Statistics

Financial Vehicle Corporations

"Financial vehicle corporations" (FVCs) are undertakings which are constituted pursuant to national or Community law and whose principal activity is:

• to carry out securitisation transactions and which are insulated from the risk of bankruptcy or any other default of the originator; or
• to issue securities, securitisation fund units, other debt instruments and/or financial derivatives and/or to legally or economically own assets underlying the issue of securities, securitisation fund units, other debt instruments and/ or financial derivatives that are offered for sale to the public or sold on the basis of private placements.

Neither MFIs  nor IFs  are included in the definition of FVCs.

“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.

The legal framework for FVCs is set out in Regulation (EC) No 24/2009 of the European Central Bank of 19 December 2008 and in Guideline ECB/2008/31 of 19 December 2008.

The ECB releases from February 2010 onwards quarterly updated information on the list of financial vehicle corporations.

FVC list