Monetary developments 2020May

Continued strong growth of overnight deposits


The annual growth rate of overnight deposits gains again almost four points in May (+ 23.1 %, after + 19.3 % in April and + 15.6 % in March).

The increase in the growth rate of domestic resources included in M2-M1 ( + 4.9 % after + 4.4 % in April and + 5.3 % in March) is attributable to that of saving accounts (+ 6.0 % in May after + 5.5 % in April) and a smaller decrease in time deposits (- 1.8 % in May after - 2.3 % in April).

The contraction in money market fund shares (- 13.7 % in May after - 17.3 % in April), in particular, explains the decline in the M3-M2 aggregate.

Overall, after taking into account assets and liabilities vis-à-vis the rest of the euro area, the French component of the M3 aggregate accelerates in May: + 12.5 % after + 10.1 % in April.
France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
May-2020 Mar-2020 Apr- 2020 May-2020
Overnight deposits 1,317 15.6 19.3 23.1
= Domestic resources included in M1 1,317 15.6 19.3 23.1
Domestic resources included in M1, 3-month moving average 12.5 15.4 19.3
Deposits with agreed maturity of up to 2 years 114 10.8 -2.3 -1.8
+ Saving accounts 734 4.4 5.5 6.0
= Domestic resources included in M2-M1 848 5.3 4.4 4.9
Domestic resources included in M2-M1, 3-month moving average 4.0 4.5 4.8
MMF shares 229 -10.7 -17.3 -13.7
+ Repurchase agreements 40 155.4 136.6 92.9
+ Debt securities issued with a maturity of up to 2 years 62 15.1 1.4 0.0
= Domestic resources included in M3-M2 332 3.8 -5.4 -4.9
Domestic resources included in M3-M2, 3-month moving average 3.2 0.6 -2.2
Sum of domestic resources included in M3 2,497 10.0 9.9 12.1
Sum of domestic resources included in M3 , 3-month moving average 7.9 9.0 10.7
+ Monetary external liabilities vis-à-vis other monetary union members 259 12.9 8.7 12.2
- Monetary external assets vis-à-vis other monetary union members 48 9.6 -6.4 -4.7
= French component of euro area monetary aggregate M3 2,708 10.3 10.1 12.5
French component of euro area monetary aggregate M3, 3-month moving average 7.7 9.1 11.0
(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 - May 2020

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Monetary developments
  • Published on 06/26/2020
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Published on Friday, June 26, 2020