France short-term state debt: non-MMF investment funds
France short-term state debt: non-MMF investment funds stood at 21,239.71 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial corporations | 44,486.61 | 31,546.8 | 31,515.96 | 37,135.85 | 34,851.65 | 36,136.72 | 23,928.57 | 25,458.63 | 30,806.65 | 30,632.69 | |
| Other financial institutions excluding insurance and pension funds | 21,258.88 | 15,983.45 | 14,633.6 | 17,012.78 | 16,820.99 | 18,370.54 | 14,398.45 | 9,909.23 | 9,289.88 | 10,537.11 | |
| Non-money market investment funds | 21,239.71 | 14,864.75 | 14,461.3 | 17,133.42 | 16,604.59 | 17,584.57 | 14,164.77 | 9,500.56 | 8,565.39 | 9,203.24 |
Understanding france short-term state debt: non-MMF investment funds
Collective investment undertakings excluding money market vehicles hold the nominal value of short-term state debt securities within their diversified asset portfolios. This metric isolates bond funds, equity funds, and mixed-asset funds that occasionally hold treasury bills for cash management or tactical asset allocation, separating them from short-term money market funds and direct bank portfolios. Specialized money market funds and insurance technical reserves are excluded.
Reading these investment fund holdings requires understanding that short-term government paper usually serves as a temporary cash buffer within broader fund strategies rather than the core investment thesis. Period-on-period figures can fluctuate based on fund managers' tactical cash positioning and market sentiment. Analysts must avoid comparing these holdings with specialized money market funds, as non-money market funds absorb bills as minor liquidity components within riskier portfolios. Revisions stem from updated portfolio asset composition surveys submitted by fund administrators.
Frequently asked questions
- How do non-MMF investment funds use short-term state debt?
- Funds hold Treasury bills temporarily as cash buffers or tactical components within broader investment strategies.
- Are dedicated money market funds included in this measure?
- No, money market funds are tracked in a separate, dedicated statistical category.
- Why might investment fund bill holdings fluctuate rapidly?
- Tactical asset allocation shifts and portfolio rebalancing by fund managers drive short-term changes.