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Loans to non financial corporations 2019Jan

Published on 02/27/2019
The increase in loans to NFCs shows a slight decrease
  • Growth in investment loans to non-financial corporations declines (+6.1% in January 2019 year-on-year, down from +6.5% in December 2018) as a result of the slowdown in equipment loans (+6.8%, down from +7.3% in December). Real estate loans are stable (+5.1%, unchanged compared to December).

  • Growth in treasury loans, which are often more volatile, increases in January 2019 (+6.5%, up from +5.9% in December).

  • Overall, the annual growth rate of loans to NFCs remains high at +6.0% in January 2019 (down from 6.1% in December).

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
Jan-19 Nov-18 Dec-18 Jan-19
Total 1,018 6.2 6.1 6.0
Investment 720 6.5 6.5 6.1
Equipment 435 7.3 7.3 6.8
Real estate 286 5.3 5.1 5.1
Treasury 238 6.6 5.9 6.5
Other lending 59 1.5 2.4 3.2
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 - January 2019
Loans to non-financial corporations
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Loans to non financial corporations
  • Published on 02/27/2019
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Published on Wednesday, February 27, 2019