Special Purpose Entities

Comprehensive information is collected on Irish-resident special purpose entities engaged in securitisation activity.  The data details stock and transactions on a quarterly basis, with information on the scale, composition, geographical and sectoral exposures of vehicles’ assets and liabilities. An accompanying press release details headline observations derived from the most recent quarterly data.  This data is transmitted to the Central Statistics Office and the European Central Bank to feed into Irish and euro area balance of payments and national accounts statistics.  The data also feeds the measurement of shadow banking based on Financial Stability Board definitions.

Key Points – Q2 2026

Publication date:  4 September 2026

• In Q2 2026, the size of the SPE sector grew substantially, with total assets increasing by €65bn to €1,343bn.
• For FVCs, Collateralised Loan Obligation vehicles continue to represent the largest share of total FVC assets, increasing by €11bn in the quarter. For Other SPEs, Investment Fund Linked vehicles represent the largest share of total Other SPEs assets, totalling €166bn.
• The main driver of growth in Q1 2026 total assets was a €36.4bn increase in Deposits and loan claims. The growth in Loan Claims assets was concentrated mainly in the United Kingdom (€23.5bn increase) and United States (€6.8bn increase).

Summary Charts

•  The number of FVCs rose by 1.6 per cent to 1,726 in Q2 2026. Total FVC assets grew 4.6 per cent, or €33bn, quarter-on-quarter in Q2 2026, driven by the continued growth in Collateralised Loan Obligations vehicles (€11bn).
• Within FVCs, Collateralised Loan Obligations vehicles remain the largest activity type, accounting for 44.4 per cent of total FVC assets. The total assets of FVCs in the residual ‘Other’ category* remain the second largest FVC activity type, accounting for 21 per cent of total assets.
• The number of Other SPE vehicles rose marginally in the quarter to 2,271 (1.8 per cent). Total assets, however, grew by 5.7 per cent quarter-on-quarter (€32bn). This was largely due to increases in the residual ‘Other’ activities category.
• Within Other SPEs, the residual ‘Other’ category saw an increase in total assets of €18 bn (12.9 per cent). Investment Fund Linked vehicles, are the largest vehicle activity type and comprise 27.8 per cent of total Other SPEs assets.

• The main driver of growth in Q2 2026 total assets was a €30bn increase Loan Claims.
• The growth in Loan Claims assets was concentrated mainly in the United Kingdom (€23.5bn increase) and United States (€6.8bn increase).
• Debt securities held remain the largest component of SPEs’ assets. In Q2 2026, they accounted for €473 bn or and comprised 35 per cent of total SPEs assets.

• The total value of debt securities issued by SPEs stood at €832bn at the end of Q2 2026, representing an increase of €107bn from Q2 2025.
• Annually, debt securities issued by FVCs and Other SPEs increased by €37.1bn and €70bn, respectively.
• There is a significant increase in the issuance of Irish debt securities, increasing €76.1bn (or accounting for 70.9 per cent of growth) between 2025 Q2 and 2026 Q2.
• Over the past five years, Irish debt securities issued have grown at an average annual rate of 12.8 per cent, representing total growth of 80.8 per cent since Q2 2021.

Releated Datasets

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