Euro area financial vehicle corporation statistics: fourth quarter of 2022

17 February 2023

• In fourth quarter of 2022 outstanding amount of debt securities issued by euro area FVCs engaged in securitisation rose to €1,740 billion, from €1,701 billion in previous quarter
• Net issuance of debt securities by FVCs during fourth quarter of 2022 amounted to €43 billion
• Euro area FVCs acquired €27 billion of securitised loans in fourth quarter of 2022, with outstanding amounts totalling €1,287 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 €1,740 billion at the end of the fourth quarter of 2022, €39 billion higher than at the end of the previous quarter. Over the same period, transactions amounted to a net issuance of €43 billion (see Chart 1). The annual growth rate of debt securities issued, calculated on the basis of transactions, decreased to 1.7% in the fourth quarter of 2022, from 4.7% in the previous quarter.

Euro area FVCs' holdings of securitised loans – accounting for most of the assets backing the debt securities issued – increased to €1,287 billion at the end of the fourth quarter of 2022, from €1,258 billion at the end of the previous quarter. The change was mainly accounted by net acquisitions of €27 billion (see chart 2). Net acquisitions of securitised loans originated by euro area monetary financial institutions (MFIs) amounted to €21 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 €737 billion at the end of the fourth quarter of 2022, with a net acquisition of €4 billion during the fourth quarter of 2022, while loans to euro area non-financial corporations amounted to €420 billion, with a net acquisition of €19 billion.

Among the other assets of euro area FVCs, deposits and loan claims amounted to €190 billion at the end of the fourth quarter of 2022, predominantly claims on euro area MFIs (€96 billion). There was also a net acquisition of deposits and loan claims of €4 billion during the quarter. Holdings of debt securities amounted to €487 billion at the end of the fourth 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 €113 billion, with net acquisitions 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.