2017年-FSB全球金融稳定委员会_Global_Shadow_Banking_Monitoring_Report_2016_98页_3mb

Global Shadow Banking Monitoring Report 2016 Summary

Core Content

The Global Shadow Banking Monitoring Report 2016 is the sixth annual assessment by the Financial Stability Board (FSB) on the size, trends, and risks of the global shadow banking system. The report covers data from 28 jurisdictions and the euro area, representing over 80% of global GDP, and provides insights into non-bank financial intermediation, interconnectedness, and the narrow measure of shadow banking.

Main Findings

1. Non-Bank Financing and Systemic Risks

• Non-bank financing serves as an alternative to bank funding and supports real economic activity, but can become a source of systemic risk if it engages in bank-like activities such as maturity/liquidity transformation and leverage creation.
• The FSB has been conducting annual monitoring since 2011 to track shadow banking trends and risks.

2. MUNFI and OFIs Growth

• The Monitoring Universe of Non-Bank Financial Intermediation (MUNFI) includes Other Financial Intermediaries (OFIs), insurance corporations, and pension funds. It is a broad measure of shadow banking.
• OFI assets grew from $89 trillion in 2014 to $92 trillion in 2015 in 21 jurisdictions and the euro area, reflecting a 10.0% compounded growth rate from 2011–2014.
• OFIs reached 150% of total GDP at the end of 2015, surpassing the pre-crisis peak of 139%.
• The narrow measure of shadow banking, which focuses on entities with potential financial stability risks, grew to $34 trillion in 2015, equivalent to 69% of GDP in 27 jurisdictions and 13% of financial system assets.
• 65% of the narrow measure consists of Collective Investment Vehicles (CIVs), including open-ended fixed income funds, credit hedge funds, real estate funds, and money market funds (MMFs), which are susceptible to runs and liquidity risk.
• Finance companies and broker-dealers also contribute to the narrow measure, with finance companies representing 8% and broker-dealers 11%, although their growth slowed in 2015.
• Securitisation-based credit intermediation accounts for 9% of the narrow measure and has declined in recent years.

3. Interconnectedness

• Interconnectedness between banks and OFIs remains above pre-crisis levels, with banks and OFIs being the most interconnected.
• Net repo positions of OFIs increased significantly compared to banks, indicating that OFIs are now net providers of liquidity.
• Insurance corporations and pension funds are also interconnected with OFIs and banks, and could serve as important transmission channels for financial shocks.

4. Jurisdictional and Regional Insights

• China was excluded from the narrow measure due to delayed data submission, which affected the timeliness of the report.
• The Cayman Islands were included for the first time, enhancing the coverage of the global investment fund sector.
• The FSB Regional Consultative Group for the Americas contributed a third regional report, analyzing shadow banking trends and risks in the region.

5. Data Improvements and Challenges

• The report benefits from improved data consistency and comprehensiveness, including short-term wholesale funding and interconnectedness data.
• Data gaps and reporting inconsistencies remain a challenge, particularly for jurisdictions lacking Flow of Funds statistics.
• The FSB encourages further granular data collection, including sectoral accounts and supervisory data, to better measure financial stability risks.

Key Trends and Risks

• MUNFI and OFIs continued to grow in 21 jurisdictions and the euro area, although at a moderate rate compared to previous years.
• Banks still dominate the lending sector, with 77% of total lending in 21 jurisdictions and the euro area in 2015.
• CIVs are the largest component of the narrow measure, with annual growth of ~10% over the past four years.
• Lending activity by OFIs has grown significantly in Australia, China, Germany, Indonesia, Korea, and South Africa, with China showing the highest growth at 35%.
• Broker-dealers and finance companies are particularly leverage-heavy and vulnerable to roll-over risk.

Methodological Improvements

• The narrow measure of shadow banking is based on economic functions and jurisdictional assessments of financial entity involvement.
• The FSB's Policy Framework (2013) guides the classification of non-bank entities into five economic functions.
• The 2016 monitoring includes a two-step approach: first, a broad macro-mapping of the financial system, then a narrowing focus on shadow banking risks.

Conclusion

The 2016 report highlights the continued growth of non-bank financial intermediation, particularly OFIs, and the increased interconnectedness with the banking system. While the narrow measure of shadow banking provides a more focused view of potential financial stability risks, data availability and consistency remain critical challenges. The FSB continues to improve its monitoring framework, with the aim of enhancing risk assessment and regulatory oversight of shadow banking activities globally.