Quarterly selection of articles

Transcription

1 Quarterly selection of articles BANQUE DE FRANCE BULLETIN STATISTICAL SUPPLEMENT JUNE 212

2 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 S5 4 The competitiveness of France s economy S6 5 Balance of payments Main components (quarterly data) France S7 6 Balance of payments Current and capital accounts (quarterly data) France S8 7 Balance of payments Financial fl ows (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 book value) S12 Money, investment and financing 11 Main monetary and fi nancial aggregates France and the euro area S13 12 Balance sheet of the Banque de France S14 13 Balance sheet of monetary fi nancial institutions (MFIs) excluding the Banque de France S15 14 Deposits France S16 15 Time deposits France S17 16 Loans extended by credit institutions established in France to French residents France S18 17 Loans from credit institutions broken down by counterpart and by fi nancing purpose France and euro area S19 18 New loans to residents France S2 19 Investment and fi nancing Insurance corporations and pension funds Euro area and France S21 2 Investment and fi nancing Households Euro area S22 21 Investment and fi nancing Households France S23 22 Investment and fi nancing Non-fi nancial corporations Euro area S24 23 Investment and fi nancing Non-fi nancial corporations France S25 24 Interest rates on deposits France and the euro area S26 25 Cost of credit France and the euro area S27 26 Cost of credit France S28 Banque de France June 212 S1

3 Contents Financial markets and interest rates 27 Interest rates S29 28 Banking system liquidity and refi nancing operations Euro area S3 29 Eurosystem key rates ; minimum reserves S31 3/31 Negotiable debt securities France S32/33 32 Mutual fund shares/units France S34 33 Debt securities and quoted shares issued by French residents S35 34 Debt securities and quoted shares issued by French residents, by sector S36 Other statistics 35 Company failures by economic sector France S37 36 Retail payment systems France S38 37/38 Large-value payment systems EU S39/4 39 Large-value payment systems France S41 Nota bene Changes have been made to the presentation of the Banque de France s balance sheet (Table 12). Statistical data are updated monthly on the Banque de France s website. S2 Banque de France June 212

4 Economic developments Table 1 Industrial activity indicators Monthly Business Survey France (NAF revision 2; seasonally-adjusted data) Nov. Dec. Jan. Feb. March April May Changes in production from the previous month a) Total manufacturing Food products and beverages Electrical, electronic and computer equipement and other machinery Automotive industry Other transport equipment Other manufacturing Production forecasts a) Total manufacturing Food products and beverages Electrical, electronic and computer equipement 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 equipement 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 equipement 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 month Business sentiment indicator c) 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. Produced 19 June 212 Banque de France June 212 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) /2 1/3 1/4 1/5 1/6 1/7 1/8 1/9 1/1 1/11 1/12 1/13 Orders a) Production a) (balance of opinions; monthly change) (balance of opinions; monthly change) /8 1/9 1/1 1/11 1/12 1/13 1/8 1/9 1/1 1/11 1/12 1/13 Total orders Total orders (three-month moving average) Foreign orders (three-month moving average) Past production Forecast production (series adjusted for the observed statistical bias) Past production (three-month moving average) Inventories and order books a) Capacity utilisation rate a) (balance of opinions; compared to levels deemed normal) (%) /8 1/9 1/1 1/11 1/12 1/13 Inventories Capacity utilisation rate Order books Long-term average since /8 1/9 1/1 1/11 1/12 1/13 a) Manufacturing. Source: Banque de France. Produced 19 June 212 S4 Banque de France June 212

6 Economic developments Table 3 Consumer price index a) (annual % change) Sept. Oct. Nov. Dec. Jan. Feb. March April May France Germany Italy Euro area United Kingdom na European Union United States Japan na (annual average) (seasonally-adjusted monthly % change) Dec. Jan. Feb. March April May France Germany Italy Euro area United Kingdom na European Union b) United States na Japan na France and the euro area (annual % change) /8 5/9 5/1 5/11 5/12 Euro area France Amplitude c) International comparisons (annual % change) /8 5/9 5/1 5/11 5/12 Euro area United States Japan a) Harmonised indices except for the United States and Japan (national indices). b) The series of seasonally adjusted monthly changes in the HIPC is not available for the European Union. c) Gap between the extreme values of harmonised price indices observed in the euro area (changing composition). Sources: National data, Eurostat. Produced 19 June 212 Banque de France June 212 S5

