Loans to non financial corporations 2020Jun

In June, the recourse by NFCs to treasury credit is still sustained, but less than in the last three months
  • In June, NFCs once again make a sustained use of treasury credit, fueled by the State-guaranteed loan scheme (PGE) set up following the COVID-19 outbreak. However, while remaining high compared with the trend, the increase in treasury loans in June is lower than in previous months (EUR 10.3 billion, down from EUR 24.0 billion in May, EUR 19.1 billion in April and EUR 27.3 billion in March).
  • The annual growth rate of treasury loans to non-financial corporations is 30.4% in June, up from 27.2% in May; the annual growth rate of investment loans slows slightly (5.7%, down from 6.2% in May), for both real estate and equipment loans.
  • Overall, the annual growth rate of credit to non-financial corporations stands at 12.1%, up from 11.6% in May.
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
Jun-2020 Apr- 2020 May-2020 Jun-2020
Total 1,170 9.3 11.6 12.1
Investment 785 6.3 6.2 5.7
Equipment 484 7.7 7.8 7.4
Real estate 301 4.2 3.7 3.0
Treasury 317 16.7 27.2 30.4
Other lending 68 16.5 15.6 18.1
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

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STAT INFO - June 2020
Loans to non-financial corporations
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Loans to non financial corporations
  • Published on 07/27/2020
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Published on Monday, July 27, 2020