Financial accounts of the non-financial sectors 2020Q3

Published on 01/27/2021
NON-FINANCIAL CORPORATIONS
FINANCIAL TRANSACTIONS YEAR Quarters (SA)
EUR billions 2018 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
Financial investment (a) -1 32.2 8.4 30.8 139.1 21.2
- Currency and deposits 31.3 54.4 8.2 50.7 104.8 21.5
- Securities -23 -12.8 1.6 -39.2 42.3 9.4
debt securities 1.5 3.7 2.9 -9.2 -3.8 6.7
money market fund shares -19 -9.1 0.7 -28.1 48.7 4.1
non-MMF invesment fund shares -5.5 -7.3 -2.0 -1.9 -2.6 -1.4
- Other net financial assets (b) -9.2 -9.4 -1.4 19.3 -8.0 -9.7
Financing 51.7 107.5 29.7 46.5 137.2 19.2
- MFI loans 72.8 50.5 7.4 43.2 68.1 17.2
- Debt securities 28.8 39.3 4.2 6.2 58.6 9.2
- Shares and net equities (c) -49.9 17.7 18.1 -2.9 10.5 -7.2
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)

In the third quarter of 2020, the financing of non-financial corporations (NFCs) returns to more normal levels compared with those of the previous quarter as the end of lockdown in May allowed economic activity to pick up, resulting in a lower financing need for NFCs. The flows of MFI loans and debt securities are thus lower than in Q2, and flows of shares and net equities are down. At the same time, financial investment is positive but to a much lesser extent than in Q2, due to a lower amount of deposits and a reduction in flows of money market funds. Flows of debt securities, however, become positive.
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 Year Quaters (SA)
EUR billions 2018 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
Financial investment (a) 17.5 16.3 -25.4 22.4 111.5 20.8
- Currency and deposits 13.6 11.6 -30.9 20.8 117.8 25.9
- Securities 3.9 4.7 5.5 1.6 -6.3 -5.1
debt securities -4.2 0.8 0.6 2.2 -10.7 0.8
net equities 0.1 -1.6 0.0 0.2 -0.5 -1.9
invesment fund shares 8.1 5.6 4.9 -0.8 4.9 -4.0
Financing 68.4 84.5 9.6 50.3 211.6 37.4
- Deposits 9.3 11.3 2.3 11.7 20.3 3.0
- MFI loans 1.9 1.3 0.7 3.7 3.1 -0.6
- Debt securities 57.2 72 6.6 34.9 188.2 35.0
(a) are excluded here several residual items

In the third quarter of 2020, general government financing is significantly lower than in the previous quarter, due to a sharp reduction in debt securities issuance, as well as a lower flow of deposits. The end of lockdown has made it possible to reduce the growth in public debt, in particular by reducing the use of short-time work schemes. At the same time, financial investment eases, the flow of deposits being back to the amount observed in Q1.
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 2018 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
Financial investment (a) 93.7 138.3 36.1 47.4 80.8 48.4
- Currency and deposits 67.4 89.9 17.1 31.8 63.8 34.0
of which transferable deposits 32.7 41.5 7.1 20.2 33.2 15.8
passbook savings 26.1 32.7 7.5 9.3 23.9 16.1
home saving plans 6.3 6.3 1.4 2.1 3.1 1.7
- Securities -10.1 -0.7 7.2 11.7 14.6 10.6
debt securities -5.9 -4.5 -1.0 -1.3 -0.1 0.3
listed shares 4.5 -2.2 4.2 2.9 4.4 2.4
unlisted shares and other equities 10.4 18.7 4.6 7.7 3.7 5.4
money market fund shares -1.4 -0.9 -0.2 -0.4 0.4 0.7
non-MMF invesment fund shares (domestic plus rest of the world) -17.8 -11.8 -0.4 2.8 6.2 1.8
- Life insurance contracts 36.3 49 11.8 3.9 2.4 3.8
of which non-unit linked contracts 18.8 44.7 10.0 -1.4 -0.7 2.9
Financing 72.4 89.2 23.3 13.2 13.5 21.8
- MFI Loans 72.4 89.2 23.3 13.2 13.5 21.8
(a) are excluded here several residual items

Household's financial investment in the third quarter of 2020 returns to a level close to that of the first quarter. The removal of lockdown has effectively enabled households to consume more, in contrast to the forced savings behaviors of the previous quarter. Transferable and passbook savings accounts deposits are thus lower than in the second quarter. However, these investments in currency and deposits are still twice as high as in Q4 2019. Flows of securities remain positive but are declining, mainly due to a decrease in flows of non-MMF investment funds. Life insurance and pension plans flows increase slightly, particularly for non-unit linked contracts, but remain low compared to previous years. Finally, the flows of MFI loans are higher than in 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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Financial accounts of the non-financial sectors
  • Published on 01/27/2021
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Published on Wednesday, January 27, 2021