7 Economic developments Table 4 The competitiveness of France s economy Indicators deflated by consumer prices (1st quarter 1999 = 1) Competitiveness improvement Compared to the euro area Compared to the EU-15 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 Grey area: change in competitiveness compared to long-term average less than 5%. Sources: National data, Banque de France, ECB, IMF, OECD, Thomson Financial Datastream. Deflated by unit labour costs in the manufacturing industry Deflated by unit labour costs for the economy as a whole Calculations: Banque de France. Produced 19 June 212 S6 Banque de France June 212

8 Economic developments Table 5 Balance of payments Main components (quarterly data) France (unadjusted data, EUR billions) Q1 Q2 Q3 Q4 Q1 Current account Goods Services Income Current transfers Capital account Financial account Direct investment French direct investment abroad Foreign direct investment in France Portfolio investment Assets Liabilities Financial derivatives Other investment Reserve assets Net errors and omissions Current account balance (unadjusted data, EUR billions) Q1/7 Q1/8 Q1/9 Q1/1 Q1/11 Q1/12 Current transfers Goods Services Financial account balance (unadjusted data, EUR billions) Q1/7 Q1/8 Q1/9 Q1/1 Q1/11 Q1/12 Direct investment Portfolio investment equities Portfolio investment debt securities Source: Banque de France. Produced 22 June 212 Banque de France June 212 S7

9 Economic developments Table 6 Balance of payments Current and capital accounts (quarterly data) France (unadjusted data, EUR billions) Q1 Q2 Q3 Q4 Q1 Current account Goods Exports Imports General merchandise Goods procured in ports by carriers Goods for processing and repairs on goods Services Exports Imports Transportation Travel Communications services Construction services Insurance services Financial services Computer and information services Royalties and license fees Other business services Personal, cultural and recreational services Government services Income Compensation of employees Investment income Direct investment Portfolio investment Other investment Current transfers General government Other sectors of which workers remittances Capital account Source: Banque de France. Produced 22 June 212 S8 Banque de France June 212

10 Economic developments Table 7 Balance of payments Financial flows (quarterly data) France (unadjusted data, EUR billions) Q1 Q2 Q3 Q4 Q1 Financial account Direct investment French direct investment abroad of which equity capital and reinvested earnings Foreign direct investment in France of which equity capital and reinvested earnings Portfolio investment Assets Equity securities Bonds and notes Short-term debt securities Liabilities Equity securities Bonds and notes Short-term debt securities Financial derivatives Other investment Reserve assets Net errors and omissions Direct investment account (cumulated flows over 4 quarters) Q1/7 Q1/8 Q1/9 Q1/1 Q1/11 Q1/12 Direct investment French direct investment abroad Foreign direct investment in France Portfolio investment account (cumulated flows over 4 quarters) Q1/7 Q1/8 Q1/9 Q1/1 Q1/11 Q1/12 Portfolio investment Equity securities Debt securities Source: Banque de France. Produced 22 June 212 Banque de France June 212 S9

11 Economic developments Table 8 Balance of payments Geographical breakdown (quarterly data) France (unadjusted data, EUR billions) 1st quarter 212 EU-27 EMU a) excl. EMU b) USA Japan Switzerland China Current account na Receipts Expenditure na Goods Receipts Expenditure Services Receipts Expenditure Income na Receipts Expenditure c) na Current Transfers Financial account Direct investment French direct investment abroad Foreign direct investment in France Portfolio investment Assets d) Equity securities Bonds and notes Short-term debt securities Other investment a) 17 Member States (including Estonia as of 1 January 211). b) Denmark, United Kingdom, Sweden, European Institutions and New Member States (Czech Republic, Hungary, Latvia, Lithuania, Poland, Bulgaria, Romania). c) Geographical breakdown of portfolio investment income based on data compiled by the IMF (Coordinated Portfolio Investment Survey); data not available for China. d) The geographical breakdown is not available for liabilities. Source: Banque de France. Produced 22 June 212 S1 Banque de France June 212

