France state debt share: residents
France state debt share: residents stood at 40.34% 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share of all State securities held by non-residents and residents | |||||||||||
| Residents | 40.34 | 42.5 | 43.93 | 44.85 | 44.98 | 45.67 | 45.38 | 45.94 | 45.73 | 46.31 | |
| Non-residents, negotiable State debt (Banque de France series) | 56 | 55.1 | 55.4 | 54.7 | 54.6 | 54.5 | 54.7 | 54.1 |
Understanding france state debt share: residents
This indicator measures the aggregate proportion of total state debt securities held by all institutional and individual investors domiciled within the domestic economic territory, evaluated against the combined total of resident and non-resident holdings. It provides the counterpart to foreign ownership metrics, illustrating the domestic financial system's capacity to absorb sovereign issuance through banks, insurers, investment funds, households, and government accounts. The calculation expresses resident-owned state paper as a percentage of the entire outstanding stock of national state debt.
Evaluation of this domestic absorption share must account for domestic monetary policy stances, commercial bank liquidity requirements, and regulatory incentives that encourage local financial institutions to hold sovereign paper. While less volatile than foreign ownership shares, resident holdings can shift during periods of domestic credit expansion when banks reallocate balance sheets between private loans and government bonds. Year-on-year comparisons offer the most honest assessment of structural shifts in domestic debt absorption capacity.
Frequently asked questions
- Which domestic sectors are included in the resident aggregate?
- Commercial banks, central banks, insurance corporations, pension funds, mutual funds, households, and resident non-profit institutions.
- How does this series relate to the non-resident debt share?
- The resident share and non-resident share together sum to one hundred percent of total state debt securities.
- Why might resident holdings increase during domestic economic slowdowns?
- Domestic banks often increase sovereign debt purchases when private sector loan demand weakens or risk aversion rises.