Shadow Banking, Financing Markets and Financial Stability - speech by Paul Tucker

In a speech in London today, Paul Tucker - Deputy Governor for Financial Stability and a member of the Monetary Policy Committee - discusses one aspect of the financial sector 'structure' debate: the role of shadow banking.
Published on 21 January 2010

Shadow banking can be thought of as the collection of instruments, structures, firms or markets which, alone or in combination, and to a greater or lesser extent, replicate the core features of commercial banks: liquidity services, maturity mismatch and leverage. They are often considered a product of 'regulatory arbitrage' and can be problematic if the resulting non-bank forms of financial intermediation replicate the systemic risks posed by banking itself.

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