France short-term state debt: monetary financial corps
France short-term state debt: monetary financial corps stood at 21,979.71 EUR million in Q2 2026, according to Banque de France – Webstat (webstat.banque-france.fr). It is one of the indicators in the Debt securities holders table (Value · Quarterly), with a complete series running from Q1 2008 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the Debt securities holders table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Monetary financial institutions3 | 21,979.71 | 15,295.35 | 16,257.08 | 19,590.83 | 16,882.07 | 16,541.19 | 8,917 | 15,139.57 | 20,860.42 | 19,716.76 | |
| Central bank | 1,095.22 | 1,226.83 | 1,360.88 | 1,407.64 | 1,477.6 | 1,482.42 | 2,164.68 | 2,028.09 | 2,151.03 | 1,538.36 | |
| Credit institutions | 17,832.09 | 11,240.4 | 11,162.67 | 15,194.54 | 12,727.06 | 13,392.1 | 3,709.61 | 9,065.91 | 15,312.95 | 15,416.56 |
Understanding france short-term state debt: monetary financial corps
Deposit-taking monetary institutions and the central banking authority jointly account for the nominal value of short-term state debt securities held within the core banking system. This metric measures liquidity absorption by institutions authorized to create money and take reservable deposits, excluding non-bank financial intermediaries, investment funds, and insurance providers. It provides a consolidated view of sovereign bill holdings across the primary monetary transmission channels.
Evaluating monetary financial institution portfolios requires consideration of central bank monetary policy stances, reserve requirement adjustments, and interbank liquidity conditions. Quarter-on-quarter comparisons can be volatile due to central bank open market operations and regular liquidity-providing refinancing tenders. Analysts must avoid conflating this broad monetary category with individual sub-sectors like commercial banks or the central bank alone. Revisions typically reflect corrected regulatory balance sheet submissions from deposit-taking institutions.
Frequently asked questions
- Which specific institutions comprise monetary financial institutions?
- Central banks, commercial banks, and other deposit-taking credit institutions make up this group.
- How does monetary policy influence these holdings?
- Interest rate decisions and open market operations directly alter the volume of bills commercial banks hold.
- Are non-bank financial firms included in this aggregate?
- No, investment funds and insurance entities are excluded from the monetary financial institution classification.