Loans to non financial corporations 2018Dec
Published on 01/28/2019
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At end 2018, growth in loans to NFCs remains high
Growth in loans to NFCs remains high in December 2018 (+5.9%, down from +6.2% in November), still driven by the dynamism of equipment loans (+7.3%, stable compared to November) and, to a lesser extent, real estate credits (+5.0%, after +5.3% in November).
Over the whole of 2018, outstanding loans granted to NFCs increased by more than €50 billion, including €27 billion for equipment loans. This increase is comparable in magnitude to that observed in 2017.
Over the whole of 2018, outstanding loans granted to NFCs increased by more than €50 billion, including €27 billion for equipment loans. This increase is comparable in magnitude to that observed in 2017.
(Outstanding amounts in EUR Bn, annual growth rates in %)
| End-of-month level | Annual growth rate | |||
| Dec-18 | Oct-18 | Nov-18 | Dec-18 | |
| Total | 1,018 | 5.7 | 6.2 | 5.9 |
| Investment | 719 | 6.4 | 6.5 | 6.4 |
| Equipment | 434 | 7.4 | 7.3 | 7.3 |
| Real estate | 285 | 5.1 | 5.3 | 5.0 |
| Treasury | 240 | 4.9 | 6.6 | 5.6 |
| Other lending | 59 | 0.2 | 1.5 | 1.8 |
Monthly changes in stocks of equipment loans (seasonally adjusted flows) ![]()
(Monthly flows in EUR Bn)
Monthly changes in stocks of treasury loans (seasonally adjusted flows *) ![]()
(Monthly flows in EUR Bn)
* Seasonal adjusted monthly net flows of other lending to NFC are allocated to treasury loans in proportion to the outstanding amounts.
Source et réalisation : BANQUE DE FRANCE - DIRECTION GÉNÉRALE DES STATISTIQUES
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
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 01/28/2019
- EN
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Published on Monday, January 28, 2019