Loans to non financial corporations 2021Apr
Published on the 31st of May 2021
Growth in outstanding loans to NFCs remains high
- In April, outstanding loans to non-financial corporations rose by 7.5%, after 9.9% in March. This smaller increase reflects a base effect, linked to the strong increase in outstanding loans in spring 2020. Compared to April 2019, the two-year increase stands at +16.3%, after+ 17.1% between March 2019 and March 2021.
- The base effect of PGEs is particularly visible on treasury loans, whose annual growth rate stands at +14.4% (after +23.7% in March). Over two years, their growth rate stands at +32.3%, compared to +35.3% in March.
- The year-on-year growth of investment loans remains steady (+4.9%, after +5.1% in March), taking into account a slight moderation of equipment loans (+5.4%, after +5.9% in March) and a continued growth in real estate loans (+4.2%, after +4.0% in March).
(Outstanding amounts in EUR Bn, annual growth rates in %)
| Annual growth rate | |||||||
| End-of-month level | Over one year | Over two years | |||||
| Apr- 2021 | Feb- 2021 | Mar-2021 | Apr- 2021 | Feb- 2021 | Mar-2021 | Apr- 2021 | |
| Total | 1,208 | 13.1 | 9.9 | 7.5 | 17.6 | 17.1 | 16.3 |
| Investment | 816 | 5.7 | 5.1 | 4.9 | 11.8 | 11.5 | 11.2 |
| Equipment | 503 | 7.0 | 5.9 | 5.4 | 14.1 | 13.6 | 13.0 |
| Real estate | 313 | 3.8 | 4.0 | 4.2 | 8.2 | 8.3 | 8.5 |
| Treasury | 324 | 37.7 | 23.7 | 14.4 | 36.6 | 35.3 | 32.3 |
| Other lending | 67 | 10.5 | 10.9 | 8.3 | 12.5 | 12.2 | 13.6 |
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
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
The two-year growth rate is the ratio of the outstanding amount in month m to the outstanding amount in month m-24. Therefore this rate is not annualized.
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
The two-year growth rate is the ratio of the outstanding amount in month m to the outstanding amount in month m-24. Therefore this rate is not annualized.
Download the PDF version of the document
CRE_SNF_2236_en__SI_credit_SNF_202104_EN.pdf
Updated on the 31st of May 2021