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Financial accounts of the non-financial sectors 2017Q4

Published on 04/18/2018
NON-FINANCIAL CORPORATIONS
(EUR billions)
Years Quarters (SA)
2016 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017
Financial investment (a) 57.1 57.0 31.1 -2.4 21.8 6.5
- Currency and deposits 40.0 55.5 15.9 12.6 13.6 13.3
- Securities -1.0 7.0 27.7 -20.5 10.7 -10.9
debt securities 4.3 7.9 6.5 1.2 -0.5 0.6
money market fund shares -10.9 -17.6 14.5 -26.3 9.1 -14.9
non-MMF invesment fund shares 5.6 16.8 6.7 4.6 2.1 3.4
- Other net financial assets (b) 18.1 -5.4 -12.5 5.5 -2.5 4.1
Financing 111.2 111.4 50.2 7.3 29.3 24.5
- MFI loans 54.7 58.4 14.4 3.0 19.3 21.7
- Debt securities 40.7 24.3 9.3 10.3 4.1 0.5
- Shares and net equities (c) 15.8 28.7 26.5 -6.0 5.9 2.3
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)

The financial investments of non-financial corporations (NFC) decreased in 2017 Q4, as part of money market and investment fund shares was sold. In parallel, less equity was issued and the overall funding diminished.
In 2017 overall the NFC financial investment flows were largely the same than in 2016. However NFC invested more in deposits and resumed buying bonds directly and non-monetary investment funds. The disinvestment in money market funds exacerbated.
Flows of financial investment and financing (SA)
EUR billions

GENERAL GOVERNMENT
(EUR billions)
Year Quaters (SA)
2016 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017
Financial investment (a) -1.6 16.0 29.0 5.0 13.9 -31.9
- Currency and deposits -4.2 17.3 27.5 6.7 12.7 -29.6
- Securities 2.6 -1.2 1.5 -1.7 1.2 -2.3
debt securities -5.3 -6.6 0.3 -0.7 -2.0 -4.2
equities 3.4 2.3 -2.1 2.0 2.3 0.1
invesment fund shares 4.6 3.1 3.3 -3.0 0.9 1.8
Financing 52.2 67.4 31.7 16.4 13.1 6.1
- Deposits -0.6 3.2 1.6 3.2 1.0 -2.6
- MFI loans -5.2 -4.9 -0.4 -2.1 -1.2 -1.2
- Debt securities 57.9 69.0 30.5 15.3 13.3 9.9
(a) are excluded here several residual items
In the fourth quarter of 2017, the financial investment of the general government was negative because of a fall in cash holdings. In parallel the debt acquisition diminished due to the combination of lower debt securities issuance and deposits repayments.
For the year 2017 as a whole, changes in investment flow and change in debt acquisitions were broadly similar.
Flows of financing investment and financing (SA)
EUR billions
Households
(EUR billions)
Years Quarters (SA)
2016 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017
Financial investment (a) 92.3 105.5 20.8 37.8 26.7 20.0
- Currency and deposits 56.2 66.5 24.3 15.7 12.5 14.0
of which transferable deposits 33.0 38.6 19.1 6.4 5.1 8.0
passbook savings 4.2 21.8 6.4 6.6 5.5 3.4
home saving plans 18.1 11.4 2.7 3.1 2.8 2.8
- Securities -4.3 3.7 -8.1 14.1 -0.3 -2.1
debt securities -1.1 -6.2 -1.3 -1.9 -0.8 -2.3
listed shares -8.5 -4.0 -2.4 -2.2 -0.5 1.0
unlisted shares and other equities 13.6 11.4 2.5 4.7 2.4 1.8
money market fund shares -3.1 -1.8 -2.2 -0.2 -0.2 0.8
non-MMF invesment fund shares (domestic plus rest of the world) -5.2 4.4 -4.7 13.7 -1.2 -3.4
- Life insurance contracts 40.4 35.2 4.6 -0.2 14.5 8.1
of which non-unit linked contracts 27.4 15.3 -0.5 2.7 9.8 3.3
Financing 53.6 75.3 20.2 18.4 16.4 20.4
- MFI Loans 53.6 75.3 20.2 18.4 16.4 20.4
(a) are excluded here several residual items
Households' quarterly flow of financial investments decreased in 2017 Q4. The increase in deposits did not offset the net sell in both securities and life insurance contracts. In parallel, bank loans accelerated again following two quarters of slowdown.
For the year 2017 as a whole, household's bank loans flow increased more than the flow in financial investment.
Flows of financial investment and financing (SA)
EUR billions
Source and compilation: Direction Générale des Statistiques
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STAT INFO - 4th quarter 2017
Non-financial sector financial transactions
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Financial accounts of the non-financial sectors
  • Published on 04/18/2018
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Published on Wednesday, April 18, 2018