Loans to non financial corporations 2021Jan
Published on 25 February 2021
Continued strong growth in corporate borrowing
- Growth in loans to NFCs, measured at an annual rate, remains sustained in January (+ 13.2%, down from 13.3% in December) due to the significant flows of treasury loans observed in the spring and summer 2020.
- Over one year, the growth rate of investment loans is broadly stable at a high level (+ 5.8%, down from + 6.1% in December), under the effect of a combined slowdown in its equipment component (+ 7.4%, down from + 7.7 % in December) and its real estate component (+ 3.4%, down from + 3.7% in December).
(Outstanding amounts in EUR Bn, annual growth rates in %)
| End-of-month level | Annual growth rate | |||
| Jan- 2021 | Nov- 2020 | Dec- 2020 | Jan- 2021 | |
| Total | 1,202 | 13.0 | 13.3 | 13.2 |
| Investment | 808 | 5.8 | 6.1 | 5.8 |
| Equipment | 499 | 7.9 | 7.7 | 7.4 |
| Real estate | 309 | 2.6 | 3.7 | 3.4 |
| Treasury | 328 | 35.5 | 37.7 | 38.0 |
| Other lending | 66 | 13.2 | 8.0 | 9.9 |
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.
Source et réalisation : BANQUE DE FRANCE - DIRECTION GÉNÉRALE DES STATISTIQUES, DES ETUDES ET DE L'INTERNATIONAL
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
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
Download the PDF version of the document
CRE_SNF_2233_en__SI_credit_SNF_202101_EN.pdf