Loans to individuals, France 2022Apr
Published on 3 June 2022
The production of new housing loans remains extremely high
- The annual growth rate of outstanding loans to individuals remains high at +6.3% in April, still driven by the loans for house purchase component (+6.8%).
- The growth rate of consumer credit stands at +3.6%, after +3.4% in March.
- Home loan production increases again at 25.9 billion (20.7 billion excluding renegotiations) and is close to its highest over the last five years (20.3 billion on average - 15.8 billion excluding renegotiations). The rise in rates on new loans is very gradual at 1.19% on average in April, up from 1.14% in March. This increase of 5 basis point is significantly lower than the trends observed on the markets (for example, the rise in the ten-year French government bond yield has exceeded 120 basis points since December).
- The estimates for May indicates an increase in interest rate on new loans between 1.25% and 1.30%, a monthly production of housing loans still very strong (with an upper limit of 26.0 billion euros) leading to a continued increase of annual growth in outstanding loans (+7.0%).
Outstanding amounts and annual growth rates (without seasonal adjustment) ![]()
(Outstanding amounts in EUR Bn, annual growth rate in %)
| End-of-month level | Annual growth rate | |||||
| Apr- 2022 | Feb- 2022 | Mar-2022 | Apr- 2022 | May-2022* | ||
| Total | 1,459 | 6.1 | 6.3 | 6.3 | ||
| Lending for house purchase | 1,233 | 6.5 | 6.8 | 6.8 | 7.0 | |
| Credit for consumption | 195 | 3.8 | 3.4 | 3.6 | ||
| Other lending | 30 | 5.4 | 4.7 | 5.4 | ||
(*) Nowcasting
Housing loans to individuals (seasonally adjusted) ![]()
(In billion euros)
Credit for consumption (seasonally adjusted) ![]()
(In billion euros)
Production of new loans (excluding overdrafts, monthly flows seasonally adjusted (a))![]()
(volumes in billion euros, proportion in percentage)
| Dec- 2021 | Jan- 2022 | Feb- 2022 | Mar- 2022 (e) | Apr-2022 (f) | May-2022 (g) | |
| - loans for consumption purposes (b) | 5.6 | 6.1 | 5.9 | 5.7 | 5.7 | |
| - housing loans | 21.8 | 23.7 | 23.0 | 24.8 | 25.9 | 26.0 |
| of which housing loans excluding renegotiations | 17.8 | 18.7 | 17.9 | 19.7 | 20.7 | |
| - proportion of renegotiation (not seasonally adjusted) in % (c) | 18.1 | 21.2 | 22.1 | 20.7 | 19.8 |
Interest rates on new loans (narrow defined effective rate, monthly average)![]()
(in %)
| Dec- 2021 | Jan- 2022 | Feb- 2022 | Mar- 2022 (e) | Apr-2022 (f) | May-2022 (g) | |
| - housing loans | 1.10 | 1.12 | 1.13 | 1.14 | 1.19 | 1.25/1.30 |
| of which housing loans long term and fixed rates | 1.10 | 1.12 | 1.13 | 1.14 | 1.19 | |
| of which housing loans short term or floating rates | 1.21 | 1.20 | 1.16 | 1.22 | 1.21 | |
| of which housing loans excluding renegotiations | 1.06 | 1.07 | 1.09 | 1.11 | 1.16 | |
| - loans for consumption purposes (b) | 3.52 | 3.61 | 3.54 | 3.57 | 3.66 | |
| - overdrafts for individuals (d) | 4.92 | 4.92 | 5.18 | 5.06 | 4.94 |
(a) Parameters for seasonal adjustment are updated each month, taking into account monthly data under review.
(b) Excluding revolving loans. Loans for splitted-cost payments (mainly "loans granted on market place" and "extended credit-card credits" are included into consumption loans.
(c) Ratio of renegotiated loans on housing loans, both not seasonally adjusted
(d) Overdrafts: negative balance of ordinary accounts + commercial credits + factoring + cash credits without fixed repayment schedule (including mobilization of revolving loans).
