Loans to non financial corporations 2021Dec
Published on 28 January 2022
Strengthened growth in credit to NFCs
- For the third month in a row, the annual growth rate of outstanding loans to non-financial companies rises in December (+3.5%, after +3.1% in November and +2.8% in October).
- Growth in investment credit is particularly strong (+5.5%, after +4.9% in November), driven by both the equipment (+5.7%) and the real estate components (+5.3%). The monthly seasonally adjusted flow of equipment credit stands at 4.9 billion euros, being the highest level since March 2020, when the State-guaranteed loans (so-called PGE) were introduced.
- Over two years, the growth of credit is still strong: +16.7% for total loans, +34.5% for treasury and +11.7% for investment.
(Outstanding amounts in EUR Bn, annual growth rates in %)
| Growth rate | |||||||
| End-of-month level | Over one year | Over two years | |||||
| Dec- 2021 | Oct- 2021 | Nov- 2021 | Dec- 2021 | Oct- 2021 | Nov- 2021 | Dec- 2021 | |
| Total | 1,242 | 2.8 | 3.1 | 3.6 | 14.4 | 15.9 | 16.9 |
| Investment | 852 | 4.9 | 4.9 | 5.6 | 10.4 | 10.7 | 11.7 |
| Equipment | 527 | 4.7 | 4.9 | 5.7 | 12.1 | 12.9 | 13.6 |
| Real estate | 326 | 5.4 | 5.0 | 5.3 | 7.7 | 7.4 | 8.9 |
| Treasury | 320 | -2.4 | -2.4 | -2.3 | 27.0 | 32.4 | 34.8 |
| Other lending | 69 | 3.0 | 7.8 | 9.6 | 13.6 | 15.0 | 11.3 |
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
Growth over 2 years of the outstanding amounts of loans to NFCs
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
The two-year growth rate is the ratio of the outstanding amount in month m to the outstanding amount in month m-24. Therefore this rate is not annualized.
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
The two-year growth rate is the ratio of the outstanding amount in month m to the outstanding amount in month m-24. Therefore this rate is not annualized.
Updated on 1 March 2022