Euro area financial vehicle corporation statistics: third quarter of 2023

17 November 2023

This release on financial vehicle corporation statistics is being discontinued. As of 2024, statistics on financial vehicle corporations will be published on a dedicated page on the ECB’s website, which will feature comprehensive charts containing the information previously available in this release.

• In third quarter of 2023 outstanding amount of debt securities issued by euro area FVCs engaged in securitisation decreased to €1,780 billion, from €1,787 billion in previous quarter
• Net redemptions of debt securities by FVCs during third quarter of 2023 amounted to €14 billion
• Euro area FVCs disposed €6 billion of securitised loans in third quarter of 2023, with outstanding amounts totalling €1,320 billion

Chart 1

Debt securities issued by euro area FVCs

(EUR billions; not seasonally adjusted)

The outstanding amount of debt securities issued by euro area FVCs was €1,780 billion at the end of the third quarter of 2023, €7 billion lower than at the end of the previous quarter. Over the same period, transactions amounted to a net redemption of €14 billion (see Chart 1). The annual growth rate of debt securities issued, calculated on the basis of transactions, increased to 5.0% in the third quarter of 2023, from 4.9% in the previous quarter.

Euro area FVCs' holdings of securitised loans – accounting for most of the assets backing the debt securities issued – were €1,320 billion at the end of the third quarter of 2023, unchanged from the previous quarter (see Chart 2). Net disposals were 6 billion during the third quarter of 2023. Net disposals of securitised loans originated by euro area monetary financial institutions (MFIs) amounted to €9 billion.

Chart 2

Loans securitised by FVCs by originator

(quarterly transactions in EUR billions; not seasonally adjusted)

Turning to the borrowing sector of securitised loans, loans to euro area households amounted to €761 billion at the end of the third quarter of 2023, with a net disposal of €4 billion during the third quarter of 2023, while loans to euro area non-financial corporations amounted to €415 billion, with a net disposal of €6 billion.

Among the other assets of euro area FVCs, deposits and loan claims amounted to €189 billion at the end of the third quarter of 2023, predominantly claims on euro area MFIs (€98 billion). There was also a net acquisition of deposits and loan claims of €6 billion during the quarter. Holdings of debt securities amounted to €506 billion at the end of the third quarter 2023, while net disposals amounted to €1 billion. Other securitised assets held by FVCs – including for example trade, tax and other receivables – amounted to €116 billion, with net acquisitions of €2 billion during the quarter.

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Notes

• Hyperlinks in the main body of the statistical release and in annex tables lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.