12 Economic developments Table 9 Balance of payments (monthly data) France (unadjusted data, EUR billions) 12-month total April Feb. March April April April Current account Goods Services Income Current transfers Capital account Financial account Direct investment French direct investment abroad Equity capital Reinvested earnings Other capital Foreign direct investment in France Equity capital Reinvested earnings Other capital Portfolio investment Assets Equity securities Bonds and notes Short-term debt securities Liabilities Equity securities Bonds and notes Short-term debt securities Financial derivatives Other investment Reserve assets Net errors and omissions Source: Banque de France. Produced 22 June 212 Banque de France June 212 S11

13 Economic developments Table 1 France s international investment position (direct investment measured at book value) (EUR billions) Dec. Dec. Dec. Dec. Dec. Q4 Assets 4, , , , , ,877.4 French direct investment abroad ,36. 1, , ,222.3 Equity capital and reinvested earnings Other capital Portfolio investment (foreign securities held by residents) 2,14.1 1, ,49.9 2,9.4 1, ,828.9 Financial derivatives , ,214.5 Other investment 1, , ,29.5 1, , ,478.7 Reserve assets Liabilities -4,78.2-4, , ,79.8-6,25.2-6,25.2 Foreign direct investment in France Equity capital and reinvested earnings Other capital Portfolio investment (French securities held by non-residents) -1, , , , , ,451.8 Financial derivatives , ,253.7 Other investment -1, , , , , ,583. Net position Non-resident holdings of CAC 4 equities France s international investment position and government negotiable debt securities (%) (EUR billions) Q Q4 21 Q4 23 Q4 25 Q4 27 CAC 4 equities Government negotiable debt securities Q4 29 Q4 211 Q Q4 21 Q4 23 Q4 25 Q4 27 With direct investment measured at book value With direct investment measured at market value Q4 29 Q4 211 Source: Banque de France. Produced 22 June 212 S12 Banque de France June 212

14 Money, investment and financing Table 11 Main monetary and financial aggregates France and the euro area (annual percentage growth rate) Dec. Dec. Dec. April Oct. Nov. Dec. Jan. Feb. March April M1 Euro area a) France (contribution) M2 Euro area a) France (contribution) M3 Euro area a) France (contribution) Loans to the private sector Euro area a) France b) M1 (annual percentage growth rate) /6 4/7 4/8 4/9 4/1 4/11 4/12 Euro area France (contribution) M3 (annual percentage growth rate) /6 4/7 4/8 4/9 4/1 4/11 4/12 M2 (annual percentage growth rate) /6 4/7 4/8 4/9 4/1 4/11 4/12 Euro area France (contribution) Loans to the private sector (annual percentage growth rate) /6 4/7 4/8 4/9 4/1 4/11 4/12 Euro area Euro area France (contribution) France b) 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. Produced 19 June 212 Banque de France June 212 S13

15 Money, investment and financing Table 12 Balance sheet of the Banque de France (outstanding amounts at the end of the period, EUR billions) Dec. Dec. Dec. April Jan. Feb. March April Assets National territory Loans MFIs a) Central government Private sector Securities other than shares MFIs Central government Private sector Money market funds shares/units Shares and other equity Other euro area countries a) Rest of the world a) Gold Not broken down by geographical area b) Total Liabilities National territory Deposits MFIs Central government Other sectors Other euro area countries Deposits MFIs Other sectors Rest of the world Deposits Not broken down by geographical area Currency in circulation c) Debt securities issued Capital and reserves Other liabilities Total a) This item includes the outstanding amount of market operations. b) Including the adjustment linked to the latest method of accounting used for measuring the notes on the asset side of the balance sheet of the Banque de France since January 22. c) Since January 22, banknotes in circulation figure is being adjusted to bring them in line with the capital key share ( Capital Share Mechanism ). The ECB is the legal issuer of the total euro banknotes in circulation, and the National Central Banks disclose euro banknotes liabilities equivalent to their respective capital key share, calculated on the basis of the remaining 92% of the overall amount of euro banknotes. Source: Banque de France. Produced 19 June 212 S14 Banque de France June 212

