Loans to non financial corporations 2020May
Published on 26 June 2020
NFCs use extensively treasury loans for the third consecutive month
- In May, NFCs continue to make extensive use of treasury loans, in particular based on the state-guaranteed loan scheme (PGEs) implemented following COVID-19. The non-seasonally adjusted flow of loans granted to NFCs reaches EUR 28.5 billion in May (after + EUR 25.4 billion in April and + EUR 35.5 billion in March), including EUR 23.5 billion for treasury loans alone.
- The annual growth rate of treasury loans to NFCs still accelerates sharply (+27.0% in May, up from +16.7% in April), while that of investment credits remains strong (+6.2%, down from +6.3% in April), with a slight deceleration in real estate loans (+3.7%, down from +4.2% in April) and an unchanged increase in equipment loans (+7.8%, up from +7.7% in April).
- Overall, the annual growth rate of credit to NFCs stands at +11.5% in May, up from +9.3% in April.
(Outstanding amounts in EUR Bn, annual growth rates in %)
| End-of-month level | Annual growth rate | |||
| May- 2020 | Mar-2020 | Apr- 2020 | May- 2020 | |
| Total | 1,156 | 7.6 | 9.3 | 11.5 |
| Investment | 784 | 6.4 | 6.3 | 6.2 |
| Equipment | 482 | 7.8 | 7.7 | 7.8 |
| Real estate | 301 | 4.4 | 4.2 | 3.7 |
| Treasury | 307 | 10.3 | 16.7 | 27.0 |
| Other lending | 65 | 12.1 | 16.5 | 15.5 |
Monthly changes in stocks of equipment loans (seasonally adjusted flows) ![]()
(Monthly flows in EUR Bn)
Monthly changes in stocks of treasury loans (seasonally adjusted flows *) ![]()
(Monthly flows in EUR Bn)
* Seasonal adjusted monthly net flows of other lending to NFC are allocated to treasury loans in proportion to the outstanding amounts.
Source et réalisation : BANQUE DE FRANCE - DIRECTION GÉNÉRALE DES STATISTIQUES, DES ETUDES ET DE L'INTERNATIONAL
Additional information
Non-financial corporations include all companies whose main activity is the production of goods and non-financial services, excluding sole proprietor and unincorporated partnerships.
Calculations are made with the aim to give the best possible image of the evolution of the lending activity:
- Loans that have been securitized or sold by credit institutions are considered as remaining in their books
- Accounting changes that are not reflecting economic transactions, in particular write-offs/write-downs, are eliminated
- The impact of statistical modifications in the scope of the MFI sector (e.g. the reclassification of an entity from the non-financial corporations sector to the government sector) is also eliminated
- As FX hedges are unknown, loans in foreign currencies are however taken into account at their face value in Euros at the end of the month
Calculations are made with the aim to give the best possible image of the evolution of the lending activity:
- Loans that have been securitized or sold by credit institutions are considered as remaining in their books
- Accounting changes that are not reflecting economic transactions, in particular write-offs/write-downs, are eliminated
- The impact of statistical modifications in the scope of the MFI sector (e.g. the reclassification of an entity from the non-financial corporations sector to the government sector) is also eliminated
- As FX hedges are unknown, loans in foreign currencies are however taken into account at their face value in Euros at the end of the month
Download the PDF version of the document
CRE_SNF_2220_en__SI_credit_aux_SNF_202005_EN.pdf