FVC statistics refer to the aggregated balance sheet of the financial vehicle corporation (FVC) sector resident in the euro area.
Reporting of financial vehicle corporations (FVC) statistics began in the first quarter of 2010 for the reference period end-December 2009. These statistics, complemented by an enhanced reporting by monetary financial institutions (MFIs) involved in securitisation transactions, as laid down in Regulation ECB/2021/2, provide harmonised information on the securitisation market and risk transfer. Euro area FVC statistics relate to those EU Member States that had adopted the euro at the time covered by the statistics.
The FVC data refer to assets and liabilities of FVCs, covering end-of-quarter outstanding amounts and financial transactions provided on a quarterly basis.
Outstanding amounts , or stock data, refer to the value of the assets and liabilities at the end of the reference period.
Transactions , or flows data, refer to the net acquisition of a given type of asset during the period, or the net incurrence of a given type of liability.
The MFI data also include relevant information on securitisation activities. Firstly, this includes data on the net transfers of securitised loans to FVCs (with or without derecognition from the MFI balance sheet). Data on these loan transfers are used for example in adjusting loans to euro area residents for loan sales and securitisations – for more information on the method of adjustment see this Explanatory Note. Data are also available on MFIs’ holdings of debt securities issued by euro area FVCs, and MFI loans to and deposits from euro area FVCs.
Aggregated results are also compiled for the following four vehicle sub-categories:
(i) FVCs engaged in traditional securitisation;
(ii) FVCs engaged in synthetic securitisation;
(iii) FVCs engaged in insurance-linked securitisation; and
(iv) other FVCs.
FVCs resident in the territory of a euro area Member State form the reference reporting population.
NCBs are entitled to exempt FVCs from statistical reporting requirements that would cause unreasonably high costs compared to their statistical benefit, see Annex I of Regulation ECB/2013/40.
For more information on a comprehensive list of FVCs, see here.
Financial vehicle corporations belonging to the sub-sector “Other financial intermediaries, except insurance corporations and pension funds", subsector (S.125) in the ESA 2010.
First reporting of quarterly data on the fourth quarter of 2014. Historical data is provided from the fourth quarter of 2009.
FVCs submit to the NCBs the data that the NCBs require in accordance with Guideline ECB/2021/12 on financial intermediaries other than monetary financial institutions. These in turn report national aggregates to the ECB.
End of the period
For information about the naming convention (series key dimensions and metadata), refer to the FVC underlying DSD (ECB_FVC1) maintained by the ECB.
Data are aggregated across the FVC sector in each Member State by NCBs to derive national contributions to the euro area aggregated balance sheet of the FVC sector.
No consolidation. Inter-FVC positions are shown on the balance sheet.
All growth rate computations refer to an index of notional stocks, rather than to the stock data directly. This allows to present developments in the series free of the effects that non-transactions would have on the growth rate of stocks. The index of notional stocks is computed as a chain index I(t) = I(t-1)*[1+F(t)/S(t-1)], where F(t) are transactions during the period and S(t-1) are stocks at the end of the previous period. The index is computed in a way similar to that used in monetary financial institutions (MFI) statistics, on which more information is available in the Technical Notes to the Euro area statistics section of the ECB Statistical Bulletin.
Neither seasonally nor working day adjusted
Validation is based on the verification of balance sheet constraints, and on checks on the plausibility of developments at various levels of aggregation.
The revisions policy and procedures set by the ECB and the relevant NCB must be followed.
FVC - Financial Vehicle Corporation Statistics
National Central Banks (NCBs) and ECB
Quality is ensured by means of a comprehensive legal framework included in the Guideline ECB/2021/12 on monetary and financial statistics (recast).
Minimum standards for accuracy:
(a) the statistical information must be correct: all linear constraints must be fulfilled (e.g. assets and liabilities must balance, subtotals must add up to totals);
(b) reporting agents must be able to provide information on the developments implied by the transmitted data;
(c) the statistical information must be complete and must not contain continuous and structural gaps; existing gaps should be acknowledged, explained to the relevant NCB and, where applicable, bridged as soon as possible;
(d) reporting agents must follow the dimensions, rounding policy and decimals set by the relevant NCB for the technical transmission of the data.
Quarterly data are reported by close of business on the 28th working day following the end of the quarter to which the data relate.
