As part of our investment activities, we contribute significantly to supporting businesses and growing the production system. In 2014, the entire net change in investments (14.7 billion euro) consisted of corporate securities, of which 73% were direct investments.
Of these, around two-thirds (6.9 billion euro) were made up of non-bank corporate bonds. It can therefore be said that almost half of the net cash flow generated by investment activities in 2014 went to financing businesses. In particular, subscriptions carried out as part of private placements in the market for newly issued securities reserved for select institutional investors amounted to 2.9 billion.