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Global Monitoring Report on Non-Bank Financial Intermediation 2018 4 February 2019 2 Contacting the Financial Stability Board Sign up for e-mail alerts: Follow the FSB on Twitter: E-mail the FSB at: fsb/emailalert FinStbBoard fsbfsb Copyright 2019 | Financial Stability Board. Please refer to: fsb/terms_conditions/ The Financial Stability Board (FSB) is established to coordinate at the international level the work of national financial authorities and international standard-setting bodies in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. Its mandate is set out in the FSB Charter, which governs the policymaking and related activities of the FSB. These activities, including any decisions reached in their context, shall not be binding or give rise to any legal rights or obligations under the FSBs Articles of Association. 3 TABLE OF CONTENTS Page Executive summary . 4 1. Introduction . 8 2. Macro-mapping of all non-bank financial intermediation . 13 2.1 Overview of trends . 13 2.2 MUNFI trends . 15 2.3 Credit intermediation and wholesale funding of NBFIs . 21 3. Interconnectedness among financial sectors . 28 3.1 Overall interconnectedness among financial sectors . 29 3.2 General trends in interconnectedness between banks and OFIs . 31 3.3 Interconnectedness of insurance corporations and pension funds to OFIs . 35 3.4 Cross-border interconnectedness (exposures to the rest of the world) . 38 4. The narrow measure of NBFI . 40 4.1 Narrowing down towards an activity-based measure of NBFI . 40 4.2 Narrow measure trends . 44 4.3 Composition of the narrow measure . 46 4.4 Economic Function 1 . 50 4.5 Economic Function 2 . 56 4.6 Economic Function 3 . 60 4.7 Economic Function 4 . 64 4.8 Economic Function 5 . 65 5. Case studies . 68 5.1 FinTech credit: Data, classification and policies . 68 5.2 Recent developments in leveraged loan markets and the role of NBFIs . 73 5.3 The non-bank credit cycle. 79 5.4 Cross-border co-movement between NBFI systems . 83 5.5 Use of CDS by non-bank financial institutions in the EU . 88 Annex 1: Summary table . 92 Annex 2: Jurisdiction-specific summaries . 93 Annex 3: Exclusion of OFI entity types from the narrow measure of NBFI . 95 Annex 4: Bibliography . 97 4 Executive summary Non-bank financing is a valuable alternative to bank financing for many firms and households, fostering competition in the supply of financing and supporting economic activity. However, non-bank financing may also become a source of systemic risk, both directly and through its interconnectedness with the banking system, if it involves activities that are typically performed by banks, such as maturity/liquidity transformation and the creation of leverage. To assess global trends and risks in non-bank financial intermediation, the Financial Stability Board (FSB) has been conducting an annual monitoring exercise since 2011. With the 2018 Report, the FSB moves away from the term “shadow banking” and adopts “non-bank financial intermediation” (hereafter NBFI), to emphasise the forward-looking aspect of the FSBs work. This change in terminology does not affect either the substance or the coverage of the monitoring exercise. This Report presents the results of the FSBs eighth annual monitoring exercise. It covers data up to end-2017 from 29 jurisdictions, which together represent over 80% of global GDP.1As in previous years, this Report compares the size and trends of financial sectors in aggregate and across jurisdictions based primarily on sectoral balance sheet data. The Report then focuses on those parts of NBFI that may pose bank-like financial stability risks (hereafter the “narrow measure”). Non-bank financial entities are included in the narrow measure if they perform one of the FSBs five economic functions (see Section 4). This assessment is conducted on a conservative basis,2reflecting the assumption that policy measures or risk management tools are not exercised (ie on a pre-mitigant basis). The key terms used throughout this Report are defined in Box 0-1. The main observations are as follows:3 The monitoring universe of non-bank financial intermediation (MUNFI) grew by 7.0% to an aggregate $184.3 trillion in 2017. MUNFIs share of total global financial assets increased for the sixth consecutive year (reaching 48.2%). The assets of other financial intermediaries (OFIs), which includes all financial institutions that are not central banks, banks, insurance corporations, pension funds, public financial institutions or financial auxiliaries, grew by 7.6% to $116.6 trillion globally in 2017. OFI assets grew faster than the assets of banks, insurance 1Depending on the context, two samples are presented in this Report. The first sample comprises 21 individual non-euro area jurisdictions and the euro area as a whole. For more detailed assessments using granular data, the second sample comprises 29 reporting jurisdictions (for details, see Section 1). 2Non-bank financial entities are only excluded from the narrow measure if data are available and the analysis of the data in accordance with the FSBs classification guidance provides sufficient grounds for exclusion. As a result, the narrow measure may overestimate the degree to which non-bank financial intermediation may give rise to financial stability risks. For details, see Section 4. 3Measures of growth throughout the Report are adjusted for some exchange rate effects by applying a constant end-2017 exchange rate across all past years to convert data denominated in local currencies into US dollars. “Assets” refer to financial assets on an unconsolidated basis, where available. Due to improvements in national statistics and more granular reporting, these results are not strictly comparable to those presented in previous Reports. 