Financial accounts of the non-financial sectors - 2026-Q1
Published on 16th of July 2026
In Q1 2026, the financing flows of NFCs remained high on a year-to-date basis, while their investment flows increased
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2024 | 2025 | 2026 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 | 2026 Q1 |
| Financing | 108.2 | 134.4 | 197.8 | 47.6 | 64.7 | 51.2 | 34.4 |
| - MFI loans (a) | 24.7 | 42.3 | 47.2 | 8.3 | 22.1 | 8.6 | 8.3 |
| - Debt securities | 5.9 | 29.7 | 36.0 | 11.1 | 16.2 | 3.4 | 5.3 |
| - Shares and net equities (b) | 77.7 | 62.5 | 114.6 | 28.2 | 26.4 | 39.2 | 20.8 |
| Financial investment (c) | 30.8 | 26.3 | 91.0 | 12.7 | 55.7 | -5.3 | 27.8 |
| - Currency and deposits | -20.3 | 22.5 | 27.9 | -0.4 | 10.5 | 14.8 | 2.9 |
| - Securities | 46.7 | 22.1 | 16.3 | 9.7 | 13.0 | -14.7 | 8.3 |
| debt securities | 14.5 | 15.4 | 8.5 | 2.8 | 8.0 | -3.5 | 1.1 |
| money market fund shares | 14.3 | -3.1 | -1.4 | 3.9 | 2.3 | -11.1 | 3.6 |
| non-MMF invesment fund shares | 17.9 | 9.8 | 9.2 | 3.0 | 2.7 | -0.1 | 3.6 |
| - Other net financial assets (d) | 4.4 | -18.2 | 46.8 | 3.4 | 32.2 | -5.4 | 16.6 |
(a) including securitization transactions
(b) including share capital and cross-border reinvested earnings of groups (direct investments)
(c) are excluded here several residual items
(d) mainly cross-border intercompany lending/borrowing (direct investments)
(b) including share capital and cross-border reinvested earnings of groups (direct investments)
(c) are excluded here several residual items
(d) mainly cross-border intercompany lending/borrowing (direct investments)
Financing flows from non-financial corporations (NFCs) declined again in the first quarter of 2026, driven by a decrease in net issuance of shares and other equity. However, they remained at a very high level on a year-to-date basis.
Their financial investments rebounded in the first quarter of 2026 due to an increase in net investments in securities and other loans.
Their financial investments rebounded in the first quarter of 2026 due to an increase in net investments in securities and other loans.
Non-financial corporations: Flows of financial investment and financing (SA) ![]()
EUR billions
GENERAL GOVERNMENT*![]()
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2024 | 2025 | 2026 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 | 2026 Q1 |
| Financing | 184.1 | 121.4 | 157.8 | 48.2 | 42.4 | 6.2 | 61.2 |
| - Deposits | -5.6 | -9.9 | -5.6 | -3.4 | 2.4 | -8.2 | 3.7 |
| - MFI loans (a) | 9.9 | 8.5 | 11.9 | 3.5 | 4.1 | 2.6 | 1.8 |
| - Debt securities | 179.9 | 122.8 | 151.5 | 48.1 | 35.9 | 11.8 | 55.7 |
| Financial investment (b) | 16.1 | -24.2 | 7.9 | 6.1 | 14.9 | -45.4 | 32.5 |
| - Currency and deposits | 8.7 | -31.2 | 2.8 | 8.3 | 13.1 | -30.1 | 11.6 |
| - Securities | 7.3 | 7.0 | 5.1 | -2.2 | 1.8 | -15.3 | 20.9 |
| debt securities | -2.7 | -0.9 | -2.9 | -2.2 | 0.0 | -19.9 | 19.1 |
| net equities | 5.5 | 4.1 | 5.2 | 2.4 | 0.7 | 0.3 | 1.9 |
| invesment fund shares | 4.6 | 3.8 | 2.8 | -2.4 | 1.1 | 4.3 | -0.1 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
General government financing flows rose sharply in the first quarter of 2026, partially offsetting the low issuance of debt securities in the previous quarter. General government financial investments also rebounded in the first quarter of 2026 due to an increase in deposits and investments in debt securities.
General government: Flows of financial investment and financing (SA)![]()
EUR billions
HOUSEHOLDS*![]()
* Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2024 | 2025 | 2026 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 | 2026 Q1 |
| - Financing (a) | 2.9 | 16.6 | 14.8 | 3.3 | 5.0 | 3.5 | 2.9 |
| Financial investment (b) | 129.3 | 128.4 | 129.9 | 37.3 | 34.2 | 26.1 | 32.0 |
| - Currency and deposits | 29.3 | 19.9 | 12.6 | 6.3 | 6.3 | 3.6 | -3.7 |
| of which transferable deposits | -16.5 | 8.9 | 5.5 | 2.2 | 1.5 | 2.9 | -1.1 |
| passbook savings | 36.6 | 27.4 | 18.1 | 7.6 | 6.0 | 9.9 | -5.3 |
| home saving plans | -29.7 | -21.5 | -20.1 | -5.2 | -5.2 | -5.3 | -4.4 |
| time deposits | 26.5 | -6.3 | -0.6 | -3.0 | -1.6 | 0.7 | 3.4 |
| - Securities | 46.2 | 27.7 | 30.6 | 10.1 | 7.1 | 2.2 | 11.0 |
| debt securities | 4.5 | 0.6 | -0.6 | 0.5 | 0.2 | 0.0 | -1.4 |
| listed shares | 2.6 | -0.5 | 2.6 | 1.3 | 1.8 | -3.0 | 2.5 |
| unlisted shares and other equities | 8.0 | 3.5 | 5.6 | 2.0 | 0.6 | -0.7 | 3.7 |
| money market fund shares | 8.1 | 2.2 | 2.7 | 1.2 | 0.2 | 0.0 | 1.3 |
| non-MMF invesment fund shares | 22.9 | 21.9 | 20.2 | 5.1 | 4.3 | 5.9 | 4.9 |
| - Life insurance and pension plans | 53.8 | 80.7 | 86.7 | 20.9 | 20.8 | 20.3 | 24.7 |
| of which non-unit linked contracts | 28.2 | 47.0 | 52.2 | 11.9 | 14.7 | 12.2 | 13.4 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
In the first quarter of 2026, households' MFI loans flows remained positive, although they declined slightly. Households' investment flows increased in Q1 2026 and remained high on a year-to-date basis. Households continued to favor life insurance, with investment flows in this sector rising again this quarter. Investments in securities rebounded, while investments in deposits and savings accounts declined for the first time since 2001.
Households: Flows of financial investment and financing (SA)![]()
EUR billions
Source and compilation: Direction Générale des Statistiques, des Études et de l'International
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Updated on the 15th of July 2026