Financial accounts of the non-financial sectors 2022Q3

Published on 01/26/2023
NON-FINANCIAL CORPORATIONS*
FINANCIAL TRANSACTIONS YEARS QUARTERS (SA)
(EUR billions) 2020 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022
Financial investment (a) 317.5 122.7 51.6 3.7 39.1 -31.3
- Currency and deposits 246.3 127.0 42.3 18.4 25.2 -10.6
- Securities 63.9 -21.9 4.5 -14.5 18.8 -9.7
debt securities -0.3 -3.9 0.6 2.1 7.8 1.1
money market fund shares 60.5 -15.4 6.6 -14.1 10.3 -7.2
non-MMF invesment fund shares 3.7 -2.6 -2.7 -2.5 0.7 -3.6
- Other net financial assets (b) 7.3 17.7 4.8 -0.2 -4.9 -11.0
Financing 281.4 110.7 29.6 0.4 31.3 26.8
- MFI loans 154.7 40.6 17.3 19.9 27.6 33.3
- Debt securities 77.3 8.3 13.6 -7.5 -3.7 -5.3
- Shares and net equities (c) 49.4 61.8 -1.3 -12.0 7.4 -1.2
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)


The financing of non-financial corporations (NFCs) remains positive in Q3 2022. MFI loans flows continue to rise while debt securities issuances flows remain negative, as in the previous two quarters. This re-intermediation is explained in particular by the fact that rates on the securities markets have risen faster than rates on bank loans to NFCs. Net issuances of shares and equities reduced by net purchases decrease slightly. At the same time, financial investment of NFCs declines for the first time since 2018. In particular, deposits fall, in contrast to previous quarters. Investment in securities also declines, influenced by sales of money market fund and non-MMF investment fund shares.

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 Q4 2021 Q1 2022 Q2 2022 Q3 2022
Financial investment (a) 96.3 28.3 -21.8 41.0 -33.8 -7.0
- Currency and deposits 103.0 21.1 -30.2 40.8 -33.8 -7.9
- Securities -6.6 7.2 8.4 0.2 0.0 0.9
debt securities -7.8 6.2 6.1 -0.5 -2.7 -1.6
net equities -1.1 3.6 2.4 0.7 2.8 1.4
invesment fund shares 2.3 -2.5 -0.1 0.0 -0.1 1.1
Financing 319.3 187.5 31.1 44.7 8.3 19.4
- Deposits 29.3 20.7 3.2 -4.5 10.1 -1.7
- MFI loans 3.9 2.8 3.5 -1.6 1.3 3.5
- Debt securities 286.1 164.0 24.4 50.8 -3.1 17.6
(a) are excluded here several residual items

In Q3 2022, general government financing is higher than in the 2nd quarter. Debt securities issuances flows, in particular, are picking up. Financial investment - typically representing temporary government cash surpluses - declines less than in the previous quarter.
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 Q4 2021 Q1 2022 Q2 2022 Q3 2022
Financial investment (a) 202.0 161.3 29.1 31.5 53.0 41.1
- Currency and deposits 165.8 117.8 13.4 24.9 21.1 34.2
of which transferable deposits 85.3 53.4 4.4 8.7 9.7 7.2
passbook savings 65.9 50.1 6.7 14.4 8.4 21.4
home saving plans 8.6 2.2 0.1 -1.1 -0.9 -1.8
- Securities 31.3 14.6 4.8 -1.1 23.6 3.5
debt securities -2.7 -1.4 -0.4 0.1 1.1 1.3
listed shares 14.2 5.1 1.0 -1.8 4.9 -0.4
unlisted shares and other equities 21.1 12.5 7.5 7.0 5.7 2.4
money market fund shares -0.9 -1.1 -0.4 0.0 -0.3 0.1
non-MMF invesment fund shares -0.3 -0.5 -2.9 -6.4 12.2 0.1
- Life insurance and pension plans 4.8 29.0 10.9 7.7 8.3 3.4
of which non-unit linked contracts -16.3 1.1 4.2 -4.9 -3.4 -2.4
Financing 69.2 87.1 18.9 26.8 23.0 22.0
- MFI Loans 69.2 87.1 18.9 26.8 23.0 22.0
(a) are excluded here several residual items

In the third quarter of 2022, households' financial investment flows remain high. Deposits rebound sharply and shift to passbook savings, encouraged by the increase in interest rates on regulated savings products. Investment flows in securities are less sustained than in Q2, with lower flows into listed shares and non-MMF investment fund shares. Investment in life insurance and pension plans becomes more moderate, with again net purchases of unit-linked products and net sales of non-unit linked products. MFI loans financing remains strong, at a level close to the previous quarter, driven by mortgage loans.
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 01/26/2023
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Published on Thursday, January 26, 2023