Bulletin BANQUE DE FRANCE STATISTICAL SUPPLEMENT

Transcription

1 Bulletin BANQUE DE FRANCE STATISTICAL SUPPLEMENT March 217

2 Statistics Contents Economic developments 1 Industrial activity indicators Monthly Business Survey France S3 2 Industrial activity indicators Monthly Business Survey France (NAF revision 2, seasonally-adjusted data) S4 3 Consumer price index S 4 The competitiveness of France s economy S6 Balance of payments Main components (quarterly data) France S7 6 Balance of payments Current account (main components) France S8 7 Balance of payments Financial flows (quarterly data) France S9 8 Balance of payments Geographical breakdown (quarterly data) France S1 9 Balance of payments (monthly data) France S11 1 France s international investment position (direct investment measured at mixed value) S12 Money, investment and financing 11 Main monetary and financial aggregates France and the euro area S13 12 Banque de France Monthly Statement S14 13 Deposits France S1 14 Time deposits France S16 1 Loans extended by credit institutions established in France to French residents France S17 16 New loans to residents, (excl. overdrafts) France S18 17 Investment and financing Insurance corporations and pension funds Euro area and France S19 18 Investment and financing Households Euro area S2 19 Investment and financing Households France S21 2 Investment and financing Non-financial corporations Euro area S22 21 Investment and financing Non-financial corporations France S23 22 Interest rates on bank deposits France and the euro area S24 23 Interest rates on bank loans France and the euro area S2 24 Usury rates on loans to households and cost of business credit France S26 Banque de France March 217 S1

3 Statistics Contents Financial markets and interest rates 2 Interest rates 26 Banking system liquidity and refinancing operations Euro area 27 Eurosystem key rates; minimum reserves 31 Debt securities and quoted shares issued by French residents 32 Debt securities and quoted shares issued by French residents, by sector S27 S28 S29 S3 S31 Other statistics S32 33 Company failures by economic sector France 34 Retail payment systems France S33 3/36 Large-value payment systems EU S34/3 37 Large-value payment systems France S36 Time series S37 Nota bene In January 21, Lithuania joined the euro area, bringing the number of euro area countries to 19. Unless otherwise indicated, all data series included observations for 21 relate to the Euro 19 (i.e. the euro area including Lithuania) for the whole time series. For interest rates, monetary statistics and the HICP, euro area statistical series take into account the changing composition of the euro area. Statistical data are updated monthly on the Banque de France s website. S2 Banque de France March 217

4 Business sentiment indicator c) STATISTICS Economic developments Table 1 Industrial activity indicators Monthly Business Survey France (NAF revision 2; seasonally-adjusted data) Changes in production from the previous month a) Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total manufacturing Food products and beverages Electrical, electronic and computer equipment and other machinery Automotive industry Other transport equipment Other manufacturing Production forecasts a) Total manufacturing Food products and beverages Electrical, electronic and computer equipment and other machinery Automotive industry Other transport equipment Other manufacturing Changes in orders from the previous month a) Total manufacturing Foreign Order books a) Total manufacturing Food products and beverages Electrical, electronic and computer equipment and other machinery Automotive industry Other transport equipment Other manufacturing Inventories of finished goods a) Total manufacturing Food products and beverages Electrical, electronic and computer equipment and other machinery Automotive industry Other transport equipment Other manufacturing Capacity utilisation rate b) Total manufacturing Staff levels (total manufacturing) a) Changes from the previous month Forecast for the coming months a) Data given as a balance of opinions. Forecast series are adjusted for bias when it is statistically significant. b) Data given as a percentage. c) The indicator summarises industrial managers sentiment regarding business conditions. The higher the indicator is, the more positive the assessment. The indicator is calculated using a principal component analysis of survey data smoothed over three months. By construction, the average is 1. Source: Banque de France. Banque de France March 217 S3

5 Economic developments Table 2 Industrial activity indicators Monthly Business Survey France (NAF revision 2; seasonally-adjusted data) Business sentiment indicator (1 = 1981 last value) /7 2/8 2/9 2/1 2/11 2/12 2/13 2/14 2/1 2/16 2/17 Orders a) Production a) (balance of opinions; monthly change) (balance of opinions; monthly change) /13 2/14 2/1 2/16 2/17 2/13 2/14 2/1 2/16 2/17 Total orders Past production Total orders (three-month moving average) Forecast production (series adjusted for the observed statistical bias) Foreign orders (three-month moving average) Past production (three-month moving average) Inventories and order books a) Capacity utilisation rate a) (balance of opinions; compared to levels deemed normal) (%) /13 2/14 2/1 2/16 2/17 2/13 2/14 2/1 2/16 2/17 Inventories Capacity utilisation rate Order books Long-term average since 1981 a) Manufacturing.Source: Banque de France. S4 Banque de France March 217

