France local government debt: long-term securities
France local government debt: long-term securities stood at 55,914 EUR million in Q2 2026, according to INSEE – Institut national de la statistique et des études économiques (BDM). It is one of the indicators in the Government debt and financial accounts table (Value · Quarterly), with a complete series running from Q4 1998 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the Government debt and financial accounts table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt securities | 56,512 | 56,695 | 55,295 | 54,733 | 55,590 | 55,295 | 53,646 | 53,231 | 50,408 | 51,481 | |
| Long-term debt securities | 55,914 | 55,849 | 54,169 | 53,904 | 54,290 | 53,960 | 52,191 | 52,501 | 49,001 | 49,842 | |
| Short-term debt securities | 598 | 846 | 1,126 | 828 | 1,299 | 1,335 | 1,455 | 730 | 1,407 | 1,639 |
Understanding france local government debt: long-term securities
Negotiable debt instruments carrying an original maturity exceeding one year issued by regional and municipal administrative bodies to fund capital expenditures. This measure covers bonds and similar securities placed in capital markets, excluding short-term treasury bills, commercial paper, and non-negotiable loans. Consolidation eliminates internal holdings between local government agencies, ensuring that only obligations owed to external creditors remain in the final total.
Interpreting this metric requires accounting for calendar effects linked to municipal budget cycles and capital project completions. Early estimates face regular revisions as municipalities finalize their annual accounts and report verified debt schedules. Comparing figures against central administration obligations highlights the different maturity profiles and borrowing channels utilized across various tiers of public administration. Analysts should examine year-on-year changes to evaluate structural borrowing trends while avoiding distortions from quarterly issuance bunching.
Frequently asked questions
- What differentiates long-term securities from short-term securities in local government debt?
- Long-term securities encompass negotiable instruments with an original maturity exceeding one year, whereas short-term debt covers instruments maturing within twelve months.
- Why are these figures consolidated?
- Consolidation removes cross-holdings between different municipal entities within the same sub-sector to prevent double-counting of public liabilities.
- Are bank loans included in this specific series?
- No, traditional bank borrowings and credit lines are categorized separately under loan liabilities rather than marketable debt securities.