Monhly moneary saisics (excluding banking ineres raes) 3 March 207 The moneary saisics mehodology applies o all counries of he euro area. As par of he Eurosysem s saisical sysem, he Banque de France collecs and analyses rends for France and he European Cenral Bank cenralises naional conribuions, calculaes and disseminaes euro area aggregaes.. Definiions Geographical areas Euro area = Ausria + Belgium + Cyprus + Esonia + Finland + France + Germany + Greece + Ireland + Ialy + Lavia + Lihuania + Luxembourg + Mala + Neherlands + Porugal + Slovakia + Slovenia + Spain The European Sabiliy Mechanism (ESM) and he European Financial Sabiliy Faciliy (EFSF) are also included in he geographical area "Euro area". France s erriory is defined as follows for he compilaion of moneary saisics (unless oherwise saed): France = meropolian France + Monaco + Overseas Deparmens (French Guyana, Marinique, Guadeloupe, Réunion, Mayoe) + Sain-Pierre-e-Miquelon + Sain Marin + Sain Barhélémy (Decision 204-0 of he Governor of he Banque de France). 2. Sources The moneary saisics are produced and analysed in he Direcorae General Saisics by he Moneary and Financial Saisics Direcorae and more specifically by he European Saisics Division. The European Cenral Bank (ECB) calculaes he euro area moneary aggregaes by compiling he daa supplied by he Eurosysem cenral banks. The balance shee daa collecion arrangemen applies primarily o MFIs, in accordance wih Regulaion No.07/203 of he ECB concerning he consolidaed balance shee of he moneary financial insiuions secor (ECB/203/33). Decision No. 204-0 of he Governor of he Banque de France ses ou he procedures for implemening his regulaion a he Banque de France. In operaional erms, he ransmission of daa o he Banque de France passes hrough differen channels, depending on he caegory of reporing agens: The main source of informaion abou credi insiuions is heir financial saemens and he noes o hese saemens, which hey file wih he General Secrearia of he Auorié de conrôle prudeniel e de résoluion on a monhly or quarerly basis, depending on heir business volume. Noice No. 204-0 from he Moneary and Financial Saisics Direcorae ses ou he forms for he saemens; Daa from money marke funds are repored o he Direcorae General Saisics (Financial Savings and Securiisaion Division). This Division is he poin of enry ino he Banque de France sysem for saisics Conac : DGS-DSMF
provided by invesmen funds. Noice 204-0 from he Moneary and Financial Saisics Direcorae ses ou he deailed conen of he daa colleced; In he case of he Banque de France, he basic informaion is provided by he Accouning Direcorae. Deailed daa from he auxiliary accouns kep by he Direcorae General Operaions are used o compile he saisics relaing o he Banque de France s securiies porfolio; In accordance wih he definiions conained in he firs par of Annex II o aforemenioned Regulaion (EC) 07/203, he populaion reporing o he Banque de France for he purposes of hese saisics includes he branches and subsidiaries of credi insiuions wih heir regisered office or paren company locaed ouside of France. For he purposes of his regulaion, he reporing populaion includes he branches and subsidiaries of credi insiuions from oher European Union counries. Informaion abou deposis aken by he Treasury is obained direcly from he Direcorae General of he Treasury. 3. Mehods In accordance wih Regulaion 07/203 of he ECB, he Banque de France, along wih he oher naional cenral banks (NCBs) in he Eurosysem, produces an aggregaed balance shee for MFIs wih heir regisered office locaed in he naional erriory (excluding heir foreign branches) on a monhly basis. This MFI balance shee is he cornersone of he moneary saisics producion sysem a he naional and European levels. Liabiliies are broken down wih he aim of idenifying liquidiies ha could be included in he moneary aggregaes: currency in circulaion, overnigh deposis, deposis wih agreed mauriy, deposis redeemable a noice, repurchase ransacions, deb securiies, money marke fund shares/unis, money marke insrumens, capial and reserves, and oher resources. Asses are broken down ino loans, holdings of deb securiies, money marke insrumens and shares and oher equiy, fixed asses and oher asses. Under he provisions of Regulaion (EC) 07/203 of he European Cenral Bank of 24 Sepember 203 (ECB/2003/33), deposis and loans