6 Economic developments Table 3 Consumer price index a) (annual % change) June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. France Germany Italy Euro area United Kingdom na European Union United States Japan na (annual average) (monthly % change) Sept. Oct. Nov. Dec. Jan. Feb. France Germany Italy Euro area United Kingdom na European Union United States Japan na France and the euro area (annual % change) /13 2/14 2/1 2/16 2/17 Euro area France Amplitude b) International comparisons (annual % change) /13 2/14 2/1 2/16 2/17 Euro area United States Japan a) Harmonised indices except for the United States and Japan (national indices). b) Gap between the extreme values of harmonised price indices observed in the euro area (changing composition). Sources: National data, Eurostat. Banque de France March 217 S

7 Economic developments Table 4 The competitiveness of France s economy Indicators deflated by consumer prices (1st quarter 1999 = 1) 11 1 Competitiveness improvement Compared to the euro area Compared to the EU-28 Compared to industrial countries Compared to the 46 major trading partners Indicators deflated by consumer prices (1st quarter 1999 = 1) Competitiveness improvement Compared to the United States Compared to Japan Compared to the United Kingdom Compared to emerging Asian countries Indicators of competitiveness compared to 24 OECD countries (1st quarter 1999 = 1) Competitiveness improvement Nominal exchange rate Deflated by consumer prices Deflated by unit labour costs in the manufacturing industry Deflated by unit labour costs for the economy as a whole Grey area: change in competitiveness compared to long-term average less than %. Sources: National data, Banque de France, ECB, IMF, OECD, Thomson Financial Datastream. Calculations: Banque de France. S6 Banque de France March 217

8 Economic developments Table Balance of payments Main components (quarterly data) France (unadjusted data, EUR billions) Q3 Q4 Q1 Q2 Q3 Current account Goods Services Primary income Secondary income Capital account Financial account Direct investment French direct investment abroad Foreign direct investment in France Portfolio investment Assets Liabilities Financial derivatives Other investment a) Reserve assets Net errors and omissions Current account balance (unadjusted data, EUR billions) Financial account balance (unadjusted data, EUR billions) Q1/12 Q3/12 Q1/13 Q3/13 Q1/14 Q3/14 Q1/1 Q3/1 Q1/16 Q3/16 Current transfers Goods Services -4 Q1/12 Q3/12 Q1/13 Q3/13 Q1/14 Q3/14 Q1/1 Q3/1 Q1/16 Q3/16 Direct investment Portfolio investment - shares Portfolio investment - debt securities The balance of payments has been compiled in accordance with the 6th Balance of Payments Manual. a) Loans and deposits transactions. Source: Banque de France Banque de France March 217 S7

9 Economic developments Aucune entrée de table d'illustration n'a été trouvée. Table 6 Balance of payments - Current account (main components) - France (unadjusted data, EUR billions) Q3 Q4 Q1 Q2 Q3 Current account Goods Exports Imports General merchandise Merchanting Services Exports Imports Manufacturing services on physical inputs owned by others Maintenance and repair services Transport Travel Construction Insurance and pension services Financial services Charges for the use of intellectual property Telecommunications, computer and information services Other business services Personal, cultural and recreational services Government services Other services Primary income Compensation of employees Investment income Direct investment Portfolio investment Other investment a) Reserve assets Other primary income Secondary income General government Other sectors of which workers remittances Capital account The balance of payments has been compiled in accordance with the 6th Balance of Payments Manual. a) Loans and deposits transactions. Source: Banque de France S8 Banque de France March 217

10 Economic developments Table 7 Balance of payments - Financial flows (quarterly data) France (unadjusted data, EUR billions) Q3 Q4 Q1 Q2 Q3 Financial account Direct investment French direct investment abroad of which Equity capital Foreign direct investment in France of which Equity capital Portfolio investment Assets Equity and investment fund shares Long-term debt securities (>1yr) Short-term debt securities (<1yr) Liabilities Equity and investment fund shares Long-term debt securities (>1yr) Short-term debt securities (<1yr) Financial derivatives Other investment a) Reserve assets Net errors and omissions Direct investment account (unadjusted data, EUR billions) Q1/12 Q3/12 Q1/13 Q3/13 Q1/14 Q3/14 Q1/1 Q3/1 Q1/16 Q3/16 Direct investment French direct investment abroad Foreign direct investment in France Portfolio investment account (unadjusted data, EUR billions) Q1/12 Q3/12 Q1/13 Q3/13 Q1/14 Q3/14 Q1/1 Q3/1 Q1/16 Q3/16 Portfolio investment Equity and investment fund shares Debt securities The balance of payments has been compiledin accordance with the 6th Balance of Payments Manual. a) Loans and deposits transactions. Source: Banque de France Banque de France March 217 S9

