Loans to non financial corporations 2020Sep
Published on the 27th of October 2020
Stable annual growth rate of loans to NFCs in September
- The annual growth rate of loans of NFCs stabilized at a high level in September at + 13.1%. For the first time since the PGE system was introduced, the monthly change in outstanding treasury loans is negative (see graph at bottom right), meaning that repayments exceeded the volume of new loans in September. However, taking into account the growth achieved in the previous months, their annual growth stands at 34.2%, after 34.3% in August.
- One-year growth in investment loans remains dynamic (+ 5.8%, after + 5.7% in August), still driven by equipment loans (+ 7.8%) and to a lesser extent by mortgage loans (+ 2.6%, after + 2.5% in August).
(Outstanding amounts in EUR Bn, annual growth rates in %)
| End-of-month level | Annual growth rate | |||
| Sept-2020 | July-2020 | Aug-2020 | Sept-2020 | |
| Total | 1,181 | 12.6 | 13.1 | 13.1 |
| Investment | 793 | 5.6 | 5.7 | 5.8 |
| Equipment | 490 | 7.4 | 7.8 | 7.8 |
| Real estate | 303 | 2.8 | 2.5 | 2.6 |
| Treasury | 318 | 32.0 | 34.3 | 34.2 |
| Other lending | 70 | 20.1 | 19.7 | 20.9 |
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_2224_en__SI_credit_SNF_202009_EN.pdf
Updated on the 27th of October 2020