2019年-FSB全球金融稳定委员会_Global_Monitoring_Report_on_Non_100页_3mb

Summary of the Global Monitoring Report on Non-Bank Financial Intermediation 2018

Core Content

The Global Monitoring Report on Non-Bank Financial Intermediation 2018, published by the Financial Stability Board (FSB) on 4 February 2019, presents an analysis of non-bank financial intermediation (NBFI) and its implications for financial stability. The report replaces the term "shadow banking" with "non-bank financial intermediation" to reflect a forward-looking approach to monitoring and policy development. It covers data up to end-2017 from 29 jurisdictions, representing over 80% of global GDP.

Main Observations

• MUNFI (Monitoring Universe of Non-Bank Financial Intermediation) grew by 7.0% to $184.3 trillion in 2017, with a 6-year trend of increasing share of total global financial assets, reaching 48.2%.
• OFIs (Other Financial Intermediaries) grew by 7.6% to $116.6 trillion, representing 30.5% of total global financial assets, the largest share on record.
• Investment funds remain the largest OFI sub-sector, followed by CFIMLs (captive financial institutions and money lenders), and then broker-dealers.
• Structured finance vehicles (SFVs) saw growth in 2017 for the first time since the 2007-09 crisis, but this growth was largely concentrated in a few jurisdictions.
• OFI lending increased by 0.2% in 2017, while bank lending grew by 6.2%, indicating a more stable trend for OFIs.
• OFIs reduced reliance on wholesale funding and repos compared to banks, which showed little change since 2011.
• Total repo assets of banks and OFIs increased by 9.6% to $9.4 trillion, while repo liabilities increased by 9.8% to $9.2 trillion.
• Interconnectedness between banks and OFIs remained around 2003-06 levels, with investment funds and MMFs being the largest OFI sub-sectors providing credit to banks.
• 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%.
• EF1 (Collective Investment Vehicles with run risks) made up 71.2% of the narrow measure, growing by 9.1%.
• EF2 (Lending dependent on short-term funding) accounted for 6.7% of the narrow measure, growing by 5.8%.
• EF3 (Market intermediation dependent on short-term funding) represented 8.2% of the narrow measure, growing by 5.2%.
• EF4 (Credit intermediation facilitators) accounted for 0.3% of the narrow measure, growing by 4.4%.
• EF5 (Securitisation-based credit intermediation) made up 9.6% of the narrow measure, growing by 9.1%.
• Unallocated NBFI accounted for 4.0% of the narrow measure, growing by 9.7%.

Key Trends and Risks

• The narrow measure is used to identify NBFI entities and activities that pose systemic risks, based on five economic functions involving maturity/liquidity transformation, leverage, or imperfect credit risk transfer.
• The Cayman Islands, China, Ireland, and Luxembourg accounted for over two-thirds of the narrow measure's growth since 2011.
• EF1 entities, such as open-ended fixed income funds and MMFs, are the largest contributors to the narrow measure and are most vulnerable to liquidity risks.
• EF2 entities, like finance companies, use short-term funding for lending and exhibit elevated leverage in some jurisdictions.
• EF3 entities, including broker-dealers, rely heavily on short-term funding and have seen increased repo market participation.
• EF4 and EF5 are smaller but still significant, with EF5 being driven by trust company assets and securitisation activities.

Case Studies

• FinTech credit: The report highlights the increasing role of online platforms and financial technology in credit extension and creation, with examples like crowd-funding for mortgage down payments and crypto-asset-based lending.
• Leveraged loan markets: Recent developments in leveraged loans, particularly those with covenant-lite structures, are noted, along with the role of non-bank entities in these markets.
• Non-bank credit cycle: The report discusses the cyclical nature of non-bank credit and its implications for financial stability.
• Cross-border co-movement: There is a growing trend of interconnectedness across NBFI systems, with significant cross-border linkages.
• CDS use in the EU: The use of credit default swaps by non-bank financial institutions in the EU is examined, showing their increasing role in risk management.

Methodology and Improvements

• The report uses sectoral balance sheet data and supervisory data to assess NBFI trends and risks.
• Two jurisdictional samples are used: the 29-Group (with better granularity) and the 21+EA-Group (with broader coverage).
• The FSB has improved data collection and definitions, particularly for repo assets and liabilities, total liabilities, and interconnectedness.
• The narrow measure is based on a pre-mitigant assessment, assuming no policy or risk management interventions, which may lead to overestimation of risks.
• The FSB continues to refine its monitoring framework to better understand NBFI and associated risks.

Conclusion

The 2018 report underscores the importance of monitoring non-bank financial intermediation to assess its contribution to financial stability. While NBFI provides valuable alternatives to bank financing, it also presents risks, especially when engaging in activities similar to those of banks. The FSB aims to improve its understanding and policy responses through ongoing data collection, analysis, and collaboration with participating jurisdictions and international bodies.