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This section provides information on statistical data and background information on statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions. Furthermore, it provides a gateway to the reporting requirements as implemented by the national central banks in the euro area.
Reporting of financial vehicle corporations (FVC) statistics began in the first quarter of 2010 for the reference period end-December 2009. These new statistics, complemented by an enhanced reporting by monetary financial institutions (MFIs) involved in securitisation transactions, as laid down in Regulation ECB/2008/32, provide harmonised information on the securitisation market and risk transfer.
The FVC data refer to assets and liabilities of FVCs, covering end-of-quarter outstanding amounts and financial transactions provided on a quarterly basis (see explanatory notes for more details download ).
Euro area FVC statistics relate to those EU Member States that had adopted the euro at the time covered by the statistics. Data on outstanding amounts and transactions include Estonia as of March 2011.
Outstanding amounts, or stock data, refer to the value of the assets and liabilities at the end of the reference period.
Transactions, or flows data, refer to the net acquisition of a given type of asset during the period, or the net incurrence of a given type of liability.
The MFI securitisation data include, firstly, MFI loans adjusted for loan sales and securitisation. The data covers MFI loans to the private sector, including a further sector breakdown (e.g. households and non-financial corporations), general government and non-euro area residents. In order to adjust MFI loan flows, the transactions reported in a given month (i.e. new loans minus redemptions and repayments) are augmented by the amount of loans removed (”derecognised”) from the MFI balance sheet owing to securitisation or outright sales to non-MFIs.
Data for MFI loans adjusted for loan sales and securitisation are available as monthly series in the form of flows (i.e. transactions during the relevant period), growth rates (including short-term growth rates for the seasonally adjusted version) and chain-linked indices.
Secondly, available MFI securitisation data includes monthly flows of loans securitised by MFIs, with a split between loans that are derecognised and those that continue to be recognised on the MFI balance sheets.
The ECB Regulation concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (ECB/2008/30) and the related Guideline ECB/2008/31 amending Guideline ECB/2007/9 were adopted by the Governing Council on 19 December 2008. They set the framework for the reporting of new statistics regarding the holdings of securitised assets and the issuance by FVCs of securities backed by these assets.
An “FVC” is an entity whose principal activity meets both of the following criteria:
“Securitisation” means a transaction or scheme whereby: (i) an asset or pool of assets is transferred to an entity that is separate from the originator and is created for or serves the purpose of the securitisation; and/or (ii) the credit risk of an asset or pool of assets, or part thereof, is transferred to the investors in the securities, securitisation fund units, other debt instruments and/or financial derivatives issued by an entity that is separate from the originator and is created for or serves the purpose of the securitisation.
For the purposes of FVC statistics:
‘Originator’ means the transferor of the assets, or a pool of assets, and/or the credit risk of the asset or pool of assets to the securitisation structure.
Given the close links between the securitisation activities of FVCs and monetary financial institutions (MFIs), consistent, complementary and integrated reporting of MFIs and FVCs is required.
The ECB Regulation is directly applicable in all euro area countries. It provides the harmonised definitions applicable in all countries as well as the common reporting requirements. In addition, and depending on the jurisdiction concerned, NCBs may issue more detailed instructions as guidance for reporting agents in the country.
In order to facilitate the access to this information at the euro area level, this website provides a central gateway to information available at national level regarding FVC statistics. It contains links to NCB documents providing information on FVC statistics for reporting agents, including instructions for the national reporting requirements and registration. In addition, relevant contact details at each NCB are provided. All questions regarding the national reporting requirements should be addressed to the respective NCBs.
Information by country
Guidance to reporters
Additional information
Guidance to reporters
Additional information
Currently there is no specific national legal framework regulating securitisation vehicles in Estonia. Further guidance or legal documentation is not available.
Additional information
Guidance to reporters
Additional information
Currently there is no specific national legal framework regulating securitisation vehicles in Greece. Further guidance or legal documentation is not available.
Additional information
Guidance to reporters
Circular 2/2009 of the CNMV (Comisión Nacional del Mercado de Valores)
http://boe.es/boe/dias/2009/03/31/pdfs/BOE-A-2009-5317.pdf
Corrections to the previous Circular
http://boe.es/boe/dias/2009/06/27/pdfs/BOE-A-2009-10578.pdf
Additional information
Guidance to reporters
Additional information
Guidance to reporters
Provvedimento della Banca d’Italia del 29 aprile 2011 - Disposizioni in materia di obblighi informativi e statistici delle società veicolo coinvolte in operazioni di cartolarizzazione
http://www.bancaditalia.it/statistiche/racc_datser/intermediari/segnalaz/norm_rif/Normativa-secondaria-Societa-veicolo-cartolarizzazione/Provvedimento-29-04-2011.pdf
Additional information
Currently there is no specific national legal framework regulating securitisation vehicles in Cyprus. Further guidance or legal documentation is not available.
Guidance to reporters
Additional information
Currently there is no specific national legal framework regulating securitisation vehicles in Malta. Further guidance or legal documentation is not available.
Guidance to reporters
Additional information
Guidance to reporters
National guidelines on FVC Statistics are available online at the OeNB website. The information is currently available in German:
http://www.oenb.at/de/stat_melders/melderservice/bankenstatistik/monetaerstatistik/mantelkapitalgesellschaften/mantelkapitalgesellschaften.jsp
Additional information
Guidance to reporters
Additional information
Currently there is no specific national legal framework regulating securitisation vehicles in Slovenia. No further guidance or legal documentation is available.
Currently there is no specific national legal framework regulating securitisation vehicles in Slovakia. No further guidance or legal documentation is available.
Currently there is no specific national legal framework regulating securitisation vehicles in Finland. Further guidance or legal documentation is not available.
