Monetary developments 2019Jun

Overnight deposits remain very dynamic
The overnight deposits accelerate slighlty in June (+ 10.4 % after + 10.2 % in May 2019). At the same time, deposits with agreed maturity contract again and the growth of saving accounts stabilizes at a high level (+ 5.0 ). In total, domestic resources included in M2-M1 exhibit an unchanged growth pace (+ 3.6 %). Conversely, the contraction in domestic resources included in M3-M2 strengthens ( 4.4 % after - 2.6 % in May). It is mainly due to the larger decrease of MMF shares' holdings (- 4.0 % after 2.3 % ).
After taking into account monetary external assets vis-à-vis other monetary union members, the pace of growth of the French component of the euro area monetary aggregate M3 decelerates slightly (+ 5.4 % after + 5.8 % in May).
France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
Jun-2019 Apr- 2019 May-2019 Jun-2019
Overnight deposits 1,086 9.7 10.2 10.4
= Domestic resources included in M1 1,086 9.7 10.2 10.4
Domestic resources included in M1, 3-month moving average 9.0 - 10.1
Deposits with agreed maturity of up to 2 years 116 2.4 -4.1 -3.9
+ Saving accounts 694 4.6 5.0 5.0
= Domestic resources included in M2-M1 810 4.3 3.6 3.6
Domestic resources included in M2-M1, 3-month moving average - - 3.7
MMF shares 252 -2.2 -2.3 -4.0
+ Repurchase agreements 21 -20.0 -14.6 -18.2
+ Debt securities issued with a maturity of up to 2 years 61 -0.4 0.9 -0.2
= Domestic resources included in M3-M2 334 -3.1 -2.6 -4.4
Domestic resources included in M3-M2, 3-month moving average 2.2 -2.0 -2.4
Sum of domestic resources included in M3 2,230 5.6 5.7 5.4
Sum of domestic resources included in M3 , 3-month moving average - 5.4 5.6
+ Monetary external liabilities vis-à-vis other monetary union members 234 5.3 5.4 5.6
- Monetary external assets vis-à-vis other monetary union members 53 -3.5 -0.6 7.9
= French component of euro area monetary aggregate M3 2,411 5.7 5.8 5.4
French component of euro area monetary aggregate M3, 3-month moving average - - 5.7
(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 - June 2019

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Monetary developments
  • Published on 07/24/2019
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Published on Wednesday, July 24, 2019