France short-term state debt: resident non-financial corps
France short-term state debt: resident non-financial corps stood at 234.33 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All holders | 218,821 | 202,466 | 194,575 | 199,336 | 204,958 | 196,616 | 199,606 | 193,844 | 194,152 | 179,913 | |
| Residents | 43,942.42 | 32,287.46 | 32,079.38 | 37,183.09 | 34,789.14 | 35,461.15 | 25,609 | 25,803.08 | 31,129.09 | 31,024.93 | |
| Non-financial corporations | 234.33 | 527.74 | 372.42 | 186.09 | 348.33 | 34.28 | 38.31 | 49.43 | 51.26 | 27.51 |
Understanding france short-term state debt: resident non-financial corps
Commercial enterprises outside the financial sector own the nominal value of short-term state debt securities used primarily for corporate cash management and liquidity buffering. This metric isolates operating businesses, such as manufacturers, service providers, and trading firms, from financial institutions and households, tracking their deployment of surplus cash into treasury bills. Equity holdings, commercial paper issued by other firms, and long-term bonds are excluded.
Interpreting corporate money market holdings requires recognizing that businesses park excess working capital in short-dated sovereign paper ahead of major tax, dividend, or capital expenditure dates. Quarter-on-quarter fluctuations often reflect seasonal corporate cash cycles rather than structural changes in investment strategy, making year-on-year analysis preferable for identifying long-term trends. Analysts must avoid comparing corporate holdings directly with banking sector figures, as firms prioritize immediate operational liquidity over yield optimization. Revisions stem from updated corporate survey returns and institutional reclassifications.
Frequently asked questions
- What motivates non-financial corporations to hold short-term state debt?
- Firms utilize Treasury bills to safely store excess working capital and manage short-term liquidity needs.
- Are commercial debt securities issued by other private firms included?
- No, the series measures exclusively state-issued debt instruments held by corporate treasuries.
- How do seasonal business cycles impact these figures?
- Corporate tax deadlines and dividend payment schedules regularly trigger predictable quarterly adjustments in bill holdings.