Net lending/net borrowing of institutional sectors 24 May 2022

Published on 05/24/2022

Net lending or borrowing of an institutional sector is the difference between the sector's net acquisitions of financial assets and the net increase in its liabilities. We refer to net financing when the acquisitions of assets are greater than the increase in liabilities (the balance of the financial transactions account is then positive); net borrowing when the balance is negative.
Net lending/net borrowing of institutional sectors
EUR billions
Financial account and financial balance sheet by sector
The financial account is a flow account, i.e. it measures the financial transactions over a reference period (quarter or year). Added to the stock of the previous year, the flow, adjusted for various elements, determines the stock observed at the end of the current year. It describes, by type of instrument and for each institutional sector, the changes in financial assets and liabilities linked to acquisitions, disposals and commitments over a certain period. The balance is net lending or borrowing.

Financial balance sheets constitute an inventory of financial assets and liabilities outstanding amounts at the end of each period. Financial net worth is the remaining balance item in financial balance sheets. The relationship between the changes in stocks and transaction flows over a certain period is specified in . the revaluation accounts and other changes in volumeThis relationship is defined by the following formula:


Stocks(t) = Stocks (t-1) + Flow(t) + Holdings_gains_losses(t) + Other_Changes_Volume(t)


Financial account and financial balance sheet published below show this relationship for four institutional sectors - households, non-financial corporations, financial corporations, general government

