Euro area financial vehicle corporation statistics: second quarter of 2022

17 August 2022

• In second quarter of 2022 outstanding amount of debt securities issued by euro area FVCs engaged in securitisation decreased to €1,704 billion, from €1,710 billion in previous quarter
• Net issuance of debt securities by FVCs during second quarter of 2022 amounted to €6 billion, while the annual growth rate of debt securities issued decreased to 5.3% in the second quarter of 2022, from 6.2% in the previous quarter
• Euro area FVCs disposed €17 billion of securitised loans in second quarter of 2022, with outstanding amounts totalling €1,274 billion

Chart 1

(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 €1,704 billion at the end of the second quarter of 2022, €6 billion lower than at the end of the previous quarter. Over the same period, transactions amounted to a net issuance of €6 billion (see Chart 1). The annual growth rate of debt securities issued, calculated on the basis of transactions, decreased to 5.3% in the second quarter of 2022, from 6.2% in the previous quarter.

Euro area FVCs' holdings of securitised loans – accounting for most of the assets backing the debt securities issued – decreased to €1,274 billion at the end of the second quarter of 2022, from €1,285 billion at the end of the previous quarter. The change was mainly due to net disposals of €17 billion (see chart 2). Net disposals of securitised loans originated by euro area monetary financial institutions (MFIs) amounted to €16 billion.

Chart 2

(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 €740 billion at the end of the second quarter of 2022, with a net disposal of €11 billion during the second quarter of 2022, while loans to euro area non-financial corporations amounted to €400 billion, with a net disposal of €4 billion.

Among the other assets of euro area FVCs, deposits and loan claims amounted to €189 billion at the end of the second quarter of 2022, predominantly claims on euro area MFIs (€100 billion). There was also a net acquisition of deposits and loan claims of €2 billion during the quarter. Holdings of debt securities amounted to €458 billion at the end of the second quarter 2022, while net acquisitions amounted to €5 billion. Other securitised assets held by FVCs – including for example trade, tax and other receivables – amounted to €106 billion, with net disposals of €5 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.