Credit to companies slows slightly

In September 2026, credit provided to non-financial companies in France increased by 3.6% compared to the same period last year, a slight drop from the 3.8% growth seen in August, according to the Bank of France.

Private sector credit growth remains steady

For the entire resident private sector, the annual growth rate of credit from monetary institutions was 2.4%, a small decrease from the 2.5% recorded the previous month.

Consumer credit growth also slows

Consumer credit growth in France reached 0.8% year-on-year in September, down from 0.9% in August. These figures reflect the change in outstanding credit balances over twelve months, not the difference between August and September borrowing.

M3 monetary aggregate grows in France

The French component of the M3 monetary aggregate, which includes various forms of money and liquid investments, grew by 1.7% year-on-year in September, up from 1.2% in August. The total outstanding amount reached 3,379 billion euros, according to the Bank of France.

Time deposits see strong growth

Time deposits with a duration of two years or less increased by 7.2% year-on-year in September, compared to 5.7% in August. Demand deposits also rose, at 0.9% after 0.2%, while savings accounts grew more slowly, at 0.2% after 0.4%.

Money market funds decline

The outstanding amount of money market fund securities continued to decline, falling by 8.2% year-on-year.

Euro area shows stronger growth

The European Central Bank reported that the M3 monetary aggregate for the euro area grew by 3.5% year-on-year in September, the same rate as in August. This is higher than the 1.7% growth recorded for France.

Loan growth differs between regions

The ECB also noted that adjusted loans to non-financial companies in the euro area grew by 4.2% year-on-year. This figure includes methodological adjustments, such as for certain loan transfers, and should not be directly compared to France’s 3.6% growth rate without caution.