Fiduciary deposits on behalf of non-financial corporations or natural persons
- Question ID: 2020/0010
- Date of publication: 31/01/2020
- Subject matter: General clarifications
- AnaCredit Manual: Part I
Please confirm that fiduciary deposits serviced by observed agents on behalf of non-financial corporations or where the creditor is a natural person do not come under the scope of AnaCredit.
It is confirmed that such loans are not to be reported under the AnaCredit Regulation.
Notably, in accordance with Article 4(1)(a)(iv)(ii) of the AnaCredit Regulation credits serviced by the observed agent are only required if they are held by a legal entity (which fulfils further conditions). Consequently, fiduciary deposits where the creditor is a natural person fall outside the scope of AnaCredit as legal entities are entities other than natural persons.
Furthermore, as clarified in Recital 1 of the AnaCredit Regulation, AnaCredit comprises detailed and individual information about instruments giving rise to credit risk for deposit-taking corporations, financial corporations other than deposit-taking corporations or asset management vehicles, which are all engaged in lending on a significant scale.
Therefore, instruments serviced by the observed agent on behalf of corporations not engaged in lending on a significant scale do not constitute instruments subject to AnaCredit reporting as they are not considered to give rise to credit risk for deposit-taking corporations, financial corporations other than deposit-taking corporations or asset management vehicles, even if the observed agent acts as the servicer thereof. For example, such instruments include trade receivables managed (i.e. serviced without being purchased) by the observed agent.