="top"> <p style="text-align: right;" align="center">18 janvier 2025</p> </td> </tr> <tr> <td valign="top">2025</td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,525%</p> </td> <td style="text-align: right;" valign="top">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;23 juillet 2025</td> </tr> <tr> <td valign="top"> <p>2024</p> </td> <td valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second semestre</span></p> </td> <td valign="top"> <p align="center">3,26%</p> </td> <td valign="top"> <p align="right">15 f&eacute;vrier 2025</p> </td> </tr> <tr> <td valign="top"> <p>2024</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,18%</p> </td> <td valign="top"> <p align="right">15 f&eacute;vrier 2025</p> </td> </tr> <tr> <td valign="top"> <p>2023</p> </td> <td valign="top"> <p>second semestre</p> </td> <td valign="top"> <p align="center">3,37%</p> </td> <td valign="top"> <p align="right">14 f&eacute;vrier 2024</p> </td> </tr> <tr> <td valign="top"> <p>2023</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,14%</p> </td> <td valign="top"> <p align="right">26 juillet 2023</p> </td> </tr> <tr> <td valign="top"> <p>2022</p> </td> <td valign="top"> <p>second semestre</p> </td> <td valign="top"> <p align="center">2,51 %</p> </td> <td valign="top"> <p align="right">10 mars 2023</p> </td> </tr> <tr> <td valign="top"> <p>2022</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">1,325&nbsp;%</p> </td> <td valign="top"> <p align="right">5 ao&ucirc;t 2022</p> </td> </tr> <tr> <td valign="top"> <p>2021</p> </td> <td valign="top"> <p>second semestre</p> </td> <td valign="top"> <p align="center">0,27%</p> </td> <td valign="top"> <p align="right">14 janvier 2022</p> </td> </tr> <tr> <td valign="top"> <p>2021</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">0,2%</p> </td> <td valign="top"> <p align="right">15 septembre 2021</p> </td> </tr> <tr> <td valign="top"> <p>2020</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">-0,02%</p> </td> <td valign="top"> <p align="right">14 f&eacute;vrier 2021</p> </td> </tr> <tr> <td valign="top"> <p>2020</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">0,2%</p> </td> <td valign="top"> <p align="right">1er octobre 2021</p> </td> </tr> <tr> <td valign="top"> <p>2019</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">0,12%</p> </td> <td valign="top"> <p align="right">5 f&eacute;vrier 2020</p> </td> </tr> <tr> <td valign="top"> <p>2019</p> </td> <td valign="top"> <p>premier&nbsp;semestre</p> </td> <td valign="top"> <p align="center">0,62%</p> </td> <td valign="top"> <p align="right">24 juillet 2019&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2018</p> </td> <td valign="top"> <p>second semestre</p> </td> <td valign="top"> <p align="center">0,97%</p> </td> <td valign="top"> <p align="right">26 janvier 2019</p> </td> </tr> <tr> <td valign="top"> <p>2018</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">1,04%</p> </td> <td valign="top"> <p align="right">29 juillet 2018</p> </td> </tr> <tr> <td valign="top"> <p>2017</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">0,95 %</p> </td> <td valign="top"> <p align="right">8 f&eacute;vrier 2018&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2017</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">1,15 %</p> </td> <td valign="top"> <p align="right">31 ao&ucirc;t 2017&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2016</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">&nbsp;0,63%</p> </td> <td valign="top"> <p align="right">13 janvier 2017&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2016</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">0,80 %</p> </td> <td valign="top"> <p align="right">14 juillet 2016&nbsp;&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2015</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">1,19%</p> </td> <td valign="top"> <p align="right">14 janvier 2016&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2015</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">0,96%</p> </td> <td valign="top"> <p align="right">16 septembre 2015&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2014</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">1,5%</p> </td> <td valign="top"> <p align="right">6 mars 2015</p> </td> </tr> <tr> <td valign="top"> <p>2014</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">2,28%</p> </td> <td valign="top"> <p align="right">4 septembre 2014&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2013</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">2,62%&nbsp;</p> </td> <td valign="top"> <p align="right">11 f&eacute;vrier 2014&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2013</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">2,3%</p> </td> <td valign="top"> <p align="right">17 juillet 2013</p> </td> </tr> <tr> <td valign="top"> <p>2012</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">2,41%</p> </td> <td valign="top"> <p align="right">15 janvier 2013&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2012</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,15%</p> </td> <td