Loans to non financial corporations 2020Jan

Credit growth to NFCs slightly up

  • Loans to NFCs accelerate in January after two consecutive months of slowdown (+5.4%, up from +5.1% in December, +5.9% in November and +6.4% in October).
  • This acceleration mostly results from treasury loans (+0.7%, up from -0.3%). Growth in investment loans is almost stable (+6.4%, up from +6.3% in December) for both equipment loans (+7.5% unchanged from December) and real estate loans (+4.8%, up from +4.6% in December).
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
Jan- 2020 Nov- 2019 Dec- 2019 Jan- 2020
Total 1,063 5.9 5.1 5.4
Investment 766 7.0 6.3 6.4
Equipment 466 8.0 7.5 7.5
Real estate 300 5.4 4.6 4.8
Treasury 237 1.8 -0.3 0.7
Other lending 60 10.1 11.7 11.9
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 - January 2020
Loans to non-financial corporations
Contact :
Contact Stat Info

Download the PDF version of this document

Loans to non financial corporations
  • Published on 02/27/2020
  • EN
  • PDF (888.5 KB)
Download (EN)

Published on Thursday, February 27, 2020