Monetary developments 2017Mar

Sustained growth of domestic monetary resources
Domestic monetary resources of French monetary financial institutions accelerate in March (+6.7%, after +6.0% in February). This acceleration is due to both overnight deposits (+12.1%, after +11.2%) and MMF shares (+8.9%, after +4.7%).
The growth rate of domestic resources included in M2-M1 is stable (+1.4% in February and March), the acceleration of saving accounts offsetting a larger decline of deposits with agreed maturity of up to 2 years.
After taking into account monetary external assets and liabilities vis-à-vis other monetary union members, the growth rate of the French component of euro area monetary aggregate M3 increases (+6.9%, after +6.1%).
France : monetary resources of Monetary Financial Institutions
Outstandings (in EUR Bn) (a) Annual growth rate (in %) (a)
March-17 Jan-17 Feb-17 March-17
Overnight deposits 865 9,8 11,2 12,1
= Domestic resources included in M1 865 9,8 11,2 12,1
Deposits with agreed maturity of up to 2 years 133 -5,7 -3,5 -5,4
+ Saving accounts 621 2,2 2,5 3,0
= Domestic resources included in M2-M1 754 0,7 1,4 1,4
MMF shares 270 6,4 4,7 8,9
+ Repurchase agreements 19 -7,6 -9,5 -20,3
+ Debt securities issued with a maturity of up to 2 years 66 12,5 6,9 5,7
= Domestic resources included in M3-M2 354 6,7 4,3 6,2
Sum of domestic resources included in M3 1 973 5,6 6,0 6,7
+ Monetary external liabilities vis-à-vis other monetary union members 184 7,9 4,5 8,5
- Monetary external assets vis-à-vis other monetary union members 37 -2,4 -4,0 2,5
= French component of euro area monetary aggregate M3 2 120 5,9 6,1 6,9
(a) Seasonally-adjusted data.
Source : BdF
Additional information
The outstanding amount of monetary claims (excluding coins and banknotes) consists of claims with an initial maturity of up to and including 2 years that monetary counterparts (basically households, non-financial corporations, general government excluding central government, insurance corporations, investment funds and financial vehicle corporations) hold against monetary financial institutions (deposit-taking institutions, sociétés de financement under French law, Caisse des dépôts et consignations, MMF and the central bank).
Saving accounts include regulated saving accounts, i.e. livrets A, livrets de développement durable, comptes d'épargne logement, livrets d'épargne populaire, and non-regulated saving accounts, i.e. livrets jeunes and livrets ordinaires. Amounts held on regulated saving accounts are partly transferred by deposit-taking institutions to a fund managed by the Caisse des dépôts et consignations. Debt securities with maturity of up to 2 years mainly include certificates of deposit (short term paper) issued by French deposit-taking institutions and subscribed by neither MMF nor deposit-taking institutions counterparts.
Annual growth rates are adjusted for reclassifications and revaluations but not for foreign exchange rate effects.
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Monetary developments
  • Published on 04/28/2017
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Published on Friday, April 28, 2017