valign="top"> <p align="right">8 juillet 2012</p> </td> </tr> <tr> <td valign="top"> <p>2011</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">3,36 %</p> </td> <td valign="top"> <p align="right">14 janvier 2012</p> </td> </tr> <tr> <td valign="top"> <p>2011</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,80 %</p> </td> <td valign="top"> <p align="right">19 juillet 2011</p> </td> </tr> <tr> <td valign="top"> <p>2010</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">3,17 %</p> </td> <td valign="top"> <p align="right">18 janvier 2011</p> </td> </tr> <tr> <td valign="top"> <p>2010</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,59 %</p> </td> <td valign="top"> <p align="right">3 juillet 2010</p> </td> </tr> <tr> <td valign="top"> <p>2009</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">3,82 %</p> </td> <td valign="top"> <p align="right">6 janvier 2010</p> </td> </tr> <tr> <td valign="top"> <p>2009</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,97 %</p> </td> <td valign="top"> <p align="right">4 juillet 2009</p> </td> </tr> <tr> <td valign="top"> <p>2008</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">4,46 %</p> </td> <td valign="top"> <p align="right">14 janvier 2009</p> </td> </tr> <tr> <td valign="top"> <p>2008</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">4,54 %</p> </td> <td valign="top"> <p align="right">8 juillet 2008</p> </td> </tr> <tr> <td valign="top"> <p>2007</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">4,65 %</p> </td> <td valign="top"> <p align="right">13 janvier 2008</p> </td> </tr> <tr> <td valign="top"> <p>2007</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">4,47 %</p> </td> <td valign="top"> <p align="right">12 juillet 2007</p> </td> </tr> <tr> <td valign="top"> <p>2006</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">4,11 %</p> </td> <td valign="top"> <p align="right">13 janvier 2007</p> </td> </tr> <tr> <td valign="top"> <p>2006</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">4,00 %</p> </td> <td valign="top"> <p align="right">12 juillet 2006</p> </td> </tr> <tr> <td valign="top"> <p>2005</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">3,56 %</p> </td> <td valign="top"> <p align="right">15 janvier 2006</p> </td> </tr> <tr> <td valign="top"> <p>2005</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,79 %</p> </td> <td valign="top"> <p align="right">12 juillet 2005</p> </td> </tr> <tr> <td valign="top"> <p>2004</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">4,26 %</p> </td> <td valign="top"> <p align="right">19 janvier 2005</p> </td> </tr> <tr> <td valign="top"> <p>2004</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">4,47 %</p> </td> <td valign="top"> <p align="right">16 juillet 2004</p> </td> </tr> <tr> <td valign="top"> <p>2003</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">4,51 %</p> </td> <td valign="top"> <p align="right">16 janvier 2004</p> </td> </tr> <tr> <td valign="top"> <p>2003</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">4,29 %</p> </td> <td valign="top"> <p align="right">19 juillet 2003</p> </td> </tr> <tr> <td valign="top"> <p>2002</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">4,88 %</p> </td> <td valign="top"> <p align="right">10 janvier 2003</p> </td> </tr> <tr> <td valign="top"> <p>2002</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">5,40 %</p> </td> <td valign="top"> <p align="right">5 juillet 2002</p> </td> </tr> <tr> <td valign="top"> <p>2001</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">5,05 %</p> </td> <td valign="top"> <p align="right">18 janvier 2002</p> </td> </tr> <tr> <td valign="top"> <p>2001</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">5,37 %</p> </td> <td valign="top"> <p align="right">14 juillet 2001</p> </td> </tr> </tbody> </table> <p>&nbsp;</p> <p style="text-align: center;">&nbsp;</p> <p style="text-align: center;">&nbsp;<img class="marge" src="/Articles/74d7ee7b-27ea-42a1-ad75-bda22f0b40ed/images/e94c74a6-53f8-45cb-81f8-da7fbc4eb91b" alt="Cr&eacute;dit illustration : Getty images" width="796" height="530" /></p> <section class="page-section"> <div class="row"> <div class="col-md-10 col-md-offset-1 col-lg-8 col-lg-offset-2" style="float: left; width: 760px; margin-left: 190px;"> <div class="post post-default"> <p style="text-align: left;">Cr&eacute;dit illustration : Getty images</p> </div> </div> </div> </section>74d7ee7b-27ea-42a1-ad75-bda22f0b40edTaux moyen de rendement des obligations des sociétés privées (TMO)Le Taux moyen de rendement des obligations des sociétés privées (TMO) est le taux moyen de rendement des obligations des sociétés privées émises au cours du semestre précédent. L'article 14 de la loi du 10 septembre 1947 dispose qu'il constitue le taux plafond pour l'intérêt servi par les coopératives à leur capital. Il est également le taux minimum de rémunération des accords de participation. L'accord détermine l'affectation des sommes issues de la participation.2025-02-15T00:00:00+01:00<h2>Plusieurs affectations sont possibles :</h2> <ul type="disc"> <li>acquisition d&rsquo;actions de l&rsquo;entreprise ;&nbsp;</li> <li>compte courant bloqu&eacute; dans l&rsquo;entreprise ;</li> <li>acquisition de titres de SICAV ;&nbsp;</li> <li>acquisition de parts de Fonds Communs de Placement d&rsquo;Entreprise ;&nbsp;</li> <li>PEE, PEI ou PPESV ;</li> <li>souscription d&rsquo;actions des soci&eacute;t&eacute;s cr&eacute;&eacute;es par les salari&eacute;s en vue de la reprise de leur entreprise.