Buoyant acceleration of loans to non-financial corporations
The annual growth rate of loans to non-financial corporations rises sharply in July 2017 (+5.1%, up from +3.9% in June). This increase is largely explained by treasury loans (+3.5%, up from +0.2%). Large one-off operations of two industrial and commercial groups account for almost half of the overall increase (€8.5 billion, seasonally adjusted), the remaining being much more broadly distributed. Equipment loans also accelerate (+7.1%, up from +6.3%).
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.
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 Monday, August 28, 2017