Euro area financial vehicle corporation statistics: first quarter of 2020
22 May 2020
- In the first quarter of 2020 the outstanding amount of debt securities issued by euro area financial vehicle corporations (FVCs) engaged in securitisation decreased to €1,526 billion, from €1,565 billion at the end of the previous quarter.
- Net redemptions of debt securities by FVCs during the first quarter of 2020 amounted to €26 billion.
- Euro area FVCs' holdings of securitised loans stood at €1,283 billion at the end of the first quarter of 2020; the net disposals of securitised loans held by FVCs amounted to €5 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 €1,526 billion at the end of the first quarter of 2020, €39 billion lower than at the end of the previous quarter. Over the same period, transactions amounted to a net redemption of €26 billion (see Chart 1). The annual growth rate of debt securities issued, calculated on the basis of transactions, decreased to 4.9% in the first quarter of 2020, from 6.3% in the previous quarter.
Euro area FVCs' holdings of securitised loans – accounting for most of the assets backing the debt securities issued – decreased to €1,283 billion at the end of the first quarter of 2020, from €1,289 billion at the end of the previous quarter, mainly accounted for by net disposals of €5 billion (see Chart 2). Net disposals of securitised loans originated by euro area monetary financial institutions (MFIs) amounted to €14 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 €754 billion at the end of the first quarter of 2020, with a net disposal of €13 billion during the first quarter of 2020, while loans to euro area non-financial corporations amounted to €363 billion, with negligible net transactions.
Among the other assets of euro area FVCs, deposits and loan claims amounted to €177 billion at the end of the first quarter of 2020, predominantly claims on euro area MFIs (€100 billion). There was a net disposal of deposits and loan claims during the quarter of €12 billion. Holdings of debt securities amounted to €330 billion at the end of the first quarter 2020, while net acquisitions amounted to €3 billion. Other securitised assets held by FVCs – including for example trade, tax and other receivables – amounted to €97 billion, with net disposals of €10 billion during the quarter.
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