Loans to non financial corporations 2021Mar

Growth in outstanding loans to NFCs remains high
  • In March, outstanding loans to NFCs rose by 9.9%, after 13.1% in February. This smaller increase reflects a base effect, linked to the strong increase in outstanding loans in March 2020, the first month of production of the state guaranteed loans (PGE). Compared to March 2019, the two-year increase stands at 17.1%, which is similar to the 17.6% increase between February 2019 and February 2021.

  • The base effect of PGEs is particularly visible on cash loans, whose annual growth rate stands at +23.7% (after +37.7% in February). Over two years, their growth rate is almost unchanged (35.3% in March, compared to 36.7% in February).

  • The year-on-year growth of investment loans remains steady (+5.1%, after +5.7% in February), taking into account a slight moderation of equipment loans (+5.9%, after +7.0% in February).

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
Mar-21 Jan-21 Feb-21 Mar-21
Total 1,207 13.3 13.1 9.9
Investment 813 5.8 5.7 5.1
Equipment 501 7.4 7.0 5.9
Real estate 312 3.4 3.8 3.9
Treasury 327 38.1 37.7 23.7
Other lending 66 9.9 10.5 10.1
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
Oustanding amounts growth rates over 2 years (in %)

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 - March 2021
Loans to non-financial corporations
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Loans to non financial corporations
  • Published on 04/29/2021
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Published on Thursday, April 29, 2021