11 Economic developments Table 8 Balance of payments - Geographical breakdown (quarterly data) - France (unadjusted data, EUR billions) 3 rd quarter 216 UE-28 EMU a) excl. USA Japan Switzerland EMU b) China Current account na Receipts Expenditure na Goods Receipts Expenditure Services Receipts Expenditure Primary income na Receipts Expenditure c) na Secondary income Receipts Expenditure Financial account Direct investment French direct investment abroad Foreign direct investment in France Portfolio investment Assets d) Equity and investment fund shares Long-term debt securities (>1yr) Short-term debt securities (<1yr) Other investment e) The balance of payments has been compiled in accordance with the 6th Balance of Payments Manual. a) 18 Member States. b) Denmark, United Kingdom, Sweden, European institutions and new Member States (Czech Republic, Hungary, Lithuania, Poland, Bulgaria, Romania, Croatia). c) Geographical breakdown of portfolio income based on data compiled by the IMF (Coordinated Portfolio Investment Survey); data for China not available. d) The geographical breakdown is not available for liabilities. e) Loans and deposits transactions. Source: Banque de France S1 Banque de France March 217

12 Economic developments Table 9 Balance of payments (monthly data) - France (unadjusted data, EUR billions) Oct. Nov. Dec. Jan. Current account Goods Services Primary income Secondary income Capital account Financial account Direct investment French direct investment abroad Equity capital Reinvested earnings Other capital (inter-company loans) Foreign direct investment in France Equity capital Reinvested earnings Other capital (inter-company loans) Portfolio investment Assets Equity and investment fund shares Long-term debt securities (>1yr) Short-term debt securities (<1yr) Liabilities Equity and investment fund shares Long-term debt securities (>1yr) Short-term debt securities (<1yr) Financial derivatives Other investment a) of which IMF excl. Banque de France (net flows) Reserve assets Net errors and omissions The balance of payments has been compiled in accordance with the 6th Balance of Payments Manual. a) Loans and deposits transactions. Source: Banque de France Banque de France March 217 S11

13 Economic developments Table 1 France s international investment position (direct investment estimated at mixed value) (EUR billions) Dec. Dec. Dec. Dec. Dec. Q3 Assets 6,3.1 6,116.4,87.7 6,49.3 6, ,744.6 French direct investment abroad 1,22.2 1,29.3 1, ,37.9 1,439. 1,421. Equity capital and reinvested earnings na 1,46. Other capital (inter-company loans) Portfolio investment 1,86.6 1,99.9 2,83.2 2, , ,393.6 Financial derivatives 1,92.2 1, , Other investment a) 1,71. 1,61.1 1,7. 1,71.3 1,712. 1,871.1 Reserve assets Liabilities 6,231. 6, ,28.2 6,87. 6,78.2 7,19.1 Foreign direct investment in France Equity capital and reinvested earnings na 6.9 Other capital (inter-company loans) Portfolio investment 2, , ,8. 3,2.7 3,81. 3,181. Financial derivatives 1, , , Other investment a) 1,84.8 1,773. 1,66.7 1,81.4 1,92.9 2,19.6 Net position Non-resident holdings of CAC 4 equities and government negotiable debt securities (%) (EUR billions) Q Q4 21 Q4 23 Q4 2 Q4 27 Q4 29 CAC 4 equities Government negotiable debt securities Q4 211 Q4 213 Q4 21 France s international investment position Q4 28 Q4 29 Q4 21 Q4 211 Q4 212 Q4 213 With direct investment measured at book value With direct investment measured at market value The balance of payments has been compiled in accordance with the 6th Balance of Payments Manual. a) Loans and deposits transactions. Source: Banque de France S12 Banque de France March 217

14 S TATISTICS Money, investment and financing Table 11 Main monetary and financial aggregates France and the euro area (annual percentage growth rate) M1 M2 M Dec. Dec. Dec. Jan. July Aug. Sept. Oct. Nov. Dec. Jan. Euro area a) France (contribution) Euro area a) France (contribution) Euro area a) France (contribution) Loans to the private sector Euro area a) France b) M1 (annual percentage growth rate) /11 1/12 1/13 1/14 1/1 1/16 1/17 Euro area France (contribution) M3 (annual percentage growth rate) 1 M2 (annual percentage growth rate) 1 1-1/11 1/12 1/13 1/14 1/1 1/16 1/17 Euro area France (contribution) Loans to the private sector (annual percentage growth rate) 1-1/11 1/12 1/13 1/14 1/1 1/16 1/17 Euro area Euro area France (contribution) France b) - 1/11 1/12 1/13 1/14 1/1 1/16 1/17 a) Seasonal and calendar effect adjusted data. b) Loans extended by MFIs resident in France to euro area residents excluding MFIs and central government. Sources: Banque de France, European Central Bank. Banque de France March 217 S13

