Strong increase of the stock of deposits with agreed maturity in the context of a return to higher interest rates
On an annual basis, the growth in overnight deposits slows significantly in September (+2.7% down from +5.4% in August 2022).
The growth rate of the M2 - M1 aggregate increases strongly in September (+10.8%, up from +7.8% in August and +6.6% in July), driven by deposits with agreed maturity of up to 2 years (+43.9%, after +20.0% in August) and saving accounts (+6.2%, after +6.0% in August), in a context of rising remuneration for these products.
Growth in the M3-M2 aggregate, which had been negative for a year, turns positive in September (+3.0% after -5.5% in August) due to a smaller decline in the outstanding amount of money market funds.
Overall, after taking into account gross monetary liabilities and assets vis-à-vis the rest of the euro area, the growth rate of the French component of the euro area monetary aggregate M3 increases slightly in September 2022 (+ 6.2%, up from +6.1% in August).
France : Monetary Resources of Monetary Financial Institutions
||Outstandings (in € Bn) (a)
||Annual growth rate (in %) (a)
|= Domestic resources included in M1
|Domestic resources included in M1, 3-month moving average
|Deposits with agreed maturity of up to 2 years
|+ Saving accounts
|= Domestic resources included in M2-M1
|Domestic resources included in M2-M1, 3-month moving average
|+ Repurchase agreements
|+ Debt securities issued with a maturity of up to 2 years
|= Domestic resources included in M3-M2
|Domestic resources included in M3-M2, 3-month moving average
|Sum of domestic resources included in M3
|Sum of domestic resources included in M3 , 3-month moving average
|+ Monetary external liabilities vis-à-vis other monetary union members
|- Monetary external assets vis-à-vis other monetary union members
|= French component of euro area monetary aggregate M3
|French component of euro area monetary aggregate M3, 3-month moving average
(a) Seasonally-adjusted data.
Source : Banque de France
Contributions to the growth of the French component of M3
(Annual growth rate in %)
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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Published on Wednesday, October 26, 2022