Euro area financial vehicle corporation statistics: first quarter of 2022

23 May 2022

• In first quarter of 2022 outstanding amount of debt securities issued by euro area FVCs engaged in securitisation decreased to €1,703 billion, from €1,710 billion in previous quarter
• Net redemptions of debt securities by FVCs during first quarter of 2022 amounted to €2 billion, while the annual growth rate of debt securities issued increased to 6.6% in the first quarter of 2022, from 5.9% in the previous quarter
• Euro area FVCs disposed €19 billion of securitised loans in first quarter of 2022, with outstanding amounts totalling €1,277 billion

Chart 1

Debt securities issued by euro area FVCs

(EUR billions; not seasonally adjusted)

Data for debt securities issued by euro area FVCs

The outstanding amount of debt securities issued by euro area FVCs was €1,703 billion at the end of the first quarter of 2022, €7 billion lower than at the end of the previous quarter. Over the same period, transactions amounted to a net redemption of €2 billion (see Chart 1). The annual growth rate of debt securities issued, calculated on the basis of transactions, increased to 6.6% in the first quarter of 2022, from 5.9% in the previous quarter.

Euro area FVCs' holdings of securitised loans – accounting for most of the assets backing the debt securities issued – decreased to €1,277 billion at the end of the first quarter of 2022, from €1,297 billion at the end of the previous quarter. The change was mainly accounted by net disposals of €19 billion (see chart 2). Net disposals of securitised loans originated by euro area monetary financial institutions (MFIs) amounted to €14 billion.

Chart 2

Loans securitised by FVCs by originator

(quarterly transactions in EUR billions; not seasonally adjusted)

Data for loans securitised by FVCs by originator

Turning to the borrowing sector of securitised loans, loans to euro area households amounted to €746 billion at the end of the first quarter of 2022, with a net disposal of €15 billion during the first quarter of 2022, while loans to euro area non-financial corporations amounted to €391 billion, with a net disposal of €5 billion.

Among the other assets of euro area FVCs, deposits and loan claims amounted to €187 billion at the end of the first quarter of 2022, predominantly claims on euro area MFIs (€98 billion). There was also a net disposal of deposits and loan claims of €4 billion during the quarter. Holdings of debt securities amounted to €466 billion at the end of the first quarter 2022, while net acquisitions amounted to €11 billion. Other securitised assets held by FVCs – including for example trade, tax and other receivables – amounted to €111 billion, with net disposals of €4 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.