Financial accounts of the non-financial sectors - 2024-Q3

Published on the 17th of January 2025

In Q3 2024, NFC financing flows over a sliding year remain strong

NON-FINANCIAL CORPORATIONS*
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)


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.
Non-financial corporations: 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 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


General government financing flows remain high in the third quarter of 2024 due to debt securities. General government financial investments slowed slightly.
General government: 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.
HOUSEHOLDS*
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


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.
Households: 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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STAT INFO - 3rd quarter 2024
Non-financial sector financial transactions Contact Stat Info
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Updated on the 17th of January 2025