- Statistical release
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
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.
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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