Quarterly selection of articles

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

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

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

Economic developments Table 1 Industrial activity indicators Monthly Business Survey France (NAF revision 2; seasonally-adjusted data) 211 212 Nov. Dec. Jan. Feb. March April May Changes in production from the previous month a) Total manufacturing 3 2 2-4 7-2 -13 Food products and beverages -4-2 1 14 8 5 Electrical, electronic and computer equipement and other machinery Automotive industry 2 19-5 -11 11-1 -1-1 -7-2 -28-7 -19 Other transport equipment 2 2 7-1 1 6-1 Other manufacturing 4 4 4-7 6-5 -17 Production forecasts a) Total manufacturing 2 3 4 1-1 5 Food products and beverages 8 9 7 9 8 7 13 Electrical, electronic and computer equipement and other machinery Automotive industry -6 6-1 -8-1 -8-3 Other transport equipment 15 22 17 18 16 18 21 Other manufacturing 1 3 5 3-4 4 Changes in orders from the previous month a) Total manufacturing 2-1 2-1 -6 Foreign 3 1 2-2 1-3 Order books a) Total manufacturing 6 3 2 3-2 Food products and beverages 3-2 3 6 2 7 5 Electrical, electronic and computer equipement and other machinery Automotive industry -5-16 -21-22 -4-32 -42 Other transport equipment 56 53 53 56 49 52 49 Other manufacturing 1 1 1-1 -3-5 Inventories of finished goods a) Total manufacturing 4 2 3 3 5 5 4 Food products and beverages 6 13 2-3 3 3 3 Electrical, electronic and computer equipement and other machinery 1 3 2 1 3 4 8 5 4-1 1 3 13 1 7 9 11 8 7 Automotive industry -1-24 1 8 1 4 3 Other transport equipment 3 6 6 4 5 2 5 Other manufacturing 1 1 2 2 4 4 5 Capacity utilisation rate b) Total manufacturing 79.1 79. 78.7 78.2 78.3 77.9 76.9 Staff levels (total manufacturing) a) Changes from the previous month -1-1 -1-1 -2-2 Forecast for the coming month -2-1 -1-1 -2-2 Business sentiment indicator c) 95 96 96 95 95 94 93 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

Economic developments Table 2 Industrial activity indicators Monthly Business Survey France (NAF revision 2; seasonally-adjusted data) Business sentiment indicator (1 = 1981 last value) 12 11 1 9 8 7 6 1/2 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) 3 3 2 2 1 1-1 -1-2 -2-3 -3-4 -4 1/8 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) (%) 4 2-2 -4-6 1/8 1/9 1/1 1/11 1/12 1/13 Inventories Capacity utilisation rate Order books Long-term average since 1981 86 84 82 8 78 76 74 72 7 68 1/8 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

Economic developments Table 3 Consumer price index a) (annual % change) 211 212 Sept. Oct. Nov. Dec. Jan. Feb. March April May France 2.4 2.5 2.7 2.7 2.6 2.5 2.6 2.4 2.3 Germany 2.9 2.9 2.8 2.3 2.3 2.5 2.3 2.2 2.2 Italy 3.6 3.8 3.7 3.7 3.4 3.4 3.8 3.7 3.5 Euro area 3. 3. 3. 2.7 2.7 2.7 2.7 2.6 2.4 United Kingdom 5.2 5. 4.8 4.2 3.6 3.4 3.5 3. na European Union 3.3 3.4 3.3 3. 2.9 2.9 2.9 2.7 2.6 United States 3.9 3.5 3.4 3. 2.9 2.9 2.7 2.3 1.7 Japan. -.2 -.5 -.2.1.3.5.5 na (annual average) (seasonally-adjusted monthly % change) 29 21 211 211 212 Dec. Jan. Feb. March April May France.1 1.7 2.3.3.1.1.3.1. Germany.2 1.2 2.5 -.1.3.4.1.3 -.2 Italy.8 1.6 2.9.3..3.6.2.1 Euro area.3 1.6 2.7.1.4.3.3.3 -.1 United Kingdom 2.2 3.3 4.5.1..2.2.3 na European Union b) 1. 2.1 3.1 United States -.4 1.6 3.2..2.4.3. na Japan -1.3 -.7 -.3.1.3.3.1. na France and the euro area (annual % change) 7 6 5 4 3 2 1-1 -2-3 5/8 5/9 5/1 5/11 5/12 Euro area France Amplitude c) International comparisons (annual % change) 7 6 5 4 3 2 1-1 -2-3 5/8 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

Economic developments Table 4 The competitiveness of France s economy Indicators deflated by consumer prices (1st quarter 1999 = 1) 11 15 Competitiveness improvement 1 95 9 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 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) 16 15 14 13 12 11 1 9 8 7 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 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) 12 115 Competitiveness improvement 11 15 1 95 9 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 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

Economic developments Table 5 Balance of payments Main components (quarterly data) France (unadjusted data, EUR billions) 21 211 211 212 Q1 Q2 Q3 Q4 Q1 Current account -3.2-38.9-8.9-14. -8. -8. -9.6 Goods -52.9-73.5-2. -19.1-18.1-16.2-18.9 Services 15.9 24.2 2.9 6.8 9.7 4.8 5.1 Income 4.7 46.9 14.5 7.3 11.2 14. 11.4 Current transfers -33.8-36.6-6.3-9. -1.8-1.6-7.2 Capital account. -.1.. -.6.5. Financial account 27.5 58.1-31.6 44.5-1.9 47.1.1 Direct investment -34.9-35.4 1.1-27.7-8.5 -.2-4.9 French direct investment abroad -58. -64.8 2.5-35.9-16.8-14.6-16.9 Foreign direct investment in France 23.1 29.5-1.5 8.2 8.3 14.4 12. Portfolio investment 123.2 251.6 22.2 69. 56.4 14. 24.6 Assets 26.2 177.5-22.2-1.2 87.8 113. -3.6 Liabilities 96.9 74.1 44.4 7.2-31.4-9.1 28.2 Financial derivatives 34.3 13.8 3.6 7.5.4 2.3-1.9 Other investment -89.3-177.3-55.3-5.3-55.7-61.1-17.9 Reserve assets -5.8 5.5-3.2 1.1 5.5 2.1.2 Net errors and omissions 2.7-19.1 4.5-3.5 1.4-39.6 9.5 Current account balance (unadjusted data, EUR billions) 1 5-5 -1-15 -2-25 Q1/7 Q1/8 Q1/9 Q1/1 Q1/11 Q1/12 Current transfers Goods Services Financial account balance (unadjusted data, EUR billions) 12 9 6 3-3 -6 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

