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Monetary developments 2019Jan

Published on 02/27/2019
Overnight deposits pick up
The growth of overnight deposits rises slightly after a slow down in December (+ 9.2 % after + 8.5 % in December and + 9.5 % in November). The growth of deposits with agreed maturity (+ 0.7 %) and saving accounts (+ 4.4 %) translates into the rise of Domestic resources included in M2-M1 (+ 3.8 % after + 3.2 % in December). Balancing this evolution, the strong decline in MMF shares' holdings (- 6.6 % after - 3.1 %) implies a new decline in domestic resources included in M3-M2 (- 3.0 % after - 3.5 %).

After taking into account monetary external assets vis-à-vis other monetary union members, the pace of growth of the French component of the euro area monetary aggregate M3 increases slightly (+ 4.6 % after + 4.2 % in December).

France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
Jan- 2019 Nov- 2018 Dec- 2018 Jan- 2019
Overnight deposits 1,021 9.5 8.5 9.2
= Domestic resources included in M1 1,021 9.5 8.5 9.2
Domestic resources included in M1, 3-month moving average 8.7 9.0 9.1
Deposits with agreed maturity of up to 2 years 123 0.2 -2.4 0.7
+ Saving accounts 677 3.8 4.2 4.4
= Domestic resources included in M2-M1 800 3.3 3.2 3.8
Domestic resources included in M2-M1, 3-month moving average 3.3 3.4 3.4
MMF shares 254 -7.5 -3.1 -6.6
+ Repurchase agreements 21 -12.6 -20.0 -0.7
+ Debt securities issued with a maturity of up to 2 years 63 -3.3 2.2 14.1
= Domestic resources included in M3-M2 337 -7.1 -3.5 -3.0
Domestic resources included in M3-M2, 3-month moving average -6.8 -5.5 -4.5
Sum of domestic resources included in M3 2,158 4.3 4.4 5.1
Sum of domestic resources included in M3 , 3-month moving average 4.0 4.4 4.6
+ Monetary external liabilities vis-à-vis other monetary union members 227 -0.2 -2.6 -2.9
- Monetary external assets vis-à-vis other monetary union members 43 -6.5 -15.8 -11.2
= French component of euro area monetary aggregate M3 2,342 4.1 4.2 4.6
French component of euro area monetary aggregate M3, 3-month moving average 4.0 4.1 4.3
(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.
More information on time series, calendar, methodology

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Monetary developments
STAT INFO - January 2019

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Monetary developments
  • Published on 02/27/2019
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Published on Wednesday, February 27, 2019