Publication on the 34th working day after the end of the reference quarter
See the release calendar for financial vehicle corporations statistics in the euro area on the ECB’s website.
Press Release on the ECB website.
What is a Financial Vehicle Corporation (FVC)?
An FVC is an entity whose principal activity meets both of the following criteria:
- it carries out securitisation transactions and its structure is intended to isolate the payment obligations of the undertaking from those of the originator, or the insurance or reinsurance undertaking (in the case of insurance-linked securitisations);
- it issues debt securities, other debt instruments, securitisation fund units, and/or financial derivatives and/or legally or economically owns assets underlying the issue of these financing instruments that are offered for sale to the public or sold on the basis of private placements.
What is securitisation?
“Securitisation” means a transaction or scheme whereby an entity that is separate from the originator, or insurance or reinsurance undertaking, and is created for or serves the purpose of the transaction or scheme, issues financing instruments to investors, and one or more of the following takes place:
- an asset or pool of assets, or part thereof, is transferred to an entity that is separate from the originator and is created for or serves the purpose of the transaction or scheme, either by the transfer of legal title or beneficial interest of those assets from the originator or through sub-participation;
- the credit risk of an asset or pool of assets, or part thereof, is transferred through the use of credit derivatives, guarantees or any similar mechanism to the investors in the financing instruments issued by an entity that is separate from the originator and is created for or serves the purpose of the transaction or scheme;
- insurance risks are transferred from an insurance or reinsurance undertaking to a separate entity that is created for or serves the purpose of the transaction or scheme, whereby the entity fully funds its exposure to such risks through the issuance of financing instruments, and the repayment rights of the investors in those financing instruments are subordinated to the reinsurance obligations of the entity.
For the purposes of FVC statistics:
- Traditional securitisations are securitisations where there is a transfer of credit risk of an asset or pool of assets achieved either by the transfer of legal title or beneficial interest of the assets being securitised or through sub-participation.
- Synthetic securitisations are securitisations where there is a transfer of credit risk of an asset or pool of assets achieved by the use of credit derivatives, guarantees or any similar mechanism.
- Insurance-linked securitisations are securitisations where there is a transfer of insurance policies achieved either by the transfer of legal title or beneficial interest to an FVC, or there is a transfer of insurance risks from an insurance or reinsurance undertaking to an FVC which fully funds its exposure to such risks through the issuance of financing instruments, and the repayment rights of the investors in those financing instruments are subordinated to the reinsurance obligations of the FVC.
Definition of “originator”
“Originator” means the transferor of the assets, or a pool of assets, and/or the credit risk of the asset or pool of assets to the securitisation structure.
Integrated approach between MFI and FVC balance sheet data
Given the close links between the securitisation activities of FVCs and monetary financial institutions (MFIs), consistent, complementary and integrated reporting of MFIs and FVCs is required.
- The MFI balance sheet statistical reporting covers: (i) Traditional MFI loan securitisation through FVCs; (ii) Other MFI loan transfers to/from non-MFIs, without the intermediation of FVCs.
- The FVC balance sheet statistical reporting covers: (i) Securitised loans originated by MFIs and non-MFIs; (ii) Securitised assets other than loans; (iii) Synthetic securitisation; and (iv) FVC liabilities. NCBs may grant derogations on some of these reporting obligations. The reporting by FVCs on securitised loans originated by euro area MFIs may be waived by an NCB when the NCB obtains the necessary data from the MFI statistical returns.
Overview of relevant documents
- Regulation ECB/2013/40 of 18 October 2013 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (recast)
- Guideline ECB/2021/12 of 26 March 2021 on statistical information to be reported on financial intermediaries other than monetary financial institutions
The framework for the collection of FVC statistics is laid down in the ECB Regulation concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (ECB/2013/40). This Regulation is complemented by Guideline ECB/2021/12. They are available for downloading here.
The protection of confidentiality when collecting statistical information is of paramount importance to the ECB and the ESCB.
Article 8 of Council Regulation (EC) No 2533/98, as amended by Council Regulation (EC) No 951/2009 of 9 October 2009 and Council Regulation (EU) 2015/373 of 5 March 2015. A consolidated version is also available on EUR-Lex.europa.eu (html).
A yearly report is prepared on the compliance by all ESCB members during the previous period.
Download the series catalogue containing a full list of series and associated metadata of the dataset FVC in CSV format (zipped)