Financial accounts of the non-financial sectors 2021Q4

Published on 04/27/2022
NON-FINANCIAL CORPORATIONS*
FINANCIAL TRANSACTIONS YEARS QUARTERS (SA)
(EUR billions) 2020 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2021
Financial investment (a) 258.5 90.9 12.1 8.5 29.2 41.1
- Currency and deposits 186.9 102.3 16.2 11.7 43.4 31.0
- Securities 55.3 -22.0 -10.2 -5.5 -10.6 4.3
debt securities -4.5 -4.3 -2.8 -0.6 -1.5 0.6
money market fund shares 60.5 -15.7 -9.2 -1.7 -11.3 6.4
non-MMF invesment fund shares -0.7 -2.0 1.8 -3.2 2.2 -2.7
- Other net financial assets (b) 16.3 10.6 6.1 2.3 -3.6 5.8
Financing 256.1 119.4 35.0 3.5 46.5 34.5
- MFI loans 148.7 41.6 9.9 1.8 12.0 18.0
- Debt securities 76.9 8.0 -3.3 -4.0 1.8 13.6
- Shares and net equities (c) 30.5 69.8 28.4 5.7 32.7 2.9
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)

In Q4 2021, financial investment of non-financial corporations (NFCs) increases. Deposits, which are less dynamic, remain clearly positive. Securities are on the rise again, with a recovery in money market fund shares investment, and other net financial assets are back to their first quarter level. At the same time, the financing of MFI loans and debt securities issuances increases. Net issuances of shares and equities reduced by net purchases are lower.

In 2021, the financing of NFCs is lower than in 2020. Net issuances in shares and equities less net purchases increase. Conversely, debt securities issuances and MFI loans flows are lower, in relation to the State-guaranteed loans granted in 2020. Correlatively, financial investment is also lower in 2021 than in 2020. The flow of deposits is halved and NFCs sell money market fund shares after strong purchases last year.
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 Q1 2021 Q2 2021 Q3 2021 Q4 2021
Financial investment (a) 97.8 24.0 43.4 -26.5 33.6 -26.4
- Currency and deposits 104.4 22.7 46.3 -28.0 33.2 -28.8
- Securities -6.6 1.3 -2.9 1.5 0.4 2.4
debt securities -7.8 3.0 -0.1 -0.1 0.5 2.8
net equities -1.1 1.2 0.9 -1.3 1.5 0.0
invesment fund shares 2.3 -2.8 -3.7 2.9 -1.6 -0.4
Financing 319.1 190.5 64.2 37.0 59.5 29.8
- Deposits 29.3 20.7 9.3 5.9 2.2 3.2
- MFI loans 3.7 2.7 -0.1 -1.1 0.6 3.5
- Debt securities 286.1 167.1 55.0 32.2 56.7 23.1
(a) are excluded here several residual items

In the fourth quarter of 2021, general government financing stands at 29.8 billion, down from the previous quarter (59.5 billion) due to lower debt securities issuances. Deposits on the liabilities side increase slightly and MFI loans increase. At the same time, general government financial investment falls as a result of the decline in deposits.

In 2021, general government financing, especially the flow of debt securities, is reduced by a little over 100 billion, as the pandemic has diminished in intensity. The flow of general government financial investment is also lower than in 2020, especially for deposits.

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 Q1 2021 Q2 2021 Q3 2021 Q4 2021
Financial investment (a) 203.4 165.8 43.1 50.4 41.2 31.0
- Currency and deposits 165.0 116.4 34.5 34.0 34.3 13.6
of which transferable deposits 84.5 52.1 14.7 16.2 16.6 4.6
passbook savings 65.9 50.1 16.1 13.5 13.8 6.7
home saving plans 8.6 2.2 1.0 0.5 0.6 0.1
- Securities 34.6 14.9 2.5 8.2 -0.7 4.9
debt securities -0.1 -1.8 0.0 -0.7 -1.0 -0.2
listed shares 18.2 5.0 1.3 1.1 1.8 0.8
unlisted shares and other equities 13.5 13.9 2.6 3.8 -0.4 7.9
money market fund shares -0.7 -1.1 -0.3 -0.1 -0.2 -0.4
non-MMF invesment fund shares 3.8 -1.1 -1.1 4.1 -0.9 -3.2
- Life insurance contracts 3.8 34.5 6.1 8.2 7.6 12.5
of which non-unit linked contracts -17.4 0.5 -5.1 0.3 1.7 3.5
Financing 69.5 87.1 20.9 23.8 23.5 18.9
- MFI Loans 69.5 87.1 20.9 23.8 23.5 18.9
(a) are excluded here several residual items

In Q4 2021, households' financial investment flows approach pre-pandemic levels. Transferable deposits, passbook savings and home saving plans are lower than in the previous quarter. Investment in securities is on the rise again, driven by unlisted shares and other equities. Investment in life insurance and pension plans increases compared to the third quarter, both for euro funds and unit-linked contracts. On the liabilities side, MFI loans flows slow.

In 2021, households' financial investment slows compared to 2020 but remains very dynamic. The lower flows of deposits and securities are partly offset by a recovery in net purchases of life insurance products, with a halt in net sales of non-unit linked contracts and an increase in net purchases of unit-linked products. Financing, particularly in the form of real estate loans, is higher in 2021 than in 2020.
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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Financial accounts of the non-financial sectors
  • Published on 04/27/2022
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Published on Wednesday, April 27, 2022