Financial accounts of the non-financial sectors 2021Q1

NON-FINANCIAL CORPORATIONS
FINANCIAL TRANSACTIONS Years Quarters (SA)
EUR billions 2019 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Financial investment (a) 31.3 208.7 141.0 18.0 18.8 18.0
- Currency and deposits 53.5 156.6 105.0 18.7 -18.3 34.5
- Securities -13.1 44.4 41.4 9.0 33.5 -20.4
debt securities 3.7 -8.5 -4.1 7.2 -2.7 -2.5
money market fund shares -9.4 60.2 47.6 3.6 37.9 -19.0
non-MMF invesment fund shares -7.4 -7.3 -2.1 -1.8 -1.7 1.1
- Other net financial assets (b) -9.1 7.7 -5.4 -9.7 3.6 3.9
Financing 107.8 240.7 134.7 19.4 40.0 21.9
- MFI loans 50.7 152.0 69.5 17.2 21.9 7.3
- Debt securities 39.3 77.6 56.5 9.7 3.8 -5.9
- Shares and net equities (c) 17.8 11.1 8.7 -7.5 14.3 20.5
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)

In the first quarter of 2021, debt flows of non-financial corporations (NFCs) are lower than in the previous quarter. NFCs make less use of MFI credits and reduce their debt issuances. In contrast, flows of shares and net equities increase. At the same time, financial investment grows almost in the same way as in Q4 2020. As a result, it is close to debt flows (18.0 bn and 21.9 bn respectively), which corresponds to a stabilization of net debt stocks. Financial investment trends are different for deposits and securities. Deposits are clearly on the rise again, while flows of money market funds decline.
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 Quaters (SA)
EUR billions 2019 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Financial investment (a) 16.1 92.6 118.1 19.7 -60.9 39.8
- Currency and deposits 11.7 105.6 121.3 24.5 -57.7 46.6
- Securities 4.4 -13.1 -3.2 -4.8 -3.2 -6.8
debt securities 0.1 -10.5 -7.6 0.5 -2.8 -4.5
net equities -1.7 -2.6 -0.5 -1.3 -0.4 0.6
invesment fund shares 6.0 0.0 4.9 -4.0 0.0 -2.9
Financing 84.8 316.5 204.9 39.9 29.5 69.1
- Deposits 11.3 29.3 20.8 2.5 -1.5 11.5
- MFI loans 1.5 1.1 1.5 -0.5 -1.3 -0.2
- Debt securities 72.0 286.1 182.6 37.9 32.3 57.8
(a) are excluded here several residual items

In the 1st quarter of 2021, general government financing increases compared to the previous quarter. Debt securities issuances rise, in order to finance the recovery plan and the support measures related to the health crisis. General government financial investment increases again, mainly in the form of deposits with the Banque de France, mainly reflecting temporary timing differences between receipts and expenditures of the state.
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 2019 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Financial investment (a) 129.7 205.2 79.8 44.4 36.9 42.0
- Currency and deposits 88.7 162.5 64.0 33.8 34.1 32.9
of which transferable deposits 40.7 82.0 34.4 15.4 13.8 13.5
passbook savings 32.3 65.9 23.4 15.7 16.7 16.0
home saving plans 6.3 8.6 2.7 1.9 1.9 0.7
- Securities -0.5 27.9 14.9 6.8 -5.2 2.1
debt securities -4.5 -1.6 -0.1 0.2 -0.4 0.0
listed shares -2.3 13.1 4.2 2.6 3.5 1.3
unlisted shares and other equities 19.0 18.5 4.1 5.3 2.2 5.1
money market fund shares -0.9 -0.3 0.0 0.3 -0.6 -0.1
non-MMF invesment fund shares (domestic plus rest of the world) -11.8 -1.9 6.7 -1.6 -9.9 -4.2
- Life insurance contracts 41.5 14.8 0.9 3.8 8.0 7.0
of which non-unit linked contracts 39.5 -2.0 -3.9 2.9 3.9 -0.6
Financing 88.7 72.0 13.7 22.3 21.9 16.8
- MFI Loans 88.7 72.0 13.7 22.3 21.9 16.8
(a) are excluded here several residual items

Households' financial investment in Q1 2021 increases slightly compared to Q4 2020, in a context affected, as in the previous quarter, by national lockdown measures restricting de facto certain types of consumer spending. Breaking down by instrument, investment in transferable deposits and passbook savings is made at a rate close to Q4 2020, while that in home savings becomes slightly lower. Securities flows rebound, due to increased flows of unlisted shares and other equities, and lower withdrawals from non-MMF investment funds. Life insurance and pension plans flows slow slightly and remain at a lower level than in previous years, with a decline in non-unit linked contracts. MFI loans slow down compared to previous quarters. Overall, households' financial investment in Q1 2021 remains significantly higher than the amounts observed before the pandemic crisis (25.2 bn in Q1 2019 and 6.6 bn in Q1 2018).
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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Financial accounts of the non-financial sectors
  • Published on 07/28/2021
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Published on Wednesday, July 28, 2021