Courtney C. Lipsey The ECB keeps a list of these groups of institutions based on the information provided by the European System of Central Banks members.
- Monetary Financial Institutions (MFIs).
- Investment Funds (IFs)
- Financial Vehicle Corporations (FVCs).
- Payment Statistics Relevant Institutions (PSRIs).
- Insurance corporations
- Pension Funds (PFs)
Check out our frequently asked questions for more information.
Monetary Financial Institutions (MFIs).
The ECB must collect statistical data from the money-issuing sector (MFIs) to understand monetary development. The ECB defines MFIs in Regulation ECB/2021/2 as the statistical sectors below.
- the central bank (S121), i.e., The national central banks and the European Central Bank of EU member states;
- Deposit-taking Corporations except for Central Banks (S122). What are they?
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- As defined by Article 4(1)(1) Regulation No 575/2013, a credit institution accepts deposits from the public or other repayable funds and grants credits on its account.
- Financial intermediaries other than Credit Institutions who receive deposits or close substitutes for deposits from institutional units, including from non-MFIs and grant loans or make investments in securities;
- As defined by Article 2(1) of Directive 2008/110/EC, electronic currency institutions are principally engaged with financial intermediation by issuing electronic money.
- Money market funds (S123), i.e., Collective investment undertakings (CIUs) authorized under Regulation 2017/1131 Article 4, and issue shares or units that are close substitutes to deposits.
MFIs exclude “non MFI credit institutions”, i.e., credit institutions that are investment companies and only carry out the business described in Regulation No 575/2013 Article 4(1)(1)b). They are classified instead in the sector “Other Financial Intermediaries, Except Insurance Corporations and Pension Funds” (S125).
According to Regulation ECB/2021/2, the ECB keeps and updates a list MFIs. This list includes:
- Facilitates the monitoring and production of an extensive and consistent balance of the money-creating sectors in the Euro Area based on MFI populations corresponding to the sectors S121 S122 S123 of the European System of Accounts 2010,
- Ensures that the population reporting statistics is complete and homogeneous
- Supports the production of comprehensive, consistent lists of credit institutions subject to Eurosystem’s Minimum Reserve Requirements and counterparties eligible for Eurosystem transactions.
Daily, the ECB updates its list of MFIs. The CSV files are tab-delimited. MFI Data Access Facility allows users to perform queries directly.
The Statistical Data Warehouse (SDW), which is a repository of the latest data, provides access to them. The following materials are also updated regularly:
- Number of monetary financial institutions (MFI) in the Eurozone
- Number of financial institutions that are not in the Eurozone
- Changes (new MFIs, leaving MFIs) and the number of MFIs since the previous month. Last update: July 5, 2023
MFI publications archived investment funds (IFs).
Investment funds (IFs) refer to collective investment undertakings: i., investment in financial assets and non-financial ones, as defined by the European System of National and Regional Accounts in the Community (ESA95), insofar as the goal is to invest public capital, and ii. are established under Community or national laws.
IFs include undertakings with fixed shares requiring their shareholders to sell or buy existing shares to enter or leave the fund.
Pension funds and money-market funds (which fall under MFIs) are not included in the definition.
Information about IFs collected
- To provide the ECB with a comprehensive statistical view of the financial activity of the IF sector;
- To ensure that the population of IFs reporting statistics is complete and homogeneous.
The legal framework of IFs can be found in Regulation No 1073/2013 by the European Central Bank on October 18, 2013, concerning statistics of assets and liabilities for investment funds (ECB/2013/38).
The ECB publishes a quarterly update of the list of IFs (9 weeks after the end quarter to which the list is referring) and revised lists for the three reference periods that preceded the latest release.
- A total number of investment funds, with historical data (broken by country and investment policy). Last update: June 20, 2023
- Definitions for attributes in the IFs list Last update: March 13, 2023
Published information on the list of IFs, including historical data
- IFs Overview (2019).-2023 last update: June 13, 2023
- Overview of IFs 2014-2018 Last update: June 18, 2022
- IFs Overview (2009).-2013 last update: June 18, 2020
Financial Vehicle Corporations (FVCs).
The “Financial Vehicle Corporations” (FVCs), which are entities established under national or European law, are primarily:
- To carry out securitizations that are protected from any default or bankruptcy of the original;
- Issue securities, securitization funds units, debt instruments, or financial derivatives, and own legally or economically assets that support the issue of securities or securitizations fund units or other debt instruments or financial derivatives, which are sold to the public or based on private placements.
The definition of FVCs does not include MFIs or IFs.
Securitization is a transaction, scheme, or arrangement whereby an asset, or pool, of assets, is transferred or sold to an entity separate from its originator, which is either created or exists to serve the securitization’s purpose; or ii) the credit risk associated with an asset, or pool, of assets or financial derivatives is transferred or sold to investors in securities, securitization funds, other debt instruments, and financial products issued by a separate entity from its originator.
