Euro area financial vehicle corporation statistics: third quarter of 2020
17 November 2020
- In third quarter of 2020 outstanding amount of debt securities issued by euro area FVCs engaged in securitisation decreased to €1,539 billion, from €1,547 billion in previous quarter
- Net redemptions of debt securities by FVCs during third quarter of 2020 amounted to €5 billion
- Euro area FVCs disposed €18 billion of securitised loans in third quarter of 2020, with outstanding amounts totalling €1,231 billion
Debt securities issued by euro area FVCs
(EUR billions; not seasonally adjusted)
The outstanding amount of debt securities issued by euro area FVCs was €1,539 billion at the end of the third quarter of 2020, €8 billion lower than at the end of the previous quarter. Over the same period, transactions amounted to a net redemption of €5 billion (see Chart 1). The annual growth rate of debt securities issued, calculated on the basis of transactions, decreased to 3.4% in the third quarter of 2020, from 4.4% in the previous quarter.
Euro area FVCs' holdings of securitised loans – accounting for most of the assets backing the debt securities issued – decreased to €1,231 billion at the end of the third quarter of 2020, from €1,277 billion at the end of the previous quarter. The change was accounted both for adjustments and by net disposals of €18 billion (see chart 2). Net disposals of securitised loans originated by euro area monetary financial institutions (MFIs) amounted to €15 billion.
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 €755 billion at the end of the third quarter of 2020, with a net disposal of €19 billion during the third quarter of 2020, while loans to euro area non-financial corporations amounted to €335 billion, with a net acquisition of €3 billion.
Among the other assets of euro area FVCs, deposits and loan claims amounted to €164 billion at the end of the third quarter of 2020, predominantly claims on euro area MFIs (€92 billion). There was a net acquisition of deposits and loan claims during the quarter of €1 billion. Holdings of debt securities amounted to €386 billion at the end of the third quarter 2020, while net acquisitions amounted to €20 billion. Other securitised assets held by FVCs – including for example trade, tax and other receivables – amounted to €96 billion, with net acquisitions of €1 billion during the quarter.
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- 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.