mus be repored a he gross nominal amoun ousanding a he end of he monh for saisical purposes. Nominal amoun means he amoun of principal ha a debor is conracually obliged o repay a credior. NCBs are sill allowed o coninue presening loans ne of provisions, as long as hey have informaion ha makes i possible o adjus for he changes in ousanding socks semming from ne provisions. This can be obained eiher by adjusing he ousanding amouns for he changes in he sock of provisions, or by valuing he ousanding amouns a he price agreed a he ime of acquisiion (which may be differen from he repayable value if loans are ransferred before mauriy). Furhermore, mos of hese daa are broken down by original mauriy, residence and he counerpary secor. This leads o a disincion beween claims and liabiliies vis-à-vis euro-area residens and residens of he res of he world, and a disincion beween claims and liabiliies vis-à-vis MFIs and non-mfis. The NCBs compile he aggregaed MFI balance shee monhly on he basis of daa colleced from he MFIs. The saisics in he moneary balance shee are ransmied o he ECB wihin fifeen working days of he end of he reference monh. In order o ease he reporing burden of MFIs, monhly daa collecion may be resriced o a subse of MFIs, provided ha heir oal balance shee accouns for a leas 95% of oal balance shee for he MFI secor. Supplemenary daa are colleced quarerly. The purpose of hese daa is o provide a deailed breakdown of he main balance shee iems by currency, counry, secor and purpose. The welve counries paricipaing in he Moneary Union have been fulfilling hese requiremens since mid-998. This means ha we now have a consolidaed balance shee for he MFIs in he euro area, which is used o calculae he euro area moneary aggregaes as a simple sum of he moneary componens on he balance shee. In France, he monhly saisics are colleced only from credi insiuions wih business ha mees a leas one of he following condiions: a oal balance shee of more han EUR 2 billion, ousanding cash loans o households 2 Conac : DGS-DSMF
above EUR 500 million, ousanding leases o residen non-financial corporaions above EUR 500 million, ousanding leases o residen households above EUR 200 million. In addiion, he quarerly financial saemens ha he Auorié de conrôle prudeniel e de résoluion requires all credi insiuions o file are used o esimae he monhly balance shee of insiuions ha are no required o repor on a monhly basis and o obain quarerly breakdowns. Naional indicaors are obained by aggregaing he basic iems for each financial nework. This aggregaion includes he daa colleced for he reference monh in quesion, as well as he laes informaion available for insiuions reporing on a quarerly basis. Furher informaion abou he specific feaures of he French financial sysem help o refine he racking and analysis of residens invesmen and borrowing paerns (e.g. securiisaion, breakdown of lending by purpose and breakdown of deposis by ineres rae caegory, passbook savings accouns, ec.). 4. Revisions The iems on he Banque de France moneary balance shee are subjec o revisions only under very excepional circumsances. The process for revisions of credi insiuions daa is organised as follows: The resuls for a given monh are firs revised when he resuls for he following monh are published o ake accoun of insiuions ha ransmied heir repors lae and whose resuls were esimaed when firs published, as well as correcions of any errors; The resuls are revised a second ime, when he repors for he las monh of a quarer are aligned wih he quarerly repors. This alignmen makes i possible o inegrae he laes available daa relaing o insiuions ha are only required o repor on a quarerly basis and o refine he informaion provided by hose ha repor on a monhly basis. Changes are generally made effecive when he resuls for he end of he nex quarer are published; Under excepional circumsances, and no more han once a year, a final revision is made o ake accoun of he reconciliaion of moneary saisics wih he final financial accouns. Revisions for money marke funds are made on he same basis as revisions for credi insiuions. However, revisions for money marke funds are due solely o he inegraion of daa from funds ha ransmi heir repors lae and o correc anomalies. 5. Flow saisics Moneary and financial flows are he variaions in he balance shee of he moneary financial insiuions secor semming from economic ransacions, such as deposi-aking, ne issuance and acquisiions of securiies, and graning and collecing loans. They are calculaed by adjusing variaions in socks a he end of he monh for effecs ha do no arise from economic ransacions. F ) C ( E E A X Where -C, reclassificaions and oher saisical effecs These effecs include changes affecing he populaion of MFIs (enries, deparures, mergers and akeovers), reclassificaion of asses and liabiliies (defeasance, securiisaion) and correcion of reporing errors. - A, revaluaions and wrie-offs 3 Conac : DGS-DSMF
