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Data Gaps and Shadow Banking:Profiling Special Purpose Vehicles’Activities in Ireland

Author

Listed:
  • Godfrey, Brian

    (Central Bank of Ireland)

  • Killeen, Neill

    (Central Bank of Ireland)

  • Moloney, Kitty

    (Central Bank of Ireland)

Abstract

The role of shadow banking and securitisation has gained increasing nationaland international attention since the start of the global financial crisis in 2007. Ireland has a sizeable non-bank financial sector with a number of key components including money market funds (MMFs), investment funds (IFs) and other financial intermediaries (OFIs). This Article focuses on the activities of financial vehicle corporations (FVCs) and special purpose vehicles (SPVs) within the OFI sector. The main features of these vehicles and their linkages to the Irish and international economies are examined. The Article also discusses recent regulatory developments and potential financial stability issues arising from their activities. In order to address data gaps and to improve oversight of the SPV sector, the Central Bank of Ireland will extend quarterly reporting requirements to SPVs.

Suggested Citation

  • Godfrey, Brian & Killeen, Neill & Moloney, Kitty, 2015. "Data Gaps and Shadow Banking:Profiling Special Purpose Vehicles’Activities in Ireland," Quarterly Bulletin Articles, Central Bank of Ireland, pages 48-60, July.
    • Handle: RePEc:cbi:qtbart:y:2015:m:07:p:48-60
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    File URL: https://centralbank.ie/docs/default-source/publications/quarterly-bulletins/qb-archive/2015/quarterly-bulletin-no-3-2015.pdf?sfvrsn=8#page=50
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    References listed on IDEAS

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    1. Gary B. Gorton & Nicholas S. Souleles, 2007. "Special Purpose Vehicles and Securitization," NBER Chapters, in: The Risks of Financial Institutions, pages 549-597, National Bureau of Economic Research, Inc.
    2. Mr. Stijn Claessens & Mr. Lev Ratnovski, 2014. "What is Shadow Banking?," IMF Working Papers 2014/025, International Monetary Fund.
    3. Acharya, Viral V. & Schnabl, Philipp & Suarez, Gustavo, 2013. "Securitization without risk transfer," Journal of Financial Economics, Elsevier, vol. 107(3), pages 515-536.
    4. Godfrey, Brian & Golden, Brian, 2012. "Measuring Shadow Banking in Ireland using Granular Data," Quarterly Bulletin Articles, Central Bank of Ireland, pages 82-96, October.
    5. Godfrey, Brian & Jackson, Clive, 2011. "Meeting the Statistical Challenges of Financial Innovation: Introducing New Data on Securitisation," Quarterly Bulletin Articles, Central Bank of Ireland, pages 109-122, July.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Fiedor, Paweł & Killeen, Neill, 2021. "Securitisation special purpose entities, bank sponsors and derivatives," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    2. Ronald B. Davies & Neill Killeen, 2018. "The Effect of Tax Treaties on Market Based Finance: Evidence using Firm-Level Data," Working Papers 201818, School of Economics, University College Dublin.
    3. Kitty Moloney & Oisin Kenny & Neill Killeen, 2016. "Network analysis using EMIR credit default swap data: micro-level evidence from Irish-domiciled special purpose vehicles (SPVs)," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Combining micro and macro data for financial stability analysis, volume 41, Bank for International Settlements.
    4. Karl Michael Beyer & Lars Braeutigam, 2016. "Das europaeische Schattenbankensystem: Typologisierung und die Bewertung regulatorischer Initiativen auf europaeischer Ebene," ICAE Working Papers 56, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    5. Hallissey, Niamh, 2016. "Interconnectedness of the Irish banking sector with the global financial system," Quarterly Bulletin Articles, Central Bank of Ireland, pages 66-82, January.
    6. Grillet-Aubert, Laurent & Haquin, Jean-Baptiste & Jackson, Clive & Killeen, Neill & Weistroffer, Christian, 2016. "Assessing shadow banking – non-bank financial intermediation in Europe," ESRB Occasional Paper Series 10, European Systemic Risk Board.
    7. International Monetary Fund, 2016. "Ireland: Financial Sector Assessment Program: Technical Note-Asset Management and Financial Stability," IMF Staff Country Reports 2016/312, International Monetary Fund.
    8. Lars Bräutigam & Karl Michael Beyer, 2016. "Das europäische Schattenbankensystem," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 154, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.
    9. Dominick Barrett & Brian Golden & Eduardo Maqui, 2017. "New data collection on SPVs in Ireland: findings and implications for the measurement of shadow banking," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Statistical implications of the new financial landscape, volume 43, Bank for International Settlements.
    10. Molitor, Philippe & Doyle, Nicola & Hermans, Lieven & Weistroffer, Christian, 2016. "Shadow banking in the euro area: risks and vulnerabilities in the investment fund sector," Occasional Paper Series 174, European Central Bank.
    11. Moloney, Kitty & O'Gorman, Paraic & O’Sullivan, Max & Reddan, Paul, 2023. "Non-bank lenders to SMEs as a source of financial stability risk – a balance sheet assessment," Financial Stability Notes 11/FS/23, Central Bank of Ireland.
    12. Barrett, Dominick & Godfrey, Brian & Golden, Brian, 2016. "New Data Collection on Special Purpose Vehicles in Ireland: Initial Findings and Measuring Shadow Banking," Quarterly Bulletin Articles, Central Bank of Ireland, pages 71-84, October.
    13. Guagliano, Claudia & Mazzacurati, Julien & Kenny, Oisin & Braunsteffer, Achim, 2019. "Use of credit default swaps by UCITS funds: evidence from EU regulatory data," ESRB Working Paper Series 95, European Systemic Risk Board.

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