Loans to non financial corporations 2021Aug
Published on the 27th of September 2021
After a strong rise in 2020, growth in business credit moderates
- The annual growth rate of outstanding loans to non-financial corporations rises by 2.3% in August, after 2.7% in July.
- The growth of investment loans (+4.9%, after +5.0% in July) is driven by both the real estate component (+5.2%, after +4.9% in July) and the equipment component (+4.7%, after +5.0% in July).
- The growth of treasury loans remains very high over two years (+27.9%). Nevertheless, repayments of some 2020 drawings are taking place, which is reflected in the year-on-year change (-3.8%, after -2.5% in July).
(Outstanding amounts in EUR Bn, annual growth rates in %)
| Growth rate | |||||||
| End-of-month level | Over one year | Over two years | |||||
| Aug-2021 | June-2021 | july-2021 | Aug-2021 | June-2021 | july-2021 | Aug-2021 | |
| Total | 1,210 | 3.5 | 2.7 | 2.3 | 14.9 | 14.5 | 14.5 |
| Investment | 830 | 4.9 | 5.0 | 4.9 | 10.8 | 10.5 | 10.5 |
| Equipment | 512 | 5.0 | 5.0 | 4.7 | 12.6 | 12.3 | 12.3 |
| Real estate | 318 | 4.7 | 4.9 | 5.2 | 8.0 | 7.8 | 7.8 |
| Treasury | 313 | -0.3 | -2.5 | -3.9 | 28.9 | 27.5 | 27.9 |
| Other lending | 67 | 5.0 | 2.0 | 1.0 | 9.1 | 10.7 | 9.4 |
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
Growth over 2 years of the outstanding amounts of loans to NFCs
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_2240_en__SI_credit_SNF_202108_EN.pdf
Updated on the 26th of January 2022