Loans to non financial corporations 2020Apr

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 and annual growth rate (not seasonally adjusted)
(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.


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 2020
Loans to non-financial corporations
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Loans to non financial corporations
  • Published on 05/29/2020
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Published on Friday, May 29, 2020