Economic developments Table 6 Balance of payments Current and capital accounts (quarterly data) France (unadjusted data, EUR billions) 21 211 211 212 Q1 Q2 Q3 Q4 Q1 Current account -3.2-38.9-8.9-14. -8. -8. -9.6 Goods -52.9-73.5-2. -19.1-18.1-16.2-18.9 Exports 392. 424. 16.4 17.1 11.4 19.1 112.4 Imports 444.9 497.5 126.4 126.2 119.5 125.4 131.3 General merchandise -54.1-73.6-19.9-19. -18.3-16.4-18.8 Goods procured in ports by carriers -2. -2.8 -.7 -.7 -.7 -.7 -.3 Goods for processing and repairs on goods 3.2 2.9.5.6.9.9.2 Services 15.9 24.2 2.9 6.8 9.7 4.8 5.1 Exports 145.1 161.5 35.4 41.4 45.5 39.1 35.9 Imports 129.2 137.2 32.5 34.6 35.8 34.3 3.8 Transportation -3.2-5.3-1.9-1.6 -.9 -.9-1. Travel 5.9 7.5 -.1 2.5 5.5 -.3 1.7 Communications services.8 1.3.3.3.3.4.2 Construction services 2.1 2.2.4.6.5.7.4 Insurance services.5 1.6.2.6.6.3.1 Financial services.7 2.1.5.5.5.6.4 Computer and information services -.4 -.7 -.2 -.1 -.2 -.2 -.2 Royalties and license fees 2.9 4.1 1.2.9.8 1.2 1.1 Other business services 6.3 1.9 2.4 2.9 2.6 3. 2.3 Personal, cultural and recreational services.1.3.1.1..1.1 Government services.2.2.1.1.1..1 Income 4.7 46.9 14.5 7.3 11.2 14. 11.4 Compensation of employees 1.9 12.4 3.1 3.1 3.1 3.1 3. Investment income 29.8 34.6 11.4 4.2 8.1 1.9 8.3 Direct investment 37.1 39.7 9.9 11.2 7.6 11.1 9.7 Portfolio investment -5.1-5.8 2. -7.1 -.1 -.6-1.5 Other investment -2.3.7 -.5.1.5.5.2 Current transfers -33.8-36.6-6.3-9. -1.8-1.6-7.2 General government -18.4-19.3-2.4-4.8-6. -6.1-2.4 Other sectors -15.4-17.3-3.9-4.2-4.8-4.4-4.9 of which workers remittances -9.1-9. -2.2-2.2-2.2-2.2-2.4 Capital account. -.1.. -.6.5. Source: Banque de France. Produced 22 June 212 S8 Banque de France June 212

Economic developments Table 7 Balance of payments Financial flows (quarterly data) France (unadjusted data, EUR billions) 21 211 211 212 Q1 Q2 Q3 Q4 Q1 Financial account 27.5 58.1-31.6 44.5-1.9 47.1.1 Direct investment -34.9-35.4 1.1-27.7-8.5 -.2-4.9 French direct investment abroad -58. -64.8 2.5-35.9-16.8-14.6-16.9 of which equity capital and reinvested earnings -45.4-48.3-2.6-2.5-1.3-14.8-1.7 Foreign direct investment in France 23.1 29.5-1.5 8.2 8.3 14.4 12. of which equity capital and reinvested earnings 16.7 19.1 3.3 4.5-1.1 12.4 2.5 Portfolio investment 123.2 251.6 22.2 69. 56.4 14. 24.6 Assets 26.2 177.5-22.2-1.2 87.8 113. -3.6 Equity securities -15.9 54. 24.8-14.4 9.6 33.9-1.7 Bonds and notes 16.2 8.8-33.7-7.2 59.3 62.3 35.8 Short-term debt securities 25.9 42.7-13.4 2.4 18.9 16.8-28.8 Liabilities 96.9 74.1 44.4 7.2-31.4-9.1 28.2 Equity securities -3.8 2.5 1.2 4.8-6.8-5.7 3.8 Bonds and notes 99.1 96. 16.2 58. -2.5 24.3 26. Short-term debt securities 1.7-24.4 18. 7.4-22.1-27.7-1.7 Financial derivatives 34.3 13.8 3.6 7.5.4 2.3-1.9 Other investment -89.3-177.3-55.3-5.3-55.7-61.1-17.9 Reserve assets -5.8 5.5-3.2 1.1 5.5 2.1.2 Net errors and omissions 2.7-19.1 4.5-3.5 1.4-39.6 9.5 Direct investment account (cumulated flows over 4 quarters) 1 5-5 -1-15 -2 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) 3 2 1-1 -2 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

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 -2.9.9-1.6 -.8 2.3 na Receipts 85.8 31.4 11.9 2.3 8.4 5.5 Expenditure 88.7 3.5 13.5 3.1 6.1 na Goods -1.7.1-1. -.5.7-5.8 Receipts 53.3 14.1 6.6 1.7 3.7 3.9 Expenditure 64. 13.9 7.6 2.2 3.1 9.7 Services 1.5 -.7.7 -.1.5.5 Receipts 14.1 4.1 3.4.3 1.7 1.4 Expenditure 12.6 4.8 2.7.4 1.3.9 Income 8.1 2.6-1.2 -.2 1.6 na Receipts 17.4 4.8 1.7.3 2.6.2 Expenditure c) 9.3 2.2 2.9.4 1. na Current Transfers -1.8-1.2. -.1 -.5 -.1 Financial account Direct investment -3.4 1.3-1.3 -.5 3.3 -.3 French direct investment abroad -4.6 -.9-5.1 -.2 -.9 -.3 Foreign direct investment in France 1.2 2.2 3.8 -.4 4.2. Portfolio investment Assets d) 14.1-2.7 1.2.5.1.5 Equity securities -.7 -.4-5. -3.2 -.2.6 Bonds and notes 35.7-7.9 3.8.7.. Short-term debt securities -2.9-12.4 2.5 3..3 -.1 Other investment -8.4-67. 43.3-9. -2.4 4.8 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

