And together with the reporting of investment funds established in 2009, which also includes hedge funds, the ECB statistics now cover a large part of the shadow banking system within the euro area. In addition to balance sheet reporting for securitisation vehicles, a consistent monthly reporting by Monetary and Financial Institutions (MFIs) has also been developed.
This makes it possible to assess how the securitisation of loans granted by MFIs can actually have an impact on the growth rates of MFI lending to households and non-financial corporations. That is a step forward for our monetary analysis.