Loans to non financial corporations 2017Dec

The annual growth of equipment loans at its highest level in almost 9 years
After a slight slowdown in November, the annual growth of loans to non-financial corporations returned to a level close to 6% (+5.9% exactly). The growth rate of the sole equipment loans (+8.3% in December, as in the previous two months) was as its highest level since February 2009 (+9.0%).
Treasury and real estate loans accelerated (both at +4.5%, up from respectively +3.7% and +4.3 in November).

Outstanding amounts and annual growth rate (not seasonally adjusted)
(Outstanding amounts in EUR Bn, annual growth rate in %)
End-of-month level Annual growth rate
Dec- 2017 Oct- 2017 Nov- 2017 Dec- 2017
Total 963 6.0 5.5 5.9
Investment 680 6.6 6.6 6.8
Equipment 408 8.3 8.3 8.3
Real estate 272 4.2 4.3 4.5
Treasury 226 5.1 3.7 4.5
Other lending 58 2.3 -0.2 1.9
Monthly changes in stocks of equipment loans (seasonally adjusted flows)
(Monthly flow in EUR Bn)
Monthly changes in stocks of treasury loans (seasonally adjusted flows *)
(Monthly flow in EUR Bn)
* Seasonal adjusted monthly net flows of other lending to NFC are allocated to treasury loans in proportion to the outstanding amounts.

Additional information
Non-financial corporations include all companies whose main activity is the production of goods and non-financial services, excluding sole proprietor and unincorporated partnerships.
Calculations are made with the aim to give the best possible image of the evolution of the lending activity:
- Loans that have been securitized or sold by credit institutions are considered as remaining in their books
- Accounting changes that are not reflecting economic transactions, in particular write-offs/write-downs, are eliminated
- The impact of statistical modifications in the scope of the MFI sector (e.g. the reclassification of an entity from the non-financial corporations sector to the government sector) is also eliminated.
- As FX hedges are unknown, loans in foreign currencies are however taken into account at their face value in Euros at the end of the month.
More information on time series, calendar, methodology

All statistical time series published by the Banque de France can be accessed on Webstat Banque de France

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STAT INFO - December 2017

Loans to non-financial corporations

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Loans to non financial corporations
  • Published on 01/26/2018
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Published on Friday, January 26, 2018