Loans to non financial corporations 2021Sep
Published on the 27th of October 2021
Slight recovery in the annual growth rate of credit to NFCs
- The annual growth rate of outstanding loans to non-financial companies rose to +2.8% in September, after +2.3% in August, due to the good performance of investment credit and a smaller decline in treasury loans than in previous months.
- The growth of investment loans (+4.8%, after +4.9% in August) was driven by both the equipment component (+4.8%, after +4.7% in August) and the real estate component (+5.0%, after +5.2% in August).
- Over two years, growth remains strong: 15.1% for total loans, of which 30.5% for treasury and 10.6% for investment.
(Outstanding amounts in EUR Bn, annual growth rates in %)
| Sep- 2021 | Jul-2021 | Aug-2021 | Sep- 2021 | Jul. 2021 | Aug-2021 | Sep- 2021 | |
| 1,211 | 2.7 | 2.3 | 2.8 | 14.5 | 14.5 | 15.1 | |
| 833 | 5.0 | 4.9 | 4.9 | 10.5 | 10.5 | 10.7 | |
| 514 | 5.0 | 4.7 | 4.8 | 12.3 | 12.3 | 12.5 | |
| 319 | 4.9 | 5.2 | 5.2 | 7.8 | 7.8 | 7.9 | |
| 311 | -2.5 | -3.9 | -1.8 | 27.5 | 27.9 | 30.2 | |
| 67 | 2.0 | 1.0 | 0.6 | 10.7 | 9.4 | 10.0 |
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_2241_en__SI_credit_SNF_202109_EN.pdf
Updated on the 26th of January 2022