Securities issues by French residents - 2024-Q4

Published on the 15th of April 2025

Non-resident holding rate of French securities increased in 2024

  • At end of December 2024, the non-resident holding rate of securities issued by French residents was 53% (after 51% in 2023 and 50% in 2022).


  • In 2024, the non-resident holding rate of long-term debt increased for securities issued by general government (from 52% at the end of 2023 to 53% at the end of 2024) and non-financial corporations (from 57% to 59%), it was stable for securities issued by banks (at 70%).


  • The share of France in the euro area gross issues was 32% at the end of 2024, as the previous year.
Graph 1: Non-resident holdings of long-term debt (by resident issuer sector)
Graph 2: Breakdown by holder sector of securities issued by residents (total debt and quoted shares) at the end of December 2024
Note: total may differ from 100% due to rounding.
This document is prepared by the General Directorate of Statistics, Economics and International of the Banque de France (Balance of Payments Directorate). Issuance data is based on issuers' reporting, while holding statistics is calculated using custodian account statements. Further information on custodian activities: Statistiques | Banque de France (banque-france.fr)

Long-term stands for securities with an original maturity of more than one year.

Data reported in this document can be revised following quarterly and annual corrections and supplements.

Table 1: SECURITIES ISSUES BY SECTOR AND SHARE OF NON-RESIDENTS IN THEIR SUBSCRIPTION
(Stocks and flows in billions of euros)
Gross stock Net issues Transactions flows by non-
residents
Net issues Transactions flows by non-
residents
end Dec. 2024 Annual aggregate Q4 2024
TOTAL 8,187 285 234 -24 4
DEBT SECURITIES (1) 5,475 286 221 -21 2
Non-financial corporations 705 2 21 -7 3
General government (4) 2,910 187 133 -8 -12
of which short-term issues (4) 261 58 50 8 -1
of which central government (4) 2,591 163 116 -2 0
Banks (2) 1,499 76 41 -6 7
of which guaranteed by restricted assets 322 9 12 0 5
of which short-term issues 240 -15 -30 -13 -5
Non-monetary institutions (3) 360 20 25 0 4
QUOTED SHARES (1) 2,712 -1 13 -3 1
-1 The total outstanding amount of debt securities is expressed in nominal value. The total outstanding amount of equities is expressed in market value. Transaction flows are expressed in transaction value.

-2 Excluding internal financing operations of banking groups but including issues of financial companies (as defined in article L515-1, Code Monétaire et Financier).

-3 Non-monetary issuer institutions include insurance companies, securitization funds, debt funds, and investment firms.

-4 Total net and unconsolidated issuance (this measure cannot be compared with the overall outstanding amount of securities used for the calculation of national public debt as specified by the Maastricht criteria).



Table 2: SECURITIES ISSUES BY FRENCH RESIDENTS IN THE EURO AREA
(nominal values, stocks and flows in billions of euros)
Euro area gross stock end Dec. 2024 Cumulative gross issues over 4 quarters Share of French residents in the gross issues of euro area. Cumulative over 4 quarters
Gross stock Share of France France Euro area end Dec. 2024 end Dec. 2023
DEBT SECURITIES 22,760 24% 3,033 9,449 32% 32%
Non-financial corporations 1,761 40% 356 751 47% 46%
General government 11,738 25% 1,095 3,205 34% 30%
Banks 5,433 28% 1,294 3,124 41% 43%
of which short-term issues 566 42% 1,050 2,161 49% 50%
Non-monetary institutions 3,828 9% 289 2,369 12% 12%
Source and calculations: GENERAL DIRECTORATE OF STATISTICS, ECONOMICS AND INTERNATIONAL
More information on: methodology, time series, calendar
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STAT INFO - 4th quarter 2024

Securities issues by French residents

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Updated on the 11th of April 2025