Statistics Working Paper N. 28 - 2009/2 - This study wants to spot and analyse the “final financial instruments” in which French households’ financial savings are invested by making transparent their intermediated investments with mutual funds and life insurance corporations. It attempts to identify where French households’ savings is finally allocated (France or abroad), who bears the liquidity risk and the market risk. Doing so, the role of financial intermediaries such as insurance corporations and mutual funds may be specified more accurately.