15 Money, investment and financing Table 12 Banque de France Monthly Statement a) (outstanding amounts at the end of the period, EUR billions) Assets Dec. Dec. Dec. Jan. Oct. Nov. Dec. Jan. National territory Loans MFIs b) General government Other sectors Debt securities held MFIs General government Other sectors Shares and other equity Other euro area countries b) Rest of the world b) Gold Not broken down by geographical area c) Total Liabilities National territory Deposits MFIs General government Other sectors Other euro area countries Deposits Rest of the world Deposits Not broken down by geographical area Banknotes and coins in circulation d) of which coins e) Debt securities issued Capital reserves and revaluation account Other liabilities Total f) a) These statistics are transmitted to the European Central Bank, on the 1th working day following the end of the month to which they relate, within the production of the consolidated balance sheet of the monetary financial institutions (Regulation ECB/213/33). b) This item includes the outstanding amounts of market operations. c) Including the adjustment linked to the method of accounting used for measuring the euro notes on the liability side of the balance sheet of the Banque de France since January 22. d) Since January 22, banknotes in circulation are treated according to specific euro area accounting conventions to bring them in line with the capital key share. 8% of the total value of euro banknotes in circulation is allocated to the European Central Bank. The remaining 92% is broken down between the NCBs in proportion to their share in the paid-up capital of the ECB. e) Coins in circulation are not a liability of MFIs in the participating Member States, but a liability of the central government. However, coins are part of the monetary aggregates and, by convention, this liability is to be entered under the category currency in circulation. The counterpart to this liability is to be included within remaining assets. (Regulation ECB/213/33.) f) The total of the balance sheet at end 214 published in March 21 (77.7 bn) can be calculated by substracting from the total of the Monthly Statement at end December 214 (82.6 bn): coins (3,1 bn) and miscellaneous amounts linked to the accounting gap between the statement established in the early January 21 and the Annual Accounts, which include all the year-end entries (1.8 bn). Source: Banque de France. S14 Banque de France March 217

16 Money, investment and financing Table 13 Deposits France (outstanding amounts at the end of the period in EUR billions % growth) Overnight deposits Dec. Dec. Dec. Jan. Oct. Nov. Dec. Jan. Total non-financial sectors ND (excluding central government) Households and similar ND Non-financial corporations ND General government (excl. central government) ND Other sectors ND Total Outstanding amounts Total Growth rate Passbook savings accounts "A" and "Blue" passbooks Housing savings accounts Sustainable development passbook accounts People s savings passbooks Youth passbooks Taxable passbooks Total Outstanding amounts Total Growth rate Overnight deposits (annual growth rate) /1 7/1 1/16 7/16 1/17 Total Non-financial corporations Households Passbook savings accounts (annual growth rate) /1 7/1 1/16 7/16 1/17 "A" and "Blue" passbooks Youth passbooks Housing savings accounts Taxable passbooks Source: Banque de France. Banque de France March 217 S1

17 Money, investment and financing Table 14 Time deposits France (outstanding amounts at the end of the period in EUR billions % growth) Deposits with agreed maturity up to two years Dec. Dec. Dec. Jan. Oct. Nov. Dec. Jan. Total non-financial sectors (excl. central government) Households and similar Non-financial corporations General government (excl. central government) Other sectors Total Outstanding amounts Total Growth rate Deposits with agreed maturity of over two years Total non-financial sectors (excl. central government) Households and similar PEL PEP Other Non-financial corporations General government (excl. central government) Other sectors Total Outstanding amounts Total Growth rate Deposits up to 2 years (annual percentage growth rate) /1 7/1 1/16 7/16 1/17 Total Households Non-financial corporations Deposits over 2 years (annual percentage growth rate) /1 7/1 1/16 7/16 1/17 Total PEL PEP Sources: Banque de France, European Central Bank. S16 Banque de France March 217

18 Money, investment and financing Table 1 Loans extended by credit institutions established in France to French residents France (outstanding amounts at the end of the period in EUR billions % growth) Loans to resident clients Dec. Dec. Dec. Jan. Sept. Oct. Nov. Dec. Jan. Private sector 2, ,229. 2,323. 2, ,31. 2,318. 2,32.7 2,323. 2,339.1 General government Total Outstanding amounts 2, ,44.9 2,33.4 2,43.7 2,7.6 2,2.1 2,31.8 2,33.4 2,4.4 Private sector General government Total Growth rate Loans to non-financial companies Fixed investment Inventories and working capital Other lending Total Outstanding amounts Total Growth rate Loans to households Loans for house purchase ,1.9 Consumer loans Other lending Total Outstanding amounts 1, , ,28.1 1, , ,24.8 1,2.4 1,28.1 1,262.3 Total Growth rate Loans to non-financial companies France (annual percentage growth rate) 1 1-1/1 4/1 7/1 1/1 1/16 4/16 7/16 1/16 1/17 Inventories and working capital Fixed investment Loans to households France (annual percentage growth rate) /1 4/1 7/1 1/1 1/16 4/16 7/16 1/16 1/17 Consumers loans Loans for house purchase Source: Banque de France. Banque de France March 217 S17

