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Monetary developments 2017Nov

Published on 12/29/2017
The growth of monetary resources remains very strong

The growth of domestic monetary resources remained very strong in November. Nevertheless, it slightly decreased, reverting to its annual average level (+6.9% year-on-year in November, after +7.5% in October and +7.0% on average during the last twelve months). This slight deceleration was driven by overnight deposits (+13.0%, after +13.9%) held by corporations as well as by households and by decreasing investments in money market funds (-0.5%, after +2.0%). Conversely deposits with agreed maturity of up to 2 years and saving accounts accelerated.
Taking also into account the continuing growth of monetary deposits by non-residents of the euro area, in particular a significant non-monetary European financial institution, the rise in the French component of the euro area monetary aggregate M3 remained very strong (+8.3%, after +8.7%).
France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
Nov- 2017 SEP- 2017 Oct- 2017 Nov- 2017
Overnight deposits 922 15.6 13.9 13.0
= Domestic resources included in M1 922 14.9 13.3 12.4
Deposits with agreed maturity of up to 2 years 123 -4.0 0.5 2.0
+ Saving accounts 639 4.7 4.8 4.8
= Domestic resources included in M2-M1 762 3.2 4.0 4.3
MMF shares 274 6.8 2.0 -0.5
+ Repurchase agreements 24 33.1 14.9 26.0
+ Debt securities issued with a maturity of up to 2 years 59 -4.1 -11.1 -13.1
= Domestic resources included in M3-M2 357 6.0 0.2 -1.5
Sum of domestic resources included in M3 2,041 9.0 7.5 6.9
+ Monetary external liabilities vis-à-vis other monetary union members 224 15.3 21.0 23.4
- Monetary external assets vis-à-vis other monetary union members 45 7.6 6.6 9.9
= French component of euro area monetary aggregate M3 2,220 9.6 8.7 8.3
(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 - November 2017
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Monetary developments
  • Published on 12/29/2017
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Published on Friday, December 29, 2017