Loans to non financial corporations 2022Mar
Published on 29 April 2022
Investment credit growth strengthens again
- Over one year, the growth of investment credit strengthens again (+6.3%, after 6.1% in February and +5.8% in January), driven by its equipment component (+7.2%, after +6.7% in February and +6.0% in January).
- The annual growth rate of treasury loans is slightly negative (-1.5% after -1.2% in February and -0.3% in January). However, outstanding treasury loans remain more than 22% above their pre-covid level.
- Overall, the annual growth rate of outstanding loans to NFCs is almost stable for the second consecutive month: +4.2% in March, after +4.1% in February and +4.2% in January.
(Outstanding amounts in EUR Bn, annual growth rates in %)
| End-of-month level | Annual growth rate | |||
| Mar-22 | Jan-22 | Feb-22 | Mar-22 | |
| Total | 1,255 | 4.2 | 4.1 | 4.2 |
| Investment | 864 | 5.8 | 6.1 | 6.3 |
| Equipment | 537 | 6.0 | 6.7 | 7.2 |
| Real estate | 327 | 5.6 | 5.2 | 4.7 |
| Treasury | 322 | -0.3 | -1.2 | -1.5 |
| Other lending | 68 | 6.9 | 5.3 | 6.1 |
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_2252_en__SI_credit_SNF_202203_EN.pdf
Updated on 29 April 2022