Loans to non financial corporations 2020Aug
Published on 25 September 2020
Monthly treasury loans flow to NFCs begin to normalize in August
- The annual growth rate of loans to NFCs reaches + 13.1%, up from + 12.6% in July, still fueled by treasury loans (+ 34.3% in August, up from + 32.0% in July). The monthly variations of outstanding treasury loans, after reaching exceptional levels in previous months (due to the State-guaranteed loan scheme (PGE)), start to return to a pre-Covid crisis level (see graph at below right).
- Year-on-year growth in investment credit remains high (+ 5.7%, up from + 5.6% in July), driven by its equipment component (+ 7.8%, up from + 7.4% in July), while real estate loan continues to slow down (+ 2.5%, down from + 2.8% in July and + 3.2% in June).
(Outstanding amounts in EUR Bn, annual growth rates in %)
| End-of-month level | Annual growth rate | |||
| Aug-2020 | Jun-2020 | juil. 2020 | Aug-2020 | |
| Total | 1,187 | 12.2 | 12.6 | 13.1 |
| Investment | 792 | 5.9 | 5.6 | 5.7 |
| Equipment | 490 | 7.7 | 7.4 | 7.8 |
| Real estate | 302 | 3.2 | 2.8 | 2.5 |
| Treasury | 325 | 30.5 | 32.0 | 34.3 |
| Other lending | 70 | 15.7 | 20.1 | 19.8 |
Monthly changes in stocks of equipment loans (seasonally adjusted flows) ![]()
(Monthly flows in EUR Bn)
Monthly changes in stocks of treasury loans (seasonally adjusted flows *) ![]()
(Monthly flows in EUR Bn)
* Seasonal adjusted monthly net flows of other lending to NFC are allocated to treasury loans in proportion to the outstanding amounts.
Source et réalisation : BANQUE DE FRANCE - DIRECTION GÉNÉRALE DES STATISTIQUES, DES ETUDES ET DE L'INTERNATIONAL
Additional information
Non-financial corporations include all companies whose main activity is the production of goods and non-financial services, excluding sole proprietor and unincorporated partnerships.
Calculations are made with the aim to give the best possible image of the evolution of the lending activity:
- Loans that have been securitized or sold by credit institutions are considered as remaining in their books
- Accounting changes that are not reflecting economic transactions, in particular write-offs/write-downs, are eliminated
- The impact of statistical modifications in the scope of the MFI sector (e.g. the reclassification of an entity from the non-financial corporations sector to the government sector) is also eliminated
- As FX hedges are unknown, loans in foreign currencies are however taken into account at their face value in Euros at the end of the month
Calculations are made with the aim to give the best possible image of the evolution of the lending activity:
- Loans that have been securitized or sold by credit institutions are considered as remaining in their books
- Accounting changes that are not reflecting economic transactions, in particular write-offs/write-downs, are eliminated
- The impact of statistical modifications in the scope of the MFI sector (e.g. the reclassification of an entity from the non-financial corporations sector to the government sector) is also eliminated
- As FX hedges are unknown, loans in foreign currencies are however taken into account at their face value in Euros at the end of the month
Download the PDF version of the document
CRE_SNF_2223_en__SI_credit_SNF_202008_EN.pdf
Updated on 24 September 2020