Financial accounts of the non-financial sectors - 2024-Q3
Published on the 17th of January 2025
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In Q3 2024, NFC financing flows over a sliding year remain strong
FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
(EUR billions) | 2022 | 2023 | 2024 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 |
Financing | 83.0 | 88.9 | 93.8 | 14.2 | 23.4 | 50.2 | 6.0 |
- MFI loans (a) | 101.4 | 37.0 | 25.7 | 9.3 | -6.9 | 11.9 | 11.4 |
- Debt securities | -5.1 | 11.0 | 14.0 | 10.1 | -9.2 | 18.4 | -5.3 |
- Shares and net equities (b) | -13.3 | 41.0 | 54.1 | -5.2 | 39.5 | 19.9 | -0.1 |
Financial investment (c) | 43.5 | 49.7 | 7.8 | 17.8 | 5.8 | 1.1 | -16.9 |
- Currency and deposits | 18.4 | -26.8 | -10.1 | 17.2 | -13.3 | 0.1 | -14.1 |
- Securities | 41.8 | 53.4 | 17.7 | -1.2 | 23.3 | 4.8 | -9.2 |
debt securities | 39.7 | 23.3 | 5.4 | -0.4 | 3.9 | 3.2 | -1.3 |
money market fund shares | -5.9 | 33.9 | 10.2 | 0.4 | 19.1 | 1.1 | -10.4 |
non-MMF invesment fund shares | 8.0 | -3.7 | 2.1 | -1.2 | 0.3 | 0.5 | 2.5 |
- Other net financial assets (d) | -16.7 | 23.1 | 0.2 | 1.8 | -4.2 | -3.8 | 6.4 |
(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) fell sharply in Q3 2024, but remain at a high level year-to-date. NFCs continue to favor bank loans. Issues of debt securities and shares and other equity are lower than redemptions and buybacks. At the same time, their financial investments in deposits and securities are turning negative; other net financial assets are rebounding, linked to the increase in short-term loans granted by NFCs to each other.
FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
(EUR billions) | 2022 | 2023 | 2024 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 |
Financing | 102.7 | 110.6 | 204.1 | 44.6 | 29.9 | 73.4 | 56.2 |
- Deposits | 4.5 | -11.1 | -2.4 | 1.3 | -2.6 | -3.4 | 2.4 |
- MFI loans (a) | -1.7 | 2.0 | 4.9 | 3.6 | -0.9 | 1.1 | 1.1 |
- Debt securities | 99.9 | 119.8 | 201.5 | 39.7 | 33.4 | 75.7 | 52.7 |
Financial investment (b) | -24.4 | -38.3 | 48.0 | 5.6 | 13.9 | 16.4 | 12.2 |
- Currency and deposits | -24.5 | -54.9 | 18.0 | -2.9 | -7.3 | 17.2 | 11.0 |
- Securities | 0.2 | 16.5 | 30.0 | 8.5 | 21.2 | -0.8 | 1.2 |
debt securities | 1.9 | 1.6 | 21.1 | 3.2 | 19.7 | -2.0 | 0.1 |
net equities | -4.9 | 9.0 | 1.0 | -1.5 | 0.4 | 1.6 | 0.6 |
invesment fund shares | 3.2 | 6.0 | 7.9 | 6.8 | 1.1 | -0.4 | 0.5 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
General government financing flows remain high in the third quarter of 2024 due to debt securities. General government financial investments slowed slightly.
FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
(EUR billions) | 2022 | 2023 | 2024 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 |
Financing | 83.2 | 20.4 | -1.1 | -0.1 | 2.8 | -5.5 | 1.6 |
- MFI loans (a) | 83.2 | 20.4 | -1.1 | -0.1 | 2.8 | -5.5 | 1.6 |
Financial investment (b) | 170.9 | 109.0 | 106.7 | 21.0 | 15.1 | 42.3 | 28.3 |
- Currency and deposits | 86.5 | 53.3 | 35.0 | 5.6 | 3.2 | 17.4 | 8.8 |
of which transferable deposits | 6.6 | -59.5 | -29.1 | -16.7 | -10.5 | 1.1 | -2.9 |
passbook savings | 58.1 | 45.1 | 31.7 | 14.5 | 1.3 | 6.8 | 9.0 |
home saving plans | -6.7 | -28.5 | -32.0 | -8.3 | -10.7 | -7.2 | -5.8 |
- Securities | 45.4 | 25.9 | 21.5 | 4.6 | -1.0 | 10.4 | 7.5 |
debt securities | 6.5 | 7.7 | 3.4 | 2.0 | 1.7 | 0.1 | -0.4 |
listed shares | 3.3 | -12.7 | -14.0 | -13.2 | -6.3 | 3.9 | 1.5 |
unlisted shares and other equities | 24.8 | 22.2 | 19.0 | 14.3 | 1.2 | 2.4 | 1.0 |
money market fund shares | 2.0 | 9.0 | 8.5 | 2.4 | 2.7 | 1.2 | 2.2 |
non-MMF invesment fund shares | 8.9 | -0.3 | 4.7 | -0.9 | -0.3 | 2.8 | 3.2 |
- Life insurance and pension plans | 39.0 | 29.8 | 50.2 | 10.8 | 12.9 | 14.5 | 12.0 |
of which non-unit linked contracts | 4.3 | -5.8 | 21.0 | 2.8 | 4.9 | 5.4 | 7.9 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
In the third quarter of 2024, households' investment flows slowed compared with the second quarter, but remained strong. Transferable deposits are contracting and term accounts are becoming weaker, while passbook savings accounts continue to grow. Life insurance investments remain high, with euro-denominated products showing a marked upturn. Net MFI loans flows are once again slightly positive. Households' financial savings are therefore very positive in Q3.
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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Updated on the 17th of January 2025