Financial accounts of the non-financial sectors 2021Q1
Published on the 28th of July 2021
NON-FINANCIAL CORPORATIONS![]()
| FINANCIAL TRANSACTIONS | Years | Quarters (SA) | |||||
| EUR billions | 2019 | 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | |
| Financial investment (a) | 31.3 | 208.7 | 141.0 | 18.0 | 18.8 | 18.0 | |
| - Currency and deposits | 53.5 | 156.6 | 105.0 | 18.7 | -18.3 | 34.5 | |
| - Securities | -13.1 | 44.4 | 41.4 | 9.0 | 33.5 | -20.4 | |
| debt securities | 3.7 | -8.5 | -4.1 | 7.2 | -2.7 | -2.5 | |
| money market fund shares | -9.4 | 60.2 | 47.6 | 3.6 | 37.9 | -19.0 | |
| non-MMF invesment fund shares | -7.4 | -7.3 | -2.1 | -1.8 | -1.7 | 1.1 | |
| - Other net financial assets (b) | -9.1 | 7.7 | -5.4 | -9.7 | 3.6 | 3.9 | |
| Financing | 107.8 | 240.7 | 134.7 | 19.4 | 40.0 | 21.9 | |
| - MFI loans | 50.7 | 152.0 | 69.5 | 17.2 | 21.9 | 7.3 | |
| - Debt securities | 39.3 | 77.6 | 56.5 | 9.7 | 3.8 | -5.9 | |
| - Shares and net equities (c) | 17.8 | 11.1 | 8.7 | -7.5 | 14.3 | 20.5 | |
(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 first quarter of 2021, debt flows of non-financial corporations (NFCs) are lower than in the previous quarter. NFCs make less use of MFI credits and reduce their debt issuances. In contrast, flows of shares and net equities increase. At the same time, financial investment grows almost in the same way as in Q4 2020. As a result, it is close to debt flows (18.0 bn and 21.9 bn respectively), which corresponds to a stabilization of net debt stocks. Financial investment trends are different for deposits and securities. Deposits are clearly on the rise again, while flows of money market funds decline.
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 | Years | Quaters (SA) | |||||
| EUR billions | 2019 | 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | |
| Financial investment (a) | 16.1 | 92.6 | 118.1 | 19.7 | -60.9 | 39.8 | |
| - Currency and deposits | 11.7 | 105.6 | 121.3 | 24.5 | -57.7 | 46.6 | |
| - Securities | 4.4 | -13.1 | -3.2 | -4.8 | -3.2 | -6.8 | |
| debt securities | 0.1 | -10.5 | -7.6 | 0.5 | -2.8 | -4.5 | |
| net equities | -1.7 | -2.6 | -0.5 | -1.3 | -0.4 | 0.6 | |
| invesment fund shares | 6.0 | 0.0 | 4.9 | -4.0 | 0.0 | -2.9 | |
| Financing | 84.8 | 316.5 | 204.9 | 39.9 | 29.5 | 69.1 | |
| - Deposits | 11.3 | 29.3 | 20.8 | 2.5 | -1.5 | 11.5 | |
| - MFI loans | 1.5 | 1.1 | 1.5 | -0.5 | -1.3 | -0.2 | |
| - Debt securities | 72.0 | 286.1 | 182.6 | 37.9 | 32.3 | 57.8 | |
(a) are excluded here several residual items
In the 1st quarter of 2021, general government financing increases compared to the previous quarter. Debt securities issuances rise, in order to finance the recovery plan and the support measures related to the health crisis. General government financial investment increases again, mainly in the form of deposits with the Banque de France, mainly reflecting temporary timing differences between receipts and expenditures of the state.
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 | 2019 | 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | |
| Financial investment (a) | 129.7 | 205.2 | 79.8 | 44.4 | 36.9 | 42.0 | |
| - Currency and deposits | 88.7 | 162.5 | 64.0 | 33.8 | 34.1 | 32.9 | |
| of which transferable deposits | 40.7 | 82.0 | 34.4 | 15.4 | 13.8 | 13.5 | |
| passbook savings | 32.3 | 65.9 | 23.4 | 15.7 | 16.7 | 16.0 | |
| home saving plans | 6.3 | 8.6 | 2.7 | 1.9 | 1.9 | 0.7 | |
| - Securities | -0.5 | 27.9 | 14.9 | 6.8 | -5.2 | 2.1 | |
| debt securities | -4.5 | -1.6 | -0.1 | 0.2 | -0.4 | 0.0 | |
| listed shares | -2.3 | 13.1 | 4.2 | 2.6 | 3.5 | 1.3 | |
| unlisted shares and other equities | 19.0 | 18.5 | 4.1 | 5.3 | 2.2 | 5.1 | |
| money market fund shares | -0.9 | -0.3 | 0.0 | 0.3 | -0.6 | -0.1 | |
| non-MMF invesment fund shares (domestic plus rest of the world) | -11.8 | -1.9 | 6.7 | -1.6 | -9.9 | -4.2 | |
| - Life insurance contracts | 41.5 | 14.8 | 0.9 | 3.8 | 8.0 | 7.0 | |
| of which non-unit linked contracts | 39.5 | -2.0 | -3.9 | 2.9 | 3.9 | -0.6 | |
| Financing | 88.7 | 72.0 | 13.7 | 22.3 | 21.9 | 16.8 | |
| - MFI Loans | 88.7 | 72.0 | 13.7 | 22.3 | 21.9 | 16.8 | |
(a) are excluded here several residual items
Households' financial investment in Q1 2021 increases slightly compared to Q4 2020, in a context affected, as in the previous quarter, by national lockdown measures restricting de facto certain types of consumer spending. Breaking down by instrument, investment in transferable deposits and passbook savings is made at a rate close to Q4 2020, while that in home savings becomes slightly lower. Securities flows rebound, due to increased flows of unlisted shares and other equities, and lower withdrawals from non-MMF investment funds. Life insurance and pension plans flows slow slightly and remain at a lower level than in previous years, with a decline in non-unit linked contracts. MFI loans slow down compared to previous quarters. Overall, households' financial investment in Q1 2021 remains significantly higher than the amounts observed before the pandemic crisis (25.2 bn in Q1 2019 and 6.6 bn in Q1 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_2229_en__SI_CFT_ANF_T12021_EN.pdf
Updated on the 28th of July 2021