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Financial accounts of the non-financial sectors 2017Q1

Published on 07/21/2017
Households liquid investments remain sustained
HOUSEHOLDS
(EUR billions)
Years Quarters (SA)
2015 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
Financial investment (a) 108.9 110.7 28.0 17.3 33.7 20.6
- Currency and deposits 45.0 56.2 12.7 14.1 18.3 22.4
of which transferable deposits 35.5 33.0 8.2 8.8 8.0 19.1
passbook savings -8.5 4.2 1.2 1.8 3.2 6.7
home saving plans 22.8 18.1 4.5 4.0 4.2 1.7
- Securities 15.5 12.1 4.6 -9.7 7.5 -3.6
debt securities -3.9 -3.0 -1.4 -0.3 -1.5 -1.0
listed shares -0.5 -3.6 -1.7 -1.6 0.5 -3.0
unlisted shares and other equities 7.2 14.8 -2.6 0.4 6.1 4.9
money market fund shares 3.2 -3.0 -1.9 -0.1 0.7 -3.5
non-MMF invesment fund shares 9.5 6.9 12.2 -8.2 1.7 -1.0
- equity fund shares -1.6 -4.3 -1.6 -0.6 -0.9 0.3
- bond fund shares -1.7 -2.5 -1.0 -0.4 -0.6 0.0
- employee saving fund 0.9 0.9 5.1 -1.2 -1.8 -1.6
- mixed and other fund shares 11.9 12.8 9.8 -6.0 5.0 0.4
- Life insurance contracts 48.4 42.4 10.8 12.9 7.8 1.8
of which non-unit linked contracts 32.2 30.7 7.7 10.7 4.6 -1.2
Financing 39.1 52.5 12.2 13.1 18.1 20.7
- MFI Loans 39.1 52.5 12.2 13.1 18.1 20.7
(a) are excluded here several residual items
In the first quarter 2017, households reduce their financial investments. They sell securities, mainly money market fund shares and listed shares, and reduce their investments in life insurance contracts. However, they increase their currency and deposits assets. Simultaneously, bank loans are still growing.
Flows of financial investment and financing (SA)
EUR billions
NON-FINANCIAL CORPORATIONS
(EUR billions)
Years Quarters (SA)
2015 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
Financial investment (a) 69.4 41.8 22.3 6.6 12.4 22.3
- Currency and deposits 50.6 36.4 7.4 11.0 9.8 17.9
- Securities 8.2 -4.2 6.2 -0.7 -3.6 16.7
debt securities 3.9 4.1 8.3 -2.6 -2.4 4.7
money market fund shares 2.3 -10.1 -4.5 3.3 -1.6 12.0
non-MMF invesment fund shares 2.0 1.8 2.4 -1.5 0.5 -0.2
- Other net financial assets (b) 10.6 9.6 8.7 -3.7 6.3 -12.3
Financing 100.2 111.6 62.1 30.5 25.5 39.9
- MFI loans 42.1 49.4 17.8 4.0 14.8 14.7
- Debt securities 25.5 38.2 12.6 14.0 19.9 11.2
- Shares and net equities (c) 32.6 24.0 31.7 12.6 -9.2 14.0
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)
Investment flows of non-financial corporations (NFC) rise in 2017 Q1 : NFCs increases their deposits and buy debt securities. At the same time, they reduce their net cross-border loans. Their financing flows in form of relatively high net issuances of shares and other equities grow in 2017 Q1. Conversely, debt securities inssuances slow down and recourse to bank loans is stable compared to the previous quarter.
Flows of financial investment and financing (SA)
EUR billions

GENERAL GOVERNMENT
(EUR billions)
Year Quaters (SA)
2015 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
Financial investment (a) 12.8 2.0 3.5 9.8 -20.7 25.7
- Currency and deposits 14.7 -3.1 7.3 6.9 -23.5 21.7
- Securities -1.9 5.1 -3.9 2.9 2.8 4.0
debt securities -4.5 -4.4 -3.0 0.6 -0.9 2.8
equities 1.5 6.0 0.5 0.8 3.4 -2.1
invesment fund shares 1.1 3.5 -1.3 1.4 0.3 3.3
Financing 81.8 51.4 19.2 15.6 -2.8 42.6
- Deposits 4.7 -0.7 2.2 0.9 -6.3 2.5
- MFI loans 3.8 -6.1 0.8 -3.1 -0.2 1.5
- Debt securities 73.3 58.2 16.2 17.8 3.7 38.6
(a) are excluded here several residual items
The flow of financial investments of general government becomes positive again in 2017 Q1 after a strong negative flow the previous quarter. This results from an upswing of deposits. Simultaneously, the financial resources of general government grow significantly, due to the rise in net debt securities issuances.
Flows of financing investment and financing (SA)
EUR billions
Source and compilation: Banque de France
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STAT INFO - 1st quarter 2017
Non-financial sector financial transactions
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Financial accounts of the non-financial sectors
  • Published on 07/21/2017
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Published on Friday, July 21, 2017