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Loans to non financial corporations 2018May

Published on 06/27/2018
Growth in NFC loans remains buoyant
The annual growth rate of loans to NFCs increased significantly in May 2018 (+5.8%, up from +5.1% in April).
This increase was mainly due to treasury loans (+4.8%, up from +2.4%), but this acceleration resulted partly from a base effect, May 2017 having been marked by significant repayments.
At the same time, growth in investment loans remained strong, driven by equipment loans (stable at +7.7%) and real estate loans, which accelerated again (+4.7%, up from +4.4% in April and +4.2% in March).


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
May-2018 Mar-2018 Apr- 2018 May-2018
Total 982 5.3 5.1 5.8
Investment 694 6.4 6.4 6.5
Equipment 418 7.9 7.7 7.7
Real estate 276 4.2 4.4 4.7
Treasury 229 3.2 2.4 4.8
Other lending 58 1.6 1.6 2.7
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

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 - May 2018
Loans to non-financial corporations
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Loans to non financial corporations
  • Published on 06/27/2018
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Published on Wednesday, June 27, 2018