Financial accounts of the non-financial sectors 2019Q3

NON-FINANCIAL CORPORATIONS
FINANCIAL TRANSACTIONS YEAR Quarters (SA)
EUR billions 2017 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Financial investment (a) 62.6 2.2 3.1 14.2 0.1 9.4
- Currency and deposits 55.5 33.2 12.6 11.3 20.4 17.2
- Securities 4.2 -24.2 -3.1 -0.6 -9.5 -5.6
debt securities 7.9 -1.3 1.5 4.3 -2.2 0.0
money market fund shares -18.9 -13.3 -3.3 -0.1 -8.5 -1.6
non-MMF invesment fund shares 15.2 -9.6 -1.3 -4.8 1.2 -4.0
- Other net financial assets (b) 2.9 -6.8 -6.4 3.5 -10.8 -2.2
Financing 104.7 44.5 28.7 26.1 -10.5 68.0
- MFI loans 62.4 74.4 24.4 10.8 18.2 10.0
- Debt securities 20.8 29.2 -2.8 12.1 6.8 19.9
- Shares and net equities (c) 21.5 -59.0 7.1 3.2 -35.5 38.1
(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 in the third quarter. NFC deposits increase whereas holdings of investment fund shares diminish and cross-border loans slightly fall. With regard to financing, shares and net equities transactions rise significantly, following a sharp decrease in the second quarter. In the meantime, MFI loans and issuance of bonds and commercial papers continue to expand.

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 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Financial investment (a) 11.2 17.2 -22.3 22.4 -13.3 34.5
- Currency and deposits 17.1 13.0 -25.0 14.9 -6.8 34.6
- Securities -6.0 4.3 2.7 7.5 -6.5 -0.1
debt securities -9.1 -3.9 -5.2 4.9 -2.5 -0.2
net equities 0.0 0.2 1.5 1.1 -1.9 -1.2
invesment fund shares 3.1 7.9 6.4 1.5 -2.1 1.3
Financing 69.3 68.5 16.9 24.9 12.6 48.4
- Deposits 3.2 9.3 0.3 4.8 4.1 0.3
- MFI loans -5.5 2.1 2.4 1.2 -1.3 1.0
- Debt securities 71.6 57.0 14.2 18.9 9.8 47.1
(a) are excluded here several residual items

In 2019 Q3, bond issuance originated from general government strongly increases. Simultaneously, financial investment recovers, notably deposit holdings. General government also sell fewer securities than in the previous quarter.

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 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Financial investment (a) 92.5 95.1 32.7 38.8 52.6 17.8
- Currency and deposits 66.6 67.4 16.6 32.1 22.1 22.6
of which transferable deposits 38.7 32.7 7.3 18.5 8.4 10.3
passbook savings 21.8 26.1 7.7 9.4 8.1 8.1
home saving plans 11.4 6.3 1.5 1.6 1.6 1.8
- Securities -5.6 -7.6 12.5 -3.9 16.9 -17.8
debt securities -6.2 -4.7 -1.2 -0.4 -2.5 -0.2
listed shares -4.0 4.3 6.7 -1.9 -0.5 -2.0
unlisted shares and other equities 8.1 13.5 3.0 9.1 1.9 4.6
money market fund shares -1.8 -1.3 0.1 -1.9 1.1 0.3
non-MMF invesment fund shares (domestic plus rest of the world) -1.7 -19.4 3.9 -8.8 16.9 -20.5
- Life insurance contracts 31.5 35.2 3.6 10.6 13.6 13.0
of which non-unit linked contracts 6.7 17.7 1.4 9.5 12.7 12.2
Financing 75.3 72.9 20.3 18.5 20.9 27.3
- MFI Loans 75.3 72.9 20.3 18.5 20.9 27.3
(a) are excluded here several residual items

Household financial investment slows down this quarter, due to large sales of non-MMF investment fund shares. Growth in deposits as well as in life insurance and pension plans in euros remains stable. Meanwhile, borrowings rise slightly more rapidly in Q3.

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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STAT INFO - 3rd quarter 2019
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Financial accounts of the non-financial sectors
  • Published on 01/27/2020
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Published on Monday, January 27, 2020