Economic developments Table 9 Balance of payments (monthly data) France (unadjusted data, EUR billions) 12-month total 211 212 211 212 April Feb. March April April April Current account -2.7-4.7-2.3-4.2-38.5-41.1 Goods -6.3-7. -4.8-6.3-63.4-72.3 Services 1. 2.1 1.7 1.4 16.6 26.8 Income 5.3 3.3 4.6 3.1 42.4 41.7 Current transfers -2.7-3. -3.7-2.4-34.2-37.2 Capital account... -.1 -.1 -.2 Financial account -9.6 24.9-41..4 11.2 99.8 Direct investment -18.9-2.6 -.5-1.6-36.5-24. French direct investment abroad -25.5-5.9-5.1-5.7-56.5-64.4 Equity capital -8.9-1..3 -.3-18.3-2. Reinvested earnings -2.3-2.4-2.4-2.4-22. -27.7 Other capital -14.3-2.5-3. -3. -16.2-16.7 Foreign direct investment in France 6.6 3.3 4.6 4.1 19.9 4.4 Equity capital.6 -.8 1.4 1.2 9.1 11.3 Reinvested earnings.6.8.8.8 5.7 7.8 Other capital 5.4 3.3 2.4 2.1 5.1 21.2 Portfolio investment -25.8 32.9-1.5-18.4 94. 261.4 Assets -21.9 8.7-5.3 3.3 23.5 221.3 Equity securities -12.4-1. -3.5-3.4 3.9 27.5 Bonds and notes -6.8-2.7 21.3 7.1 6.4 164.2 Short-term debt securities -2.8 12.4-23.1 -.4 13.3 29.7 Liabilities -3.9 24.2 3.8-21.6 7.5 4.1 Equity securities -2.7.3 2.6-11.2 7.7-12.3 Bonds and notes.8 34.9-6.2-8.5 51.4 96.6 Short-term debt securities -1.9-1.9 7.3-2. 11.4-44.2 Financial derivatives.5 1.6 -.4 2.3 27.5 1.2 Other investment 31.2-7. -39.4 18.8-7.1-152.3 Reserve assets 3.5.1.8 -.7-3.6 4.6 Net errors and omissions 12.2-2.3 43.3 3.9 27.4-58.5 Source: Banque de France. Produced 22 June 212 Banque de France June 212 S11

Economic developments Table 1 France s international investment position (direct investment measured at book value) (EUR billions) 27 28 29 21 211 211 Dec. Dec. Dec. Dec. Dec. Q4 Assets 4,533.5 4,414.1 4,661.2 5,597.8 5,877.4 5,877.4 French direct investment abroad 874.2 975.3 1,36. 1,149.6 1,222.3 1,222.3 Equity capital and reinvested earnings 598.2 658.6 726.1 82.2 872.7 872.7 Other capital 276. 316.7 39.9 329.4 349.6 349.6 Portfolio investment (foreign securities held by residents) 2,14.1 1,857.4 2,49.9 2,9.4 1,828.9 1,828.9 Financial derivatives 241. 234. 273.5 867.5 1,214.5 1,214.5 Other investment 1,325.7 1,273.5 1,29.5 1,365.9 1,478.7 1,478.7 Reserve assets 78.6 74. 92.4 124.5 133.1 133.1 Liabilities -4,78.2-4,633.3-4,864.1-5,79.8-6,25.2-6,25.2 Foreign direct investment in France -649.1-684.5-683.9-79.8-736.7-736.7 Equity capital and reinvested earnings -386.2-395.3-48.4-422.9-437.9-437.9 Other capital -262.9-289.2-275.5-286.9-298.8-298.8 Portfolio investment (French securities held by non-residents) -1,987.9-1,872.5-2,299.7-2,431.8-2,451.8-2,451.8 Financial derivatives -312.6-289.3-311.8-95.5-1,253.7-1,253.7 Other investment -1,758.7-1,787. -1,568.6-1,662.7-1,583. -1,583. Net position -174.7-219.2-22.8-111.9-147.8-147.8 Non-resident holdings of CAC 4 equities France s international investment position and government negotiable debt securities (%) (EUR billions) 75 3 7 2 65 6 1 55 5 45-1 4-2 35 3-3 25-4 Q4 1999 Q4 21 Q4 23 Q4 25 Q4 27 CAC 4 equities Government negotiable debt securities Q4 29 Q4 211 Q4 1999 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

Money, investment and financing Table 11 Main monetary and financial aggregates France and the euro area (annual percentage growth rate) 29 21 211 211 211 212 Dec. Dec. Dec. April Oct. Nov. Dec. Jan. Feb. March April M1 Euro area a) 12.2 4.4 1.6 1.6 1.7 2.1 1.6 2.1 2.6 2.8 1.8 France (contribution) 6.5 7.2 3.8 4.1 3.7 4. 3.8 8.6 7.3 7.4 4.3 M2 Euro area a) 1.6 2.3 1.8 2.4 1.9 2.1 1.8 2.3 2.8 3. 2.4 France (contribution). 7.4 3.5 6.4 4.1 4.2 3.5 6.1 5.6 5.6 4.2 M3 Euro area a) -.3 1.7 1.5 1.9 2.6 1.9 1.5 2.4 2.7 3.1 2.5 France (contribution) -4.1 6.6 3. 6.4 3. 2.9 3. 4.5 3.2 4.1 2.4 Loans to the private sector Euro area a) -.1 1.9 1.1 2.6 2.8 1.7 1.1 1.2.8.6.3 France b) -.6 5. 2.4 5.8 5.6 3.4 2.4 2.8 2.2 2.1.4 M1 (annual percentage growth rate) 2 15 1 5-5 4/6 4/7 4/8 4/9 4/1 4/11 4/12 Euro area France (contribution) M3 (annual percentage growth rate) 2 15 1 5-5 4/6 4/7 4/8 4/9 4/1 4/11 4/12 M2 (annual percentage growth rate) 2 15 1 5-5 4/6 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) 2 15 1 5-5 4/6 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

