Loans to non financial corporations 2020Apr
Published on 29 May 2020
NFCs continue to rely heavily on credit to meet their future cash flow needs
- The flow of loans granted to NFCs reaches EUR 25.3 billion in April (down from EUR 35.4 billion in March), including EUR 19.1 billion for treasury loans.
- The growth in treasury loans to non-financial corporations therefore continues to accelerate sharply in April (+16.7%, up from +10.3% in March).
- The growth in investment credit is almost stable in April (+6.3%, down from +6.4% in March), both for equipment loans (+7.7%, down from +7.8% in March) and for real estate (+4.2%, down from +4.4% in March).
- Overall, the annual growth rate of credit to non-financial corporations stands at +9.3% in April, up from +7.6% in March, the highest since the end of 2008.
(Outstanding amounts in EUR Bn, annual growth rates in %)
| End-of-month level | Annual growth rate | |||
| Apr- 2020 | Feb- 2020 | Mar-2020 | Apr- 2020 | |
| Total | 1,127 | 5.1 | 7.6 | 9.3 |
| Investment | 780 | 6.1 | 6.4 | 6.3 |
| Equipment | 479 | 7.2 | 7.8 | 7.7 |
| Real estate | 302 | 4.5 | 4.4 | 4.2 |
| Treasury | 283 | 0.1 | 10.3 | 16.7 |
| Other lending | 64 | 12.1 | 12.1 | 16.5 |
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, DES ETUDES ET DE L'INTERNATIONAL
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
Download the PDF version of the document
CRE_SNF_2219_en__SI_credit_aux_SNF_202004_EN.pdf