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The ECB Regulation concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (ECB/2008/30) and the related update of 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.
This webpage provides information on available and forthcoming statistical data and background information on the statistics. Furthermore, it provides a gateway to the reporting requirements as implemented by the national central banks in the euro area.
First reporting of FVC statistics is scheduled to begin 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, will fill a gap in current statistics and provide harmonised information on the securitisation market and risk transfer. Based on the statistical reports submitted by reporting agents, aggregated results will be compiled for the following three vehicle sub-categories: (i) FVCs engaged in traditional securitisation; (ii) FVCs engaged in synthetic securitisation; and (iii) other FVCs. Data will refer to end-of-quarter outstanding amounts and financial transactions provided on a quarterly basis. A first publication of the data is tentatively planned for early 2011.
Since the reference month of December 2008, the ECB publishes data on MFI loans to the private sector which are adjusted for the sale and securitisation of loans. In order to adjust MFI loan flows for sales and securitisation, the transactions reported in a given month (i.e. new loans minus redemptions and repayments) are augmented by the amount of loans removed from the MFI balance sheet (i.e. derecognition) owing to securitisation or outright sales to non-MFIs.
Data for MFI loans adjusted for loan sales and securitisation are available as seasonally adjusted and non-seasonally adjusted 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. Get the latest available data.
While data on MFI loans are fully harmonised under Regulation ECB/2001/13, the available adjustments for sales and securitisation are not yet fully harmonised. Their availability and coverage differ among Member States. An enhanced reporting of MFI loan securitisation and other loan transfers will begin in July 2010 with data provision back to December 2009.
FVC data will provide statistics on the financial activities of the FVC sector in the participating Member States.
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
Guidance to reporters
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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
Circolare 273 del 5 gennaio 2009 – Segnalazioni degli intermediari finanziari iscritti nell’elenco generale di cui all’art. 106 del TUB - 1° aggiornamento del 29 ottobre 2009.
http://uif.bancaditalia.it/UICFEWebroot/DocServlet?id=new/it/norm/bi/circ-2009-01-05-273-agg1.pdf
Circolare 154 del 22 novembre 1991 - Segnalazioni di vigilanza delle istituzioni creditizie e finanziarie - Schemi di rilevazione e istruzioni per l'inoltro dei flussi informativi – 38° aggiornamento – novembre 2009.
http://www.bancaditalia.it/vigilanza/banche/normativa/disposizioni/c154/Circ_154_agg_38.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.
