Monetary developments 2018Oct

Overnight deposits growth strengthen
The acceleration of overnight deposits (+ 9.3 % after + 7.7 %) contributes to the rise in the growth rate of domestic monetary resources in October (+ 4.5 % after + 3.3 % in September and + 4.7 % in August). Domestic resources included in M3-M2 decrease again (- 5.9 % after - 7.0 % in September), due to the negative development of MMF shares (- 7.1 % after - 8.0 % in September), while the growth of saving accounts continues at the same pace (+ 3.7 %, as in September and August).

After taking into account monetary external assets vis-à-vis other monetary union members, the French component of the euro area monetary aggregate M3 grows by + 4.4 % (after + 3.8 % in September).
France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
Oct- 2018 Aug-2018 SEP- 2018 Oct- 2018
Overnight deposits 998 8.4 7.7 9.3
= Domestic resources included in M1 998 8.4 7.7 9.3
Domestic resources included in M1, 3-month moving average 8.8 8.3 8.5
Deposits with agreed maturity of up to 2 years 129 2.8 -0.5 3.9
+ Saving accounts 663 3.7 3.7 3.7
= Domestic resources included in M2-M1 792 3.5 3.1 3.7
Domestic resources included in M2-M1, 3-month moving average 3.9 3.8 3.4
MMF shares 257 -4.1 -8.0 -7.1
+ Repurchase agreements 21 19.5 -2.9 2.2
+ Debt securities issued with a maturity of up to 2 years 59 1.5 -3.7 -3.1
= Domestic resources included in M3-M2 338 -2.0 -7.0 -5.9
Domestic resources included in M3-M2, 3-month moving average -0.6 -3.7 -5.0
Sum of domestic resources included in M3 2,128 4.7 3.3 4.5
Sum of domestic resources included in M3 , 3-month moving average 5.3 4.5 4.2
+ Monetary external liabilities vis-à-vis other monetary union members 217 8.3 3.5 -1.4
- Monetary external assets vis-à-vis other monetary union members 40 -0.9 -17.1 -18.3
= French component of euro area monetary aggregate M3 2,304 5.2 3.8 4.4
French component of euro area monetary aggregate M3, 3-month moving average 5.6 5.0 4.5
(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.
More information on time series, calendar, methodologyAll statistical time series published by the Banque de France can be accessed on Webstat Banque de France

Publication available under Apple and Android
Monetary developments
STAT INFO - October 2018
DSMF Contact Stat Info

Download the PDF version of this document

Monetary developments
  • Published on 11/28/2018
  • EN
  • PDF (508.6 KB)
Download (EN)

Published on Wednesday, November 28, 2018