Loans to non financial corporations 2018Sep

Strong growth in loans to NFCs continues

The growth pace of loans to NFCs continues to increase in September (+5.9% year-on-year, up from 5.7% in August and +5.3% in July).

Treasury loans, which often fluctuate irregularly, accelerate (+6.2%, up from +4.9% in August and +3.4% in July).

Investment loans increase sharply again (+6.3%, almost at the same rate as at the end of the previous two months).
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
SEP- 2018 juil. 2018 Aug-2018 SEP- 2018
Total 995 5.3 5.7 5.9
Investment 704 6.4 6.5 6.3
Equipment 424 7.4 7.4 7.4
Real estate 280 5.1 5.2 4.8
Treasury 232 3.4 4.9 6.2
Other lending 58 -1.1 -0.1 -0.1
Monthly changes in stocks of equipment 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 - September 2018
Loans to non-financial corporations
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Loans to non financial corporations
  • Published on 10/24/2018
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Published on Wednesday, October 24, 2018