06 Oct 22

Mandatory Statistical Reporting for Section 110 Companies

Financial Vehicle Corporations (FVCs)

Commencing in 2009, Irish incorporated securitisation vehicles (known as Financial Vehicle Corporations) are obligated to report certain statistical information to the Central Bank of Ireland (CBI) on a quarterly basis under Regulation ECB/2013/40 and the Central Bank Acts 1942-2013.

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This applies to any Irish incorporated Section 110 company which is primarily engaged in securitisation, i.e. where the securitisation transaction accounts for more than half of its balance sheet. The term, securitisation, (as defined in the ECB regulation) 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:

  • acquire an asset or pool of assets from the originator by the transfer of legal title or beneficial interest or through sub-participation; or

  • transfer the credit risk of an asset or pool of assets through the use of derivatives or guarantees to the investors; or

  • acquire insurance risks from an insurance or reinsurance undertaking.

Special Purpose Vehicles (SPVs)

In 2015, CBI extended the reporting requirements to almost all other Irish incorporated Section 110 companies unless they were:

  • a non-Irish incorporated entity;

  • an entity already reporting to the CBI as an FVC;

  • entities which have already been liquidated; and

  • entities which have disposed of their assets (except for cash holdings of less than €500k) so long as there are no future plans to acquire assets or undertake transactions.

Registration and reporting deadlines

FVC returns should be submitted and signed off on the CBI’s portal no later than 19 working days after each quarter end and SPV returns should be submitted and signed off on the CBI’s portal no later than 29 working days after each quarter end.

An FVC or an SPV should register with the CBI no later than 5 working days after it conducts its first financial transaction.

For further information or any assistance regarding FVC or SPV returns, please contact Rolando Ebuna at rebuna@caficointernational.com.