The following information is collected on FVCs:
- To provide the ECB with a comprehensive statistical view of the financial activity of the FVC sector;
- To ensure that the population of FVCs used for statistical reporting is complete and homogenous.
The legal framework for FVCs can be found in Regulation No 1075/2013 by the European Central Bank dated October 18, 2013, concerning statistics on assets and liabilities of Financial Vehicle Corporations engaged in Securitisation Transactions (ECB/2013/40).
The ECB publishes a quarterly update of the FVC list (three weeks following the end of the quarter that the list refers to) and revised lists for the three reference periods before the latest release.
- Total number of FVCs, including historical data (broken by country and type of securitization). Last update: May 3, 2023
- Definitions for attributes in the FVCs list Last update: October 5, 2018
Published information on the FVC list, including historical data
- FVCs Overview (2019).-2023 last update: May 3, 2023
- FVCs Overview (2014).-2018 last update: June 18, 2020
- FVCs Overview (2009).-2013 last update: June 18, 2020
Payment statistics relevant institutions (PSRIs)
Payment statistics relevant institutions (PSRIs), or payment service providers, include electronic money issuers and payment system operators. PSRIs provide payment services or are entitled to. Different institutional sectors can be categorized.
Payment Service Providers include the following entities.
- Credit institution means an enterprise whose primary business is to accept deposits or other repayable money from the public and to grant them credits on their behalf;
- Electronic currency institutions are legal entities authorized to create electronic money. Electronically, including magnetically stored monetary values issued upon receipt of funds that can be used for payments.
- institutions de giro postaux habilitées to provide payment services under national law
- The European Central Bank & National Central Banks are considered NCBs when not acting as a monetary or public authority.
- When acting as public authorities, member states or their regional or municipal authorities do not act in the capacity of a public authority.
- Payment institutions are legal persons other than the ones listed above authorized to provide and execute payment services throughout the EU.
Payment System Operators are legal entities responsible for the operation of a payment system.
The ECB updates and maintains the list of PSRIs each year. The list includes information about entities that have been granted derogation from the reporting requirements for payment statistics by an NCB.
- Overview and historical data of PSRIs (by country, type of economic activity, etc.) Last update: March 9, 2023
- Published information regarding the list PSRIs, including historical data. Last update: March 9, 2023
- Definitions for attributes in the PSRIs list Last update: March 9, 2023
- Definitions for attributes in the PSRIs list. Valid until 2016Q4. Last update: October 5, 2018
According to its legal obligations, ECB regularly publishes reference data, provided the information is not confidential.
Insurance corporations (ICs).
Insurance corporations (ICs) refer to financial corporations and quasi-corporations whose primary activity is financial intermediation due to pooling risks. This usually takes the form of either direct insurance or reinsurance.
Insurance corporations include all financial corporations and quasi-corporations which provide:
- Life Insurance Services: Policyholders pay regular or one-off payments in exchange for a guarantee that the insurer will give them a sum agreed upon or an annuity at a specific date or sooner;
- Non-Life Insurance Services Covering, for example, risks from accidents, sickness, credit default, or fire;
- Reinsurance Services: Insurance purchased by insurers to protect themselves against many unexpected or significant claims.
Information about ICs is collected:
- To provide the ECB with a comprehensive statistical view of the financial activity of the IC sector;
- To ensure that the reporting of IC statistics is complete and homogeneous.
- To ensure that a comprehensive list of eligible counterparties for Eurosystem transactions is produced.
Regulation No 1374/2014 (EU) of the European Central Bank on November 28, 2014, concerning statistical reporting requirements of insurance corporations, sets out the legal framework for ICs.
- Summary of the number of ICs and historical data (distributed by country, type of economic activity, and other factors). Last update: June 12, 2023
- Detailed information about the list of ICs, including historical data. Last update: June 20, 2023
- Definitions for attributes in the list of ICs Last update: October 5, 2018
Pension Funds (PFs)
Pension funds (PFs) provide social insurance through the provision of income to insured individuals after retirement. They often also provide disability and death benefits. Pension plans are a cornerstone of European households’ income in retirement. Pension funds are also institutional investors in the financial markets. The ECB collects data on pension fund balance sheets to analyze the financial system and household wealth.
The following information is collected on PFs:
- To provide the ECB with a comprehensive statistical view of the financial activity of the PF Sector;
- To ensure that the reporting of PF statistics is complete and homogeneous.
- To produce a comprehensive, consistent list of counterparties eligible to participate in Eurosystem operations.
Regulation No 2018/231 (EU) of the European Central Bank, dated January 26, 2018, concerning statistical reporting requirements for Pension Funds (ECB/2018/2) (the Regulation), sets out the legal framework applicable to PFs.
According to Article 3 of the Regulation, the ECB maintains the following list for statistical purposes. It includes PFs and Pension Managers that are part of the actual reporting population under the Regulation. This list can include information about entities granted derogations by NCBs by Article 7 Regulation.