Money, investment and financing Table 12 Balance sheet of the Banque de France (outstanding amounts at the end of the period, EUR billions) 29 21 211 211 212 Dec. Dec. Dec. April Jan. Feb. March April Assets National territory 18.1 13.4 295.9 98.7 291.9 291.9 319.2 323.6 Loans 143.6 56.3 218.4 43.7 211.6 29.5 225.7 228.3 MFIs a) 143.5 56.1 218.2 43.5 211.4 29.3 225.5 228.1 Central government........ Private sector.1.2.2.2.2.2.2.2 Securities other than shares 36. 46.6 77. 54.5 79.8 81.9 93. 94.8 MFIs........ Central government 36. 46.6 77. 54.5 79.8 81.9 93. 94.8 Private sector........ Money market funds shares/units........ Shares and other equity.5.5.5.5.5.5.5.5 Other euro area countries a) 77.4 12.5 16.8 94.7 16.4 13.2 12.2 11.5 Rest of the world a) 96.3 99.1 11.5 1.9 19.4 17. 12.5 17.4 Gold 6. 82.6 95.3 81.4 13.3 11.2 97.4 98.4 Not broken down by geographical area b) 96.4 97.7 15.1 95.6 15.1 12.5 1.8 1.7 Total 51.2 485.3 713.6 471.3 716.1 75.8 722.1 731.6 Liabilities National territory Deposits 88.6 51.5 185.6 49.1 144.6 167.3 235.6 257.5 MFIs 68. 49.6 176.2 48.5 123.1 123.6 18.4 224.1 Central government 19. 1.5 8.9.3 21. 43.3 54.6 33. Other sectors 1.6.4.5.4.4.4.6.5 Other euro area countries Deposits 62. 28.3 79.6 22.7 113.7 96.3 47.3 26.3 MFIs 62. 28.3 79.6 22.7 113.7 96.3 47.3 26.3 Other sectors........ Rest of the world Deposits 112.7 122.9 143.4 122.8 141.6 135.2 137.6 141.7 Not broken down by geographical area 246.9 282.6 35. 276.6 316.2 37. 31.6 36. Currency in circulation c) 153.7 16.1 169. 158.7 165.2 164.9 165.4 166.2 Debt securities issued........ Capital and reserves 7.6 97.6 112.4 95.9 12.5 119.1 114.7 117.4 Other liabilities 22.6 24.9 23.6 22.1 3.5 22.9 21.5 22.4 Total 51.2 485.3 713.6 471.3 716.1 75.8 722.1 731.6 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

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) 29 21 211 211 212 Dec. Dec. Dec. April Jan. Feb. March April Assets National territory 4,527.2 4,568.2 4,983.9 4,64. 4,979.7 4,996.2 5,32.9 5,64.8 Loans 3,59.9 3,562.1 3,958.6 3,698.9 3,931.9 3,922.9 3,949.3 3,978.6 MFIs 1,486.5 1,413.9 1,747.4 1,497.8 1,699.7 1,694.9 1,721.8 1,755.6 General government 196.1 217.8 195.1 197.6 196.8 195.4 194.3 197.1 Private sector 1,827.4 1,93.4 2,16.2 2,3.5 2,35.4 2,32.6 2,33.3 2,26. Securities other than shares 622.6 613.6 673.2 537.6 69. 71. 713.9 716.5 MFIs 2 years 229.8 28.5 223.1 175.9 229.7 245.7 244. 252.2 MFIs > 2 years 113.4 134.8 131.9 1.8 121.1 114.3 118.2 11.7 General government 159.7 152.1 152.8 139.1 155.4 164.3 168.6 165.6 Private sector 119.8 118.3 165.3 121.8 183.8 185.6 183.1 188.1 Money market fund shares/units 79.1 52.6 43.6 55.8 45.4 49.7 53.4 54.5 Shares and other equity 315.5 339.9 38.5 311.7 312.4 313.7 316.3 315.2 Other euro area countries 1,34.4 1,2.2 815. 951.3 821.3 81.2 818.5 821.5 Rest of the world 848.2 962.9 975.6 97.9 97.4 983.8 988.2 969.7 Not broken down by geographical area 1,247.1 1,278.7 1,624.2 1,288.2 1,681.1 1,685. 1,614.7 1,65.7 Total 7,656.7 7,83.1 8,398.7 7,814.4 8,452.4 8,475.2 8,454.3 8,56.7 Liabilities National territory Deposits 3,99. 3,35.3 3,66.8 3,174.4 3,616.9 3,63.3 3,594.5 3,58.2 MFIs 1,571.3 1,423.1 1,88.6 1,489.8 1,779.4 1,782.6 1,772.4 1,755.9 Central government 28.3 28.7 36.6 34.2 36. 32.2 31. 28.1 Other sectors 1,499.4 1,583.5 1,761.6 1,65.4 1,81.5 1,788.5 1,791.1 1,796.2 Overnight deposits 463.1 52.1 527.4 5. 539.3 518.6 522.7 519.2 Deposits with agreed maturity 2 years 131.3 133.4 156. 136.2 158.8 159.8 157.1 157. Deposits with agreed maturity > 2 years 362.4 377. 483.7 424.3 496. 498.3 495. 496.9 Deposits redeemable at notice 3 months 51.1 518.8 559.3 537.7 567.3 57.9 575.6 581. Repos 41.5 52.3 35.3 52.2 4.1 4.9 4.8 42.2 Other euro area countries Deposits 338.3 38.3 354. 393.8 355.1 355. 355.6 353.2 MFIs 229.3 22.6 241.7 238.5 238.4 231.9 234. 234.4 Other sectors 19. 159.7 112.4 155.3 116.6 123.1 121.6 118.7 Rest of the world Deposits 88.9 968.9 791.3 945.2 759.3 776.7 786. 815.3 Not broken down by geographical area 3,338.6 3,445.6 3,646.6 3,31. 3,721.2 3,74.3 3,718.2 3,758.1 Debt securities issued 2 years 381.4 49.8 42. 49.1 411.8 419.3 437.8 439.5 Debt securities issued > 2 years 715.2 754.9 821.9 78.4 828.9 837.2 843.1 847.9 Money market fund shares/units 479.2 394.3 351.1 389.8 358. 369.1 379.5 387.8 Capital and reserves 454.7 476.7 498.3 483.5 498.5 496.6 54.7 56.6 Other 1,38.1 1,49.9 1,555.2 1,238.3 1,623.9 1,618.2 1,553. 1,576.3 Total 7,656.7 7,83.1 8,398.7 7,814.4 8,452.4 8,475.2 8,454.3 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

