Monthly Bulletin July 2009 - Banque de France

Table 2 MFI loans to the private sector
(quarterly figures are averages; adjusted for seasonal and calendar effects)
Outstanding amount
as a percentage of the
total 1)
Annual growth rates
2008 2008 2008 2009 2009 2009
Q2 Q3 Q4 Q1 Apr. May
Non-financial corporations 44.7 14.5 12.8 11.3 8.2 5.3 4.4
Up to one year 27.4 12.9 11.0 9.0 4.2 -1.3 -2.3
Over one and up to five years 20.2 20.9 18.6 16.0 12.4 10.0 9.1
Over five years 52.4 13.0 11.8 10.8 8.9 7.2 6.5
Households 2) 45.3 4.9 3.9 2.8 0.9 0.0 -0.2
Consumer credit 3) 13.0 5.2 4.4 3.2 1.3 -0.4 -0.6
Lending for house purchase 3) 71.2 5.5 4.1 2.9 0.7 -0.2 -0.5
Other lending 15.8 2.2 2.6 2.2 1.7 1.6 1.8
Insurance corporations and pension funds 0.9 -0.2 -6.6 -6.5 -5.8 -2.0 -3.0
Other non-monetary financial intermediaries 9.1 25.2 22.3 14.5 7.6 0.6 -0.1
Source: ECB.
Notes: MFI sector including the Eurosystem; sectoral classification based on the ESA 95. For further details, see the relevant technical
notes.
1) As at the end of the last month available. Sector loans as a percentage of total MFI loans to the private sector; maturity breakdown and
breakdown by purpose as a percentage of MFI loans to the respective sector. Figures may not add up due to rounding.
2) As defined in the ESA 95.
3) The definitions of consumer credit and lending for house purchase are not fully consistent across the euro area.
stronger recourse to available liquidity buffers, but also greater difficulties experienced by some
firms when accessing bank funding.
The annual growth rate of loans to households turned negative in May, standing at -0.2% in
that month, down from 0.0% in April. The monthly flow was mildly positive. As securitisation
transactions mainly involve mortgage loans, monthly loan flows to households would appear to
have overestimated the decline in the financing of households. This notwithstanding, lending to
households has continued to moderate in recent months. To a large extent, the subdued lending
reflects the sharp deterioration in economic activity, the ongoing moderation of house price dynamics
and the fact that there is still a high degree of uncertainty concerning the economic outlook.
Turning to the other counterparts of M3, the annual growth rate of MFI longer-term financial
liabilities excluding capital and reserves was 2.5% in May, up from 2.3% in April. Looking at
its sub-components, the annual growth rate of deposits with an agreed maturity of over two years
increased further to stand at 5.6%, up from 5.4% in April, and that of deposits redeemable at
notice of over three months increased to 7.7%, up from 5.1% in the previous month. The annual
growth rate of MFI debt securities with a maturity of over two years increased in May as a result of
sizeable purchases by the money-holding sectors, following two months of outflows. Thus, credit
institutions were again able to obtain long-term funding from non-banks using this instrument.
At the same time, credit institutions’ net issuance of such long-term debt securities was substantially
larger than the purchases of the money-holding sectors, with MFIs themselves further increasing
their holdings of these instruments.
The annual growth rate of capital and reserves increased to 12.3% in May, up from 10.4% in April,
reflecting a large inflow for these instruments in May.
Turning to developments in the external assets and liabilities of the MFI sector, sizeable outflows
were recorded in May on both sides of the balance sheet. On the asset side, the strong outflow for
loans to non-residents remained an important element in the deleveraging of credit institutions.
20 ECB
Monthly Bulletin
July 2009