Financial accounts of non-financial agents – 2022Q1

Posted 07/28/2022

Non-financial corporations *

ANNUAL FLOWS QUARTERLY CVS FLOWS
(in billions of euros) 2020 2021 2nd quarter 2021 3rd quarter 2021 Q4 2021 1st quarter 2022
Financial investments (a) 258.5 90.9 8.5 29.2 41.1 10.6
– Currency and deposits 186.9 102.3 11.7 43.4 31.0 22.8
– Titles 55.3 -22.0 -5.5 -10.6 4.3 -8.2
debt securities -4.5 -4.3 -0.6 -1.5 0.6 2.1
Money Market Funds 60.5 -15.7 -1.7 -11.3 6.4 -13.4
Non-monetary funds -0.7 -2.0 -3.2 2.2 -2.7 3.1
– Other net loans (b) 16.3 10.6 2.3 -3.6 5.8 -4.0
Flow of debt 256.1 119.4 3.5 46.5 34.5 19.9
– Bank loans 148.7 41.6 1.8 12.0 18.0 20.5
– Debt securities 76.9 8.0 -4.0 1.8 13.6 -7.3
– Shares and other equity (c) 30.5 69.8 5.7 32.7 2.9 6.7
(a) Sundry net investments, which include financial transactions not included in this table, are excluded
(b) mainly intra-group cross-border loans and lending
(c) including direct investments (share capital and reinvested earnings)

In the first quarter of 2022, debt flows of non-financial corporations (NFCs) were lower than in the previous quarter. Bank lending flows continued to grow, supported by the dynamism of investment loans. Shares and other net assets also increased. On the other hand, issues of debt securities are down. At the same time, the financial investments of NFCs are lower than in the fourth quarter of 2021. Deposits, although lower, remain positive. Securities return to decline, as a result of monetary UCIs, and other net loans decline.

Quarterly investments and cash flows (cvs)

There may be maximum discrepancies of +/- 0.2 billion euro between the annual flows and the sum of the quarterly flows due to rounding differences between the series considered.

Public administration*

ANNUAL FLOWS

QUARTERLY CVS FLOW

)

2020

2021

2nd quarter 2021

3rd quarter 2021

Q4 2021

1st quarter 2022

Financial investments (a)

97.8

24.0

-26.5

33.6

-26.4

40.9

– Currency and deposits

104.4

22.7

-28.0

33.2

-28.8

40.7

– Titles

-6.6

1.3

1.5

0.4

2.4

0.2

debt securities

-7.8

3.0

-0.1

0.5

2.8

-0.5

net shares

-1.1

1.2

-1.3

1.5

0.0

0.7

OPC

2.3

-2.8

2.9

-1.6

-0.4

0.0

Flow of debt

319.1

190.5

37.0

59.5

29.8

45.3

– Deposits

29.3

20.7

5.9

2.2

3.2

-4.5

– Bank loans

3.7

2.7

-1.1

0.6

3.5

-1.6

– Debt securities

286.1

167.1

32.2

56.7

23.1

51.4




(in billions of euros


















(a) Sundry net investments, which include financial transactions not included in this table, are excluded

General government (APU) debt flows increased in the first quarter of 2022. Issuance of debt securities increased from the previous quarter and stood at a higher level than before the Covid-19 pandemic. Deposits and bank loans decreased. At the same time, the financial investments of the APUs are growing again. Deposits are picking up after the decline in Q4 2021. Investments in securities are more or less stable, with negative flows in debt securities offset by positive flows in net equities.

Quarterly investments and cash flows (cvs)

There may be maximum discrepancies of +/- 0.2 billion euro between the annual flows and the sum of the quarterly flows due to rounding differences between the series considered.

Families**

QUARTERLY CVS FLOWS

in billions of euros

1st quarter 2022

39.9

24.8

8.6

14.4

-1.1

6.6

0.1

-1.8

9.1

0.0

-0.8

8.5

-2.1

26.8

26.8


ANNUAL FLOWS


(
)


2020 2021 2nd quarter 2021 3rd quarter 2021 Q4 2021

Financial investments (a)

203.4 165.8 50.4 41.2 31.0

– Currencies and deposits

165.0 116.4 34.0 34.3 13.6

of which sight deposits

84.5 52.1 16.2 16.6 4.6

savings books

65.9 50.1 13.5 13.8 6.7

Housing savings

8.6 2.2 0.5 0.6 0.1

– Titles

34.6 14.9 8.2 -0.7 4.9

debt securities

-0.1 -1.8 -0.7 -1.0 -0.2

listed shares

18.2 5.0 1.1 1.8 0.8

unlisted shares and other equity investments

13.5 13.9 3.8 -0.4 7.9

Money Market Funds

-0.7 -1.1 -0.1 -0.2 -0.4

Non-monetary funds

3.8 -1.1 4.1 -0.9 -3.2

– Life insurance and retirement savings

3.8 34.5 8.2 7.6 12.5

of which supports in euros

-17.4 0.5 0.3 1.7 3.5

Flow of debt

69.5 87.1 23.8 23.5 18.9

– Bank loans

69.5 87.1 23.8 23.5 18.9


(a) Excludes miscellaneous net investments, which include financial transactions not included in this table.

In the first quarter of 2022, household financial investments increased compared to the previous quarter. On demand and passbook deposits are increasing, while household savings are falling. Investments in securities increased again, driven by investments in unlisted equities and other equities. Investments in life insurance and pension savings were lower than in the previous quarter but remained positive. Investment flows in euro are down, while those in units of account are on the rise. On the liabilities side, the flow of bank loans increased compared to the previous quarter.

Quarterly investments and cash flows (cvs)

Sources and production: Directorate General for Statistics, Studies and International

(**) The financial situation of households will be detailed in the IS ‘Savings and household wealth’ which will be published on 11 August 2022.

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Financial Accounts of Non-Financial Agents Posted Thursday, July 28, 2022

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