Loans to non financial corporations 2018Dec

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.
Outstanding amounts and annual growth rate (not seasonally adjusted)
(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.

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 2018
Loans to non-financial corporations
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Loans to non financial corporations
  • Published on 01/28/2019
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Published on Monday, January 28, 2019