Financial accounts of the non-financial sectors 2019Q1

Published on 07/25/2019
NON-FINANCIAL CORPORATIONS
FINANCIAL TRANSACTIONS YEAR Quarters (SA)
EUR billions 2017 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
Financial investment (a) 57.2 -8.0 -20.4 -11.6 1.4 19.8
- Currency and deposits 54.4 30.3 10.7 6.3 12.3 13.5
- Securities 4.7 -25.8 -8.1 -13.1 -3.4 -1.7
debt securities 7.9 -1.3 5.6 -8.6 1.5 3.3
money market fund shares -18.4 -15.6 -10.1 -1.8 -3.9 0.9
non-MMF invesment fund shares 15.2 -8.9 -3.6 -2.7 -1.0 -5.9
- Other net financial assets (b) -1.8 -12.5 -23.0 -4.8 -7.5 8.0
Financing 88.2 87.6 -10.5 35.5 36.4 25.7
- MFI loans 57.0 68.8 11.9 21.8 24.0 13.5
- Debt securities 21.2 29.4 8.9 10.5 -2.8 12.4
- Shares and net equities (c) 10.0 -10.6 -31.3 3.2 15.2 -0.2
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)

Financial investment of non-financial corporations (NFC) increases during 2019 Q1, mainly driven by net crossed-border loans. Meanwhile, NFC continue to sell securities, although at a slower pace than in the previous quarters. Their source of financing remains broadly in line with past figures whether for bank credit or issuances of debt securities , NFC raise money by borrowing from banks or issuing debt securities.

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 Year Quaters (SA)
EUR billions 2017 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
Financial investment (a) 11.2 14.7 -7.1 25.7 -24.6 22.4
- Currency and deposits 17.1 13.5 -5.3 28.2 -24.5 14.9
- Securities -6.0 1.2 -1.8 -2.5 -0.1 7.5
debt securities -9.1 -1.8 -0.9 -0.5 -2.9 5.0
net equities 0.0 0.1 -1.1 -1.6 1.4 1.0
invesment fund shares 3.1 2.9 0.2 -0.4 1.4 1.5
Financing 69.3 68.4 7.2 30.0 16.9 24.9
- Deposits 3.2 9.3 0.4 4.6 0.3 4.8
- MFI loans -5.5 2.1 -0.7 -1.1 2.4 1.2
- Debt securities 71.6 57.0 7.5 26.5 14.2 18.9
(a) are excluded here several residual items

The flow of financial investment from general government returns to positive territory in the first quarter, thanks to a rebound in cash assets and the purchase of debt securities. Following a slightly weaker growth in 2018 Q4, financing strengthens with an increase in bond issuances.

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 2017 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
Financial investment (a) 95.2 113.7 25.4 26.1 45.6 38.5
- Currency and deposits 66.6 67.4 22.7 12.6 16.6 32.2
of which transferable deposits 38.7 32.7 11.8 5.2 7.3 18.5
passbook savings 21.8 26.1 6.0 6.6 7.7 9.4
home saving plans 11.4 6.3 1.8 1.6 1.5 1.6
- Securities -0.1 -4.7 -11.0 0.5 14.0 -4.8
debt securities -6.2 -4.7 -2.1 0.2 -1.2 -0.6
listed shares -4.0 4.3 -7.9 5.7 6.7 -2.0
unlisted shares and other equities 13.4 13.8 1.0 4.2 2.9 12.2
money market fund shares -1.3 0.4 0.2 0.1 -2.5
non-MMF invesment fund shares (domestic plus rest of the world) -1.4 -16.8 -2.4 -9.8 5.5 -11.9
- Life insurance contracts 28.6 51.0 13.7 13.0 15.0 11.1
of which non-unit linked contracts 6.7 34.0 8.3 10.0 14.8 10.1
Financing 75.3 73.0 17.7 18.0 20.4 18.5
- MFI Loans 75.3 73.0 17.7 18.0 20.4 18.5
(a) are excluded here several residual items

In 2019 Q1, financial investment made by households slows down, albeit remaining at a high level. Households significantly consolidate their deposits, especially the transferable ones. The sale of non-MMF investment fund shares is compensated by the purchase of unlisted shares and other equities. The flow of investment in life insurance contracts is still high, especially in non-unit linked contracts. Households borrowing from banks continues to be dynamic at a fast rate.

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 07/25/2019
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Published on Thursday, July 25, 2019