Loans to non financial corporations 2020Dec

Record growth in loan to enterprises in 2020
  • Growth in loans to NFCs, measured on an annualized basis, remains strong in December (+ 13.1%, up from 13.0% in November) mainly under the effect of treasury loans, which growth on the year 2020 reaches + 37.5%, up from + 35.5% over the period November 2019 - November 2020.
  • Over one year investment loans still grows steadily (+ 6.0%, up from + 5.8% in November).
  • Over 2020 as a whole, the flow of loans granted to NFCs reaches €139.4 billion (including €89.1 billion for treasury loans), almost double that of 2019 (€51.6 billion). We have to go back to another exceptional period, the financial crisis of 2007, to find a comparable order of magnitude for the cumulative flow over 12 months (May 2007 - April 2008 with €100.8 billion).
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
Dec- 2020 Oct- 2020 Nov- 2020 Dec- 2020
Total 1,198 12.4 13.0 13.1
Investment 806 5.7 5.8 6.0
Equipment 498 7.8 7.9 7.7
Real estate 308 2.5 2.6 3.5
Treasury 327 31.7 35.5 37.5
Other lending 65 17.1 13.2 7.1
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

Publication available under Apple and Android
STAT INFO - December 2020
Loans to non-financial corporations
Contact :
Contact Stat Info

Download the PDF version of this document

Loans to non financial corporations
  • Published on 01/29/2021
  • EN
  • PDF (867.7 KB)
Download (EN)

Published on Friday, January 29, 2021