The outstanding amount of debt securities issued by euro area FVCs was €1,780 billion at the end of the third quarter of 2023, €7 billion lower than at the end of the previous quarter. Over the same period, transactions amounted to a net redemption of €14 billion (see Chart 1). The annual growth rate of debt securities issued, calculated on the basis of transactions, increased to 5.0% in the third quarter of 2023, from 4.9% in the previous quarter.
Euro area FVCs' holdings of securitised loans – accounting for most of the assets backing the debt securities issued – were €1,320 billion at the end of the third quarter of 2023, unchanged from the previous quarter (see Chart 2). Net disposals were 6 billion during the third quarter of 2023. Net disposals of securitised loans originated by euro area monetary financial institutions (MFIs) amounted to €9 billion.
Turning to the borrowing sector of securitised loans, loans to euro area households amounted to €761 billion at the end of the third quarter of 2023, with a net disposal of €4 billion during the third quarter of 2023, while loans to euro area non-financial corporations amounted to €415 billion, with a net disposal of €6 billion.
Among the other assets of euro area FVCs, deposits and loan claims amounted to €189 billion at the end of the third quarter of 2023, predominantly claims on euro area MFIs (€98 billion). There was also a net acquisition of deposits and loan claims of €6 billion during the quarter. Holdings of debt securities amounted to €506 billion at the end of the third quarter 2023, while net disposals amounted to €1 billion. Other securitised assets held by FVCs – including for example trade, tax and other receivables – amounted to €116 billion, with net acquisitions of €2 billion during the quarter.