</li> </ul> <p>Les comptes courants bloqu&eacute;s sont r&eacute;mun&eacute;r&eacute;s &agrave; un taux d&eacute;termin&eacute; par l'accord qui ne peut &ecirc;tre inf&eacute;rieur au taux moyen des obligations des soci&eacute;t&eacute;s priv&eacute;es.</p> <p>Lorsque le Taux moyen de rendement des obligations des soci&eacute;t&eacute;s priv&eacute;es constat&eacute; est n&eacute;gatif, il est recommand&eacute; de retenir pour son application dans les cas list&eacute;s ci-dessus un taux nul.</p> <p>&nbsp;</p> <table border="1" summary="Tableau des TMO" cellspacing="0" cellpadding="0"> <tbody> <tr> <td valign="top"> <p align="center"><strong>Ann&eacute;e</strong></p> </td> <td valign="top"> <p align="center"><strong>Semestre de publication</strong></p> </td> <td valign="top"> <p align="center"><strong>Taux</strong></p> </td> <td valign="top"> <p align="center"><strong>Date de publication au JO</strong></p> </td> </tr> <tr> <td valign="top"> <p style="text-align: left;" align="center">2024</p> </td> <td valign="top"> <p style="text-align: left;" align="center">second semestre</p> </td> <td valign="top"> <p align="center">3,26%</p> </td> <td valign="top"> <p style="text-align: right;" align="center">15 f&eacute;vrier 2024</p> </td> </tr> <tr> <td valign="top"> <p style="text-align: left;" align="center">2024</p> </td> <td valign="top"> <p style="text-align: left;" align="center">premier semestre</p> </td> <td valign="top"> <p align="center">3,18%</p> </td> <td valign="top"> <p style="text-align: right;" align="center">15 f&eacute;vrier 2024</p> </td> </tr> <tr> <td valign="top"> <p>2023</p> </td> <td valign="top"> <p>second semestre</p> </td> <td valign="top"> <p align="center">3,37%</p> </td> <td valign="top"> <p align="right">14 f&eacute;vrier 2024</p> </td> </tr> <tr> <td valign="top"> <p>2023</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,14%</p> </td> <td valign="top"> <p align="right">26 juillet 2023</p> </td> </tr> <tr> <td valign="top"> <p>2022</p> </td> <td valign="top"> <p>second semestre</p> </td> <td valign="top"> <p align="center">2,51 %</p> </td> <td valign="top"> <p align="right">10 mars 2023</p> </td> </tr> <tr> <td valign="top"> <p>2022</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">1,325&nbsp;%</p> </td> <td valign="top"> <p align="right">5 ao&ucirc;t 2022</p> </td> </tr> <tr> <td valign="top"> <p>2021</p> </td> <td valign="top"> <p>second semestre</p> </td> <td valign="top"> <p align="center">0,27%</p> </td> <td valign="top"> <p align="right">14 janvier 2022</p> </td> </tr> <tr> <td valign="top"> <p>2021</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">0,2%</p> </td> <td valign="top"> <p align="right">15 septembre 2021</p> </td> </tr> <tr> <td valign="top"> <p>2020</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">-0,02%</p> </td> <td valign="top"> <p align="right">14 f&eacute;vrier 2021</p> </td> </tr> <tr> <td valign="top"> <p>2020</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">0,2%</p> </td> <td valign="top"> <p align="right">1er octobre 2021</p> </td> </tr> <tr> <td valign="top"> <p>2019</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">0,12%</p> </td> <td valign="top"> <p align="right">5 f&eacute;vrier 2020</p> </td> </tr> <tr> <td valign="top"> <p>2019</p> </td> <td valign="top"> <p>premier&nbsp;semestre</p> </td> <td valign="top"> <p align="center">0,62%</p> </td> <td valign="top"> <p align="right">24 juillet 2019&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2018</p> </td> <td valign="top"> <p>second semestre</p> </td> <td valign="top"> <p align="center">0,97%</p> </td> <td valign="top"> <p align="right">26 janvier 2019</p> </td> </tr> <tr> <td valign="top"> <p>2018</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">1,04%</p> </td> <td valign="top"> <p align="right">29 juillet 2018</p> </td> </tr> <tr> <td valign="top"> <p>2017</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">0,95 %</p> </td> <td valign="top"> <p align="right">8 f&eacute;vrier 2018&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2017</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">1,15 %</p> </td> <td valign="top"> <p align="right">31 ao&ucirc;t 2017&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2016</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">&nbsp;0,63%</p> </td> <td valign="top"> <p align="right">13 janvier 2017&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2016</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">0,80 %</p> </td> <td valign="top"> <p align="right">14 juillet 