Financial accounts of the non-financial sectors 2018Q4

NON-FINANCIAL CORPORATIONS
FINANCIAL TRANSACTIONS YEAR Quarters (SA)
EUR billions 2017 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2018
Financial investment (a) 57.2 -8.0 22.8 -20.4 -11.6 1.4
- Currency and deposits 54.4 30.3 0.9 10.7 6.3 12.3
- Securities 4.7 -25.8 -0.9 -8.1 -13.1 -3.4
debt securities 7.9 -1.3 0.3 5.6 -8.6 1.5
money market fund shares -18.4 -15.6 0.3 -10.1 -1.8 -3.9
non-MMF invesment fund shares 15.2 -8.9 -1.5 -3.6 -2.7 -1.0
- Other net financial assets (b) -1.8 -12.5 22.8 -23.0 -4.8 -7.5
Financing 88.2 87.6 26.1 -10.5 35.5 36.4
- MFI loans 57.0 68.8 11.1 11.9 21.8 24.0
- Debt securities 21.2 29.4 12.7 8.9 10.5 -2.8
- Shares and net equities (c) 10.0 -10.6 2.3 -31.3 3.2 15.2
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)
.Financial investment of non-financial corporations (NFC) grows slightly in 2018 Q4, following two quarters of decline, as a result of a rise in deposits and a slowdown in securities sales. At the same time, financing remains broadly unchanged, the decrease in bond issuance being compensated by the net positive flow in shares and equities.

In 2018, NFC significantly reduce their investment in securities, particularly in investment fund shares, and decrease their asset held in cross-border loans. The amount of their purchase in shares and equities (net of sales), notably through direct investment abroad, is greater than their new issues (net of redemptions), resulting in a net negative financing flow in 2018.
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 Year Quaters (SA)
EUR billions 2017 2018 Q1 2018 Q2 018 Q3 2018 Q4 2018
Financial investment (a) 11.2 14.7 20.7 -7.1 25.7 -24.6
- Currency and deposits 17.1 13.5 15.0 -5.3 28.2 -24.5
- Securities -6.0 1.2 5.7 -1.8 -2.5 -0.1
debt securities -9.1 -1.8 2.6 -0.9 -0.5 -2.9
net equities 0.0 0.1 1.3 -1.1 -1.6 1.4
invesment fund shares 3.1 2.9 1.8 0.2 -0.4 1.4
Financing 69.3 68.4 14.4 7.2 30.0 16.9
- Deposits 3.2 9.3 4.0 0.4 4.6 0.3
- MFI loans -5.5 2.1 1.6 -0.7 -1.1 2.4
- Debt securities 71.6 57.0 8.8 7.5 26.5 14.2
(a) are excluded here several residual items
The flow of financial investment from general government falls sharply in the last quarter due to a seasonal drop in cash assets. Financial investment grows moderately in 2018, befitting from a recovery in the purchase of securities.

Financial resources diminish slightly in the year (the issuance of government bonds being concentrated in Q3).
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 2017 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2018
Financial investment (a) 95.2 113.7 16.8 25.4 26.1 45.6
- Currency and deposits 66.6 67.4 15.5 22.7 12.6 16.6
of which transferable deposits 38.7 32.7 8.3 11.8 5.2 7.3
passbook savings 21.8 26.1 5.8 6.0 6.6 7.7
home saving plans 11.4 6.3 1.3 1.8 1.6 1.5
- Securities -0.1 -4.7 -8.0 -11.0 0.5 14.0
debt securities -6.2 -4.7 -1.6 -2.1 0.2 -1.2
listed shares -4.0 4.3 -0.2 -7.9 5.7 6.7
unlisted shares and other equities 13.4 13.8 5.8 1.0 4.2 2.9
money market fund shares -1.3 -1.9 0.4 0.2 0.1
non-MMF invesment fund shares (domestic plus rest of the world) -1.4 -16.8 -10.1 -2.4 -9.8 5.5
- Life insurance contracts 28.6 51.0 9.3 13.7 13.0 15.0
of which non-unit linked contracts 6.7 34.0 0.9 8.3 10.0 14.8
Financing 75.3 73.0 16.9 17.7 18.0 20.4
- MFI Loans 75.3 73.0 16.9 17.7 18.0 20.4
(a) are excluded here several residual items
In 2018 Q4, financial investment made by households strengthens given the rebound in purchases of non-MMF investment fund shares. Meanwhile, MFI loans keep growing in the last quarter of 2018.

Overall, households substantially increase their financial investment transactions in 2018, notably in non-unit linked life insurance contracts. Concomitantly, bank loans remain at a high level.
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.
More information on : methodology, time series, calendar
All statistical time series published by the Banque de France can be accessed on Webstat Banque de France
Publication available under Apple and Android
STAT INFO - 4th quarter 2018
Non-financial sector financial transactionsContact Stat Info

Download the PDF version of this document

Financial accounts of the non-financial sectors
  • Published on 04/17/2019
  • EN
  • PDF (438.72 KB)
Download (EN)

Published on Wednesday, April 17, 2019