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Loans to non financial corporations 2018Jul

Published on 08/28/2018
The growth of equipment loans remains at a high level
The annual growth rate of loans to NFCs decreases in July 2018 (+5.3%, down from +6.0% in June).
This decrease is mainly due to a base effect affecting treasury loans (+3.4%, down from +6.6%), given that July 2017 is characterized by significant one-off operations of two industrial and commercial groups.
The growth of investment loans continues at a sustained pace (+6.4%, down from +6.5%), and especially the growth of equipment loans (+7.4%, down from +7.6%).
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
juil. 2018 May-2018 Jun-2018 juil. 2018
Total 995 5.8 6.0 5.3
Investment 704 6.5 6.5 6.4
Equipment 425 7.7 7.6 7.4
Real estate 279 4.7 4.8 5.1
Treasury 233 4.8 6.6 3.4
Other lending 57 2.7 -0.7 -1.1
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 - July 2018
Loans to non-financial corporations
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Loans to non financial corporations
  • Published on 08/28/2018
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Published on Tuesday, August 28, 2018