Loans to non financial corporations 2021Jul
Published on 26 August 2021
Equipment loan remains sustained
- The annual growth rate of outstanding loans to non-financial corporations rises by 2.7% in July, after 3.5% in June. This smaller increase reflects a base effect, linked to the strong increase in outstanding loans in spring and summer 2020. However, the level of credit remains high: +14.4% compared to pre-crisis levels two years ago.
- The base effect of PGEs is particularly visible on treasury loans, whose annual growth rate stands at -2.5% (after -0.3% in June), while remaining very high over two years (+27.3%).
- Investment loans remain close to the dynamics of the previous months (+4.9%, same as in June): slight moderation of the real estate component (+4.5%, after +4.7% in June) and near stability of the equipment component (+5.1%, after +5.0% in June) with a seasonally adjusted flow of EUR 2.8 billion, comparable to pre-covid values.
(Outstanding amounts in EUR Bn, annual growth rates in %)
| Annual growth rate | |||||||
| End-of-month level | Over one year | Over two years | |||||
| July-2021 | May-2021 | June-2021 | July-2021 | May-2021 | June-2021 | July-2021 | |
| Total | 1,215 | 4.5 | 3.5 | 2.7 | 15.4 | 14.9 | 14.5 |
| Investment | 829 | 4.8 | 4.9 | 5.0 | 11.0 | 10.8 | 10.5 |
| Equipment | 512 | 5.1 | 5.0 | 5.0 | 12.7 | 12.6 | 12.3 |
| Real estate | 317 | 4.5 | 4.7 | 4.9 | 8.3 | 8.0 | 7.8 |
| Treasury | 318 | 3.0 | -0.3 | -2.5 | 29.9 | 28.9 | 27.5 |
| Other lending | 67 | 7.5 | 5.0 | 2.0 | 11.8 | 9.1 | 10.7 |
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 26 January 2022