Money, investment and financing Table 14 Deposits France (outstanding amounts at the end of the period in EUR billions % growth) 29 21 211 211 212 Dec. Dec. Dec. April Jan. Feb. March April Overnight deposits Total non-financial sectors 481.1 516.3 541.2 5.6 525.5 56. 514.9 517.8 (excluding central government) Households and similar 262.4 278.4 284.4 283. 285.7 276. 279. 286.2 Non-financial corporations 167. 182.5 198.2 171.2 187.4 179.1 183. 179.5 General government (excl. central government) 51.7 55.4 58.6 46.4 52.4 5.9 52.9 52.2 Other sectors 32.6 38.7 38.8 4.6 58.8 56.3 51.6 45.9 Total Outstanding amounts 513.7 555.1 58. 541.2 584.3 562.3 566.5 563.7 Total Growth rate 6.8 7.6 4.4 4.5 9.9 7.9 7.3 4.2 Passbook savings accounts "A" and "Blue" passbooks 183.4 193.5 214.7 22.6 218.9 22.7 222. 224.5 Housing savings accounts 36.6 36.1 36.1 36.4 36.3 36.3 36.3 36.5 Sustainable development passbook accounts 69.1 68. 69.4 69. 7.7 7.8 7.9 71.6 People s savings passbooks 58.3 54.4 52.4 53. 51.4 51.7 51.8 52. Youth passbooks 7.2 7. 7. 6.9 6.9 6.8 6.8 6.9 Taxable passbooks 146.5 159.8 179.7 169.8 183.2 184.6 187.8 189.5 Total Outstanding amounts 51.1 518.8 559.3 537.7 567.3 57.9 575.6 581. Total Growth rate 3.1 3.5 7.3 6.1 7. 7.5 7.9 8. Overnight deposits (annual growth rate) 25 2 15 1 5-5 -1 4/1 1/1 4/11 1/11 4/12 Total Non-financial corporations Households Passbook savings accounts (annual growth rate) 25 2 15 1 5-5 -1 4/1 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

Money, investment and financing Table 15 Time deposits France (outstanding amounts at the end of the period in EUR billions % growth) 29 21 211 211 212 Dec. Dec. Dec. April Jan. Feb. March April Deposits with agreed maturity up to two years Total non-financial sectors (excl. central government) 86.1 89.1 113.2 98.1 117.5 118. 12.4 12.6 Households and similar 3.4 24.5 31.7 29.1 32.8 33.8 33.9 33.6 Non-financial corporations 55.1 63.9 8.6 68.1 83.7 83.3 85.4 85.9 General government (excl. central government).6.7 1..9 1. 1. 1.1 1.1 Other sectors 45.1 44.2 42.7 38.1 41.3 41.7 36.7 36.4 Total Outstanding amounts 131.3 133.4 156. 136.2 158.8 159.8 157.1 157. Total Growth rate -27.4.5 14.7.8 18.4 15.9 1.8 15.3 Deposits with agreed maturity of over two years Total non-financial sectors (excl. central government) 264.3 282.6 36.7 292.7 31.5 314.6 318. 319.8 Households and similar 241.4 248. 259. 251.9 26.9 264.5 265.8 266.4 PEL 173.8 182.3 186.6 183.3 186.6 186.7 186.6 186.6 PEP 29. 26.6 24.4 25.5 24.3 24.3 24.2 24.1 Other 38.6 39.1 48. 43.1 5. 53.6 55. 55.7 Non-financial corporations 22.5 34. 46.6 4. 48.5 48.9 51. 52.2 General government (excl. central government).4.6 1.1.7 1.1 1.2 1.2 1.2 Other sectors 98.1 94.4 177. 131.6 185.6 183.7 177. 177. Total Outstanding amounts 362.4 377. 483.7 424.3 496. 498.3 495. 496.9 Total Growth rate 38.1 3.5 18.8 7. 21.5 22.1 17.9 16.7 Deposits up to 2 years (annual percentage growth rate) 4 2-2 -4 4/1 1/1 4/11 1/11 4/12 Total Households Non-financial corporations Deposits over 2 years (annual percentage growth rate) 4 2-2 -4 4/1 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

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) 29 21 211 211 211 212 Dec. Dec. Dec. April Dec. Jan. Feb. March April Loans from monetary financial institutions Private sector 1,827.5 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 196.1 217.8 195.1 197.6 195.1 196.8 195.4 194.3 197.1 Total Outstanding amounts 2,23.6 2,148.4 2,211.4 2,21.3 2,211.4 2,232.4 2,228.2 2,227.7 2,223.2 Private sector -.6 4.7 2.8 5.3 2.8 3.2 2.8 2.6 1.2 General government 12.8 11. -8. 2. -8. -5.9-6.1-4.7 -.3 Total Growth rate.5 5.3 1.7 5. 1.7 2.4 1.9 1.9 1.1 Loans from credit institutions to non-financial corporations Fixed investment 5.1 525. 547.1 527.5 547.1 551.4 552.2 552.3 551.8 Inventories and working capital 185.7 179.7 187.5 188.8 187.5 187.7 184.9 185.9 184.6 Other lending 83.5 76.1 81.2 8.7 81.2 79.1 78.2 79.9 8.3 Total Outstanding amounts 769.3 78.8 815.9 797. 815.9 818.3 815.4 818.1 816.6 Total Growth rate -1.2 1.2 4.4 2.3 4.4 4.6 4.1 3.9 3.2 Loans from credit institutions to households Loans for house purchase 737.6 796.6 843.2 812.3 843.2 849.1 849.7 852. 853.1 Consumer loans 152.9 154.7 149.3 149.2 149.3 148.7 147.6 147.5 148.2 Other lending 84.2 87.1 9.5 9. 9.5 9.9 91. 89.8 9. Total Outstanding amounts 974.7 1,38.4 1,83.1 1,51.6 1,83.1 1,88.7 1,88.2 1,89.4 1,91.3 Total Growth rate 4. 6.6 4.9 6.7 4.9 5.3 4.8 4.5 4.4 Source: Banque de France. Produced 19 June 212 S18 Banque de France June 212

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) 7 6 5 4 3 2 1-1 4/1 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) 1 5-5 -1 Loans to the public sector (annual percentage growth rate) 25 2 15 1 5-5 -1 4/1 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 8 6 4 2-15 4/1 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

Money, investment and financing Table 18 New loans to residents, (excl. overdrafts) France (monthly flows - seasonally adjusted - in euro billions) 211 212 Feb. March April Feb. March April loans to non-financial corporations Loans 1 million euro a) 6.6 6.8 6.3 5.9 5.7 5.8 Loans > 1 million euro a) 1.6 13.6 12.9 13.4 12.3 13.9 Loans to households Cash loans to sole traders and individuals (excl. revolving consumer credit) 4.3 4.3 4.1 4.1 4.1 4. Housing loans 14.3 14.5 11.8 7.3 6.8 6.2 Non-financial corporations Loans 1 million euro (monthly flows - seasonally adjusted - in euro billions) 8 7 6 5 4 3 2 1 4/1 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) 18 16 14 12 1 8 6 4 2 4/1 8/1 12/1 4/11 8/11 12/11 4/12 Households - Cash loans (monthly flows - seasonally adjusted - in euro billions) 5 4 3 2 1 4/1 8/1 12/1 4/11 8/11 12/11 4/12 Households - Housing loans (monthly flows - seasonally adjusted - in euro billions) 22 2 18 16 14 12 1 8 6 4 2 4/1 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

