While Financial Vehicle Corporations (FVCs) shrunk by more than one-fifth since the crisis erupted, still more than 12% of all loans extended by monetary and financial institutions (MFIs) granted to euro area households are secured through euro area conduits, which hold € trillion in assets.
Moreover, euro area bond funds hold almost a quarter of all outstanding debt securities issued by euro area non-financial corporates, while equity funds hold almost half a trillion in equities of euro area non-financial corporates. 13  See Igan and Kang (2011) and Kuttner and Shim (2013). 14  See: Banking structures report, bankingstructuresreport201410.en.pdf.