Monetary developments 2020Aug
Published on 25 September 2020
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Growth of the French component of M3 remains high in August
Overnight deposits increase by € 12 Bn, less than in July (€ 16 Bn) and June (€ 23 Bn), but still greater than average monthly variations observed prior to the COVID-19 crisis (€ 8.3 Bn between January 2017 and February 2020).
As this rise is almost identical to the € 11 Bn increase observed in August 2019, the annual growth rate is therefore almost stable (+ 23.7 %, after + 23.9 % in July).
The growth rate of M2 - M1 aggregate decreases (+ 5.7 % after + 6.6 % in July) despite the slight increase in the saving accounts growth rate (+ 7.7 % at annual pace, after + 7.5 % in July).
All in all, due to a fall by € 12 Bn in August in monetary external assets and liabilities vis-à-vis other monetary union members, the growth of the French component of M3 is strengthening in August: + 12.6 % after + 14.2 % in July.
France : monetary resources of Monetary Financial Institutions![]()
| Outstandings (in € Bn) (a) | Annual growth rate (in %) (a) | |||
| Aug-2020 | Jun-2020 | Jul-2020 | Aug-2020 | |
| Overnight deposits | 1,369 | 23.9 | 23.9 | 23.7 |
| = Domestic resources included in M1 | 1,369 | 23.9 | 23.9 | 23.7 |
| Domestic resources included in M1, 3-month moving average | 22.0 | 23.6 | 23.8 | |
| Deposits with agreed maturity of up to 2 years | 119 | 1.4 | 1.7 | -5.6 |
| + Saving accounts | 754 | 6.7 | 7.5 | 7.7 |
| = Domestic resources included in M2-M1 | 873 | 5.9 | 6.6 | 5.7 |
| Domestic resources included in M2-M1, 3-month moving average | 5.0 | 5.8 | 6.1 | |
| MMF shares | 270 | -2.6 | 0.1 | 1.4 |
| + Repurchase agreements | 39 | 89.0 | 110.6 | 104.8 |
| + Debt securities issued with a maturity of up to 2 years | 49 | -3.8 | -18.5 | -22.0 |
| = Domestic resources included in M3-M2 | 358 | 2.2 | 2.8 | 2.9 |
| Domestic resources included in M3-M2, 3-month moving average | -2.5 | 0.2 | 2.6 | |
| Sum of domestic resources included in M3 | 2,600 | 14.0 | 14.4 | 14.0 |
| Sum of domestic resources included in M3 , 3-month moving average | 12.0 | 13.5 | 14.1 | |
| + Monetary external liabilities vis-à-vis other monetary union members | 235 | 4.9 | 7.2 | -4.9 |
| - Monetary external assets vis-à-vis other monetary union members | 51 | -8.0 | -7.3 | -9.7 |
| = French component of euro area monetary aggregate M3 | 2,784 | 13.6 | 14.2 | 12.6 |
| French component of euro area monetary aggregate M3, 3-month moving average | 12.0 | 13.4 | 13.5 | |
(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.
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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