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Loans to non financial corporations 2018Feb

Published on 03/27/2018
The annual growth of equipment loans remains above 8%
The growth of investment loans to non-financial corporations remained at a high level in February (+ 6.7%, down from + 6.8% in January), driven by equipment loans, whose growth was stable at + 8.3%, while real estate loans decelerated slightly (+ 4.4%, down from + 4.7%).
The increase in treasury loans was almost unchanged (+ 2.9%, up from + 2.7%).
Overall, the annual growth rate of loans to NFC was stable compared to January, at + 5.5%.

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
Feb- 2018 Dec- 2017 Jan- 2018 Feb- 2018
Total 967 6.2 5.5 5.5
Investment 685 6.8 6.8 6.7
Equipment 411 8.4 8.3 8.3
Real estate 274 4.6 4.7 4.4
Treasury 224 5.3 2.7 2.9
Other lending 58 2.1 1.2 1.9
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.

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.
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 - February 2018
Loans to non-financial corporations
Contact :
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Loans to non financial corporations
  • Published on 03/27/2018
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Published on Tuesday, March 27, 2018