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 21 211 211 Q4 Q1 Q2 Q3 Q4 Dec. Financial assets Currency and deposits -17.5 -.9-4.2 21.7 25.7 89.9 of which deposits included in M3 a) -9.7-9.3-15.1 4.9 16. 191.6 Short-term debt securities 5.1 7.8 2.8 8.3 21.7 62.9 Long-term debt securities 181.7 144.9 128.5 69.4 4.7 2,598.5 Loans 25.6 18.7 21.6 14.3 3.7 466.7 Shares and other equity 67.6 51.5 84.3 18.2 94.7 2,396.5 of which quoted shares 13. 16.1 16.1 1.9 6.9 53.1 Remaining net assets 2.2 1.9-47. -47.6-37.4 273.8 Financing Debt securities -.3.3 2.4 3.4 3.2 3.7 Loans 1.9 17. 13. 7.8 7. 297.5 Shares and other equity 6.5 5.6 1.3 1.5 1. 385.8 Insurance technical reserves 272.9 217.2 18.3 139.1 12.6 6,99.8 Life insurance 249. 196.6 168.1 131.7 13.4 5,269.4 Non-life insurance 23.9 2.7 12.2 7.4 -.9 83.4 Net lending/net borrowing (B9B) -7.4-16.4-11.1 22.5 -.6 (EUR billions) France Cumulated transaction flows over 4 quarters Outstanding amounts 21 211 211 Q4 Q1 Q2 Q3 Q4 Dec. Financial assets Currency and deposits 2.2 3.7 2. 7. 9.1 29.2 Short-term debt securities 6.5 4.2 2.1 6.3 18.3 36.1 Long-term debt securities 134.7 119.9 94. 55.6-1.1 1,94.7 Loans -2.4-2.4-2.4 1.7 1. 35.2 Shares and other equity -26.7-26.7-17.5 9.1 14.5 58.2 of which quoted shares -7.1-2.8-3.3-1.5-2. 65.1 Remaining net assets.2 2.3 2.8 5.8 4.4 5.2 Financing Debt securities -.2 1.1 2.4 1.5 1.6 8.2 Loans 12. 1.9 1. 11.3 1.3 82.7 Shares and other equity 2. 1..6.4. 94.9 Insurance technical reserves 98.9 82.8 7.5 56.7 32.3 1,672.3 Life insurance and pension funds 81.6 7.2 6.4 5.1 32.5 1,42.2 Non-life insurance 17.3 12.5 1.2 6.6 -.2 27.2 Net lending/net borrowing (B9B) 11. 11.8 5. 22.6 8. 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

Money, investment and financing Table 2 Investment and financing Households Euro area (EUR billions) Cumulated transaction flows over 4 quarters Outstanding amounts 21 211 211 Q4 Q1 Q2 Q3 Q4 Dec. Financial assets Currency and deposits 175.3 18. 186.9 197.3 167.7 6,811.4 of which deposits included in M3 a) 85.4 111.2 17.7 114. 83.1 5,114.4 Short-term debt securities -18. 2. 12.7 3.8 26. 57.2 Long-term debt securities -2.8 27.3 34.7 41.9 56.5 1,339.7 Shares and other equity 62.2 -.9-29.6-4.3-46.9 3,991.8 Quoted shares 21.5 12.4 2.2 6.2 11.7 654.6 Unquoted shares and other equity 81. 4.1 21.1 21.5 24.5 2,84. Mutual fund shares -4.3-53.5-52.9-68. -83.1 1,253.3 of which money market fund shares -57.3-35.9-26.6-16.9-21.1 169. Insurance technical reserves 241.2 22.7 176.7 147. 111.3 5,891.8 Remaining net assets 15.4 33.7 5. 29.2 17.7 58.9 Financing Loans 125.6 119.2 136.1 121.5 86.7 6,191.5 of which from euro area MFIs 147.2 169.6 167.7 148. 8.8 5,28.7 Revaluation of financial assets Shares and other equity 74.8 71.1 221.6-372.6-457.2 Insurance technical reserves 14.1 35.4 47.8-43.1 24. Other flows -93.7-97.7 11. -15.3 17.8 Change in net financial worth 415.1 334.3 575.7-173.5-169.8 Investment flows (EUR billions, cumulated flows over 4 quarters) 5 4 3 2 1-1 -2 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) 7 6 5 4 3 2 1 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

Money, investment and financing Table 21 Investment and financing Households France (EUR billions) Cumulated transaction flows over 4 quarters Outstanding amounts 21 211 211 Q4 Q1 Q2 Q3 Q4 Dec. Financial assets Currency and deposits 35.2 41.2 52.8 64.1 59.8 1,217.1 Short-term debt securities -1.2 -.7-3.1-1.7 -.2 1.9 Long-term debt securities -.5 1.5.3 3. 2.9 58.3 Shares and other equity -5.5-6.5 3.6 5. 14.8 919.7 Quoted shares 5.8 3.4 1.4 -.3.9 127.2 Unquoted shares and other equity 15.8 15.9 21.4 21.9 25.3 516.6 Mutual fund shares -27.1-25.8-19.2-16.6-11.5 275.9 of which money market fund shares -19.5-17.4-13.1-8.6-6.7 31.7 Insurance technical reserves 88.7 74.6 61.2 47.4 23.6 1,57.4 Remaining net assets 3.6 36.3 41.2 25. 4.7 76.1 Financing Loans 61.2 63.1 73.2 72.9 58.9 1,115.9 Revaluation of financial assets Shares and other equity 49. 5.2 14. -85. -88.8 Insurance technical reserves 12.5 8.8 2.9-13.6-12.4 Other flows 5.8 4. 4.5 1.2-6.2 Change in net financial worth 153.3 146.4 212.1-27.6-6.7 Investment flows (EUR billions, cumulated flows over 4 quarters) 1 75 5 25-25 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) 2 175 15 125 1 75 5 25 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

