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Loans to non financial corporations 2019Aug

Published on 09/26/2019
Equipment loans slightly decelerate in August
  • Investment loans to non-financial corporations decelerate slightly in August (+7.3%, down from +7.5% in July) due to the deceleration of equipment loans which however remain very dynamic (+8.3%, down from +8.6% in July).

  • Annual growth rates of both treasury loans (+6.8%) and real estate loans (+5.8%) are unchanged in August compared to July.

  • Overall, the annual growth rate of loans to non-financial corporations is at 7.2% in August 2019, down from +7.3% in July.

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
Aug-2019 Jun-2019 juil. 2019 Aug-2019
Total 1,057 7.2 7.3 7.2
Investment 751 7.4 7.5 7.3
Equipment 456 8.6 8.6 8.3
Real estate 295 5.5 5.8 5.8
Treasury 244 6.5 6.8 6.8
Other lending 61 8.6 7.0 7.6
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 - August 2019
Loans to non-financial corporations
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Loans to non financial corporations
  • Published on 09/26/2019
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Published on Thursday, September 26, 2019