2016&nbsp;&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2015</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">1,19%</p> </td> <td valign="top"> <p align="right">14 janvier 2016&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2015</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">0,96%</p> </td> <td valign="top"> <p align="right">16 septembre 2015&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2014</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">1,5%</p> </td> <td valign="top"> <p align="right">6 mars 2015</p> </td> </tr> <tr> <td valign="top"> <p>2014</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">2,28%</p> </td> <td valign="top"> <p align="right">4 septembre 2014&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2013</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">2,62%&nbsp;</p> </td> <td valign="top"> <p align="right">11 f&eacute;vrier 2014&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2013</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">2,3%</p> </td> <td valign="top"> <p align="right">17 juillet 2013</p> </td> </tr> <tr> <td valign="top"> <p>2012</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">2,41%</p> </td> <td valign="top"> <p align="right">15 janvier 2013&nbsp;</p> </td> </tr> <tr> <td valign="top"> <p>2012</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,15%</p> </td> <td valign="top"> <p align="right">8 juillet 2012</p> </td> </tr> <tr> <td valign="top"> <p>2011</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">3,36 %</p> </td> <td valign="top"> <p align="right">14 janvier 2012</p> </td> </tr> <tr> <td valign="top"> <p>2011</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,80 %</p> </td> <td valign="top"> <p align="right">19 juillet 2011</p> </td> </tr> <tr> <td valign="top"> <p>2010</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">3,17 %</p> </td> <td valign="top"> <p align="right">18 janvier 2011</p> </td> </tr> <tr> <td valign="top"> <p>2010</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,59 %</p> </td> <td valign="top"> <p align="right">3 juillet 2010</p> </td> </tr> <tr> <td valign="top"> <p>2009</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">3,82 %</p> </td> <td valign="top"> <p align="right">6 janvier 2010</p> </td> </tr> <tr> <td valign="top"> <p>2009</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,97 %</p> </td> <td valign="top"> <p align="right">4 juillet 2009</p> </td> </tr> <tr> <td valign="top"> <p>2008</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">4,46 %</p> </td> <td valign="top"> <p align="right">14 janvier 2009</p> </td> </tr> <tr> <td valign="top"> <p>2008</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">4,54 %</p> </td> <td valign="top"> <p align="right">8 juillet 2008</p> </td> </tr> <tr> <td valign="top"> <p>2007</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">4,65 %</p> </td> <td valign="top"> <p align="right">13 janvier 2008</p> </td> </tr> <tr> <td valign="top"> <p>2007</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">4,47 %</p> </td> <td valign="top"> <p align="right">12 juillet 2007</p> </td> </tr> <tr> <td valign="top"> <p>2006</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">4,11 %</p> </td> <td valign="top"> <p align="right">13 janvier 2007</p> </td> </tr> <tr> <td valign="top"> <p>2006</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">4,00 %</p> </td> <td valign="top"> <p align="right">12 juillet 2006</p> </td> </tr> <tr> <td valign="top"> <p>2005</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">3,56 %</p> </td> <td valign="top"> <p align="right">15 janvier 2006</p> </td> </tr> <tr> <td valign="top"> <p>2005</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">3,79 %</p> </td> <td valign="top"> <p align="right">12 juillet 2005</p> </td> </tr> <tr> <td valign="top"> <p>2004</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">4,26 %</p> </td> <td valign="top"> <p align="right">19 janvier 2005</p> </td> </tr> <tr> <td valign="top"> <p>2004</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">4,47 %</p> </td> <td valign="top"> <p align="right">16 juillet 2004</p> </td> </tr> <tr> <td valign="top"> <p>2003</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">4,51 %</p> </td> <td valign="top"> <p align="right">16 janvier 2004</p> </td> </tr> <tr> <td valign="top"> <p>2003</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">4,29 %</p> </td> <td valign="top"> <p align="right">19 juillet 2003</p> </td> </tr> <tr> <td valign="top"> <p>2002</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">4,88 %</p> </td> <td valign="top"> <p align="right">10 janvier 2003</p> </td> </tr> <tr> <td valign="top"> <p>2002</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">5,40 %</p> </td> <td valign="top"> <p align="right">5 juillet 2002</p> </td> </tr> <tr> <td valign="top"> <p>2001</p> </td> <td valign="top"> <p>second&nbsp;semestre</p> </td> <td valign="top"> <p align="center">5,05 %</p> </td> <td valign="top"> <p align="right">18 janvier 2002</p> </td> </tr> <tr> <td valign="top"> <p>2001</p> </td> <td valign="top"> <p>premier semestre</p> </td> <td