Money, investment and financing Table 22 Investment and financing Non-financial corporations Euro area (EUR billions) Cumulated transaction flows over 4 quarters Outstanding amounts 21 211 211 Q4 Q1 Q2 Q3 Q4 Dec. Financial assets Currency and deposits 79.2 86.4 87.8 69. 53.2 1,981.5 of which deposits included in M3 a) 67.1 62.3 64.7 41. -6. 1,589.9 Debt securities -1.9-5.6 16.4 13. 33.7 358. Loans 23.4 26.5 23.5 197.2 23.5 3,238.7 Shares and other equity 214.8 221.2 277.4 278.6 231. 7,299.4 Insurance technical reserves -.8 -.6.4.8 1.5 168. Remaining net assets -61.3-71. -5.9-44.9-76.1-13.5 Financing Debt 18.5 29. 28. 261.5 243.4 9,849. Loans 114.2 163.9 235.8 212.8 196.6 8,585.5 of which from euro area MFIs -2.3 41.7 72.8 8.7 57.2 4,72.4 Debt securities 65.2 44.3 43.2 47.7 46.1 927.1 Pension fund reserves 1.1.9 1. 1..8 336.3 Shares and other equity 259.8 271.8 27.5 266.2 231.6 12,25.4 Quoted shares 31. 3. 28.5 29.5 28.1 3,3.2 Unquoted shares and other equity 228.8 241.8 242.1 236.8 23.5 8,95.1 Net lending/net borrowing (B9B) 11. -43.9-15.8-14. -28.2 Investment flows (EUR billions, cumulated flows over 4 quarters) 5 4 3 2 1 Q4/6 Q4/7 Q4/8 Q4/9 Q4/1 Q4/11 Financing flows (EUR billions, cumulated flows over 4 quarters) 1,5 9 75 6 45 3 15-15 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

Money, investment and financing Table 23 Investment and financing Non-financial corporations France (EUR billions) Cumulated transaction flows over 4 quarters Outstanding amounts 21 211 211 Q4 Q1 Q2 Q3 Q4 Dec. Financial assets Currency and deposits 34.8 52.8 61.9 52.2 44.5 399. Debt securities 1.5 -.7 3.6 5.9 9. 71. Loans 21.5 16.5 23.6 23.8 23.7 83.3 Shares and other equity 71.4 41. 83.3 81.6 11. 2,532.3 Insurance technical reserves -.2 -.2.1.3.5 51. Remaining net assets -13. -19. -6.6-32. -2.2-9.9 Financing Debt 31.4 27.9 55.9 69.8 7.9 2,69.6 Loans 5.3 7.2 34.9 48.9 42. 1,643.3 Debt securities 26.1 2.7 21. 2.9 28.9 426.3 Shares and other equity 18.3 11.1 115.9 13.4 116.1 3,798.6 Quoted shares 7.5 6.6 9. 1.4 1.3 988.6 Unquoted shares and other equity 1.7 94.4 16.9 93. 15.7 2,81. Net lending/net borrowing (B9B) -23.7-38.5-6.1-41.5-28.4 Investment flows (EUR billions, cumulated flows over 4 quarters) 14 12 1 8 6 4 2-2 Q4/6 Q4/7 Q4/8 Q4/9 Q4/1 Q4/11 Financing flows (EUR billions, cumulated flows over 4 quarters) 2 15 1 5-5 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

Money, investment and financing Table 24 Interest rates on deposits France and the euro area (average monthly rates %) 21 211 211 211 212 Dec. Dec. April Dec. Jan. Feb. March April Euro area Overnight deposits households.43.54.46.54.53.52.51.49 Deposits redeemable at notice up to 3 months households 1.55 1.79 1.63 1.79 1.81 1.81 1.79 1.76 Time deposits with agreed maturity over 2 years non-financial corporations 2.6 2.9 2.95 2.9 2.92 3.1 2.98 3.7 France "A" passbooks (end of period) 1.75 2.25 2. 2.25 2.25 2.25 2.25 2.25 Regulated savings deposits 1.78 2.25 2. 2.25 2.25 2.25 2.25 2.25 Market rate savings deposits 1.66 2.7 1.79 2.7 2.9 2.11 2.7 2.6 Deposits with agreed maturity up to 2 years 2.18 2.28 2.27 2.28 2.25 2.31 2.25 2.27 Deposits with agreed maturity over 2 years 3.9 3.12 3.11 3.12 3.1 3.15 3.13 3.16 Euro area France (average monthly rates %) (average monthly rates %) 5 5 4 3 2 1 1/3 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 4 3 2 1 1/3 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

Money, investment and financing Table 25 Cost of credit France and the euro area (average monthly rate %) 211 212 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) 5.35 5.37 5.13 5.34 5.77 5.6 5.56 5.26 5.61 5.7 5.55 5.38 Loans for house purchase Floating rate and IRFP of between 1 and 5 years 4.1 4.4 4.2 3.96 3.86 3.79 3.74 3.74 3.71 3.64 3.57 3.58 Non financial corporations of over EUR 1 million IRFP of up to 1 year a) 2.75 2.92 3. 2.9 2.91 3.5 2.91 3.16 2.8 2.65 2.52 2.54 France Consumer loans 6.19 6.21 6.23 6.27 6.16 6.22 6.29 6.35 6.59 6.66 6.63 6.51 Loans for house purchase IRFP of up to 1 year a) 3.61 3.64 3.65 3.69 3.65 3.73 3.66 3.73 3.7 3.78 3.71 3.45 IRFP of over 1 year a) 3.82 3.89 3.92 3.99 3.97 3.96 3.98 3.97 4.2 4.6 4.7 4. Non-financial corporations IRFP of up to 1 year a) 2.7 2.65 2.93 2.83 2.84 2.84 2.84 2.93 2.79 2.62 2.48 2.39 IRFP of over 1 year a) 3.88 3.89 3.92 3.97 3.97 3.98 4.1 4.1 4.1 4.1 3.9 3.98 Euro area (percentage points) 9 8 7 6 5 4 3 2 1 1/3 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) 9 8 7 6 5 4 3 2 1 1/3 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

