Monetary developments 2021May

Overnight deposits growth return on its pre-crisis trend

The overnight deposits annual growth rate stands at + 8.8 % in May 2021 (down from + 13.1 % in April and + 17.5 % in March 2021), i.e. its pre-crisis rate.

The annual growth of M2 - M1 aggregate decreases slightly (+ 8.4 % year-on-year, down from + 8.9 % in April) mainly due to the slowdown in saving accounts (+ 9.4 %, down from + 9.8 % in April) and to a lesser extent, in deposits with agreed maturity of up to 2 years (+ 1.7 %, down from + 2.9 % in April).

Lower pace of investments in MMF shares in May (+ 22.0 %, down from + 25.9 %) moderates the aggregate growth M3 - M2, which settles at + 7.9 % over one year (down from + 8.8 % in April and after + 2.8 % in March).

After taking into account monetary assets and liabilities vis-à-vis other euro area members, the growth in the French component of aggregate M3 drops in May 2021 (+ 8.9 % year-on-year, down from + 11.7 % in April and + 12.4 % in March 2021).

France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
May-2021 Mar-2021 Apr- 2021 May-2021
Overnight deposits 1,434 17.5 13.1 8.8
= Domestic resources included in M1 1,434 17.5 13.1 8.8
Domestic resources included in M1, 3-month moving average 21.4 17.9 13.1
Deposits with agreed maturity of up to 2 years 115 5.0 2.9 1.7
+ Saving accounts 803 10.5 9.8 9.4
= Domestic resources included in M2-M1 919 9.8 8.9 8.4
Domestic resources included in M2-M1, 3-month moving average 10.1 9.7 9.0
MMF shares 283 21.5 25.9 22.0
+ Repurchase agreements 29 -36.5 -31.8 -29.3
+ Debt securities issued with a maturity of up to 2 years 49 -29.8 -22.6 -20.3
= Domestic resources included in M3-M2 360 2.8 8.8 7.9
Domestic resources included in M3-M2, 3-month moving average 5.2 5.1 6.5
Sum of domestic resources included in M3 2,713 12.6 11.1 8.5
Sum of domestic resources included in M3 , 3-month moving average 14.9 13.1 10.7
+ Monetary external liabilities vis-à-vis other monetary union members 269 5.2 14.0 10.0
- Monetary external assets vis-à-vis other monetary union members 44 -17.5 -10.9 -8.2
= French component of euro area monetary aggregate M3 2,939 12.4 11.7 8.9
French component of euro area monetary aggregate M3, 3-month moving average 15.0 13.2 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 2021

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