Financial accounts of the non-financial sectors 2020Q1
Published on the 24th of July 2020
NON-FINANCIAL CORPORATIONS![]()
| FINANCIAL TRANSACTIONS | YEAR | Quarters (SA) | |||||
| EUR billions | 2018 | 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | |
| Financial investment (a) | 2.7 | 23.9 | -4.8 | 8.5 | 8.2 | 12.3 | |
| - Currency and deposits | 33 | 52 | 17.1 | 15.4 | 7.8 | 48.6 | |
| - Securities | -23.6 | -11.6 | -6.0 | -4.8 | 2.4 | -38.5 | |
| debt securities | -0.7 | 4.1 | -2.2 | 0.0 | 2.8 | -9.2 | |
| money market fund shares | -14.1 | -8.8 | -5.4 | -2.3 | 1.1 | -27.8 | |
| non-MMF invesment fund shares | -8.7 | -7 | 1.6 | -2.5 | -1.5 | -1.5 | |
| - Other net financial assets (b) | -6.8 | -16.5 | -15.9 | -2.1 | -2.0 | 2.2 | |
| Financing | 48.7 | 108.7 | -9.9 | 65.9 | 29.6 | 50.3 | |
| - MFI loans | 74.4 | 46.3 | 18.6 | 9.9 | 6.5 | 40.8 | |
| - Debt securities | 28.8 | 39.3 | 7.9 | 18.4 | 4.2 | 6.2 | |
| - Shares and net equities (c) | -54.5 | 23.2 | -36.4 | 37.6 | 18.9 | 3.3 | |
(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 first quarter of 2020, the financing of non-financial corporations (NFCs) increases compared with the previous quarter, driven by the sharp rise in MFI loans to meet their cash requirements due to the fall in activity related to the lockdown. The financial investment of NFCs increases slightly: the sharp rise in currency and deposits is offset by the decline in flows of securities, particularly money market fund shares.
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 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | |
| Financial investment (a) | 17.5 | 12.4 | -9.4 | 31.8 | -30.2 | 22.6 | |
| - Currency and deposits | 13.6 | 8.9 | -5.6 | 31.5 | -33.6 | 20.8 | |
| - Securities | 3.9 | 3.5 | -3.8 | 0.3 | 3.4 | 1.8 | |
| debt securities | -4.2 | -0.1 | -1.1 | -0.4 | 0.0 | 2.2 | |
| net equities | 0.1 | 0.9 | -0.6 | -0.6 | 1.5 | 0.4 | |
| invesment fund shares | 8 | 2.6 | -2.1 | 1.3 | 1.9 | -0.8 | |
| Financing | 68.4 | 84.5 | 14.0 | 42.2 | 6.4 | 50.7 | |
| - Deposits | 9.3 | 11.3 | 3.5 | 1.7 | 2.3 | 11.7 | |
| - MFI loans | 1.9 | 1.2 | -0.4 | 0.8 | 0.7 | 3.7 | |
| - Debt securities | 57.2 | 71.9 | 10.9 | 39.7 | 3.4 | 35.3 | |
(a) are excluded here several residual items
In the first quarter, general government financial investment picks up, due to the resumption of currency and deposits flows. At the same time, financing in the form of debt securities increases markedly, in connection with the funding of the first emergency measures facing the pandemic.
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 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | |
| Financial investment (a) | 95.1 | 143 | 52.4 | 19.7 | 35.9 | 48.3 | |
| - Currency and deposits | 67.4 | 89 | 22.0 | 23.0 | 16.5 | 30.6 | |
| of which transferable deposits | 32.7 | 40.7 | 9.1 | 10.8 | 6.5 | 19.3 | |
| passbook savings | 26.1 | 32.7 | 8.1 | 8.1 | 7.4 | 8.9 | |
| home saving plans | 6.3 | 6.3 | 1.6 | 1.7 | 1.4 | 2.1 | |
| - Securities | -8.6 | 5 | 16.9 | -16.3 | 7.5 | 14.0 | |
| debt securities | -8.3 | -4.1 | -2.5 | -0.2 | -1.1 | -1.3 | |
| listed shares | 9.5 | -0.3 | -0.5 | -2.0 | 4.0 | 2.9 | |
| unlisted shares and other equities | 14.1 | 19 | 1.9 | 4.1 | 3.8 | 7.3 | |
| money market fund shares | -1.4 | -0.9 | 0.7 | 0.1 | -0.2 | -0.3 | |
| non-MMF invesment fund shares (domestic plus rest of the world) | -22.5 | -8.7 | 17.3 | -18.3 | 1.0 | 5.4 | |
| - Life insurance contracts | 36.3 | 49 | 13.5 | 13.0 | 11.9 | 3.7 | |
| of which non-unit linked contracts | 18.8 | 44.7 | 12.5 | 12.0 | 10.2 | -3.8 | |
| Financing | 72.9 | 89 | 21.3 | 26.3 | 23.0 | 13.3 | |
| - MFI Loans | 72.9 | 89 | 21.3 | 26.3 | 23.0 | 13.3 | |
(a) are excluded here several residual items
In the first quarter, financial investment made by households increases sharply. Transferable deposits rise significantly as a result of the lockdown and the resulting fall in consumption. The rise in securities investment is offset by a sharp decline in life insurance and pension plans flows compared with the previous quarter, particularly in non-unit linked contracts. Due to the lockdown, MFI loans financing remains positive but slows sharply compared to the previous quarter.
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_2212_en__SI_CFT_ANF_T12020_EN.pdf
Updated on the 24th of July 2020