(e) Revised data
(f) Provisional data
(g) Nowcasting
(b) Excluding revolving loans. Loans for splitted-cost payments (mainly "loans granted on market place" and "extended credit-card credits" are included into consumption loans.
(c) Ratio of renegotiated loans on housing loans, both not seasonally adjusted
(d) Overdrafts: negative balance of ordinary accounts + commercial credits + factoring + cash credits without fixed repayment schedule (including mobilization of revolving loans).
(e) Revised data
(f) Provisional data
(g) Nowcasting
Interest rates on housing loans, all maturities![]()
(Narrowly defined effective rate, average weighted by long and short term flows, in %)
Share of renegotiated loans in new housing loans ![]()
(Monthly seasonally adjusted new loans in € Bn, share in %)
Additional information
Only loans granted to individuals (households excluding sole proprietors and unincorporated partnerships) by resident monetary financial institutions are presented here.
The outstanding growth rates are calculated from monthly changes in stocks (including sales and securitization) by correcting from modifications that do not reflect economic changes, especially, the accounting derecognition of loans from the MFI's statistical balance sheet due to write-offs/write-downs. Conversely, exchange rate effects are taken into account without any change for technical reasons.
Monthly growth rates are those of new loans agreed, i.e. disbursed. Nevertheless, new loan production represents new loans granted, even when they are not actually disbursed to the borrower, in accordance with the Eurosystem harmonised methodology, which aims to provide the public with an indicator that rapidly reflects changes in loan production. For this reason, the production of new loans differs from monthly changes in outstanding loans. Indeed, on the one hand, outstanding loans are recorded after the effective disbursement of funds and, on the other hand, they are reduced by the amortization of old loans.
The weighted average rates and new business volumes are calculated according to the harmonized definitions of the Eurosystem. Published rates are the narrowly defined effective rate (NDER). They correspond to the interest component of the Annual Percentage Rate of Charge (APRC). Renegotiated loans also include external mortgage repurchases.
As of October 1st, 2021, the Banque de France start offering a nowcasting on new business loans and interest rates based on a model which takes into account market conditions (reference interest rate, property transfer duties...) and the past values of the estimated variables. The absolute nowcasting deviation is on average 0.6 billion euros over the long term, i.e. 3% of the average gross flow. For interest rates, the absolute deviation is 1 basis point on average.
The outstanding growth rates are calculated from monthly changes in stocks (including sales and securitization) by correcting from modifications that do not reflect economic changes, especially, the accounting derecognition of loans from the MFI's statistical balance sheet due to write-offs/write-downs. Conversely, exchange rate effects are taken into account without any change for technical reasons.
Monthly growth rates are those of new loans agreed, i.e. disbursed. Nevertheless, new loan production represents new loans granted, even when they are not actually disbursed to the borrower, in accordance with the Eurosystem harmonised methodology, which aims to provide the public with an indicator that rapidly reflects changes in loan production. For this reason, the production of new loans differs from monthly changes in outstanding loans. Indeed, on the one hand, outstanding loans are recorded after the effective disbursement of funds and, on the other hand, they are reduced by the amortization of old loans.
The weighted average rates and new business volumes are calculated according to the harmonized definitions of the Eurosystem. Published rates are the narrowly defined effective rate (NDER). They correspond to the interest component of the Annual Percentage Rate of Charge (APRC). Renegotiated loans also include external mortgage repurchases.
As of October 1st, 2021, the Banque de France start offering a nowcasting on new business loans and interest rates based on a model which takes into account market conditions (reference interest rate, property transfer duties...) and the past values of the estimated variables. The absolute nowcasting deviation is on average 0.6 billion euros over the long term, i.e. 3% of the average gross flow. For interest rates, the absolute deviation is 1 basis point on average.
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CRE_PAR_2253_en__SI_credits_particuliers_EN_202204.pdf
Updated on 2 June 2022