Financial accounts of the non-financial sectors 2017Q4
Published on 04/18/2018
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NON-FINANCIAL CORPORATIONS
(EUR billions)
| Years | Quarters (SA) | ||||||
| 2016 | 2017 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | ||
| Financial investment (a) | 57.1 | 57.0 | 31.1 | -2.4 | 21.8 | 6.5 | |
| - Currency and deposits | 40.0 | 55.5 | 15.9 | 12.6 | 13.6 | 13.3 | |
| - Securities | -1.0 | 7.0 | 27.7 | -20.5 | 10.7 | -10.9 | |
| debt securities | 4.3 | 7.9 | 6.5 | 1.2 | -0.5 | 0.6 | |
| money market fund shares | -10.9 | -17.6 | 14.5 | -26.3 | 9.1 | -14.9 | |
| non-MMF invesment fund shares | 5.6 | 16.8 | 6.7 | 4.6 | 2.1 | 3.4 | |
| - Other net financial assets (b) | 18.1 | -5.4 | -12.5 | 5.5 | -2.5 | 4.1 | |
| Financing | 111.2 | 111.4 | 50.2 | 7.3 | 29.3 | 24.5 | |
| - MFI loans | 54.7 | 58.4 | 14.4 | 3.0 | 19.3 | 21.7 | |
| - Debt securities | 40.7 | 24.3 | 9.3 | 10.3 | 4.1 | 0.5 | |
| - Shares and net equities (c) | 15.8 | 28.7 | 26.5 | -6.0 | 5.9 | 2.3 | |
(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 financial investments of non-financial corporations (NFC) decreased in 2017 Q4, as part of money market and investment fund shares was sold. In parallel, less equity was issued and the overall funding diminished.
In 2017 overall the NFC financial investment flows were largely the same than in 2016. However NFC invested more in deposits and resumed buying bonds directly and non-monetary investment funds. The disinvestment in money market funds exacerbated.
In 2017 overall the NFC financial investment flows were largely the same than in 2016. However NFC invested more in deposits and resumed buying bonds directly and non-monetary investment funds. The disinvestment in money market funds exacerbated.
Flows of financial investment and financing (SA)
EUR billions
GENERAL GOVERNMENT
(EUR billions)
| Year | Quaters (SA) | ||||||
| 2016 | 2017 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | ||
| Financial investment (a) | -1.6 | 16.0 | 29.0 | 5.0 | 13.9 | -31.9 | |
| - Currency and deposits | -4.2 | 17.3 | 27.5 | 6.7 | 12.7 | -29.6 | |
| - Securities | 2.6 | -1.2 | 1.5 | -1.7 | 1.2 | -2.3 | |
| debt securities | -5.3 | -6.6 | 0.3 | -0.7 | -2.0 | -4.2 | |
| equities | 3.4 | 2.3 | -2.1 | 2.0 | 2.3 | 0.1 | |
| invesment fund shares | 4.6 | 3.1 | 3.3 | -3.0 | 0.9 | 1.8 | |
| Financing | 52.2 | 67.4 | 31.7 | 16.4 | 13.1 | 6.1 | |
| - Deposits | -0.6 | 3.2 | 1.6 | 3.2 | 1.0 | -2.6 | |
| - MFI loans | -5.2 | -4.9 | -0.4 | -2.1 | -1.2 | -1.2 | |
| - Debt securities | 57.9 | 69.0 | 30.5 | 15.3 | 13.3 | 9.9 | |
(a) are excluded here several residual items
In the fourth quarter of 2017, the financial investment of the general government was negative because of a fall in cash holdings. In parallel the debt acquisition diminished due to the combination of lower debt securities issuance and deposits repayments.
For the year 2017 as a whole, changes in investment flow and change in debt acquisitions were broadly similar.
For the year 2017 as a whole, changes in investment flow and change in debt acquisitions were broadly similar.
Flows of financing investment and financing (SA)
EUR billions
Households
(EUR billions)
| Years | Quarters (SA) | ||||||
| 2016 | 2017 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | ||
| Financial investment (a) | 92.3 | 105.5 | 20.8 | 37.8 | 26.7 | 20.0 | |
| - Currency and deposits | 56.2 | 66.5 | 24.3 | 15.7 | 12.5 | 14.0 | |
| of which transferable deposits | 33.0 | 38.6 | 19.1 | 6.4 | 5.1 | 8.0 | |
| passbook savings | 4.2 | 21.8 | 6.4 | 6.6 | 5.5 | 3.4 | |
| home saving plans | 18.1 | 11.4 | 2.7 | 3.1 | 2.8 | 2.8 | |
| - Securities | -4.3 | 3.7 | -8.1 | 14.1 | -0.3 | -2.1 | |
| debt securities | -1.1 | -6.2 | -1.3 | -1.9 | -0.8 | -2.3 | |
| listed shares | -8.5 | -4.0 | -2.4 | -2.2 | -0.5 | 1.0 | |
| unlisted shares and other equities | 13.6 | 11.4 | 2.5 | 4.7 | 2.4 | 1.8 | |
| money market fund shares | -3.1 | -1.8 | -2.2 | -0.2 | -0.2 | 0.8 | |
| non-MMF invesment fund shares (domestic plus rest of the world) | -5.2 | 4.4 | -4.7 | 13.7 | -1.2 | -3.4 | |
| - Life insurance contracts | 40.4 | 35.2 | 4.6 | -0.2 | 14.5 | 8.1 | |
| of which non-unit linked contracts | 27.4 | 15.3 | -0.5 | 2.7 | 9.8 | 3.3 | |
| Financing | 53.6 | 75.3 | 20.2 | 18.4 | 16.4 | 20.4 | |
| - MFI Loans | 53.6 | 75.3 | 20.2 | 18.4 | 16.4 | 20.4 | |
(a) are excluded here several residual items
Households' quarterly flow of financial investments decreased in 2017 Q4. The increase in deposits did not offset the net sell in both securities and life insurance contracts. In parallel, bank loans accelerated again following two quarters of slowdown.
For the year 2017 as a whole, household's bank loans flow increased more than the flow in financial investment.
For the year 2017 as a whole, household's bank loans flow increased more than the flow in financial investment.
Flows of financial investment and financing (SA)
EUR billions
Source and compilation: Direction Générale des Statistiques
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Financial accounts of the non-financial sectors
- Published on 04/18/2018
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Published on Wednesday, April 18, 2018