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)
|= Domestic resources included in M1
|Deposits with agreed maturity of up to 2 years
|+ Saving accounts
|= Domestic resources included in M2-M1
|+ Repurchase agreements
|+ Debt securities issued with a maturity of up to 2 years
|= Domestic resources included in M3-M2
|Sum of domestic resources included in M3
|+ 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
(a) Seasonally-adjusted data.
Source : Banque de France
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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Published on Thursday, October 26, 2017