Acceleration of capital good loans
After a slight deceleration in investment credits in the last couple of months, their growth rate increases again in November (+4.1%, up from +4.0% in October), driven by capital good loans (+4.4%, up from +4.2%) while real estate loans do not weaken (+3.7%). Conversely, treasury loans slow down (+6.5%, down from +6.9%), their evolution being often explained by one-off operations. Overall, the annual growth rate of loans to non-financial corporations increases slightly in November (+4.8%, up from +4.7%).
Outstanding amounts and annual growth rate (not seasonally adjusted)
(Outstanding amounts in EUR Bn, annual growth rate in %)
||Annual growth rate
Monthly changes in stocks of capital goods loans (seasonally adjusted flows)
Monthly changes in stocks of treasury loans (seasonally adjusted flows *)
* Seasonal adjusted monthly net flows of other lending to NFC are allocated to treasury loans in proportion to the outstanding amounts.
Non-financial corporations include all companies, whose main activity is the production of goods and non-financial services, excluding sole proprietor and unincorporated partnerships.
Growth rates are calculated by correcting derecognition of loans from the MFI's statistical balance sheet due to their sale and securitization and the effects of changes not resulting from economic transactions, particularly write-offs/write-downs, population changes (e.g. reclassification of a counterparty from the non-financial corporations sector to the government sector). On the other hand, exchange rate effects are not corrected in these data expressed in the equivalent euro value, in particular because it is not known how corporate debts in foreign currency are hedged against exchange-rates.
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Loans to non financial corporations
Published on Thursday, December 29, 2016