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 L312-36 of the French Consumer Code) 211 212 July Oct. Jan. April Housing loans Fixed-rate loans 5.97 6.23 6.24 6.32 Floating-rate loans 5.33 5.61 5.83 5.88 Bridge loans 6.7 6.28 6.43 6.48 Consumer loans Loans up to and including EUR 1.524 21.41 21.3 2.65 2.56 Overdraft facilities, revolving loans, and instalment credit loans of over EUR 1.524 and loans up to EUR 3. and reverse annuity mortgage loans Personal loans and other loans of over EUR 1.524 and loans up to EUR 3. 19.37 11.22 19.27 12.76 19.15 13.98 19.15 15.27 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 6. 18.61 1.46 18.16 11.65 17.69 12.51 17.15 13.27 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 6. 17.49 9.34 16.62 1.1 15.78 1.6 14.81 1.93 211 212 Q1 Q2 Q3 Q4 Q1 Loans to enterprises Discount up to EUR 15,245 2.85 3.7 3.38 3.53 3.3 EUR 15,245 to EUR 45,735 2.93 3.15 3.53 3.65 3.61 EUR 45,735 to EUR 76,225 2.8 2.99 3.21 3.39 3.33 EUR 76,225 to EUR 34,898 2.8 3.3 3.27 3.2 3.17 EUR 34,898 to EUR 1,524,49 2.32 2.48 2.69 2.57 2.27 over EUR 1,524,49 1.86 2.24 2.35 2.28 1.87 Overdrafts up to EUR 15,245 1.49 1.56 1.63 1.21 9.96 EUR 15,245 to EUR 45,735 7.71 7.82 7.84 7.6 7.21 EUR 45,735 to EUR 76,225 5.1 5.28 5.6 5.59 5.57 EUR 76,225 to EUR 34,898 3.14 3.37 3.84 3.93 3.69 EUR 34,898 to EUR 1,524,49 2.11 2.29 2.66 2.79 2.53 over EUR 1,524,49 1.69 1.89 2.27 2.14 1.98 Other short-term loans up to EUR 15,245 3.73 3.95 4.14 4.24 4.18 EUR 15,245 to EUR 45,735 3.48 3.72 3.98 4.14 3.91 EUR 45,735 to EUR 76,225 3.29 3.49 3.77 3.67 3.48 EUR 76,225 to EUR 34,898 2.69 2.91 3.27 3.17 3.1 EUR 34,898 to EUR 1,524,49 2.7 2.32 2.57 2.69 2.52 over EUR 1,524,49 1.82 2.5 2.3 2.41 2.37 Medium and long-term loans up to EUR 15,245 3.58 3.7 4.11 4.6 4.21 EUR 15,245 to EUR 45,735 3.47 3.57 3.91 3.85 3.98 EUR 45,735 to EUR 76,225 3.34 3.5 3.86 3.86 3.97 EUR 76,225 to EUR 34,898 3.39 3.65 3.92 3.9 4. EUR 34,898 to EUR 1,524,49 3.2 3.53 3.77 3.8 3.95 over EUR 1,524,49 2.8 3.1 3.47 3.47 3.23 Source: Banque de France. Produced 19 June 212 S28 Banque de France June 212

Financial markets and interest rates Table 27 Interest rates (%) Monthly average a) Key 211 212 interest Aug. Sept. Oct. Nov. Dec. Jan. Feb. March April May rates at Short-term interbank interest rates 15/6/12 Euro 1. Overnight.87.93.91.72.58.38.38.28.27.28 3-month 1.53 1.51 1.56 1.46 1.42 1.19 1.5.82.71.64 1-year 1.97 2.2 2.1 1.99 2.1 1.79 1.6 1.35 1.24 1.17 Pound sterling.5 Overnight.6.61.6.62.61.63.62.58.58.54 3-month 1.6 1.7.98 1.9 1.7 1.1.93 1.12 1.11 1.4 1-year 1.89 1.8 1.71 1.8 1.74 1.75 1.66 1.84 1.69 1.69 Dollar.25 Overnight.19.2.2.22.16.15.14.17.12.15 3-month.45.47.39.45.49.4.41.38.39.38 1-year.85 1. 1.2 1.11 1.16 1.15 1.15 1.13 1.4 1.14 Yen.1 Overnight.11.15.23.27.2.14.8.11.14.13 3-month.49.73.29.37.34.24.25.19.19.19 1-year.92 1.26.73.82.86.63.57.55.56.52 1-year benchmark government bond yields b) France 2.98 2.64 2.99 3.41 3.16 3.18 3.2 2.95 2.99 2.75 Germany 2.26 1.87 2.4 1.94 2.1 1.86 1.9 1.88 1.72 1.46 Euro area 4.21 4.4 4.9 4.41 4.11 3.92 3.75 3.29 3.39 3.53 United Kingdom 2.55 2.4 2.49 2.23 2.13 2.4 2.13 2.25 2.12 1.87 United States 2.31 1.99 2.14 2.2 1.99 1.95 1.97 2.16 2.3 1.79 Japan 1.3 1.1 1.1.99 1.1.98.97 1.1.95.86 3-month interbank market rates (monthly average, %) (%) 1.8 3.5 1.6 3. 1.4 1.2 2.5 1. 2..8 1.5.6.4 1..2.5.. 5/11 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 211 31 May 212 15 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

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 1,418. 985.4 432.5 Main refinancing operations 47. 47. Longer-term refinancing operations 1,88.7 1,88.7 Standing facilities 1. 771.4-77.5 Other 281.3 214. 67.3 (b) Other factors affecting banking system liquidity 687.7 1,9.8-322.1 Banknotes in circulation 872.7-872.7 Government deposits with the Eurosystem 137.1-137.1 Net foreign assets (including gold) 659.3 659.3 Other factors (net) 28.5 28.5 (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, 8 6 4 2-2 -4-6 -8-1, -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

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 13/7/11 1.5 7/7/11 13/7/11.75 2.25 3/11/11 9/11/11 1.25 3/11/11 9/11/11.5 2. 8/12/11 14/12/11 1. 8/12/11 14/12/11.25 1.75 Main refinancing operations Longer-term refinancing operations Marginal rate Weighted average rate Marginal rate 212 9 May a) 1. 1. 212 14 March 1. 16 May 1. 1. 29 March 1. 23 May 1. 1. 26 April 1. 3 May 1. 1. 9 May 1. 6 June 1. 1. 31 May 1. 13 June 1. 1. 13 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 211 8 November 26.18 39.93 28.93 4.55 2.75.62 1.5 13 December 27.75 38.87 212.23 41.3 4.48 2.43 1.25 212 17 January 27.3 38.83 212.31 41.9 5.28 3.7 1. 14 February 13.33 19.15 18.1 21.38 4.77 2.23 1. 13 March 14.29 2.8 18.86 22.34 4.57 2.26 1. 1 April 15.37 19.9 19.65 22.19 4.28 2.29 1. Eurosystem key rates and EONIA (%) (%) 2.5 6 Central bank key rates 2. 1.5 1..5. 15/6/11 15/9/11 15/12/11 15/3/12 15/6/12 5 4 3 2 1 15/6/6 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