16 Money, investment and financing Table 13 Balance sheet of monetary financial institutions (MFIs) excluding the Banque de France (outstanding amounts at the end of the period in EUR billions) Dec. Dec. Dec. April Jan. Feb. March April Assets National territory 4, , , ,64. 4, , ,32.9 5,64.8 Loans 3,59.9 3, , , , , , ,978.6 MFIs 1, , , , , , , ,755.6 General government Private sector 1, ,93.4 2,16.2 2,3.5 2,35.4 2,32.6 2,33.3 2,26. Securities other than shares MFIs 2 years MFIs > 2 years General government Private sector Money market fund shares/units Shares and other equity Other euro area countries 1,34.4 1, Rest of the world Not broken down by geographical area 1, , , , , ,685. 1, ,65.7 Total 7, ,83.1 8, , , , , ,56.7 Liabilities National territory Deposits 3,99. 3,35.3 3,66.8 3, , ,63.3 3, ,58.2 MFIs 1, , ,88.6 1, , , , ,755.9 Central government Other sectors 1, , , ,65.4 1,81.5 1, , ,796.2 Overnight deposits Deposits with agreed maturity 2 years Deposits with agreed maturity > 2 years Deposits redeemable at notice 3 months Repos Other euro area countries Deposits MFIs Other sectors Rest of the world Deposits Not broken down by geographical area 3, , , ,31. 3, ,74.3 3, ,758.1 Debt securities issued 2 years Debt securities issued > 2 years Money market fund shares/units Capital and reserves Other 1,38.1 1,49.9 1, , , , ,553. 1,576.3 Total 7, ,83.1 8, , , , , ,56.7 NB: Since July 23, financial transactions carried out by La Poste have been accounted for in the balance sheet of monetary financial institutions. This has resulted in an increase in the item Shares and other equity in Assets, and in Overnight deposits and Capital and reserves in Liabilities. Source: Banque de France. Produced 19 June 212 Banque de France June 212 S15

17 Money, investment and financing Table 14 Deposits France (outstanding amounts at the end of the period in EUR billions % growth) Dec. Dec. Dec. April Jan. Feb. March April Overnight deposits Total non-financial sectors (excluding central government) Households and similar Non-financial corporations General government (excl. central government) Other sectors 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 1/1 4/11 1/11 4/12 Total Non-financial corporations Households Passbook savings accounts (annual growth rate) /1 1/1 4/11 1/11 4/12 "A" and "Blue" passbooks Youth passbooks Housing savings accounts Taxable passbooks Source: Banque de France. Produced 19 June 212 S16 Banque de France June 212

18 Money, investment and financing Table 15 Time deposits France (outstanding amounts at the end of the period in EUR billions % growth) Dec. Dec. Dec. April Jan. Feb. March April Deposits with agreed maturity up to two years 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 1/1 4/11 1/11 4/12 Total Households Non-financial corporations Deposits over 2 years (annual percentage growth rate) /1 1/1 4/11 1/11 4/12 Total PEL PEP Sources: Banque de France, European Central Bank. Produced 19 June 212 Banque de France June 212 S17

19 Money, investment and financing Table 16 Loans extended by credit institutions established in France to French residents France (outstanding amounts at the end of the period in EUR billions % growth) Dec. Dec. Dec. April Dec. Jan. Feb. March April Loans from monetary financial institutions Private sector 1, ,93.6 2,16.3 2,3.6 2,16.3 2,35.6 2,32.8 2,33.5 2,26.2 General government Total Outstanding amounts 2,23.6 2, , ,21.3 2, , , , ,223.2 Private sector General government Total Growth rate Loans from credit institutions to non-financial corporations Fixed investment Inventories and working capital Other lending Total Outstanding amounts Total Growth rate Loans from credit institutions to households Loans for house purchase Consumer loans Other lending Total Outstanding amounts ,38.4 1,83.1 1,51.6 1,83.1 1,88.7 1,88.2 1,89.4 1,91.3 Total Growth rate Source: Banque de France. Produced 19 June 212 S18 Banque de France June 212

20 Money, investment and financing Table 17 Loans from credit institutions broken down by counterpart and by financing purpose France a) and euro area Loans to the private sector (annual percentage growth rate) /1 7/1 1/1 1/11 4/11 7/11 1/11 1/12 4/12 Euro area France Loans to non-financial corporations France (annual percentage growth rate) Loans to the public sector (annual percentage growth rate) /1 7/1 1/1 1/11 4/11 7/11 1/11 1/12 4/12 Euro area France Loans to households France (annual percentage growth rate) /1 7/1 1/1 1/11 4/11 7/11 1/11 1/12 4/12 4/1 7/1 1/1 1/11 4/11 7/11 1/11 1/12 4/12 Inventories and working capital Consumer loans Fixed investment Loans for house purchase a) Loans extended by credit institutions established in France to French residents. Sources: Banque de France, European Central Bank. Produced 19 June 212 Banque de France June 212 S19

