Money and the financing of the economy - 2026-01
Published on 27th of February 2026
Overnight deposits gained momentum
- In January, the annual growth of financing to the private sector rose slightly to 2.3%, after 2.0% in December. The increase was primarily driven by that of loans to non-financial corporations (2.5% versus 2.7% the previous month), as well as by holdings of securities (2.5% versus 2.9%). Household loans contributed more modestly to this trend, with a stable growth of 0.8% over the last three months.
- In terms of monetary aggregate composition, the annual growth rate of overnight deposits rose to 2.7%, versus 2.0% in December (see Table 1). The decline in term deposits with agreed maturity of up to two years eased slightly (-8.0%, compared to -9.0%), while savings accounts growth remained positive though lower (2.2%, after 2.8%).
- Taking into account monetary external liabilities vis-à-vis other monetary union members, the growth of the French component of the monetary aggregate M3 reached 0.9%, unchanged over the last two months.
Table 1 - France : monetary resources of monetary financial institutions ![]()
| Decomposition of French component of euro-area M3 | Outstandings
(€ Bn) |
Annual growth
rate (in %) |
Flows sa
(Bn€) |
||
| Jan-26(p) | Dec-25(r) | Jan-26(p) | Dec-25(r) | Jan-26(p) | |
| Overnight deposits | 1,269 | 2.0 | 2.7 | 0.1 | 8.7 |
| = Domestic resources included in M1 | 1,269 | 2.0 | 2.7 | 0.1 | 8.7 |
| Deposits with agreed maturity of up to 2 years | 322 | -9.0 | -8.0 | 9.5 | -1.4 |
| + Saving accounts | 972 | 2.8 | 2.2 | 18.8 | -5.3 |
| = Domestic resources included in M2-M1 | 1,294 | -0.5 | -0.5 | 28.3 | -6.7 |
| MMF shares | 325 | -0.8 | 3.1 | -13.0 | 8.2 |
| + Repurchase agreements | 82 | 3.1 | 10.0 | -4.3 | 4.6 |
| + Debt securities issued with a maturity of up to 2 years | 53 | 11.4 | 30.8 | -0.5 | 6.1 |
| = Domestic resources included in M3-M2 | 459 | 1.1 | 7.0 | -17.8 | 18.9 |
| Sum of domestic resources included in M3 | 3,022 | 0.8 | 1.9 | 10.6 | 20.9 |
| + Monetary external liabilities vis-à-vis other monetary union members | 413 | 1.8 | -3.8 | 2.1 | 8.4 |
| - Monetary external assets vis-à-vis other monetary union members | 103 | 1.7 | 8.9 | -1.1 | 7.8 |
| = French component of euro area monetary aggregate M3 | 3,332 | 0.9 | 0.9 | 13.8 | 21.5 |
(p) Provisional
(r) Revised
(r) Revised
Source and production: Banque de France - Direction générale de la statistique, des études et de l'international
Table 2 - Counterparts of domestic resources included in M3 ![]()
| Outstandings
(€ Bn) |
Annual growth
rate (in %) |
Flows sa
(Bn€) |
|||
| Jan-26(p) | Dec-25(r) | Jan-26(p) | Dec-25(r) | Jan-26(p) | |
| ASSETS | 6,115 | 0.7 | 1.7 | 15.6 | 21.4 |
| Domestic General government financing (1) | 1,159 | -1.9 | -3.0 | -9.5 | -3.8 |
| which loans | 222 | 4.1 | 3.7 | 1.6 | -0.8 |
| which securities | 936 | -3.2 | -4.5 | -11.1 | -3.0 |
| Domestic private sector financing (d) (2) | 3,890 | 2.0 | 2.3 | 2.3 | 9.3 |
| Of which loans to households (c) | 1,738 | 0.8 | 0.8 | 2.1 | 1.4 |
| Of which loans to NFCs (c) | 1,403 | 2.7 | 2.5 | 4.9 | -2.4 |
| of which securities (b) | 497 | 2.9 | 2.5 | -4.2 | 6.1 |
| Net external assets (3) | 478 | 6.4 | 18.2 | -5.1 | 21.9 |
| Remaining counterparts (a) (4) | 588 | -8.2 | -4.9 | 28.0 | -5.9 |
| LIABILITIES | 6,115 | 0.7 | 1.7 | 15.6 | 21.4 |
| Long-term resources (b) (5) | 3,093 | 0.7 | 1.5 | 5.0 | 0.5 |
| Domestic resources included in M3 (1)+(2)+(3)+(4)-(5) | 3,022 | 0.8 | 1.9 | 10.6 | 20.9 |
(a) Loans including securitized receivables removed from the balance sheet
(b) Outstanding amounts and flows of securities other than securities issued in consideration of securitized claims on households and non-financial corporations and balance sheet removals
(c) Balance of interbank receivables and liabilities, net of other balance sheet items (derivatives, accounting discrepancies, fixed assets)
(d) Deposits up to 2 years, debt securities issued up to 2 years, capital and reserves, central government deposits.
(p) Provisional
(r) Revised
(b) Outstanding amounts and flows of securities other than securities issued in consideration of securitized claims on households and non-financial corporations and balance sheet removals
(c) Balance of interbank receivables and liabilities, net of other balance sheet items (derivatives, accounting discrepancies, fixed assets)
(d) Deposits up to 2 years, debt securities issued up to 2 years, capital and reserves, central government deposits.
(p) Provisional
(r) Revised
Annual growth rate of the French contribution to resources included in the Eurozone M3 and contributor![]()
Contribution of monetary counterparts to the annual growth of the domestic resources included in M3![]()
Source and production: Banque de France - Direction générale de la statistique, des études et de l'international
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Updated on the 27th of February 2026