ENP Newswire -
Release date- 01072014 - Total FVC assets values reported in Q1 2014 increased to
Transactions were negative for the fourth consecutive quarter. The number of reporting entities decreased over the quarter, the first fall since Q1 2013, due to an unwinding of a number of smaller FVC vehicles.
The value of total FVC assets increased by
A new FVC reporting template was introduced for Q1 2014 in order to fulfill new European Central Bank FVC and Balance of Payment reporting requirements. These requirements included greater original maturity, sector, and geographical breakdowns. FVC reporting agents used the updating of the FVC reporting form to make some re-classifications to the FVC data reported. This caused some movements between certain asset and liability classes, which can be seen in Table 1.
The quarter on quarter changes between Q4 2013 and Q1 2014 were largely as a result of these reclassifications.
There was a reclassification of
There were also reclassifications between the following categories:
Securitised loans originated by euro-area MFIs
Securities other than shares
Other securitised assets
Shares and other equity
Debt securities issued by FVCs with over two years original maturity of
Euro area FVCs asset values declined by
Notes to Editors:
These data were collected under the requirements of Regulation (EC) No. 24/2009 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (ECB/2008/30), which was passed on
The full data series for
'Financial vehicle corporations' (FVCs) are undertakings which are constituted pursuant to National or Community Law and whose principal activity meets both of the following criteria:
to carry out securitisation transactions which are insulated from the risk of bankruptcy or any other default of the originator;
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.
'Securitisation' refers to 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.
 Definitions of an FVC and 'securitisation' can be found on page 4 - in Notes to Editors.
 Regulation EC No. 24/2009 of the ECB and Guideline ECB/2011/23.
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SEPTEMBER 22, 2014
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