19 Money, investment and financing Table 16 New loans to residents, (excl. overdrafts) France (monthly flows - seasonally adjusted - in euro billions) Nov. Dec. Jan. Nov. Dec. Jan. Loans to non-financial corporations Loans 1 million euro a) Loans > 1 million euro a) Loans to households Cash loans to sole traders and individuals (excl. revolving consumer credit) Housing loans Non-financial corporations Loans 1 million euro (monthly flows - seasonally adjusted - in euro billions) /1 /1 9/1 1/16 /16 9/16 1/17 Non-financial corporations Loans > 1 million euro (monthly flows - seasonally adjusted - in euro billions) /1 /1 9/1 1/16 /16 9/16 1/17 Households - Cash loans (monthly flows - seasonally adjusted - in euro billions) /1 /1 9/1 1/16 /16 9/16 1/17 Households - Housing loans (monthly flows - seasonally adjusted - in euro billions) /1 /1 9/1 1/16 /16 9/16 1/17 a) All initial rate fixation periods. Sources: Banque de France, European Central Bank. S18 Banque de France March 217

20 Money, investment and financing Table 17 Investment and financing Insurance corporations and pension funds Euro area and France (EUR billions) Euro area Financial assets Cumulated transaction flows over 4 quarters Outstanding amounts Q3 Q4 Q1 Q2 Q3 Sept. Currency and deposits of which deposits included in M3 a) Short-term debt securities Long-term debt securities ,829.2 Loans Shares and other equity ,941. of which quoted shares Remaining net assets Financing Debt securities Loans Shares and other equity Insurance technical reserves ,93.1 Life insurance ,881. Non-life insurance ,212.1 Net lending/net borrowing (B9B) (EUR billions) France Cumulated transaction flows over 4 quarters Outstanding amounts Q3 Q4 Q1 Q2 Q3 Sept. Financial assets Currency and deposits Short-term debt securities Long-term debt securities ,18.4 Loans Shares and other equity of which quoted shares Remaining net assets Financing Debt securities Loans Shares and other equity Insurance technical reserves ,3.2 Life insurance and pension funds ,722. Non-life insurance Net lending/net borrowing (B9B) a) Deposits with agreed maturity up to 2 years and redeemable at notice up to 3 months of insurance corporations held with MFIs and central government. Sources: Banque de France, European Central Bank. Banque de France March 217 S19

21 Money, investment and financing Table 18 Investment and financing Households Euro area (EUR billions) Financial assets Cumulated transaction flows over 4 quarters Q3 Q4 Q1 Q2 Q3 Sept. Currency and deposits ,71.7 of which deposits included in M3 a) ,99.4 Short-term debt securities Long-term debt securities Shares and other equity ,7.1 Quoted shares Unquoted shares and other equity ,829.1 Mutual fund shares ,962.3 of which money market fund shares Insurance technical reserves ,738.1 Remaining net assets Financing Loans ,263.6 of which from euro area MFIs ,384. Revaluation of financial assets Shares and other equity Insurance technical reserves Other flows Change in net financial worth Outstanding amounts Investment flows (EUR billions, cumulated flows over 4 quarters) Q3/11 Q3/12 Q3/13 Q3/14 Q3/1 Q3/16 Debt securities Currency and deposits Insurance technical reserves Shares and other equity Investment and financing flows (EUR billions, cumulated flows over 4 quarters) Q3/11 Q3/12 Q3/13 Q3/14 Q3/1 Q3/16 Financial investment Loans (financing) a) Deposits with agreed maturity up to 2 years and redeemable at notice up to 3 months of households held with MFIs and central government. Source: European Central Bank. S2 Banque de France March 217

22 Money, investment and financing Table 19 Investment and financing Households France (EUR billions) Financial assets Cumulated transaction flows over 4 quarters Q3 Q4 Q1 Q2 Q3 Sept. Currency and deposits ,416.4 Short-term debt securities Long-term debt securities Shares and other equity ,33.7 Quoted shares Unquoted shares and other equity Mutual fund shares of which money market fund shares Insurance technical reserves ,83.7 Remaining net assets Financing Loans ,263.1 Revaluation of financial assets Shares and other equity Insurance technical reserves Other flows Change in net financial worth Outstanding amounts Investment flows (EUR billions, cumulated flows over 4 quarters) Q3/11 Q3/12 Q3/13 Q3/14 Q3/1 Q3/16 Debt securities Currency and deposits Insurance technical reserves Shares and other equity Investment and financing flows (EUR billions, cumulated flows over 4 quarters) Q3/11 Q3/12 Q3/13 Q3/14 Q3/1 Q3/16 Financial investment Loans (financing) Source: Banque de France. Banque de France March 217 S21

