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Monetary developments 2017Sep

Published on 10/26/2017
Domestic monetary resources accelerate

The growth rate of domestic monetary resources increased again in September (+8.8%, after +8.1% in August and +7.4% in July), sustained by the acceleration of overnight deposits (+15.3% after +14.5%). Domestic resources included in M2-M1 slowed down (+2.9%, after +3.7%), due to a larger decrease in deposits with agreed maturity of up to 2 years (-4.6%, after -0.5%) and a slight slowdown in saving accounts (+4.5%, after +4.7%).
After taking into account monetary external assets and liabilities vis-à-vis other monetary union members, the French component of euro area monetary aggregate M3 accelerated sharply between August and September, from + 8.5% to 9.3%.
France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
SEP- 2017 juil. 2017 Aug-2017 SEP- 2017
Overnight deposits 920 13.7 14.5 15.3
= Domestic resources included in M1 920 13.7 14.5 15.3
Deposits with agreed maturity of up to 2 years 123 -4.4 -0.5 -4.6
+ Saving accounts 637 4.4 4.7 4.5
= Domestic resources included in M2-M1 760 2.8 3.7 2.9
MMF shares 280 5.0 5.8 7.1
+ Repurchase agreements 24 -5.4 7.2 29.6
+ Debt securities issued with a maturity of up to 2 years 68 -2.7 -10.4 -2.9
= Domestic resources included in M3-M2 371 2.8 2.6 6.3
Sum of domestic resources included in M3 2,050 7.4 8.1 8.8
+ Monetary external liabilities vis-à-vis other monetary union members 200 5.6 13.5 14.6
- Monetary external assets vis-à-vis other monetary union members 43 4.2 10.4 8.8
= French component of euro area monetary aggregate M3 2,208 7.3 8.5 9.3
(a) Seasonally-adjusted data.
Source : Banque de France
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. Amounts held on regulated saving accounts are partly transferred by deposit-taking institutions to a fund managed by the Caisse des dépôts et consignations. 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 - September 2017
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Monetary developments
  • Published on 10/26/2017
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Published on Thursday, October 26, 2017