21 Money, investment and financing Table 18 New loans to residents, (excl. overdrafts) France (monthly flows - seasonally adjusted - in euro billions) Feb. March April Feb. March April 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 8/1 12/1 4/11 8/11 12/11 4/12 Non-financial corporations Loans > 1 million euro (monthly flows - seasonally adjusted - in euro billions) /1 8/1 12/1 4/11 8/11 12/11 4/12 Households - Cash loans (monthly flows - seasonally adjusted - in euro billions) /1 8/1 12/1 4/11 8/11 12/11 4/12 Households - Housing loans (monthly flows - seasonally adjusted - in euro billions) /1 8/1 12/1 4/11 8/11 12/11 4/12 a) All initial rate fixation periods. Sources: Banque de France, European Central Bank. Produced 19 June 212 S2 Banque de France June 212

22 Money, investment and financing Table 19 Investment and financing Insurance corporations and pension funds Euro area and France (EUR billions) Euro area Cumulated transaction flows over 4 quarters Outstanding amounts Q4 Q1 Q2 Q3 Q4 Dec. Financial assets Currency and deposits of which deposits included in M3 a) Short-term debt securities Long-term debt securities ,598.5 Loans Shares and other equity ,396.5 of which quoted shares Remaining net assets Financing Debt securities Loans Shares and other equity Insurance technical reserves ,99.8 Life insurance ,269.4 Non-life insurance Net lending/net borrowing (B9B) (EUR billions) France Cumulated transaction flows over 4 quarters Outstanding amounts Q4 Q1 Q2 Q3 Q4 Dec. Financial assets Currency and deposits Short-term debt securities Long-term debt securities ,94.7 Loans Shares and other equity of which quoted shares Remaining net assets Financing Debt securities Loans Shares and other equity Insurance technical reserves ,672.3 Life insurance and pension funds ,42.2 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. Produced 19 June 212 Banque de France June 212 S21

23 Money, investment and financing Table 2 Investment and financing Households Euro area (EUR billions) Cumulated transaction flows over 4 quarters Outstanding amounts Q4 Q1 Q2 Q3 Q4 Dec. Financial assets Currency and deposits ,811.4 of which deposits included in M3 a) ,114.4 Short-term debt securities Long-term debt securities ,339.7 Shares and other equity ,991.8 Quoted shares Unquoted shares and other equity ,84. Mutual fund shares ,253.3 of which money market fund shares Insurance technical reserves ,891.8 Remaining net assets Financing Loans ,191.5 of which from euro area MFIs ,28.7 Revaluation of financial assets Shares and other equity Insurance technical reserves Other flows Change in net financial worth Investment flows (EUR billions, cumulated flows over 4 quarters) Q4/6 Q4/7 Q4/8 Q4/9 Q4/1 Q4/11 Debt securities Currency and deposits Insurance technical reserves Shares and other equity Investment and financing flows (EUR billions, cumulated flows over 4 quarters) Q4/6 Q4/7 Q4/8 Q4/9 Q4/1 Q4/11 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. Produced 19 June 212 S22 Banque de France June 212

24 Money, investment and financing Table 21 Investment and financing Households France (EUR billions) Cumulated transaction flows over 4 quarters Outstanding amounts Q4 Q1 Q2 Q3 Q4 Dec. Financial assets Currency and deposits ,217.1 Short-term debt securities Long-term debt securities Shares and other equity Quoted shares Unquoted shares and other equity Mutual fund shares of which money market fund shares Insurance technical reserves ,57.4 Remaining net assets Financing Loans ,115.9 Revaluation of financial assets Shares and other equity Insurance technical reserves Other flows Change in net financial worth Investment flows (EUR billions, cumulated flows over 4 quarters) Q4/6 Q4/7 Q4/8 Q4/9 Q4/1 Q4/11 Debt securities Currency and deposits Insurance technical reserves Shares and other equity Investment and financing flows (EUR billions, cumulated flows over 4 quarters) Q4/6 Q4/7 Q4/8 Q4/9 Q4/1 Q4/11 Financial investment Loans (financing) Source: Banque de France. Produced 19 June 212 Banque de France June 212 S23