valign="top"> <p align="center">5,37 %</p> </td> <td valign="top"> <p align="right">14 juillet 2001</p> </td> </tr> </tbody> </table> <p>&nbsp;</p> <p style="text-align: left;">&nbsp;<img class="marge" src="/Articles/74d7ee7b-27ea-42a1-ad75-bda22f0b40ed/images/e94c74a6-53f8-45cb-81f8-da7fbc4eb91b" alt="Cr&eacute;dit illustration : Getty images" width="796" height="530" /></p> <section class="page-section"> <div class="row"> <div class="col-md-10 col-md-offset-1 col-lg-8 col-lg-offset-2" style="float: left; width: 760px; margin-left: 190px;"> <div class="post post-default"> <p>Cr&eacute;dit illustration : Getty images</p> </div> </div> </div> </section> <section class="page-section page-section-aside suggestions-container"> <div class="row">&nbsp;</div> </section>fb8ea973-df88-4f9a-ae89-07f68326728dTaux moyen de rendement des obligations des sociétés privées (TMO)Le Taux moyen de rendement des obligations des sociétés privées (TMO) est le taux moyen de rendement des obligations des sociétés privées émises au cours du semestre précédent. L'article 14 de la loi du 10 septembre 1947 dispose qu'il constitue le taux plafond pour l'intérêt servi par les coopératives à leur capital. Il est également le taux minimum de rémunération des accords de participation. L'accord détermine l'affectation des sommes issues de la participation.2024-02-14T00:00:00+01:00<h2>Plusieurs affectations sont possibles :</h2> <ul> <li>acquisition d&rsquo;actions de l&rsquo;entreprise ;&nbsp;</li> <li>compte courant bloqu&eacute; dans l&rsquo;entreprise ;</li> <li>acquisition de titres de SICAV ;&nbsp;</li> <li>acquisition de parts de Fonds Communs de Placement d&rsquo;Entreprise ;&nbsp;</li> <li>PEE, PEI ou PPESV ;</li> <li>souscription d&rsquo;actions des soci&eacute;t&eacute;s cr&eacute;&eacute;es par les salari&eacute;s en vue de la reprise de leur entreprise.</li> </ul> <p>Les comptes courants bloqu&eacute;s sont r&eacute;mun&eacute;r&eacute;s &agrave; un taux d&eacute;termin&eacute; par l'accord qui ne peut &ecirc;tre inf&eacute;rieur au taux moyen des obligations des soci&eacute;t&eacute;s priv&eacute;es.</p> <p>Lorsque le Taux moyen de rendement des obligations des soci&eacute;t&eacute;s priv&eacute;es constat&eacute; est n&eacute;gatif, il est recommand&eacute; de retenir pour son application dans les cas list&eacute;s ci-dessus un taux nul.</p> <p>&nbsp;</p> <table border="1" summary="Tableau des TMO" cellspacing="0" cellpadding="0"> <tbody> <tr style="height: 47px;"> <td style="width: 120.359px; height: 47px;" valign="top"> <p align="center"><strong>Ann&eacute;e</strong></p> </td> <td style="width: 340.359px; height: 47px;" valign="top"> <p align="center"><strong>Semestre de publication</strong></p> </td> <td style="width: 93.1719px; height: 47px;" valign="top"> <p align="center"><strong>Taux</strong></p> </td> <td style="width: 361.109px; height: 47px;" valign="top"> <p align="center"><strong>Date de publication au JO</strong></p> </td> </tr> <tr style="height: 38px;"> <td style="width: 120.359px; height: 38px;" valign="top"> <p>2023</p> </td> <td style="width: 340.359px; height: 38px;" valign="top"><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second semestre</span></td> <td style="text-align: center; width: 93.1719px; height: 38px;" valign="top">3,37%</td> <td style="text-align: right; width: 361.109px; height: 38px;" valign="top">14 f&eacute;vrier 2024</td> </tr> <tr style="height: 38px;"> <td style="width: 120.359px; height: 38px;" valign="top"> <p>2023</p> </td> <td style="width: 340.359px; height: 38px;" valign="top"><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">premier semestre</span></td> <td style="text-align: center; width: 93.1719px; height: 38px;" valign="top">3,14%</td> <td style="text-align: right; width: 361.109px; height: 38px;" valign="top">26 juillet 2023</td> </tr> <tr style="height: 38px;"> <td style="width: 120.359px; height: 38px;" valign="top"> <p>2022</p> </td> <td style="width: 340.359px; height: 38px;" valign="top">second semestre</td> <td style="text-align: center; width: 93.1719px; height: 38px;" valign="top">2,51 %</td> <td style="text-align: right; width: 361.109px; height: 38px;" valign="top">10 mars 2023</td> </tr> <tr style="height: 38px;"> <td style="width: 120.359px; height: 38px;" valign="top"> <p>2022</p> </td> <td style="width: 340.359px; height: 38px;" valign="top">premier semestre</td> <td style="text-align: center; width: 93.1719px; height: 38px;" valign="top">1,325&nbsp;%</td> <td style="text-align: right; width: 361.109px; height: 38px;" valign="top">5 ao&ucirc;t 2022</td> </tr> <tr style="height: 38px;"> <td style="width: 120.359px; height: 38px;" valign="top"> <p>2021</p> </td> <td style="width: 340.359px; height: 38px;" valign="top">second semestre</td> <td style="text-align: center; width: 93.1719px; height: 38px;" valign="top">0,27%</td> <td style="text-align: right; width: 361.109px; height: 38px;" valign="top">14 janvier 2022</td> </tr> <tr style="height: 38px;"> <td style="width: 120.359px; height: 38px;" valign="top"> <p>2021</p> </td> <td