Financial accounts of the non-financial sectors - 2026-Q2
Published on 15th of October 2026
In Q2 2026, the financing flows of NFCs increased, while their investment flows slowed
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2024 | 2025 | 2026 Q2 | 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 |
| Financing | 55.0 | 116.1 | 203.6 | 63.3 | 43.0 | 32.6 | 64.8 |
| - MFI loans (a) | 24.4 | 41.5 | 61.4 | 22.3 | 8.9 | 9.2 | 21.0 |
| - Debt securities | 5.9 | 29.9 | 35.7 | 16.3 | 3.5 | 5.3 | 10.6 |
| - Shares and net equities (b) | 24.7 | 44.8 | 106.5 | 24.7 | 30.6 | 18.1 | 33.2 |
| Financial investment (c) | 22.1 | 49.4 | 90.6 | 55.6 | 2.4 | 23.1 | 9.5 |
| - Currency and deposits | -18.9 | 23.8 | 22.8 | 8.5 | 17.7 | 2.6 | -6.1 |
| - Securities | 46.9 | 35.9 | 16.8 | 16.4 | -11.2 | 8.2 | 3.4 |
| debt securities | 14.6 | 22.6 | 16.3 | 10.1 | -2.4 | 1.7 | 7.0 |
| money market fund shares | 14.7 | -2.8 | -9.8 | 2.7 | -11.4 | 3.9 | -5.0 |
| non-MMF invesment fund shares | 17.7 | 16.2 | 10.2 | 3.6 | 2.6 | 2.6 | 1.4 |
| - Other net financial assets (d) | -6.0 | -10.4 | 51.1 | 30.7 | -4.1 | 12.3 | 12.2 |
(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) increased in the second quarter of 2026, driven by a rise in net issuance of shares and other equity, bank loans, and debt securities. They are at a very high level on a year-to-date basis.
Their financial investments slowed in the second quarter of 2026. The decline impacts deposits and investments in securities.
Their financial investments slowed in the second quarter of 2026. The decline impacts deposits and investments in securities.
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 Q2 | 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 |
| Financing | 183.9 | 120.9 | 152.5 | 42.3 | 5.9 | 61.7 | 42.6 |
| - Deposits | -5.6 | -9.9 | -1.4 | 2.4 | -8.2 | 3.7 | 0.7 |
| - MFI loans (a) | 9.6 | 8.0 | 8.9 | 4.0 | 2.3 | 2.3 | 0.3 |
| - Debt securities | 179.9 | 122.7 | 145.0 | 35.9 | 11.8 | 55.7 | 41.6 |
| Financial investment (b) | 16.0 | -23.2 | -5.3 | 14.9 | -44.4 | 32.5 | -8.1 |
| - Currency and deposits | 8.7 | -29.9 | -11.5 | 13.1 | -28.8 | 11.6 | -7.3 |
| - Securities | 7.3 | 6.7 | 6.2 | 1.8 | -15.6 | 20.9 | -0.8 |
| debt securities | -2.7 | 0.1 | 0.4 | 0.0 | -18.9 | 19.1 | 0.1 |
| net equities | 5.4 | 4.5 | 1.8 | 0.7 | 0.7 | 1.9 | -1.4 |
| invesment fund shares | 4.6 | 2.1 | 4.0 | 1.1 | 2.6 | -0.1 | 0.5 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
General government financing flows slowed in the second quarter of 2026 but remained high due to significant issuance of debt securities. General government financial investments declined in the second quarter of 2026, but the yearly cumulated change remains stable.
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 Q2 | 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 |
| - Financing (a) | 2.7 | 17.2 | 18.1 | 5.0 | 3.6 | 3.0 | 6.6 |
| Financial investment (b) | 148.6 | 155.2 | 150.7 | 39.7 | 32.9 | 31.6 | 46.4 |
| - Currency and deposits | 30.0 | 23.3 | 20.3 | 7.1 | 3.9 | -4.0 | 13.3 |
| of which transferable deposits | -15.7 | 12.3 | 13.0 | 2.3 | 3.2 | -1.4 | 9.0 |
| passbook savings | 36.6 | 27.4 | 11.2 | 6.0 | 9.9 | -5.3 | 0.6 |
| home saving plans | -29.7 | -21.5 | -20.9 | -5.2 | -5.3 | -4.4 | -6.0 |
| time deposits | 26.5 | -6.3 | 8.5 | -1.6 | 0.7 | 3.4 | 6.0 |
| - Securities | 64.6 | 57.2 | 42.5 | 13.4 | 10.2 | 10.2 | 8.6 |
| debt securities | 5.3 | 3.9 | 1.4 | 0.8 | 1.6 | -1.4 | 0.3 |
| listed shares | 3.5 | 5.3 | 1.3 | 2.4 | -1.7 | 2.5 | -1.8 |
| unlisted shares and other equities | 23.6 | 10.4 | 9.6 | 2.3 | 1.1 | 4.4 | 1.8 |
| money market fund shares | 8.3 | 4.4 | 2.6 | 0.4 | 0.4 | 0.9 | 0.9 |
| non-MMF invesment fund shares | 23.9 | 33.1 | 27.5 | 7.5 | 8.8 | 3.8 | 7.4 |
| - Life insurance and pension plans | 53.9 | 74.7 | 87.9 | 19.2 | 18.8 | 25.4 | 24.5 |
| of which non-unit linked contracts | 28.3 | 35.4 | 46.1 | 11.7 | 9.3 | 13.6 | 11.5 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
In the second quarter of 2026, households' MFI loans flows increased slightly. Household investment flows rose in Q2 2026 and remained high on a year-to-date basis. Households continued to favor life insurance, for which investment flows remained stable this quarter. Investments in securities declined slightly, while investments in time deposits and savings accounts returned to positive territory.
Households: Flows of financial investment and financing (SA)![]()
EUR billions
Source and compilation: Direction Générale des Statistiques, des Études et de l'International
AT Internet - liste domaines
Banque de France
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Updated on the 14th of October 2026