Monetary developments 2021Jun

Slight slowdown in overnight deposits growth


The overnight deposits annual growth rate is down slightly in June and stands at + 8.4 % (down from + 8.9 % in May and + 13.1 % in April 2021).

The annual growth of M2 - M1 aggregate decreases (+ 6.4 % year-on-year, down from + 8.3 % in May) under the effect of both the slowdown in saving accounts (+ 8.7 %, down from + 9.4 % in May) and the decline in deposits with agreed maturity of up to 2 years (- 8.3 %, down from + 1.0 % in May).

The sharp slowdown in MMF shares investments in June (+ 7.9 %, down from + 22.2 %) moderates the aggregate growth M3 - M2, which settles at + 1.3 % over one year (down from + 7.4 % in May and after + 9.3 % in April).

After taking into account monetary assets and liabilities vis-à-vis other euro area members, the growth in the French component of aggregate M3 slows down again in June 2021 (+ 7.6 % year-on-year, down from + 9.1 % in May and + 11.8 % in April 2021).
France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
June-2021 Apr-2021 May-2021 June-2021
Overnight deposits 1,460 13.1 8.9 8.4
= Domestic resources included in M1 1,460 13.1 8.9 8.4
Domestic resources included in M1, 3-month moving average 17.8 13.1 10.1
Deposits with agreed maturity of up to 2 years 108 2.8 1.0 -8.3
+ Saving accounts 805 9.9 9.4 8.7
= Domestic resources included in M2-M1 914 8.9 8.3 6.4
Domestic resources included in M2-M1, 3-month moving average 9.6 8.9 7.8
MMF shares 262 27.9 22.2 7.9
+ Repurchase agreements 33 -31.3 -29.0 -12.4
+ Debt securities issued with a maturity of up to 2 years 49 -22.7 -20.4 -16.8
= Domestic resources included in M3-M2 344 9.3 7.4 1.3
Domestic resources included in M3-M2, 3-month moving average 5.4 6.6 6.0
Sum of domestic resources included in M3 2,718 11.1 8.5 6.8
Sum of domestic resources included in M3 , 3-month moving average 13.1 10.8 8.8
+ Monetary external liabilities vis-à-vis other monetary union members 268 14.2 11.3 13.2
- Monetary external assets vis-à-vis other monetary union members 46 -10.8 -8.1 -4.6
= French component of euro area monetary aggregate M3 2,939 11.8 9.1 7.6
French component of euro area monetary aggregate M3, 3-month moving average 13.3 11.1 9.5
(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.
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Monetary developments
STAT INFO - June 2021

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