style="width: 340.359px; height: 38px;" valign="top">premier semestre</td> <td style="text-align: center; width: 93.1719px; height: 38px;" valign="top">0,2%</td> <td style="text-align: right; width: 361.109px; height: 38px;" valign="top">15 septembre 2021</td> </tr> <tr style="height: 38px;"> <td style="width: 120.359px; height: 38px;" valign="top"> <p>2020</p> </td> <td style="width: 340.359px; height: 38px;" valign="top"><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</td> <td style="text-align: center; width: 93.1719px; height: 38px;" valign="top">-0,02%</td> <td style="text-align: right; width: 361.109px; height: 38px;" valign="top">14 f&eacute;vrier 2021</td> </tr> <tr style="height: 38px;"> <td style="width: 120.359px; height: 38px;" valign="top">2020</td> <td style="width: 340.359px; height: 38px;" valign="top">premier semestre</td> <td style="text-align: center; width: 93.1719px; height: 38px;" valign="top">0,2%</td> <td style="text-align: right; width: 361.109px; height: 38px;" valign="top">1er octobre 2021</td> </tr> <tr style="height: 38px;"> <td style="width: 120.359px; height: 38px;" valign="top">2019</td> <td style="width: 340.359px; height: 38px;" valign="top"><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</td> <td style="text-align: center; width: 93.1719px; height: 38px;" valign="top">0,12%</td> <td style="text-align: right; width: 361.109px; height: 38px;" valign="top">5 f&eacute;vrier 2020</td> </tr> <tr style="height: 38px;"> <td style="width: 120.359px; height: 38px;" valign="top">2019</td> <td style="width: 340.359px; height: 38px;" valign="top">premier&nbsp;semestre</td> <td style="text-align: center; width: 93.1719px; height: 38px;" valign="top">0,62%</td> <td style="text-align: right; width: 361.109px; height: 38px;" valign="top">24 juillet 2019&nbsp;</td> </tr> <tr style="height: 38px;"> <td style="width: 120.359px; height: 38px;" valign="top">2018</td> <td style="width: 340.359px; height: 38px;" valign="top">second semestre</td> <td style="text-align: center; width: 93.1719px; height: 38px;" valign="top">0,97%</td> <td style="text-align: right; width: 361.109px; height: 38px;" valign="top">26 janvier 2019</td> </tr> <tr style="height: 41px;"> <td style="width: 120.359px; height: 41px;" valign="top"> <p>2018</p> </td> <td style="width: 340.359px; height: 41px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 41px;" valign="top"> <p>1,04%</p> </td> <td style="width: 361.109px; height: 41px;" valign="top"> <p align="right">29 juillet 2018</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2017</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>second&nbsp;semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>0,95 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">8 f&eacute;vrier 2018&nbsp;</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2017</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>1,15 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">31 ao&ucirc;t 2017&nbsp;</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2016</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>&nbsp;0,63%</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">13 janvier 2017&nbsp;</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2016</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>0,80 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">14 juillet 2016&nbsp;&nbsp;</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2015</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span>&nbsp;semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>1,19%</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">14 janvier 2016&nbsp;</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2015</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>0,96%</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">16 septembre 2015&nbsp;</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2014</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>1,5%</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">6 mars 2015</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2014</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>2,28%</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">4 septembre 2014&nbsp;</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2013</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second&nbsp;</span>semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>2,62%&nbsp;</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">11 f&eacute;vrier 2014&nbsp;</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2013</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>2,3%</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">17 juillet 2013</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2012</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>2,41%</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">15 janvier 2013&nbsp;</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2012</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>3,15%</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">8 