Loans to non financial corporations 2019Apr

Acceleration of equipment loans
  • Growth in investment loans to non-financial corporations accelerates in April (+7.0% in April 2019 year-on-year, up from +6.7% in March 2019) driven by strong growth in equipment loans (+8.2%, up from +7.6% in March).

  • Growth in treasury loans resumes in April 2019 (+6.9%, up from +6.4% in March).

  • Overall, the annual growth rate of loans to non-financial corporations is at 6.6% in April 2019 (up from +6.4% in March).

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
Apr- 2019 Feb- 2019 Mar-2019 Apr- 2019
Total 1,037 6.3 6.4 6.6
Investment 734 6.5 6.7 7.0
Equipment 445 7.4 7.6 8.2
Real estate 289 5.3 5.5 5.3
Treasury 245 6.5 6.4 6.9
Other lending 58 2.4 2.8 0.3
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 - April 2019
Loans to non-financial corporations
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Loans to non financial corporations
  • Published on 05/28/2019
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Published on Tuesday, May 28, 2019