5 corporations and pension funds. OFI assets represent 30.5% of total global financial assets, the largest share OFIs have had on record. Investment funds continue to be the largest OFI sub-sector, followed by captive financial institutions and money lenders (CFIMLs). Structured finance vehicles (SFVs) grew in 2017 for the first time since the 2007-09 global financial crisis. While SFVs grew in most jurisdictions, the global increase was driven by just a few jurisdictions. Aggregate loans extended by OFIs increased by 0.2% in 2017, continuing growth seen since 2011 (in comparison, bank lending grew by 6.2% in 2017). OFI lending grew in some Asian jurisdictions, offsetting declines in some euro area jurisdictions. OFIs have continued to reduce their reliance on wholesale funding and repos as a source of funding,4while that of banks has changed little since 2011. The total repo assets of banks and OFIs grew by 9.6% in 2017 to reach $9.4 trillion, while their total repo liabilities grew by 9.8% to reach $9.2 trillion. Among OFIs, money market funds (MMFs), trust companies and investment funds are net providers of cash through repos, while broker-dealers are net recipients. In aggregate, banks and OFIs have become marginally more interconnected through credit and funding relationships in 2017, remaining around 2003-06 levels. Investment funds and MMFs are the largest OFI sub-sectors that provide credit to banks. OFIs have significant cross-border linkages relative to their assets. The narrow measure of NBFI grew by 8.5%, to $51.6 trillion in 2017, slightly below the 2011-16 average annual growth rate of 8.8%. Since 2011, the Cayman Islands, China, Ireland and Luxembourg have together accounted for over two-thirds of the narrow measures dollar value increase. In the years since the financial crisis, growth of the narrow measure has been driven primarily by investment funds, as opposed to pre-crisis growth, which was driven to a large degree by entity types such as SFVs and other off-balance sheet funding vehicles (or conduits). The narrow measure represents 27.9% of MUNFI and 13.7% of total global financial assets (Exhibit 0-1 illustrates this relationship). Nearly three-quarters of the narrow measure is concentrated in six jurisdictions. Within the narrow measure, financial intermediaries are categorised into five economic functions (EF): Collective investment vehicles (CIVs) with features that make them susceptible to runs (EF1) grew by 9.1% in 2017, less than in 2016 (9.9%) or from 2011-16 (13.2%). EF1 entities include open-ended fixed income funds, credit hedge funds and MMFs, and their assets represent 71.2% of the narrow measure (see Exhibit 0-1). CIVs in EF1 invest mostly in credit assets (eg for fixed income funds and MMFs, reflecting their business models) and are involved in liquidity transformation. Non-bank financial entities engaging in loan provision that is dependent on short-term funding (EF2) grew by 5.8% in 2017, to account for 6.7% of the narrow measure. Finance companies, the entity type most commonly classified 4That is, the use of wholesale funding, including repos as a percentage of total balance sheet assets. 6 into EF2, employ a somewhat elevated degree of leverage and, in some jurisdictions, a high degree of maturity transformation. Finance companies in a few jurisdictions displayed high liquidity transformation. Market intermediaries that depend on short-term funding or secured funding of client assets (EF3) grew by 5.2%, to make up 8.2% of the narrow measure. Broker-dealers constitute the largest EF3 entity type. Reflecting their business models, broker-dealers in some jurisdictions continue to employ significant leverage, particularly when accounting for off-balance sheet exposures, although it is considered to be lower than the levels seen prior to the financial crisis. Net repo market funding of broker-dealers increased in 2017, after several years of reduced repo market funding. Entities involved in the facilitation of credit creation (EF4), such as financial guarantors and credit insurers, grew by 4.4% in 2017, although their current size ($173.4 billion) is likely quite understated due to the difficulty in capturing their off-balance sheet exposures. Risk data were also sparse. Finally, securitisation-based credit intermediation (EF5) increased by 9.1% in 2017, to account for 9.6% of the narrow measure, primarily driven by growth in trust company assets and securitisations. In addition to assessing the data collected annually, experts from participating authorities also discuss various types of non-bank financial entities and activities in greater detail. This Report presents some results of these discussions as collaborative case studies (Section 5): (i) FinTech credit: data, classification and policies; (ii) recent developments in leveraged loan markets and the role of non-bank financial intermediaries; (iii) the non-bank credit cycle; (iv) cross-border co-movement of NBFI systems; and (v) the use of credit default swaps by non-bank financial institutions in the European Union (EU). The 2018 monitoring exercise benefited from a number of improvements in data consistency and comprehensiveness.5These include enhanced data collection for wholesale funding, including repo activities, the total liabilities of entities, as well as for interconnectedness with the rest of the world. Risk metrics data were also enhanced by collecting data covering two consecutive years (2016 and 2017) and on risk concentrations. In addition to these efforts, participating jurisdictions also provided additional or improved data on credit, lending and interconnectedness in particular. The FSB plans to assess the effectiveness of these improvements and make adjustments as needed to further improve its understanding of NBFI and associated bank-like financial stability risks. 5Many of these were in response to the recommendations to strengthen the monitoring and data collection framework in FSB (2017c). 7 Key terms Box 0-1 The following monitoring aggregates are referred to throughout the Report: (i) MUNFI (monitoring universe of non-bank financial intermediation), also referred to as non-bank financial intermediation, is a broad measure of all NBFI, comprising insurance corporations, pension funds, OFIs and financial auxiliaries. (ii) OFIs comprise all financial institutions that are not central banks, banks, insurance corporations, pension funds, public financial institutions or financial auxiliaries. The largest OFI sub-sectors are investment funds, CFIMLs and broker-dealers. (iii) Narrow measure of non-bank financial intermediation (or “narrow measure”) includes non-bank financial entity types that authorities have assessed as being involved in credit intermediation activities that may pose bank-like financial stability risks, based on the FSBs methodology and classification guidance. Monitoring aggregates At end-2017 Exhibit 0-1 Narrowing down1Composition of the narrow measure2Economic Functions Size (USD trillion) Share (%) Change in 20173 (%) EF1 (collective investment vehicles with features that make them susceptible t
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