Loans to non financial corporations 2021May
Published on 25 June 2021
The outstanding amount of loans to NFCs remains high
- The annual growth rate of outstanding loans to non-financial corporations increases by 4.5% in May, after 7.5% in April. This smaller increase reflects a base effect, linked to the strong increase in outstanding loans in spring 2020. However, the level of credit remains high: +15.4% 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 +3.0% (after +14.2% in April).
- Investment loans remain close to the dynamics of previous months (+4.8%, after +5.0% in April): moderation in the equipment component (+5.1%, after +5.4% in April), continued growth in the real estate component (+4.5%, after +4.2% in April).
(Outstanding amounts in EUR Bn, annual growth rates in %)
| Annual growth rate | |||||||
| End-of-month level | Over one year | Over two years | |||||
| May-2021 | Mar-2021 | Apr-2021 | May-2021 | Mar-2021 | Apr-2021 | May-2021 | |
| Total | 1,204 | 9.9 | 7.5 | 4.5 | 17.1 | 16.3 | 15.4 |
| Investment | 820 | 5.1 | 5.0 | 4.8 | 11.5 | 13.6 | 11.8 |
| Equipment | 505 | 5.9 | 5.4 | 5.1 | 13.6 | 13.0 | 12.7 |
| Real estate | 314 | 4.0 | 4.2 | 4.5 | 8.3 | 11.2 | 11.0 |
| Treasury | 317 | 23.7 | 14.2 | 3.0 | 35.3 | 8.5 | 8.3 |
| Other lending | 68 | 10.9 | 8.3 | 7.5 | 12.2 | 32.0 | 29.9 |
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
Oustanding amounts growth rates over 2 years (in %)
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.
Download the PDF version of the document
CRE_SNF_2237_en__SI_credit_SNF_202105_EN.pdf
Updated on 26 July 2021