Financial accounts of the non-financial sectors 2019Q2

NON-FINANCIAL CORPORATIONS
FINANCIAL TRANSACTIONS YEAR Quarters (SA)
EUR billions 2017 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019
Financial investment (a) 62.6 2.2 -10.0 3.1 14.2 0.1
- Currency and deposits 55.5 33.2 6.9 12.6 11.3 20.4
- Securities 4.2 -24.2 -12.8 -3.1 -0.6 -9.5
debt securities 7.9 -1.3 -8.6 1.5 4.3 -2.2
money market fund shares -18.9 -13.3 -1.4 -3.3 -0.1 -8.5
non-MMF invesment fund shares 15.2 -9.6 -2.8 -1.3 -4.8 1.2
- Other net financial assets (b) 2.9 -6.8 -4.1 -6.4 3.5 -10.8
Financing 104.7 44.5 5.9 28.7 26.1 -10.5
- MFI loans 62.4 74.4 22.7 24.4 10.8 18.2
- Debt securities 20.8 29.2 10.5 -2.8 12.1 6.8
- Shares and net equities (c) 21.5 -59.0 -27.3 7.1 3.2 -35.5
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)

In 2019 Q2, financial investment of non-financial corporations (NFC) remains stable following two quarters of increase. NFC sell MMF shares and reduce crossed-border loans, whilst deposits strengthen. With regard to financing, shares and net equities transactions fall significantly, whereas NFC continue raising money by borrowing from banks or issuing bonds and commercial paper.


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 Q3 2018 Q4 2018 Q1 2019 Q2 2019
Financial investment (a) 11.2 17.2 26.0 -22.3 22.4 -13.3
- Currency and deposits 17.1 13.0 28.2 -25.0 14.9 -6.8
- Securities -6.0 4.3 -2.2 2.7 7.5 -6.5
debt securities -9.1 -3.9 -0.2 -5.2 4.9 -2.5
net equities 0.0 0.2 -1.6 1.5 1.1 -1.9
invesment fund shares 3.1 7.9 -0.4 6.4 1.5 -2.1
Financing 69.3 68.5 30.0 16.9 24.9 12.6
- Deposits 3.2 9.3 4.6 0.3 4.8 4.1
- MFI loans -5.5 2.1 -1.1 2.4 1.2 -1.3
- Debt securities 71.6 57.0 26.5 14.2 18.9 9.8
(a) are excluded here several residual items

The flow of financial investment from general government decreases in 2019 Q2. Deposits diminish and the general government sells its assets held in securities. A slowdown in bond issuance drives weaker growth in financing this quarter.es.

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 Q3 2018 Q4 2018 Q1 2019 Q2 2019
Financial investment (a) 92.5 95.1 25.1 32.7 38.8 52.6
- Currency and deposits 66.6 67.4 12.7 16.6 32.1 22.1
of which transferable deposits 38.7 32.7 5.2 7.3 18.5 8.4
passbook savings 21.8 26.1 6.6 7.7 9.4 8.0
home saving plans 11.4 6.3 1.6 1.5 1.6 1.9
- Securities -5.6 -7.6 0.9 12.5 -3.9 16.9
debt securities -6.2 -4.7 0.2 -1.2 -0.4 -2.5
listed shares -4.0 4.3 5.7 6.7 -1.9 -0.5
unlisted shares and other equities 8.1 13.5 4.7 3.0 9.1 1.9
money market fund shares -1.8 -1.3 0.2 0.1 -1.9 1.1
non-MMF invesment fund shares (domestic plus rest of the world) -1.7 -19.4 -9.9 3.9 -8.8 16.9
- Life insurance contracts 31.5 35.2 11.5 3.6 10.6 13.6
of which non-unit linked contracts 6.7 17.7 7.8 1.4 9.5 12.7
Financing 75.3 72.9 17.9 20.3 18.5 20.9
- MFI Loans 75.3 72.9 17.9 20.3 18.5 20.9
(a) are excluded here several residual items

In the second quarter, financial investment made by households rises, as purchases of non-MMF shares resume. The flow of investment in life insurance plans in euros slightly grows. Growth rate of borrowings by households remains sustained.

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 - 2nd quarter 2019
Non-financial sector financial transactionsContact Stat Info

Download the PDF version of this document

Financial accounts of the non-financial sectors
  • Published on 10/24/2019
  • EN
  • PDF (680.81 KB)
Download (EN)

Published on Thursday, October 24, 2019