France short-term state debt share: general government
France short-term state debt share: general government stood at 0.17% 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Residents | 20.08 | 15.95 | 16.49 | 18.65 | 16.97 | 18.04 | 12.83 | 13.31 | 16.03 | 17.24 | |
| General government | 0.17 | 0.16 | 0.02 | 0.02 | 0.04 | 0.06 | 0.04 | 0.02 | 0.03 | 0.04 | |
| Households and sole proprietors | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 |
Understanding france short-term state debt share: general government
This statistic calculates the proportion of short-term central government securities held by units within the general government sector itself, encompassing local administrations, social security funds, and other public bodies distinct from the central treasury. It measures intra-governmental debt holdings, illustrating the extent to which public sub-sectors finance or cross-hold central state obligations rather than placing them with external private or foreign investors. The calculation takes the nominal value of short-term state paper owned by these public entities and divides it by the total outstanding short-term state debt issued domestically.
Interpretation requires awareness of consolidation rules, public sector accounting reforms, and statutory transfers of cash surpluses between local authorities and the central exchequer. Because these holdings often reflect centralized treasury management or statutory reserve requirements for regional bodies, movements in this share can occur independently of market interest rates. Analysts comparing this measure with private sector holding shares should note that intra-governmental positions may not reflect commercial portfolio optimization.
Frequently asked questions
- Which public entities are included in this general government category?
- Local governments, regional authorities, social security funds, and non-market public agencies holding central debt.
- Why does the government hold its own debt securities?
- Surplus cash from social security funds or local administrations is frequently invested in safe, short-term central government paper.
- How do consolidation practices affect this ratio?
- Changes in how public sector accounts are consolidated can result in sudden adjustments to reported intra-governmental holdings.