juillet 2012</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2011</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>3,36 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">14 janvier 2012</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2011</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>3,80 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">19 juillet 2011</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2010</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>3,17 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">18 janvier 2011</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2010</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>3,59 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">3 juillet 2010</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2009</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>3,82 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">6 janvier 2010</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2009</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>3,97 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">4 juillet 2009</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2008</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span>&nbsp;semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>4,46 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">14 janvier 2009</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2008</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>4,54 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">8 juillet 2008</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2007</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>4,65 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">13 janvier 2008</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2007</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>4,47 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">12 juillet 2007</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2006</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second&nbsp;</span>semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>4,11 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">13 janvier 2007</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2006</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>4,00 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">12 juillet 2006</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2005</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>3,56 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">15 janvier 2006</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2005</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>3,79 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">12 juillet 2005</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2004</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>4,26 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">19 janvier 2005</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2004</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="width: 93.1719px; height: 50px;" valign="top"> <p style="text-align: center;">4,47 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">16 juillet 2004</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2003</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>4,51 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">16 janvier 2004</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2003</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>4,29 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">19 juillet 2003</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2002</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span> semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>4,88 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">10 janvier 2003</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2002</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>5,40 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">5 juillet 2002</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2001</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px;">second</span>&nbsp;semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>5,05 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">18 janvier 2002</p> </td> </tr> <tr style="height: 50px;"> <td style="width: 120.359px; height: 50px;" valign="top"> <p>2001</p> </td> <td style="width: 340.359px; height: 50px;" valign="top"> <p>premier semestre</p> </td> <td style="text-align: center; width: 93.1719px; height: 50px;" valign="top"> <p>5,37 %</p> </td> <td style="width: 361.109px; height: 50px;" valign="top"> <p align="right">14 juillet 2001</p> </td> </tr> </tbody> </table> <p><img class="marge" style="margin-right: auto; margin-left: auto; display: block;" src="/Articles/fb8ea973-df88-4f9a-ae89-07f68326728d/images/ba683e4e-70e7-4893-bcaf-ec6e873c97fb" alt="Illustration TMO" width="827" height="551" />Cr&eacute;dit illustration : Getty images</p>