Financial accounts of the non-financial sectors 2022Q1
Published on the 28th of July 2022
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | QUARTERS (SA) | |||||
| (EUR billions) | 2020 | 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | |
| Financial investment (a) | 258.5 | 90.9 | 8.5 | 29.2 | 41.1 | 10.6 | |
| - Currency and deposits | 186.9 | 102.3 | 11.7 | 43.4 | 31.0 | 22.8 | |
| - Securities | 55.3 | -22.0 | -5.5 | -10.6 | 4.3 | -8.2 | |
| debt securities | -4.5 | -4.3 | -0.6 | -1.5 | 0.6 | 2.1 | |
| money market fund shares | 60.5 | -15.7 | -1.7 | -11.3 | 6.4 | -13.4 | |
| non-MMF invesment fund shares | -0.7 | -2.0 | -3.2 | 2.2 | -2.7 | 3.1 | |
| - Other net financial assets (b) | 16.3 | 10.6 | 2.3 | -3.6 | 5.8 | -4.0 | |
| Financing | 256.1 | 119.4 | 3.5 | 46.5 | 34.5 | 19.9 | |
| - MFI loans | 148.7 | 41.6 | 1.8 | 12.0 | 18.0 | 20.5 | |
| - Debt securities | 76.9 | 8.0 | -4.0 | 1.8 | 13.6 | -7.3 | |
| - Shares and net equities (c) | 30.5 | 69.8 | 5.7 | 32.7 | 2.9 | 6.7 | |
(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 Q1 2022, the financing of non-financial corporations (NFCs) is lower than in the previous quarter. MFI loans flows continue to rise, supported by the dynamism of investment loans. Net issuances of shares and equities reduced by net purchases also increase. Conversely, debt securities issuances go down. At the same time, financial investment of NFCs is lower than in Q4 2021. Deposits, while lower, remain positive. Securities come back down, driven by money market fund shares, and other net financial assets go down.
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 | QUARTERS (SA) | |||||
| (EUR billions) | 2020 | 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | |
| Financial investment (a) | 97.8 | 24.0 | -26.5 | 33.6 | -26.4 | 40.9 | |
| - Currency and deposits | 104.4 | 22.7 | -28.0 | 33.2 | -28.8 | 40.7 | |
| - Securities | -6.6 | 1.3 | 1.5 | 0.4 | 2.4 | 0.2 | |
| debt securities | -7.8 | 3.0 | -0.1 | 0.5 | 2.8 | -0.5 | |
| net equities | -1.1 | 1.2 | -1.3 | 1.5 | 0.0 | 0.7 | |
| invesment fund shares | 2.3 | -2.8 | 2.9 | -1.6 | -0.4 | 0.0 | |
| Financing | 319.1 | 190.5 | 37.0 | 59.5 | 29.8 | 45.3 | |
| - Deposits | 29.3 | 20.7 | 5.9 | 2.2 | 3.2 | -4.5 | |
| - MFI loans | 3.7 | 2.7 | -1.1 | 0.6 | 3.5 | -1.6 | |
| - Debt securities | 286.1 | 167.1 | 32.2 | 56.7 | 23.1 | 51.4 | |
(a) are excluded here several residual items
General government financing goes up in the first quarter of 2022. Debt securities issuances increase from the previous quarter, and are at a higher level than prior to the Covid-19 pandemic. Deposits on the liabilities side and MFI loans decline. At the same time, general government financial investment picks up. Deposits rebound after declining in Q4 2021. Investment in securities is nearly stable, with negative flows in debt securities offset by positive flows in net equities.
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) | 2020 | 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | |
| Financial investment (a) | 203.4 | 165.8 | 50.4 | 41.2 | 31.0 | 39.9 | |
| - Currency and deposits | 165.0 | 116.4 | 34.0 | 34.3 | 13.6 | 24.8 | |
| of which transferable deposits | 84.5 | 52.1 | 16.2 | 16.6 | 4.6 | 8.6 | |
| passbook savings | 65.9 | 50.1 | 13.5 | 13.8 | 6.7 | 14.4 | |
| home saving plans | 8.6 | 2.2 | 0.5 | 0.6 | 0.1 | -1.1 | |
| - Securities | 34.6 | 14.9 | 8.2 | -0.7 | 4.9 | 6.6 | |
| debt securities | -0.1 | -1.8 | -0.7 | -1.0 | -0.2 | 0.1 | |
| listed shares | 18.2 | 5.0 | 1.1 | 1.8 | 0.8 | -1.8 | |
| unlisted shares and other equities | 13.5 | 13.9 | 3.8 | -0.4 | 7.9 | 9.1 | |
| money market fund shares | -0.7 | -1.1 | -0.1 | -0.2 | -0.4 | 0.0 | |
| non-MMF invesment fund shares | 3.8 | -1.1 | 4.1 | -0.9 | -3.2 | -0.8 | |
| - Life insurance and pension plans | 3.8 | 34.5 | 8.2 | 7.6 | 12.5 | 8.5 | |
| of which non-unit linked contracts | -17.4 | 0.5 | 0.3 | 1.7 | 3.5 | -2.1 | |
| Financing | 69.5 | 87.1 | 23.8 | 23.5 | 18.9 | 26.8 | |
| - MFI Loans | 69.5 | 87.1 | 23.8 | 23.5 | 18.9 | 26.8 | |
(a) are excluded here several residual items
In Q1 2022, households' financial investment flows increase compared to the previous quarter. Transferable deposits and passbook savings rise, while home saving plans decrease. Investment in securities increases again, driven by investment in unlisted shares and other equities. Investment in life insurance and pension plans is lower than in the previous quarter but remains positive. Investment in non-unit linked contracts goes down, while investment in unit linked contracts increases. On the liabilities side, MFI loans go up 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_2246_en__SI_CFT_ANF_T12022_EN.pdf
Updated on the 28th of July 2022