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 %)
||Annual growth rate
Monthly changes in stocks of equipment 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.
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.
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Loans to non financial corporations
Published on Friday, January 26, 2018