法国最高金融监管机构周二表示，尽管政府债券收益率持续飙升，但法国银行业对该国公共债务的敞度仍然有限，并未构成稳定性风险。
The exposure of France’s banking sector to the nation’s public debt remains limited and doesn’t pose stability risks even as yields on government bonds surge, the country’s top financial watchdog said Tuesday.
法国审慎监管与处置局秘书长埃马纽埃尔·阿苏安在巴黎举行的新闻发布会上表示：“我们对近期利差走势对银行的影响感到相当放心。”她指出，这一评估是“考虑到法国银行持有公共债务的多样化且有限的程度”得出的。
“We are quite comfortable regarding the impact on banks of the recent trends in spreads,” Emmanuelle Assouan, secretary general of the French Prudential Supervision and Resolution Authority, said at a press conference in Paris. The assessment is “considering the diversified and limited exposure of French banks’ public debt holdings,” she said.
根据法国审慎监管与处置局周二发布的报告，2025年法国银行持有的国内公共债务约为1900亿欧元（2130亿美元），占“所有主权证券的24%以及总资产的2%”。随着政府努力控制赤字，同时学生因教育支出问题发起的抗议活动进入第三周，法国的公共财政再次成为投资者关注的焦点。黑石集团总裁乔恩·格雷周二警告称，在经济增长放缓和预算赤字高企的背景下，包括法国在内的欧洲国家“正面临一场严峻的考验”。阿苏安表示，法国银行对其主权债务的敞度低于其他欧洲同行。
French banks’ holdings of domestic public debt amounted to around €190 billion ($213 billion) in 2025, according to a report by the ACPR also published on Tuesday. The holdings represented “24% of all sovereign securities and 2% of total assets.”France’s public finances are once more in investors’ spotlight as the government seeks to restrain the deficit while student protests over education spending run into their third week. Blackstone Inc. President Jon Gray warned on Tuesday that European countries including France are “facing a bit of a reckoning” amid slower growth and high budget shortfalls.
她指出：“这些债务属于非常高质量的债务，评级和违约概率水平都证明了这一点，这也有助于增强法国银行的流动性储备。”她补充说，“在银行和保险公司对这些证券的敞度方面，无论是财务实力还是市场信心，都未出现问题。”
Assouan said that French banks had lower exposure to their sovereign’s debt than other European peers. “This is very high-quality debt, as evidenced by both the ratings and the probability-of-default levels, which reinforce the liquidity reserves of French banks,” she said.
近几个月来，投资者为购买法国10年期债券而要求支付的额外收益率（相对于更安全的德国国债）大幅上升，而投资者持有这些债券相对于同等期限德国国债所收取的溢价，最近已升至欧元区债务危机以来的最高水平。
There are “no issues in terms of financial strength or confidence regarding the exposure of banks and insurers to these securities,” she added.
投资者也正因明年总统选举而忧心忡忡。最近的民意调查显示，选举结果可能取决于极右翼领先候选人玛丽娜·勒庞与极左翼对手让-吕克·梅朗雄之间的第二轮决选。
The extra yield investors demand to buy France’s 10-year bonds over safer German bunds has surged in recent months, while the premium investors charge to hold those bonds over equivalent German bunds recently hit the highest level since the euro area debt crisis. Investors are also on edge ahead of next year’s presidential election, with recent polling indicating it may come down to a second-round runoff between the far-right front-runner Marine Le Pen and far-left rival Jean-Luc Mélenchon.
与意大利或西班牙的银行不同，后者曾是欧洲主权债务危机的中心，法国银行持有的本国债务要少得多，其中超过一半由国际投资者持有。
Unlike banks in Italy or Spain, which were at the center of Europe’s sovereign debt crisis, French banks hold significantly less of their country’s debt, with international investors owning more than half.
彭博智囊团（Bloomberg Intelligence）的信用分析师在最近的一份报告中表示，如果评级机构在未来几个月对法国主权评级采取负面行动，法国银行的发行方评级和债券评级也可能受到压力。
French banks’ issuer and bond ratings could be pressured if raters take negative rating action on the sovereign in the coming months, Bloomberg Intelligence credit analysts said in a recent note.
阿苏安（Assouan）表示：“至于法国主权债务可能带来的影响及潜在的降级情况，我们迄今尚未看到任何自动适用于法国银行的触发机制；过往的先例表明，我们不能认为存在与此相关的自动机制。”
“As for the potential impacts and possible downgrades of French sovereign debt, we have not seen any automatic triggers on French banks applied to date; past precedents mean we cannot speak of an automatic mechanism in this regard.”, Assouan said.