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Financial accounts of the non-financial sectors 2017Q3

Published on 01/19/2018
Non-financial corporations and government financial investments rise again
NON-FINANCIAL CORPORATIONS
(EUR billions)
Years Quarters (SA)
2015 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017
Financial investment (a) 65,8 46,5 12.7 29.5 0.1 15.0
- Currency and deposits 48,1 39,7 10.2 17.9 12.3 13.5
- Securities 8,7 -11,2 -4.2 24.3 -19.6 7.6
debt securities 4,3 -0,6 -2.4 4.7 2.7 -2.5
money market fund shares 2,5 -10,5 -1.1 19.5 -26.1 9.2
non-MMF invesment fund shares 1,9 -0,1 -0.7 0.1 3.8 0.9
- Other net financial assets (b) 9 18 6.7 -12.7 7.4 -6.1
Financing 103,6 108,8 20.3 48.2 25.3 29.0
- MFI loans 38,4 54,2 14.5 14.8 2.2 19.3
- Debt securities 23,5 39 19.6 11.2 9.3 3.4
- Shares and net equities (c) 41,7 15,6 -13.8 22.2 13.8 6.3
(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 2017, financial investment flows of non-financial corporations (NFCs) increased. In particular, NFCs resumed their investments in securities, after marked sales in the second quarter. In parallel, their debt grew a little bit faster compared with the second quarter. MFI loans increased whilst debt securities net issuances and shares and other participations issuances slowed down compared to the second quarter.
Flows of financial investment and financing (SA)
EUR billions

GENERAL GOVERNMENT
(EUR billions)
Year Quaters (SA)
2015 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017
Financial investment (a) 12.8 2,1 -20.6 25.7 3.9 21.0
- Currency and deposits 14.7 -3,2 -23.6 21.7 2.2 17.8
- Securities -1.9 5,3 3.0 4.0 1.7 3.2
debt securities -4.5 -5,5 -2.0 2.8 3.0 -0.1
equities 1.5 6 3.4 -2.1 1.7 2.4
invesment fund shares 1.1 4,8 1.6 3.3 -3.0 0.9
Financing 81.8 51.4 -3.1 42.8 12.6 16.5
- Deposits 4.7 -0.7 -6.4 2.6 4.9 1.2
- MFI loans 3.8 -6.1 -0.4 1.6 -2.4 -1.7
- Debt securities 73.3 58.2 3.7 38.6 10.1 17.0
(a) are excluded here several residual items
The flow of financial investment of general government increased, especially currency and deposits. In parallel, government's financial resources were slightly up with relatively large debt securities issuance.
Flows of financing investment and financing (SA)
EUR billions
Source and compilation: Banque de France
HOUSEHOLDS
(EUR billions)
Years Quarters (SA)
2015 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017
Financial investment (a) 111.4 91,8 24.9 20.4 39.6 27.0
- Currency and deposits 45.0 56.2 18.3 22.4 16.5 12.5
of which transferable deposits 35.5 33.0 8.0 19.1 6.3 4.8
passbook savings -8.5 4.2 3.2 6.7 7.2 5.4
home saving plans 22.8 18.1 4.2 1.7 3.4 2.7
- Securities 18.0 -5,6 -0.8 -4.0 14.6 0.0
debt securities -3.9 -2,8 -1.5 -1.0 -1.6 -0.4
listed shares 0,3 -10,1 0.5 -3.0 -2.4 1.6
unlisted shares and other equities 9.2 11,8 3.0 2.7 3.9 1.8
money market fund shares 3.1 -2,9 0.9 -3.4 -0.2 -0.1
non-MMF invesment fund shares 9.3 -1,6 -3.7 0.7 14.9 -2.9
- Life insurance contracts 48,4 41,2 7.4 2.0 8.5 14.5
of which non-unit linked contracts 32.2 28,1 3.3 -2.5 3.6 10.4
Financing 39.1 53,6 18.0 20.7 18.6 15.6
- MFI Loans 39.1 53,6 18.0 20.7 18.6 15.6
(a) are excluded here several residual items
Households saving and wealth allocation will be detailed in a forthcoming Stat Info to be released on 6th February 2018.
Flows of financial investment and financing (SA)
EUR billions
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STAT INFO - 3rd quarter 2017
Non-financial sector financial transactions
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Financial accounts of the non-financial sectors
  • Published on 01/19/2018
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Published on Friday, January 19, 2018