Lists of monetary financial institutions

The financial corporations sector (S.12) consists of institutional units which are independent legal entities and market producers, and whose principal activity is the production of financial services.

The Banco de España publishes the following lists of financial institutions, which are updated daily, in all the countries of the European Union:

The European Central Bank (ECB) also disseminates the lists of financial institutions and, for this purpose, provides files for direct download from the ECB website in several formats and with several classification criteria, which contain the complete list updated on a monthly basis (on the last or penultimate day of each month), or just the changes that have taken place during that month (joiners, leavers and changes in name or address).

Monetary Financial Institutions

Monetary financial institutions (MFIs) are credit institutions resident in the euro area, as defined in EU law, and all resident financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs and, for their own account (at least in economic terms), to grant credits and/or make investments in securities. The latter group is basically made up of money market funds.

List of monetary financial institutions


Non-monetary investment funds

Investment funds are collective investment undertakings, set up under EU or national law, that invest in financial and non-financial assets, within the meaning of the Regulation on the European system of national and regional accounts in the European Union (ESA 2010), to the extent that the objective is to invest capital raised from the public.

Included within the definition of investment funds are:

  • undertakings whose units or shares are, at the request of the holders, repurchased or redeemed directly or indirectly out of the undertaking’s assets; and
  • undertakings which have a fixed number of issued shares and whose shareholders have to buy or sell existing shares when entering or leaving the fund.

Not included in the definition of investment funds are:

  • pension funds; and
  • money market funds (which come under the MFIs).

The ECB releases a quarterly update on the list of investment funds (nine weeks after the end of the quarter to which the list refers).

List of investment funds

Financial vehicle corporations

Securitisation special purpose vehicles or financial vehicle corporations engaged in securitisation transactions are undertakings set up under national or EU law whose main activity is:

  • to carry out securitisation transactions, their structure being designed to isolate the payment obligations of the undertaking from those of the originator or the insurance or reinsurance undertaking; and
  • to issue debt securities, other debt instruments, shares in securitisation special purpose vehicles and/or financial derivatives and/or legally or economically own assets underlying the issue of financing instruments that are offered for sale to the public or sold on the basis of private placements.

The definition does not include monetary financial institutions (MFIs), investment funds, insurance or reinsurance undertakings or alternative investment funds that manage and/or sell alternative investment funds.

Securitisation means a transaction or scheme whereby an entity that is separate from the originator, or insurance or reinsurance undertaking, and is created for or serves the purpose of the transaction or scheme, issues financing instruments to investors, and one or more of the following takes place:

  • an asset or pool of assets, or part thereof, is transferred to an entity that is separate from the originator and is created for or serves the purpose of the transaction or scheme, either by the transfer of legal title or beneficial interest of those assets from the originator or through sub-participation;
  • the credit risk of an asset or pool of assets, or part thereof, is transferred through the use of credit derivatives, guarantees or any similar mechanism to the investors in the financing instruments issued by an entity that is separate from the originator and is created for or serves the purpose of the transaction or scheme;
  • insurance risks are transferred from an insurance or reinsurance undertaking to a separate entity that is created for or serves the purpose of the transaction or scheme, whereby the entity fully funds its exposure to such risks through the issuance of financing instruments, and the repayment rights of the investors in those financing instruments are subordinated to the reinsurance obligations of the entity.

Since January 2010, the ECB releases on a quarterly basis updated information on the list of financial vehicle corporations

List of financial vehicle corporations