Loans to non financial corporations 2021Oct
Published on 26 November 2021
In October, the annual growth rate of credit to NFCs is unchanged
- For the second month in a row, the annual growth rate of outstanding loans to non-financial companies remains stable at +2.8%.
- The growth of investment loans is maintained at a consistent level (+4.9%) and is driven by both the real estate component and the equipment component to a minor extent (respectively +5.4%, and +4.7%).
- Over two years, the growth of credit is still strong: +14.4% for total loans, of which +26.8% for treasury and +13.6% for investment.
(Outstanding amounts in EUR Bn, annual growth rates in %)
| Growth rate | |||||||
| End-of-month level | Over one year | Over two years | |||||
| oct- 2021 | aug-2021 | sept- 2021 | oct- 2021 | aug-2021 | sept- 2021 | oct- 2021 | |
| Total | 1,219 | 2.3 | 2.8 | 2.8 | 14.5 | 15.1 | 14.4 |
| Investment | 837 | 4.9 | 4.9 | 4.9 | 10.5 | 10.7 | 10.4 |
| Equipment | 516 | 4.7 | 4.8 | 4.7 | 12.3 | 12.5 | 12.1 |
| Real estate | 321 | 5.2 | 5.2 | 5.4 | 7.8 | 7.9 | 7.7 |
| Treasury | 314 | -3.9 | -1.8 | -2.4 | 27.9 | 30.2 | 27.0 |
| Other lending | 68 | 1.0 | 0.6 | 3.0 | 9.4 | 10.0 | 13.6 |
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