23 Money, investment and financing Table 2 Investment and financing Non-financial corporations Euro area (EUR billions) Financial assets Cumulated transaction flows over 4 quarters Q3 Q4 Q1 Q2 Q3 Sept. Currency and deposits ,398. of which deposits included in M3 a) ,47.6 Debt securities Loans ,11.3 Shares and other equity ,467.2 Insurance technical reserves Remaining net assets Financing Debt ,439.7 Loans ,721.9 of which from euro area MFIs ,286.4 Debt securities ,341.7 Pension fund reserves Shares and other equity ,83. Quoted shares ,899.7 Unquoted shares and other equity ,93.3 Net lending/net borrowing (B9B) Outstanding amounts Investment flows (EUR billions, cumulated flows over 4 quarters) Q3/11 Q3/12 Q3/13 Q3/14 Q3/1 Q3/16 Financing flows (EUR billions, cumulated flows over 4 quarters) Q3/11 Q3/12 Q3/13 Q3/14 Q3/1 Q3/16 Deposits and debt securities Loans Shares and other equity Loans Debt securities Shares and other equity a) Deposits with agreed maturity up to 2 years and redeemable at notice up to 3 months of non-financial corporations held with MFIs and central government. Source: European Central Bank. S22 Banque de France March 217

24 Money, investment and financing Table 21 Investment and financing Non-financial corporations France (EUR billions) Financial assets Cumulated transaction flows over 4 quarters Outstanding amounts Q3 Q4 Q1 Q2 Q3 Sept. Currency and deposits Debt securities Loans ,199.6 Shares and other equity ,98.8 Insurance technical reserves Remaining net assets Financing Debt ,824.6 Loans ,181. Debt securities Shares and other equity ,4.3 Quoted shares ,11.8 Unquoted shares and other equity ,888. Net lending/net borrowing (B9B) Investment flows (EUR billions, cumulated flows over 4 quarters) 1 - Q3/11 Q3/12 Q3/13 Q3/14 Q3/1 Q3/16 Financing flows (EUR billions, cumulated flows over 4 quarters) Q3/11 Q3/12 Q3/13 Q3/14 Q3/1 Q3/16 Deposits and debt securities Loans Shares and other equity Loans Debt securities Shares and other equity Source: Banque de France. Banque de France March 217 S23

25 Money, investment and financing Table 22 Interest rates on bank deposits France and the euro area (average monthly rates %) Euro area Dec. Dec. Jan. Sept. Oct. Nov. Dec. Jan. Overnight deposits households Deposits redeemable at notice up to 3 months households Time deposits with agreed maturity over 2 years non-financial corporations France "A" passbooks (end of period) Regulated savings deposits Deposits with agreed maturity up to 2 years Deposits with agreed maturity over 2 years Euro area France (average monthly rates %) (average monthly rates %) /7 1/9 1/11 1/13 1/1 1/17 Overnight deposits households Deposits redeemable at notice up to 3 months households Time deposits with agreed maturity over 2 years non-financial corporations /7 1/9 1/11 1/13 1/1 1/17 "A" passbooks Deposits with agreed maturity up to 2 years Deposits with agreed maturity over 2 years Sources: Banque de France, European Central Bank. S24 Banque de France March 217

26 Money, investment and financing Table 23 Interest rates on bank loans France and the euro area (average monthly rate %) Euro area Consumer loans Feb. March April May June July Aug. Sept. Oct. Nov. Dec. Jan. Floating rate and IRFP of up to 1 year a) Loans for house purchase Floating rate and IRFP of between 1 and years a) Non financial corporations of over EUR 1 million IRFP of up to 1 year a) France Consumer loans Loans for house purchase IRFP of up to 1 year a) IRFP of over 1 year a) Non-financial corporations IRFP of up to 1 year a) IRFP of over 1 year a) Euro area (percentage points) /7 1/9 1/11 1/13 1/1 1/17 Consumer loans IRFP up to 1 year Housing loans IRFP of between 1 and years Non-financial corporations IRFP up to 1 year France (percentage points) 1 1/7 1/9 1/11 1/13 1/1 1/17 Housing loans IRFP up to 1 year Housing loans IRFP over 1 year Non-financial corporations IRFP up to 1 year Non-financial corporations IRFP over 1 year a) IRFP: initial rate fixation period i.e. the period for which the rate of a loan is fixed. IRFP 1 year: loans for which the rate is adjusted at least once a year + fixed-rate loans with an initial maturity of up to 1 year. IRFP > 1 year: loans for which the rate is adjusted less than once a year + fixed-rate loans with an initial maturity of over 1 year Sources: Banque de France, European Central Bank. Banque de France March 217 S2