Households
2019 2020 2021
EUR billions Stocks Transactions Revaluations Stocks Transactions Revaluations Stocks Transactions Revaluations
Financial assets, of which : 5,363 93 -160 6,193 268 43 6,597 211 201
Currency and deposits 1,564 68 1 1,817 165 -1 1,934 116 1
Debt securities 42 -5 -2 40 0 -1 38 -2 1
Loans 11 0 0 11 0 0 11 0 0
Equity and investment fund shares 1,429 12 -96 1,669 35 -10 1,891 17 213
of which equity 1,158 15 -60 1,378 32 5 1,587 19 191
of which investment funds shares 272 -3 -36 290 3 -15 304 -2 22
Insurance, pension and standardised guarantees 2,004 35 -63 2,236 6 54 2,261 39 -14
others 315 -18 0 421 63 0 462 41 0
Financial liabilities, of which : 1,677 34 1 1,852 90 -1 1,930 82 1
Currency and deposits 0 0 - 0 0 - 0 0 -
Debt securities - - - - - - - - -
Loans 1,428 73 1 1,582 70 -1 1,665 87 1
Equity and investment fund shares 10 0 0 11 0 0 11 0 0
of which equity 10 0 0 11 0 0 11 0 0
of which investment funds shares - - - - - - - - -
Insurance, pension and standardised guarantees - - - - - - - - -
others 239 -39 0 260 20 0 255 -5 0
Net financial wealth (net financial assets) 3,686 59 -161 4,341 179 43 4,667 129 200
Non financial corporations
2019 2020 2021
EUR billions Stocks Transactions Revaluations Stocks Transactions Revaluations Stocks Transactions Revaluations
Financial assets, of which : 9,175 284 -454 11,107 439 34 12,815 297 1,434
Currency and deposits 696 30 1 957 187 -3 1,058 102 3
Debt securities 62 4 -1 58 -4 1 55 -4 0
Loans 1,726 105 5 1,933 93 -12 2,070 111 12
Equity and investment fund shares 5,404 150 -459 6,814 136 49 8,241 42 1,419
of which equity 5,286 172 -458 6,655 76 46 8,090 59 1,407
of which investment funds shares 118 -22 -1 159 60 3 151 -18 12
Insurance, pension and standardised guarantees 40 0 - 44 0 - 44 2 -
others 1,247 -4 1 1,301 27 -3 1,347 45 2
Financial liabilities, of which : 11,287 304 -483 13,613 454 115 15,613 304 1,686
Currency and deposits - - - - - - - - -
Debt securities 597 28 -18 745 77 0 743 8 -6
Loans 2,858 184 3 3,241 225 -10 3,409 142 10
Equity and investment fund shares 6,830 124 -471 8,592 107 129 10,387 129 1,678
of which equity 6,830 124 -471 8,592 107 129 10,387 129 1,678
of which investment funds shares - - - - - - - - -
Insurance, pension and standardised guarantees - - - - - - - - -
others 1,001 -32 3 1,035 46 -5 1,075 25 4
Net financial wealth (net financial assets) -2,112 -20 29 -2,506 -16 -81 -2,798 -7 -252
Financial Corporations
2019 2020 2021
EUR billions Stocks Transactions Revaluations Stocks Transactions Revaluations Stocks Transactions Revaluations
Financial assets, of which : 15,175 1,212 -1,023 18,149 2,817 -824 19,422 1,947 -637
Currency and deposits 3,650 -1 22 5,154 1,202 -34 5,741 547 42
Debt securities 3,608 162 -65 4,138 337 19 4,248 187 -79
Loans 3,878 362 19 4,320 273 -24 4,534 218 27
Equity and investment fund shares 2,564 -11 -176 3,008 108 23 3,434 81 351
of which equity 1,456 -13 -131 1,729 75 -6 2,017 56 239
of which investment funds shares 1,108 2 -45 1,279 33 28 1,417 26 112
Insurance, pension and standardised guarantees 130 10 - 153 6 - 151 1 -
others 1,246 690 -824 1,244 891 -825 1,152 887 -980
Financial liabilities, of which : 14,911 1,209 -1,143 17,864 2,830 -951 19,182 1,954 -609
Currency and deposits 6,907 291 39 8,991 1,653 -59 9,866 819 69
Debt securities 1,536 58 -33 1,669 38 -19 1,685 21 -5
Loans 557 84 2 619 35 -2 667 57 2
Equity and investment fund shares 2,412 -37 -209 2,683 121 -80 3,011 48 283
of which equity 885 9 -135 953 25 -84 1,152 41 159
of which investment funds shares 1,527 -46 -74 1,730 95 5 1,860 6 123
Insurance, pension and standardised guarantees 2,200 47 -68 2,473 20 58 2,500 48 -21
others 1,287 767 -874 1,417 964 -849 1,416 938 -938
Net financial wealth (net financial assets) 264 3 120 285 -14 127 239 -7 -27
General government
2019 2020 2021
EUR billions Stocks Transactions Revaluations Stocks Transactions Revaluations Stocks Transactions Revaluations
Financial assets, of which : 1,316 20 -17 1,579 185 -2 1,680 2 60
Currency and deposits 159 12 0 276 104 0 299 23 0
Debt securities 53 -4 -1 47 -8 1 49 3 -1
Loans 104 -3 0 152 47 0 149 -4 0
Equity and investment fund shares 571 11 -16 620 1 -3 684 0 61
of which equity 445 3 -10 470 -1 -4 520 2 48
of which investment funds shares 127 8 -6 151 2 1 164 -3 13
Insurance, pension and standardised guarantees 5 0 - 6 0 - 5 0 -
others 423 4 0 478 39 0 493 -18 0
Financial liabilities, of which : 3,161 73 -21 3,753 387 53 3,854 162 -96
Currency and deposits 130 8 + 170 29 + 191 21 +
Debt securities 2,272 57 -21 2,747 286 53 2,818 167 -96
Loans 305 -1 0 350 46 0 351 0 0
Equity and investment fund shares 47 3 0 30 0 0 31 1 0
of which equity 47 3 0 30 0 0 31 1 0
of which investment funds shares - - - - - - - - -
Insurance, pension and standardised guarantees 0 0 - 0 0 - 0 0 -
others 407 6 0 455 26 0 462 -27 0
Net financial wealth (net financial assets) 264 -53 4 -2,174 -203 -54 -2,174 -159 156

Published on Tuesday, May 24, 2022