French state debt has reached a record high, totaling 3,460 billion euros. A significant portion of this debt, 550 billion euros, is held by the Bank of France, which is fully owned by the state. The Bank of France operates similarly to a company, with its financial balance fluctuating based on annual cash flows. In years when the bank ends with a positive balance, it could, in theory, distribute part of that balance to its shareholders in the form of dividends. However, the French state has not received dividends from the Bank of France since 2021. Previously, from 2015 to 2021, the state did receive such payments. This change is attributed to rising interest rates, driven by several crises, including the coronavirus pandemic and the energy crisis. As a result, the Bank of France now pays higher interest to commercial banks that deposit money with it, which has reduced its profitability. Clara Leonard, an economist specializing in debt, explains that the Bank of France is currently paying higher rates on important bank reserves. Because of this, the bank no longer makes a profit and, consequently, does not pay dividends to the state. Jordan Bardella, a political figure, claims that the interest paid by the state on the debt held by the Bank of France is returned to the state in the form of a dividend. However, Manuel Bompard, an economist, states that no dividends have been paid by the Bank of France to the state since 2021. While Bardella’s statement may be theoretically accurate, in practice, the debt held by the Bank of France has cost the French state money rather than generating returns. This highlights the complex financial relationship between the state and its central bank, particularly in times of rising interest rates and economic uncertainty.