Monetary developments 2018Dec

All ressources of the French component of the M3 aggregate stall
In December, overnight deposits slow down (+ 10.7 % after + 11.4 % in November) as well as domestic resources included in M2-M1 (+ 2.8 % after + 3.4 % in November). Domestic resources included in M3-M2 decrease (- 0.8 % in December after + 4.0 % in November). This decline is mainly due to MMF shares which outstanding amount contracts (- 1.2 % after + 3.4 % in November).

Taking into account monetary assets and liabilities vis-à-vis other monetary union members i.e. the sharp growth of monetary external assets vis-à-vis other Monetary Union members (+ 37.4 %) reinforces the slowdown of the French component of M3 aggregate in December : + 5.8 % after + 7.3 % in November.
France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
Dec- 2019 Oct- 2019 Nov- 2019 Dec- 2019
Overnight deposits 1,139 11.8 11.4 10.7
= Domestic resources included in M1 1,139 11.8 11.4 10.7
Domestic resources included in M1, 3-month moving average 11.4 11.7 11.3
Deposits with agreed maturity of up to 2 years 114 -5.4 -5.4 -7.7
+ Saving accounts 702 5.1 5.1 4.8
= Domestic resources included in M2-M1 816 3.4 3.4 2.8
Domestic resources included in M2-M1, 3-month moving average 4.3 4.2 3.2
MMF shares 239 1.1 3.4 -1.2
+ Repurchase agreements 25 16.8 5.0 22.1
+ Debt securities issued with a maturity of up to 2 years 57 10.0 5.6 -6.7
= Domestic resources included in M3-M2 321 3.9 4.0 -0.8
Domestic resources included in M3-M2, 3-month moving average 1.3 2.9 2.3
Sum of domestic resources included in M3 2,276 7.5 7.4 6.1
Sum of domestic resources included in M3 , 3-month moving average 7.2 7.6 7.0
+ Monetary external liabilities vis-à-vis other monetary union members 233 16.0 8.2 8.6
- Monetary external assets vis-à-vis other monetary union members 53 40.3 17.5 37.4
= French component of euro area monetary aggregate M3 2,456 7.8 7.3 5.8
French component of euro area monetary aggregate M3, 3-month moving average 7.3 7.5 6.9
(a) Seasonally-adjusted data.
Source : Banque de France
Contributions to the growth of the French component of M3
(Annual growth rate in %)
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, non-money market funds, 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. One part of the amounts held on regulated saving accounts is transferred by deposit-taking institutions to a fund managed by the Caisse des dépôts et consignations; the other part remains in banks' balance sheets. 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
STAT INFO - December 2019

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Monetary developments
  • Published on 01/28/2019
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Published on Monday, January 28, 2019