Monetary developments 2021Mar
Lower increase for overnight deposits
At annual pace, the overnight deposits growth rate stands in March 2021 at + 17.7 % (down from + 23.3 % in February 2021). This movement, expected to continue until the end of spring, reflecting a normalization of the overnight deposits flows, after sharp increases observed during the first three months of the crisis in March (€ 62.4 Bn of cvs flow), April (€ 48.7 Bn) and May (€ 55 Bn) 2020.
The annual growth of M2 - M1 aggregate also moderates in March (+ 9.7 % year-on-year, down from + 10.3 % in February) due to a less progression of deposits with agreed maturity of up to 2 years (+ 4.7 %, down from + 9.9 % in February).
The annual growth rate of M3 - M2 continues its decrease in March (+ 2.3 %, down from + 3.7 % in February and + 9.2 % in January), the strong growth of investments in MMF shares (+ 21.4 %, up from + 6.7 %) does not offset the sharp drops in repurchase agreements and debt securities issued with a maturity of up to 2 years (resp. - 33.0 % et - 30.9 % in March).
After taking into account monetary assets and liabilities vis-à-vis other euro area members, the growth in the French component of the M3 slows down (+ 13.2 % year-on-year, down from + 15.6 % in February 2021 and + 6.7 % in February 2020).
The annual growth of M2 - M1 aggregate also moderates in March (+ 9.7 % year-on-year, down from + 10.3 % in February) due to a less progression of deposits with agreed maturity of up to 2 years (+ 4.7 %, down from + 9.9 % in February).
The annual growth rate of M3 - M2 continues its decrease in March (+ 2.3 %, down from + 3.7 % in February and + 9.2 % in January), the strong growth of investments in MMF shares (+ 21.4 %, up from + 6.7 %) does not offset the sharp drops in repurchase agreements and debt securities issued with a maturity of up to 2 years (resp. - 33.0 % et - 30.9 % in March).
After taking into account monetary assets and liabilities vis-à-vis other euro area members, the growth in the French component of the M3 slows down (+ 13.2 % year-on-year, down from + 15.6 % in February 2021 and + 6.7 % in February 2020).
France : monetary resources of Monetary Financial Institutions![]()
| Outstandings (in € Bn) (a) | Annual growth rate (in %) (a) | |||
| Mar-2021 | Jan- 2021 | Feb- 2021 | Mar-2021 | |
| Overnight deposits | 1,418 | 23.8 | 23.3 | 17.7 |
| = Domestic resources included in M1 | 1,418 | 23.8 | 23.3 | 17.7 |
| Domestic resources included in M1, 3-month moving average | 23.1 | 23.5 | 21.6 | |
| Deposits with agreed maturity of up to 2 years | 132 | 10.9 | 9.9 | 4.7 |
| + Saving accounts | 792 | 9.8 | 10.4 | 10.5 |
| = Domestic resources included in M2-M1 | 924 | 10.0 | 10.3 | 9.7 |
| Domestic resources included in M2-M1, 3-month moving average | 9.2 | 9.9 | 10.0 | |
| MMF shares | 276 | 15.4 | 6.7 | 21.4 |
| + Repurchase agreements | 38 | 30.0 | 45.6 | -33.0 |
| + Debt securities issued with a maturity of up to 2 years | 48 | -22.5 | -25.1 | -30.9 |
| = Domestic resources included in M3-M2 | 362 | 9.2 | 3.7 | 2.3 |
| Domestic resources included in M3-M2, 3-month moving average | 11.9 | 10.0 | 5.0 | |
| Sum of domestic resources included in M3 | 2,705 | 16.6 | 15.6 | 12.6 |
| Sum of domestic resources included in M3 , 3-month moving average | 16.4 | 16.6 | 14.9 | |
| + Monetary external liabilities vis-à-vis other monetary union members | 282 | 11.9 | 5.3 | 13.1 |
| - Monetary external assets vis-à-vis other monetary union members | 42 | -25.9 | -28.4 | -17.4 |
| = French component of euro area monetary aggregate M3 | 2,944 | 17.1 | 15.6 | 13.2 |
| French component of euro area monetary aggregate M3, 3-month moving average | 16.6 | 16.8 | 15.3 | |
(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.
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.
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