27 Money, investment and financing Table 24 Usury rates on loans to households and cost of business credit France (%) Usury ceiling with effect from the 1st day of the reference period Loans to households under Articles L312-1 to L of the french Consumer Code (housing loans) April July Oct. Jan. Fixed-rate loans Floating-rate loans Bridge loans Loans to households not within the scope of Articles L312-1 to L of the French Consumer Code (consumer loans) Loans up to EUR 3, Loans comprised between EUR 3, and EUR 6, Loans over EUR 6, Loans to enterprises Oct. Jan. April July Oct. Discount up to EUR 1, EUR 1,24 to EUR 4, EUR 4,73 to EUR 76, EUR 76,22 to EUR 34, EUR 34,898 to EUR 1,24, over EUR 1,24, Overdrafts up to EUR 1, EUR 1,24 to EUR 4, EUR 4,73 to EUR 76, EUR 76,22 to EUR 34, EUR 34,898 to EUR 1,24, over EUR 1,24, Other short-term loans up to EUR 1, EUR 1,24 to EUR 4, EUR 4,73 to EUR 76, EUR 76,22 to EUR 34, EUR 34,898 to EUR 1,24, over EUR 1,24, Medium and long-term loans up to EUR 1, EUR 1,24 to EUR 4, EUR 4,73 to EUR 76, EUR 76,22 to EUR 34, EUR 34,898 to EUR 1,24, over EUR 1,24, Source: Banque de France. S26 Banque de France March 217

28 Financial markets and interest rates Table 2 Interest rates (%) Monthly average a) Key interest May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. rates at Short-term interbank interest rates 21/3/17 Euro. Overnight month year Pound sterling.2 Overnight month year Dollar 1. Overnight month year Yen -.4 Overnight NA NA NA NA NA NA NA NA NA NA 3-month NA NA NA NA NA NA NA NA NA NA 1-year year benchmark government bond yields b) France Germany Euro area United Kingdom United States Japan month interbank market rates 1-year benchmark government bond yields b) (monthly average, %) (monthly average, %) /16 4/16 6/16 8/16 1/16 12/16 2/17 2/16 4/16 6/16 8/16 1/16 12/16 2/17 Euro Dollar France United States Pound sterling United Kingdom Germany a) Short-term: the interbank average of rates situated in the middle of the range between bid and ask rates. Quotes taken from Reuters, posted at 4.3pm for the euro and 11.3am for other currencies. b) Benchmark bonds: rates posted by Reuters at 4.3pm. Sources: Banque de France, European Central Bank. Banque de France March 217 S27

29 Financial markets and interest rates Table 26 Banking system liquidity and refinancing operations Euro area (EUR billions, daily average for the reserve maintenance period from 14 December 216 to 24 January 217) Contribution to banking system liquidity Liquidity Liquidity Net providing absorbing contribution (a) Eurosystem monetary policy operations 2, ,82. Main refinancing operations Longer-term refinancing operations Standing facilities Other 1, ,671.2 (b) Other factors affecting banking system liquidity , Banknotes in circulation 1, ,119.2 Government deposits with the Eurosystem Net foreign assets (including gold) Other factors (net) (c) Reserves maintained by credit institutions (a) + (b) 919. including reserve requirements Net contribution to banking system liquidity (EUR billions, daily average for the reserve maintenance period from 14 décembre 216 to 24 janvier 217) 2,4 2,2 2, 1,8 1,6 1,4 1,2 1, , -1,2-1,4-1,6 Eurosystem monetary policy operations Main refinancing operations Other factors affecting banking system liquidity Banknotes in circulation liquidity providing liquidity absorbing Longer-term refinancing operations Government deposits with the Eurosystem Standing facilities Net foreign assets (including gold) Other operations Other factors (net) Sources: Banque de France, European Central Bank. S28 Banque de France March 217

30 Financial markets and interest rates Table 27 Eurosystem key rates; minimum reserves (%) Key rates for the Eurosystem (latest changes) (%) Main refinancing operations Date of Date of Fixed rate decision settlement decision settlement Standing facilities Deposit /6/214 11/6/214.1 /6/214 11/6/ /9/214 1/9/214. 4/9/214 1/9/ /12/21 9/12/21. 3/12/21 9/12/ Main refinancing operations Longer-term refinancing operations Marginal lending Marginal rate Weighted average rate Marginal rate January a) June. 2 January.. 28 July. 1 February.. 1 September. 22 February.. 29 September. (EUR billions rates as a %) 8 March.. 27 October. 1 March.. 1 December. Minimum reserves (daily averages) Reserve maintenance Required reserves Current accounts Excess reserves period ending on Euro area France Euro area France Euro area France Interest rate on minimum reserves April June July September October December Eurosystem key rates and EONIA Central bank key rates (%) (%) /3/16 2/6/16 2/9/16 2/12/16 2/3/17 a) Fixed rate tender procedure. -. 2/3/11 2/3/12 2/3/13 2/3/14 2/3/1 2/3/16 2/3/17 EONIA Marginal lending facility Eurosystem United States Deposit facility MRO fixed rate United Kingdom Japan Sources: European Central Bank, ESCB. Banque de France March 217 S29

