France short-term state debt share: non-MMF funds
France short-term state debt share: non-MMF funds stood at 9.71% 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 | 20.33 | 15.58 | 16.2 | 18.63 | 17 | 18.38 | 11.99 | 13.13 | 15.87 | 17.03 | |
| Other financial institutions excluding insurance and pension funds | 9.72 | 7.89 | 7.52 | 8.53 | 8.21 | 9.34 | 7.21 | 5.11 | 4.78 | 5.86 | |
| Non-money market investment funds | 9.71 | 7.34 | 7.43 | 8.6 | 8.1 | 8.94 | 7.1 | 4.9 | 4.41 | 5.12 |
Understanding france short-term state debt share: non-MMF funds
Collective investment undertakings excluding money market vehicles maintain a fractional share of short-term state debt liabilities. This series targets bond funds, equity funds, mixed funds, and real estate funds that hold temporary cash or short-term sovereign paper, omitting cash-equivalent money market funds. It measures portfolio liquidity management by longer-term investment funds rather than short-term cash management vehicles. Traditional banking institutions and insurance underwriters are entirely excluded.
Interpretation requires accounting for asset price volatility in equity and bond markets, which can force investment funds to alter their short-term cash buffers. Comparing year-on-year data reveals structural shifts in fund management strategies, while quarter-on-quarter changes often reflect tactical responses to market corrections. Analysts must avoid confusing these investment funds with money market funds, as non-MMF funds hold short-term paper merely as a secondary cash buffer rather than as a primary investment strategy.
Frequently asked questions
- What types of investment funds are included in this non-MMF series?
- Bond funds, equity funds, mixed asset funds, and alternative investment funds that hold short-term paper for liquidity are included.
- Why do non-money market funds hold short-term government debt securities?
- These funds maintain short-term paper as a cash buffer to meet investor redemption requests without selling core long-term assets at a loss.
- How does this series differ from money market fund debt holdings?
- Non-MMF funds manage broader asset portfolios where short-term debt is a secondary cash reserve, whereas money market funds invest exclusively in short-term paper.