Financial overview of Investment Funds – France 2017Q3
Published on 11/27/2017
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Non-Money Market Funds increased their investments outside France
Non-Money Market Funds: net inflows decreased on the third quarter (+4 billion after +20 billion the previous quarter) and reached 49 billion over one year, mainly from insurance corporations (+58 billion). In the third quarter 2017, Non-Money Market Funds continued their net purchases of long term debt securities (+ 2 billion) and other investment fund shares (+2 billion). They opted for securities issued by non-financial corporations (+ 5 billion). Over one year, the percentage share of securities issued outside France increased at 53 percent (+7 percentage points compared to the previous year).
Money Market Funds: in the third quarter, net issuances of Money Market Funds amounted to +16 billion (after -24 billion the previous quarter). Subscriptions mainly came from non-financial corporations (+7 billion) and insurance companies (+6 billion). Net investments were primarily oriented towards short term debt securities (+ 7 billion), whereas the holdings of long term debt securities declined (-3 billion). Over one year, net inflows (+28 billion) were invested mostly in securities issued by non-financial corporations (+9 billion) and credit institutions (+7 billion).
Investment net transactions
(4 moving quarters)
(4 moving quarters)
Breakdown by category of investor
Non-Money Market Funds
Money Market Funds
Investment funds assets and investors
(EUR billion)
| Assets | Net flows (a) | Stocks Part (%) | Investors | Net flows (a) | Stocks Part (%) | |||||
| 2017Q3 | 4 moving quarters | 2017Q3 | 2017Q3 | 4 moving quarters | 2017Q3 | |||||
| Money Market Funds (f) | Total | 16 | 28 | 334 | 100% | Total | 16 | 28 | 334 | 100% |
| by type of instrument | Debt securities up to 1 year | 7 | 29 | 199 | 60% | Resident | 17 | 21 | 286 | 86% |
| Debt securities over 1 year | -3 | -8 | 91 | 27% | Insurance corporations | 6 | 15 | 107 | 32% | |
| Investment fund shares | 0 | 0 | 1 | 0% | Non-Financial corporations | 7 | 3 | 78 | 23% | |
| Net deposits and loans and other assets (b) | 12 | 7 | 43 | 13% | Non money market funds | 2 | 6 | 66 | 20% | |
| by geographical area (c) | Resident | 4 | 13 | 126 | 43% | Households and NPSH | -1 | -3 | 7 | 2% |
| Non-Resident euro area | 2 | 8 | 98 | 34% | General Government | 1 | -4 | 12 | 4% | |
| Non-Euro area | -2 | 0 | 67 | 23% | Credit Institutions | 3 | 3 | 11 | 3% | |
| by issuer (c) | MFIs | 2 | 7 | 210 | 72% | Other financial institutions | 0 | 1 | 5 | 1% |
| Non-Financial corporations and others (d) | 1 | 9 | 42 | 14% | Non-Resident euro area | 2 | 7 | 46 | 14% | |
| Others (e) | 1 | 3 | 33 | 11% | MFIs | 3 | 11 | 41 | 12% | |
| General Government | 1 | 3 | 6 | 2% | Non MFIs | -2 | -4 | 5 | 1% | |
| Non-Euro area | -3 | 0 | 2 | 1% | ||||||
| Non money market funds | Total | 4 | 49 | 1,202 | 100% | Total | 4 | 49 | 1,202 | 100% |
| by type of instrument | Debt securities up to 1 year | 0 | 5 | 28 | 2% | Resident | 4 | 37 | 1,026 | 85% |
| Debt securities over 1 year | 2 | 24 | 370 | 31% | Insurance corporations | -10 | 58 | 456 | 38% | |
| Equity | 1 | 0 | 470 | 39% | Households and NPSH | 1 | 1 | 227 | 19% | |
| Investment fund shares | 2 | 17 | 302 | 25% | Non money market funds | -1 | 8 | 152 | 13% | |
| Net deposits and loans and other assets (b) | 0 | 3 | 33 | 3% | General Government | 25 | -13 | 115 | 10% | |
| by geographical area (c) | Resident | 0 | 10 | 549 | 47% | MFIs | -14 | -19 | 31 | 3% |
| Non-Resident euro area | 5 | 16 | 413 | 35% | Non-Financial corporations | 3 | 10 | 40 | 3% | |
| Non-Euro area | -2 | 19 | 208 | 18% | Other financial institutions | -1 | -7 | 5 | 0% | |
| by issuer (c) | Non-Financial corporations and others (d) | 5 | 14 | 571 | 49% | Non-Resident euro area | 7 | 16 | 154 | 13% |
| MFIs | 0 | 16 | 181 | 15% | MFIs | 8 | 20 | 144 | 12% | |
| General Government | -3 | -5 | 109 | 9% | Non MFIs | -1 | -4 | 11 | 1% | |
| Others (e) | 1 | 21 | 308 | 26% | Non-Euro area | -6 | -5 | 22 | 2% | |
| of which non money market funds | 0 | 11 | 236 | 20% |
Note: Rounding differences mean that an aggregate may not be exactly equal to the sum of its components.
Source: Banque de France
(a) Variation of outstanding amounts for Money Market Funds
(b) net loans and net other assets include financial derivatives, non- financial assets and other receivables, net of other liabilities
(c) excluding loans and other net assets ; only securities portfolio
(d) Others added to Non-Financial Corporations include others Financial Institutions of the rest of the world (non MFIs as Insurance Corporations)
(e) Others : Non Money Market funds, Insurance and other Financial Institutions
(f) Consolidated Data: consolidated outstanding of money market fund shares or units do not include the resident securities held by money market funds themselves.
Source: Banque de France
(a) Variation of outstanding amounts for Money Market Funds
(b) net loans and net other assets include financial derivatives, non- financial assets and other receivables, net of other liabilities
(c) excluding loans and other net assets ; only securities portfolio
(d) Others added to Non-Financial Corporations include others Financial Institutions of the rest of the world (non MFIs as Insurance Corporations)
(e) Others : Non Money Market funds, Insurance and other Financial Institutions
(f) Consolidated Data: consolidated outstanding of money market fund shares or units do not include the resident securities held by money market funds themselves.
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Financial overview of Investment Funds – France
- Published on 11/27/2017
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Published on Monday, November 27, 2017