Financial accounts of the non-financial sectors 2019Q4
Published on the 27th of April 2020
NON-FINANCIAL CORPORATIONS![]()
| FINANCIAL TRANSACTIONS | YEAR | Quarters (SA) | |||||
| EUR billions | 2018 | 2019 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | |
| Financial investment (a) | 2,7 | 23,9 | 14.3 | -5.6 | 10.8 | 5.0 | |
| - Currency and deposits | 33 | 52 | 11.3 | 20.0 | 16.9 | 4.1 | |
| - Securities | -23,6 | -11,6 | -0.6 | -9.7 | -4.0 | 2.9 | |
| debt securities | -0,7 | 5,1 | 4.3 | -2.2 | 0.0 | 2.1 | |
| money market fund shares | -14,1 | -8,8 | -0.1 | -8.8 | -1.4 | 1.9 | |
| non-MMF invesment fund shares | -8,7 | -7 | -4.8 | 1.3 | -2.6 | -1.1 | |
| - Other net financial assets (b) | -6,8 | -16,5 | 3.6 | -15.9 | -2.1 | -2.0 | |
| Financing | 48,7 | 108,7 | 25.7 | -11.7 | 67.9 | 26.8 | |
| - MFI loans | 74,4 | 46,3 | 10.8 | 18.5 | 10.3 | 6.5 | |
| - Debt securities | 28,8 | 39,3 | 11.7 | 6.0 | 19.9 | 1.8 | |
| - Shares and net equities (c) | -54,5 | 23,2 | 3.2 | -36.2 | 37.7 | 18.5 | |
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)
In the fourth quarter, financial investment of non-financial corporations (NFC) increases for the second consecutive quarter, owing to the positive contribution of deposits and securities. Simultaneously, financing increases, but at a slower pace than in the previous quarter.
In 2019, NFC increase their financial investment flows more strongly. The significant rise in deposits is partly offset by negative flows of securities and cross-border loans. This year, debt flows are again very dynamic.
In 2019, NFC increase their financial investment flows more strongly. The significant rise in deposits is partly offset by negative flows of securities and cross-border loans. This year, debt flows are again very dynamic.
Flows of financial investment and financing (SA)![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
GENERAL GOVERNMENT![]()
| FINANCIAL TRANSACTIONS | Year | Quaters (SA) | |||||
| EUR billions | 2018 | 2019 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | |
| Financial investment (a) | 17,5 | 12,4 | 22.4 | -13.3 | 34.5 | -30.5 | |
| - Currency and deposits | 13,6 | 8,9 | 14.9 | -6.8 | 34.6 | -33.9 | |
| - Securities | 3,9 | 3,5 | 7.5 | -6.5 | -0.1 | 3.4 | |
| debt securities | -4,2 | -0,1 | 4.9 | -2.5 | -0.2 | -1.3 | |
| net equities | 0,1 | 0,9 | 1.1 | -1.9 | -1.2 | 2.8 | |
| invesment fund shares | 8 | 2,6 | 1.5 | -2.1 | 1.3 | 1.9 | |
| Financing | 68,4 | 84,5 | 24.9 | 12.6 | 48.4 | -1.9 | |
| - Deposits | 9,3 | 11,3 | 4.8 | 4.1 | 0.3 | 2.4 | |
| - MFI loans | 1,9 | 12 | 1.2 | -1.3 | 1.0 | 0.6 | |
| - Debt securities | 57,2 | 71,9 | 18.9 | 9.8 | 47.1 | -4.9 | |
(a) are excluded here several residual items
In the last quarter, financial investment from general government strongly declines due to a significant diminution of deposit holdings. Meanwhile, general government reduces its debt by repurchasing bonds.
In 2019, debt flows are nonetheless increasing compared to 2018, stimulated by a rise in bond issuance. Financial investment growth is lower, considering fewer investment fund shares purchases.
In 2019, debt flows are nonetheless increasing compared to 2018, stimulated by a rise in bond issuance. Financial investment growth is lower, considering fewer investment fund shares purchases.
Flows of financing investment and financing (SA)![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
HOUSEHOLDS![]()
| FINANCIAL TRANSACTIONS | YEARS | Quarters (SA) | |||||
| EUR billions | 2018 | 2019 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | |
| Financial investment (a) | 95,2 | 143,1 | 38.8 | 52.0 | 20.1 | 31.8 | |
| - Currency and deposits | 67,4 | 89 | - | 21.4 | 22.6 | 12.7 | |
| of which transferable deposits | 32,7 | 40,7 | 18.5 | 8.4 | 10.3 | 3.5 | |
| passbook savings | 26,1 | 32,6 | 9.4 | 8.1 | 8.1 | 7.1 | |
| home saving plans | 6,3 | 6,3 | 1.6 | 1.7 | 1.8 | 1.1 | |
| - Securities | -8,5 | 5,1 | -3.9 | 17.1 | -15.5 | 7.2 | |
| debt securities | -8,3 | -4,1 | -0.4 | -2.5 | -0.2 | -1.1 | |
| listed shares | 9,5 | -0,3 | -1.9 | -0.5 | -2.0 | 4.0 | |
| unlisted shares and other equities | 14,1 | 19 | 9.1 | 1.7 | 4.7 | 3.5 | |
| money market fund shares | -1,4 | -0,9 | -2.0 | 1.1 | 0.3 | -0.2 | |
| non-MMF invesment fund shares (domestic plus rest of the world) | -22,5 | -8,7 | -8.7 | 17.3 | -18.3 | 1.0 | |
| - Life insurance contracts | 36,3 | 49 | 10.6 | 13.5 | 13.0 | 11.9 | |
| of which non-unit linked contracts | 18,8 | 44,7 | 10.0 | 12.5 | 12.0 | 10.2 | |
| Financing | 72,9 | 89 | 18.5 | 20.9 | 27.3 | 22.3 | |
| - MFI Loans | 72,9 | 89 | 18.5 | 20.9 | 27.3 | 22.3 | |
(a) are excluded here several residual items
In 2019 Q4, household financial investment strengthens, driven by renewed purchases of listed shares and non-MMF investment fund shares. At the same time, household debt continues to grow at a steady pace.
Over the year as a whole, households increase significantly their financial investment, with a preference for the least risky assets such as passbook savings and life insurance plans in euros. Borrowings are also more vigorous than in 2018.
Over the year as a whole, households increase significantly their financial investment, with a preference for the least risky assets such as passbook savings and life insurance plans in euros. Borrowings are also more vigorous than in 2018.
Flows of financial investment and financing (SA)![]()
EUR billions
Source and compilation: Direction Générale des Statistiques, des Études et de l'International
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
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COM_FIN_ANF_2198_en__SI_CFT_ANF_T42019_EN.pdf
Updated on the 24th of April 2020