Money and the financing of the economy - 2026-04
Published on 2nd of June 2026
Financing to the private sector increased by 2.5% year-on-year
- In April 2026, taking into account gross monetary liabilities and assets vis-à-vis the rest of the euro area, the year-on-year growth of the French component of the euro area M3 monetary aggregate increased to 1.7% (after 1.2% in March; see table 1).
- Year-on-year growth in lending to the domestic private sector increased to 2.5%, after 2.1% in March (see table 2), supported by loans to non-financial corporations (3.4% after 2.8% in March), while lending to households remained unchanged at 0.8%.
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€) |
||
| Apr-2026 (p) | Mar-2026 (r) | Apr-2026 (p) | Mar-2026 (r) | Apr-2026 (p) | |
| Overnight deposits | 1,298 | 3.0 | 2.4 | 11.3 | -2.2 |
| = Domestic resources included in M1 | 1,298 | 3.0 | 2.4 | 11.3 | -2.2 |
| Deposits with agreed maturity of up to 2 years | 313 | -9.6 | -8.7 | -3.1 | 1.4 |
| + Saving accounts | 971 | 1.8 | 1.6 | -0.6 | -1.2 |
| = Domestic resources included in M2-M1 | 1,284 | -1.3 | -1.1 | -3.8 | 0.2 |
| MMF shares | 340 | 2.6 | 6.7 | -6.8 | 11.1 |
| + Repurchase agreements | 59 | 2.7 | -9.2 | 16.2 | -13.9 |
| + Debt securities issued with a maturity of up to 2 years | 54 | 16.1 | 27.1 | -6.0 | 6.5 |
| = Domestic resources included in M3-M2 | 454 | 4.0 | 6.4 | 3.3 | 3.7 |
| Sum of domestic resources included in M3 | 3,036 | 1.2 | 1.4 | 10.9 | 1.7 |
| + Monetary external liabilities vis-à-vis other monetary union members | 419 | 2.1 | 5.1 | -1.0 | 7.9 |
| - Monetary external assets vis-à-vis other monetary union members | 104 | 7.2 | 8.7 | -0.2 | 0.4 |
| = French component of euro area monetary aggregate M3 | 3,351 | 1.2 | 1.7 | 10.1 | 9.2 |
(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€) |
|||
| Apr-2026 (p) | Mar-2026 (r) | Apr-2026 (p) | Mar-2026 (r) | Apr-2026 (p) | |
| ASSETS | 6,122 | 2.1 | 1.8 | 48.7 | 6.4 |
| Domestic General government financing (1) | 1,120 | -3.0 | -4.7 | 5.9 | -15.9 |
| which loans | 221 | 5.0 | 3.9 | 1.6 | -0.2 |
| which securities | 899 | -4.8 | -6.6 | 4.3 | -15.7 |
| Domestic private sector financing (2) | 3,914 | 2.1 | 2.5 | 8.5 | 12.3 |
| Of which loans to households (a) | 1,741 | 0.8 | 0.8 | 1.1 | 2.4 |
| Of which loans to NFCs (a) | 1,422 | 2.8 | 3.4 | 8.2 | 8.6 |
| of which securities (b) | 494 | 3.8 | 3.2 | -1.6 | -8.2 |
| Net external assets (3) | 564 | 30.1 | 24.8 | 76.2 | 1.1 |
| Remaining counterparts (c) (4) | 525 | -9.0 | -7.8 | -41.9 | 8.9 |
| LIABILITIES | 6,122 | 2.1 | 1.8 | 48.7 | 6.4 |
| Long-term resources (d) (5) | 3,086 | 2.9 | 2.2 | 37.9 | 4.7 |
| Domestic resources included in M3 (1)+(2)+(3)+(4)-(5) | 3,036 | 1.2 | 1.4 | 10.9 | 1.7 |
(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
(2): In addition to loans to households, loans to non-financial corporations and securities issued by private sectors and held by MFIs, lending to domestic private sectors includes loans to non-MFI financial sectors, the fluctuations of which can be quite volatile.
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 1st of June 2026