Financial accounts of the non-financial sectors 2022Q2
Published on 28 October 2022
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | QUARTERS (SA) | |||||
| (EUR billions) | 2020 | 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | |
| Financial investment (a) | 317.5 | 122.7 | 35.2 | 51.6 | 3.7 | 39.1 | |
| - Currency and deposits | 246.3 | 127.0 | 45.8 | 42.3 | 18.4 | 25.2 | |
| - Securities | 63.9 | -21.9 | -11.0 | 4.5 | -14.5 | 18.8 | |
| debt securities | -0.3 | -3.9 | -1.6 | 0.6 | 2.1 | 7.8 | |
| money market fund shares | 60.5 | -15.4 | -11.2 | 6.6 | -14.1 | 10.3 | |
| non-MMF invesment fund shares | 3.7 | -2.6 | 1.8 | -2.7 | -2.5 | 0.7 | |
| - Other net financial assets (b) | 7.3 | 17.7 | 0.4 | 4.8 | -0.2 | -4.9 | |
| Financing | 281.4 | 110.7 | 45.5 | 29.6 | 0.4 | 31.3 | |
| - MFI loans | 154.7 | 40.6 | 13.0 | 17.3 | 19.9 | 27.6 | |
| - Debt securities | 77.3 | 8.3 | 1.8 | 13.6 | -7.5 | -3.7 | |
| - Shares and net equities (c) | 49.4 | 61.8 | 30.7 | -1.3 | -12.0 | 7.4 | |
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)
The financing of non-financial corporations (NFCs) increases in Q2 2022. Net issuances of shares and equities reduced by net purchases increase, following negative flows in the previous quarter. MFI loans flows continue to rise and flows of debt securities issuances remain negative. At the same time, financial investment increases. Deposits rise compared to the previous quarter. Investment in securities is on the rise again, driven by money market fund shares whose flows are now again positive, and by debt securities, which continue to grow.
Flows of financial investment and financing (SA)![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
GENERAL GOVERNMENT*![]()
| FINANCIAL TRANSACTIONS | YEARS | QUARTERS (SA) | |||||
| (EUR billions) | 2020 | 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | |
| Financial investment (a) | 96.3 | 28.3 | 33.2 | -21.8 | 41.0 | -33.8 | |
| - Currency and deposits | 103.0 | 21.1 | 33.1 | -30.2 | 40.8 | -33.8 | |
| - Securities | -6.6 | 7.2 | 0.1 | 8.4 | 0.2 | 0.0 | |
| debt securities | -7.8 | 6.2 | 0.2 | 6.1 | -0.5 | -2.7 | |
| net equities | -1.1 | 3.6 | 1.5 | 2.4 | 0.7 | 2.8 | |
| invesment fund shares | 2.3 | -2.5 | -1.6 | -0.1 | 0.0 | -0.1 | |
| Financing | 319.3 | 187.5 | 56.5 | 31.1 | 44.7 | 8.3 | |
| - Deposits | 29.3 | 20.7 | 2.2 | 3.2 | -4.5 | 10.1 | |
| - MFI loans | 3.9 | 2.8 | 0.6 | 3.5 | -1.6 | 1.3 | |
| - Debt securities | 286.1 | 164.0 | 53.7 | 24.4 | 50.8 | -3.1 | |
(a) are excluded here several residual items
In Q2 2022, general government financing is lower than in Q1. The seasonally adjusted flows of debt securities issuances are negative, for the first time since the outbreak of the health crisis. Deposits on the liabilities side increase, as do MFI loans. Financial investment declines due to a decrease in deposits. Securities are stable, as the decrease in debt securities investment is offset by the increase in net equities investment.
Flows of financing investment and financing (SA)![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
HOUSEHOLDS*![]()
| FINANCIAL TRANSACTIONS | YEARS | QUARTERS (SA) | |||||
| (EUR billions) | 2020 | 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | |
| Financial investment (a) | 202.0 | 161.3 | 40.6 | 29.1 | 31.5 | 53.0 | |
| - Currency and deposits | 165.8 | 117.8 | 34.7 | 13.4 | 24.9 | 21.1 | |
| of which transferable deposits | 85.3 | 53.4 | 17.0 | 4.4 | 8.7 | 9.7 | |
| passbook savings | 65.9 | 50.1 | 13.8 | 6.7 | 14.4 | 8.4 | |
| home saving plans | 8.6 | 2.2 | 0.6 | 0.1 | -1.1 | -0.9 | |
| - Securities | 31.3 | 14.6 | -0.5 | 4.8 | -1.1 | 23.6 | |
| debt securities | -2.7 | -1.4 | 0.2 | -0.4 | 0.1 | 1.1 | |
| listed shares | 14.2 | 5.1 | 2.8 | 1.0 | -1.8 | 4.9 | |
| unlisted shares and other equities | 21.1 | 12.5 | -0.4 | 7.5 | 7.0 | 5.7 | |
| money market fund shares | -0.9 | -1.1 | -0.2 | -0.4 | 0.0 | -0.3 | |
| non-MMF invesment fund shares | -0.3 | -0.5 | -2.9 | -2.9 | -6.4 | 12.2 | |
| - Life insurance and pension plans | 4.8 | 29.0 | 6.4 | 10.9 | 7.7 | 8.3 | |
| of which non-unit linked contracts | -16.3 | 1.1 | 0.7 | 4.2 | -4.9 | -3.4 | |
| Financing | 69.2 | 87.1 | 23.5 | 18.9 | 26.8 | 23.0 | |
| - MFI Loans | 69.2 | 87.1 | 23.5 | 18.9 | 26.8 | 23.0 | |
(a) are excluded here several residual items
In the second quarter of 2022, households' financial investment continues to grow. Deposits slow slightly, following the moderation in passbook savings. Investment in securities increases, driven by a rise in investment in listed shares and non-MMF investment fund shares. Investment in life insurance and pension plans rises slightly, with net purchases of unit-linked products and net sales of non-unit linked contracts, as in the previous quarter. MFI loans flows are again strong, at a slightly lower level than in the previous quarter.
Flows of financial investment and financing (SA)![]()
EUR billions
Source and compilation: Direction Générale des Statistiques, des Études et de l'International
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
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