25 Money, investment and financing Table 22 Investment and financing Non-financial corporations Euro area (EUR billions) Cumulated transaction flows over 4 quarters Outstanding amounts Q4 Q1 Q2 Q3 Q4 Dec. Financial assets Currency and deposits ,981.5 of which deposits included in M3 a) ,589.9 Debt securities Loans ,238.7 Shares and other equity ,299.4 Insurance technical reserves Remaining net assets Financing Debt ,849. Loans ,585.5 of which from euro area MFIs ,72.4 Debt securities Pension fund reserves Shares and other equity ,25.4 Quoted shares ,3.2 Unquoted shares and other equity ,95.1 Net lending/net borrowing (B9B) Investment flows (EUR billions, cumulated flows over 4 quarters) Q4/6 Q4/7 Q4/8 Q4/9 Q4/1 Q4/11 Financing flows (EUR billions, cumulated flows over 4 quarters) 1, Q4/6 Q4/7 Q4/8 Q4/9 Q4/1 Q4/11 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. Produced 19 June 212 S24 Banque de France June 212

26 Money, investment and financing Table 23 Investment and financing Non-financial corporations France (EUR billions) Cumulated transaction flows over 4 quarters Outstanding amounts Q4 Q1 Q2 Q3 Q4 Dec. Financial assets Currency and deposits Debt securities Loans Shares and other equity ,532.3 Insurance technical reserves Remaining net assets Financing Debt ,69.6 Loans ,643.3 Debt securities Shares and other equity ,798.6 Quoted shares Unquoted shares and other equity ,81. Net lending/net borrowing (B9B) Investment flows (EUR billions, cumulated flows over 4 quarters) Q4/6 Q4/7 Q4/8 Q4/9 Q4/1 Q4/11 Financing flows (EUR billions, cumulated flows over 4 quarters) Q4/6 Q4/7 Q4/8 Q4/9 Q4/1 Q4/11 Deposits and debt securities Loans Shares and other equity Loans Debt securities Shares and other equity Source: Banque de France. Produced 19 June 212 Banque de France June 212 S25

27 Money, investment and financing Table 24 Interest rates on deposits France and the euro area (average monthly rates %) Dec. Dec. April Dec. Jan. Feb. March April Euro area 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 Market rate 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 %) /3 1/4 1/5 1/6 1/7 1/8 1/9 1/1 1/11 1/12 Overnight deposits households Deposits redeemable at notice up to 3 months households Time deposits with agreed maturity over 2 years non-financial corporations /3 1/4 1/5 1/6 1/7 1/8 1/9 1/1 1/11 1/12 "A" passbooks Market rate savings deposits Deposits with agreed maturity up to 2 years Deposits with agreed maturity over 2 years Sources: Banque de France, European Central Bank. Produced 19 June 212 S26 Banque de France June 212

28 Money, investment and financing Table 25 Cost of credit France and the euro area (average monthly rate %) May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. March April Euro area Consumer loans Floating rate and IRFP of up to 1 year a) Loans for house purchase Floating rate and IRFP of between 1 and 5 years 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) /3 1/4 1/5 1/6 1/7 1/8 1/9 1/1 1/11 1/12 Consumer loans IRFP up to 1 year Housing loans IRFP of between 1 and 5 years Non-financial corporations IRFP up to 1 year France (percentage points) /3 1/4 1/5 1/6 1/7 1/8 1/9 1/1 1/11 1/12 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. Produced 19 June 212 Banque de France June 212 S27