31 Financial markets and interest rates Table 31 Debt securities and quoted shares issued by French residents (EUR billions) Debt securities issued by French residents Outstanding amounts a) Net issues b) month Jan. c) Jan. c) total Nov. c) Dec. c) Jan. c) Total 3, , Non-financial corporations Short-term ( 1 year) Long-term (> 1 year) General government 1, , Short-term ( 1 year) Long-term (> 1 year) 1,78.1 1, Monetary financial institutions d) 1,7.1 1, Short-term ( 1 year) Long-term (> 1 year) d) Non-monetary financial institutions e) (EUR billions) Gross Outstanding amounts f) Net issues b) issues g) Repurchases g) month month 12-month Jan. Jan. total Dec. Jan. total total French quoted shares Total 1, , Non-financial corporations 1, , Monetary financial institutions Non-monetary financial institutions a) Nominal values for outstanding amounts of debt securities. b) Monthly data are seasonally adjusted. The 12-month total is unadjusted. c) Data possibly revised. d) Excluding the impact of intra-group transactions between banks. e) Including units issued by SPVs. f) Market values for outstanding amounts of quoted shares. g) Non-seasonally adjusted data. Source: Banque de France. Banque de France March 217 S3

32 Financial markets and interest rates Table 32 Debt securities and quoted shares issued by French residents, by sector Net issues of long-term debt securities by French residents (seasonally adjusted) (EUR billions) /12 7/12 1/13 7/13 1/14 7/14 1/1 7/1 1/16 7/16 1/17 Non-financial corporations Monetary financial institutions General government Non-monetary financial institutions Net issues of short-term debt securities by French residents (seasonally adjusted) (EUR billions) /12 7/12 1/13 7/13 1/14 7/14 1/1 7/1 1/16 7/16 1/17 Non-financial corporations Monetary financial institutions General government Non-monetary financial institutions Net issues of quoted shares by French residents (seasonally adjusted) (EUR billions) /12 7/12 1/13 7/13 1/14 7/14 1/1 7/1 1/16 7/16 1/17 Non-financial corporations Monetary financial institutions Non-monetary financial institutions Source: Banque de France. S31 Banque de France March 217

33 Other statistics Table 33 Company failures by economic sector France (number of companies, unadjusted data, 12-month total) Agriculture, forestry and fishing (AZ) Industry (BE) Construction (FZ) Trade and automotive repair (G) Transportation and storage (H) Accomodation and restaurant services (I) Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. Jan. 1,369 1,374 1,37 1,36 1,46 1,396 1,383 1,38 1,42 1,431 1,44 1,427 1,423 4,32 4,44 4,36 4,27 4,348 4,298 4,22 4,214 4,16 4,134 4,9 4,4 4,22 1,1 1,319 1,9 14,82 1,24 14,967 14,679 14,622 14,33 14,179 14,31 13,77 13,7 13,66 13,3 13,346 13,242 13,48 13,32 13,77 13,38 12,876 12,771 12,666 12,482 12,496 1,723 1,742 1,739 1,71 1,779 1,766 1,749 1,7 1,74 1,74 1,793 1,74 1,77 8,31 8,299 8,19 8,129 8,297 8,14 8,43 8,3 7,968 7,97 7,914 7,7 7,694 Information and communication sector (JZ) Financial and insurance activities (KZ) Real estate activities (LZ) Business support activities (MN) Education, human health, social work and household services (P to S) Sector unknown Total sectors 1,43 1,443 1,43 1,433 1,469 1,442 1,42 1,44 1,41 1,49 1,412 1,413 1,46 1,188 1,194 1,18 1,17 1,199 1,188 1,169 1,16 1,11 1,149 1,169 1,13 1,137 2,138 2,136 2,12 2,16 2,19 2,171 2,14 2,163 2,14 2,164 2,186 2,147 2,92 6,46 6,362 6,322 6,292 6,462 6,42 6,334 6,339 6,314 6,33 6,342 6,23 6,241,792,761,663,63,741,69,622,63,61,66,72,22, ,31 61,973 61,17 6,7 62,3 61,196 6,218 6,141 9,29 9,321 9,48 8,7 7,71 Company failures 12-month total (number of companies unadjusted data) 18, 16, 14, 12, 1, 8, 6, 4, 1/8 1/9 1/1 1/11 1/12 1/13 1/14 1/1 1/16 1/17 (number of companies unadjusted data) 1, 1/8 1/9 1/1 1/11 1/12 1/13 1/14 1/1 1/16 1/17 Construction (FZ) Business support activities (MN) Trade and automotive repair (G) Education, human health, social work Accomodation and restaurant services (I) and household services (P to S) Industry (BE) Real estate activities (LZ) Transportation and storage (H) NB: The two-letter codes correspond to the aggregation level A1, and the one-letter codes to revised NAF sections 2 A21. Data for last month are preliminary. 7, 6,, 4, 3, 2, Source: Banque de France. Banque de France March 217 S32