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Loans to non financial corporations 2021Nov

Published on 12/29/2021
NFCs' credit growth appears to strengthen

  • With an annual growth rate of +3.1% in November, after +2.8% in October, credit to non-financial companies seems to be setting a new, more dynamic trend.
  • The growth in investment loans remained strong (+4.9%), driven by both the equipment component (+4.9%) and the real estate component (+5.0%).
  • Over two years, the growth of credit reached +15.9% for total loans, +32.4% for treasury and +15.0% for investment.
Outstanding amounts and annual growth rate (not seasonally adjusted)
(Outstanding amounts in EUR Bn, annual growth rates in %)
Growth rate
End-of-month level Over one year Over two years
Nov- 2021 Sep- 2021 Oct- 2021 Nov- 2021 Sep- 2021 Oct- 2021 Nov- 2021
Total 1,230 2.8 2.8 3.1 15.1 14.4 15.9
Investment 842 4.9 4.9 4.9 10.7 10.4 10.7
Equipment 520 4.8 4.7 4.9 12.5 12.1 12.9
Real estate 322 5.2 5.4 5.0 7.9 7.7 7.4
Treasury 319 -1.8 -2.4 -2.4 30.2 27.0 32.4
Other lending 68 0.6 3.0 7.8 10.0 13.6 15.0
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.


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.
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 - November 2021
Loans to non-financial corporations
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Loans to non financial corporations
  • Published on 12/29/2021
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Published on Wednesday, December 29, 2021