Equipment loans continue to accelerate
Equipment loans continue to accelerate (+7.4% in August, up from +7.2% in July and +6.3% in June). In contrast, treasury loans slow down (+3.1%, down from +3.6%). This is partly due to the reimbursement of a one-off loan to a large industrial group. On average over the last three months, treasury loans flows remained slightly below € 2 billion. Real estate loans are growing at the same pace as before (+3.6%). Overall, the annual growth rate of loans to non-financial corporations is almost unchanged (+5.0%, after +5.1%).
Outstanding amounts and annual growth rate (not seasonally adjusted)
(Outstanding amounts in EUR Bn, annual growth rate in %)
||Annual growth rate
Monthly changes in stocks of equipment loans (seasonally adjusted flows)
Monthly changes in stocks of treasury loans (seasonally adjusted flows *)
* Seasonal adjusted monthly net flows of other lending to NFC are allocated to treasury loans in proportion to the outstanding amounts.
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 as 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). As FX hedges are unknown, loans in foreign currencies can however only be taken into account at their value in Euros at the end of the considered month.
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Loans to non financial corporations
Published on Wednesday, September 27, 2017