Loans to non financial corporations 2020Aug

Monthly treasury loans flow to NFCs begin to normalize in August
  • The annual growth rate of loans to NFCs reaches + 13.1%, up from + 12.6% in July, still fueled by treasury loans (+ 34.3% in August, up from + 32.0% in July). The monthly variations of outstanding treasury loans, after reaching exceptional levels in previous months (due to the State-guaranteed loan scheme (PGE)), start to return to a pre-Covid crisis level (see graph at below right).
  • Year-on-year growth in investment credit remains high (+ 5.7%, up from + 5.6% in July), driven by its equipment component (+ 7.8%, up from + 7.4% in July), while real estate loan continues to slow down (+ 2.5%, down from + 2.8% in July and + 3.2% in June).
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
Aug-2020 Jun-2020 juil. 2020 Aug-2020
Total 1,187 12.2 12.6 13.1
Investment 792 5.9 5.6 5.7
Equipment 490 7.7 7.4 7.8
Real estate 302 3.2 2.8 2.5
Treasury 325 30.5 32.0 34.3
Other lending 70 15.7 20.1 19.8
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 - August 2020
Loans to non-financial corporations
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Loans to non financial corporations
  • Published on 09/25/2020
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Published on Friday, September 25, 2020