The effecs concerned here are hose semming from variaions in he marke value of securiies and loan wrie-offs ha lead o a decrease in he ousanding amouns of loans shown in he financial saemens. Revaluaions of credi insiuions rading book securiies are calculaed on he basis of securiy-by-securiy reporing of he porfolio. No revaluaion calculaions are required for he oher caegories of securiies porfolios since ousanding amouns are repored a heir acquisiion price afer neuralising any provisions - X, he revaluaions linked o exchange rae flucuaions affecing he amoun convered ino euros of foreign currency denominaed operaions. This correcion is made by he ECB and is deailed in he Handbook for he compilaion of flows saisics on he MFI balance shee (2006). Calculaing growh raes The monhly growh rae of a ime series a dae is defined by: where: - F : monhly flow for he period - E : ousanding amoun observed a he end of he monh. F E The annual growh rae in percen a dae, denoed a, is calculaed as follows: a = F i * 00 i0 Ei The hree-monh growh rae, denoed q, is calculaed as follows: 2 q = * 00 0 F i i E i The annualised growh rae over hree monhs, denoed QA, is calculaed as follows: 4 2 qa = * 00 0 F i i E i If daa on reclassificaions and revaluaions are available, he ECB and he Banque de France prefer his calculaion mehod based on flows and socks, because i provides a more accurae measuremen of moneary changes. However, some of he daa presened do no include any adjusmens, as in he case of deposis. In his case, he annual percenage rae of change, denoed g, is derived from gross ousanding amouns using he following formula: E g = * 00 E hp://www.ecb.in/pub/pdf/oher/handbookcompilaionflowsaisicsmfibalance200602en.pdf 4 Conac : DGS-DSMF
I is easy o check ha boh calculaions produce he same resul (a = g) if no reclassificaions or revaluaions occurred in he previous welve monhs. Calculaing conribuions o growh The calculaion of conribuions o growh is also based on a mehodology ha reranscribes he changes in he aggregaes as bes as possible. For a ime series (x), is conribuion o growh, denoed c, of he dependen ime series (y) is defined as follows: Where: F F g ( x) ( y) F ( x) c = * ( y) g F ( y) : sum of he -monh flows of he explanaory variable; : sum of he -monh flows of he dependen variable; (y) : growh rae of he dependen variable calculaed using he above-menioned mehodology. Thus, if y is he sum of k componens x s, wih s ranging from o k, is growh rae a is he sum of he k conribuions a of he componens x s. 6. Noional socks saisics In addiion o he ousanding amouns and flow saisics, noional socks are calculaed. The idea is o faciliae he work of daa users, by allowing hem o have sock hisories direcly relaed o he annual growh raes. These noional amouns are calculaed as follows: EN, E N,- = F / E Where: E N, noional sock a dae E ousanding amoun a dae F flow a dae 7. Seasonal adjusmen mehod The residen MFI balance shee iems ha make up he moneary aggregaes and loans o he residen privae secor in France are adjused for seasonal effecs using he Jdemera+ sofware. Thanks o his sofware, developed by he naional cenral banks of Belgium and Germany in cooperaion wih Eurosa, ime series can be seasonally adjused using he X3-ARIMA and TRAMO SEATS procedures. In addiion o being adjused for seasonal variaions, he series are adjused o ake ino accoun possible calendar effecs (number of working days over he period, posiion of Easer in he year) and possible ouliers. 8. Taking accoun of securiisaion in loan saisics The mehod applied by he BdF consiss in correcing he "accouning" ousanding loans of credi insiuions by adding he securiised loans. These securiised ousanding loans are repored on a monhly basis by credi insiuions. 5 Conac : DGS-DSMF