29 Money, investment and financing Table 26 Cost of 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) July Oct. Jan. April Housing loans Fixed-rate loans Floating-rate loans Bridge loans Consumer loans Loans up to and including EUR Overdraft facilities, revolving loans, and instalment credit loans of over EUR and loans up to EUR 3. and reverse annuity mortgage loans Personal loans and other loans of over EUR and loans up to EUR Overdraft facilities, revolving loans, and instalment credit loans of over EUR 3. and loans up to EUR 6. and reverse annuity mortgage loans Personal loans and other loans of over EUR 3. and loans up to EUR Overdraft facilities, revolving loans, and instalment credit loans of over EUR 6. and reverse annuity mortgage loans Personal loans and other loans or over EUR Q1 Q2 Q3 Q4 Q1 Loans to enterprises Discount up to EUR 15, EUR 15,245 to EUR 45, EUR 45,735 to EUR 76, EUR 76,225 to EUR 34, EUR 34,898 to EUR 1,524, over EUR 1,524, Overdrafts up to EUR 15, EUR 15,245 to EUR 45, EUR 45,735 to EUR 76, EUR 76,225 to EUR 34, EUR 34,898 to EUR 1,524, over EUR 1,524, Other short-term loans up to EUR 15, EUR 15,245 to EUR 45, EUR 45,735 to EUR 76, EUR 76,225 to EUR 34, EUR 34,898 to EUR 1,524, over EUR 1,524, Medium and long-term loans up to EUR 15, EUR 15,245 to EUR 45, EUR 45,735 to EUR 76, EUR 76,225 to EUR 34, EUR 34,898 to EUR 1,524, over EUR 1,524, Source: Banque de France. Produced 19 June 212 S28 Banque de France June 212

30 Financial markets and interest rates Table 27 Interest rates (%) Monthly average a) Key interest Aug. Sept. Oct. Nov. Dec. Jan. Feb. March April May rates at Short-term interbank interest rates 15/6/12 Euro 1. Overnight month year Pound sterling.5 Overnight month year Dollar.25 Overnight month year Yen.1 Overnight month year year benchmark government bond yields b) France Germany Euro area United Kingdom United States Japan month interbank market rates (monthly average, %) (%) /11 8/11 11/11 2/12 5/12 1 month 2 years Euro Pound sterling Dollar Yen Yield curve for French government bonds 31 December May June 212 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. 1 years Sources: Banque de France, European Central Bank. Produced 19 June 212 Banque de France June 212 S29

31 Financial markets and interest rates Table 28 Banking system liquidity and refinancing operations Euro area (EUR billions, daily average for the reserve maintenance period from 11 April to 8 May 212) Liquidity Liquidity Net providing absorbing contribution Contribution to banking system liquidity (a) Eurosystem monetary policy operations 1, Main refinancing operations Longer-term refinancing operations 1,88.7 1,88.7 Standing facilities Other (b) Other factors affecting banking system liquidity , Banknotes in circulation Government deposits with the Eurosystem Net foreign assets (including gold) Other factors (net) (c) Reserves maintained by credit institutions (a) + (b) 11.5 including reserve requirements 15.2 Net contribution to banking system liquidity (EUR billions, daily average for the reserve maintenance period from 11 April to 8 May 212) 1,4 1,2 1, , -1,2 Eurosystem monetary policy operations Main refinancing operations Longer-term refinancing operations Standing facilities Other operations Other factors affecting banking system liquidity Banknotes in circulation Government deposits with the Eurosystem Net foreign assets (including gold) Other factors (net) liquidity providing liquidity absorbing Sources: Banque de France, European Central Bank. Produced 19 June 212 S3 Banque de France June 212

32 Financial markets and interest rates Table 29 Eurosystem key rates; minimum reserves (%) Key rates for the Eurosystem (latest changes) Main refinancing operations Standing facilities Date of Date of Fixed rate Deposit decision settlement decision settlement (%) Marginal lending 7/7/11 13/7/ /7/11 13/7/ /11/11 9/11/ /11/11 9/11/ /12/11 14/12/ /12/11 14/12/ Main refinancing operations Longer-term refinancing operations Marginal rate Weighted average rate Marginal rate May a) March May March May April 1. 3 May May 1. 6 June May June June 1. (EUR billions rates as a %) 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 November December January February March April Eurosystem key rates and EONIA (%) (%) Central bank key rates /6/11 15/9/11 15/12/11 15/3/12 15/6/ /6/6 15/6/7 15/6/8 15/6/9 15/6/1 15/6/11 15/6/12 a) Fixed rate tender procedure. EONIA Marginal lending facility Eurosystem United states Deposit facility MRO fixed rate United Kingdom Japan Sources: European Central Bank, ESCB. Produced 19 June 212 Banque de France June 212 S31