Posted on Feb 17, 2019 2021 at 18:35Updated Feb 17, 2019 2021 at 18:44
The ordinary current account has become the preferred savings product of the French since the outbreak of the pandemic. Confined at home, prevented from consuming but continuing to receive their salary, the accounts of the French – in particular the wealthy – were filled. The additional savings since the crisis thus amount to 130 billion euros, according to the Banque de France. Faced with uncertainties, the French favored liquid savings, so much so that sight deposits exploded in the balance sheets of the main French banks in 2020.
BNP Paribas thus reported a 25% increase in deposits compared to 2019, to 146 billion euros. Ditto for Crédit Agricole which saw its outstanding sight deposits climb by nearly 26% over the year, while Societe Generale recorded an increase of 18% for a total outstanding of 141 billion euros. Hundreds of billions whose growth exceeds that of loans taken out by households and businesses.