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'Shadow Banking' Still Thrives, System Hits $67 Trillion

       
             

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Published: Sunday, 18 Nov 2012 | 5:37 PM ET

               

By: Reuters

                     
         

The system of so-called "shadow banking," blamed by some for aggravating the global financial crisis, grew to a new high of $67 trillion globally last year, a top regulatory group said, calling for

 

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tighter control of the sector.

   

Morningstar said personal data of about 2,300 customers may have been compromised due to a security breach last year.

A report by the Financial Stability Board (FSB) on Sunday appeared to confirm fears among policymakers that shadow banking is set to thrive, beyond the reach of a regulatory net tightening around

 

traditional banks and banking activities.

 

RBS has launched a major inquiry into the way it lends money to businesses.

The FSB, a task force from the world's top 20 economies, also called for greater regulatory control of shadow banking.

   

"The FSB is of the view that the authorities' approach to shadow

 

Some new banking rules could force Deutsche Bank to separate its investment banking

banking has to be a targeted one," the group wrote in a report, noting the current lax regulation of the sector.

   

activities from the business of taking consumer deposits and writing loans, the NYT reports.

                   

"The objective is to ensure that shadow banking is subject to appropriate oversight and regulation to address bank-like risks to financial stability," it said.

       

Officials at the European Commission in Brussels also see closer

       
                 

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http://www.cnbc.com/id/49877573[7/07/2013 7:04:39 a.m.]

'Shadow Banking' Still Thrives, System Hits $67 Trillion

oversight of the sector as important in preventing a repeat of the financial crisis that has toppled banks over the past five years and rocked the euro zone.

The study by the FSB said shadow banking around the world more than doubled to $62 trillion in the five years to 2007 before the crisis struck.

But the size of the total system had grown to $67 trillion in 2011 — more than the total economic output of all the countries in the study.

The multitrillion-dollar activities of hedge funds and private equity companies are often cited as examples of shadow banking.

But the term also covers investment funds, money market funds and even cash-rich firms that lend government bonds to banks, which in turn use them as security when taking credit from the European Central Bank.

Even the man credited with coining the term, former investment executive Paul McCulley, gave a catch-all definition, saying he understood shadow banking to mean "the whole alphabet soup of levered up non-bank investment conduits, vehicles and structures," such as the special investment vehicles that many blamed for the financial crisis.

The United States had the largest shadow banking system, said the FSB, with assets of $23 trillion in 2011, followed by the euro area — with $22 trillion — and the United Kingdom — at $9 trillion.

The U.S. share of the global shadow banking system has declined in recent years, the FSB said, while the shares of the United Kingdom and the euro area have increased.

The FSB warned that tighter rules that force banks to hoard more capital reserves to cover losses could bolster shadow banking.

It advocated better controls, although cautions that shadow banking reforms should be dealt with carefully because the sector can also be a source of credit for business and consumers.

Forms of shadow banking can include securitization, which can transform bank loans into a tradeable instrument that can then be used to refinance credit, making it easier to lend. In the run-up to the crisis, however, banks such as Germany's IKB

http://www.cnbc.com/id/49877573[7/07/2013 7:04:39 a.m.]

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BANKS

  • Egypt: Banking During a Revolution
    Hisham Ezz Al-Arab, Federation of Egyptian Banks chairman, discusses some of the major financial challenges facing Egypt as the country goes through a period of transition.

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Shaun Rein, managing director at the China Market Research Group, explains why his biggest Chinese concerns are the commercial real estate sector and the financial health of Chinese banks.

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'Shadow Banking' Still Thrives, System Hits $67 Trillion

stored billions of euros of such instruments in off-balance sheet vehicles, which later unraveled.

Another example is a repurchasing agreement, or repo, where a player such as a hedge fund could sell government bonds it owns to a bank, agreeing to repurchase them later.

The bank may then lend those bonds onto another hedge fund, taking a position on the government debt. Such agreements are used by banks to lend and borrow. A risk could arise if one of the parties in the chain collapses.

The European Commission is expected to propose EU-wide rules for shadow banking next year.

 
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http://www.cnbc.com/id/49877573[7/07/2013 7:04:39 a.m.]

'Shadow Banking' Still Thrives, System Hits $67 Trillion stored billions of euros of such instruments inPrint Email FINANCIALS Security Breach RBS Investigates Deutsche Bank Untapped $30 Billion Resists Pressure Sponsored Links Want to place your ad here? Advertise on CNBC ADD COMMENTS Your Comments (Up to 1100 characters): http://www.cnbc.com/id/49877573[7/07/2013 7:04:39 a.m.] Buy a link here Oracle: Weather Vane of Stormy Global Economy FEDERAL RESERVE Crude Posts Big Gains as Egypt, Data Spark Rally Dollar Hits 6-Week High vs Euro on Jobs Data 90 Seconds with Art Cashin: The 10-Year, the Dollar & Oil Why You Can't Be Long on Fixed Income Good News on Jobs Can Be Bad for Stocks TOP NEWS AND ANALYSIS Mohamed ElBaradei Named Prime Minister of Egypt Boeing 777 Plane Crashes at San Francisco Airport Jobless About to Take a Big Hit From the Sequester Morningstar Says Client Data May Have Been Leaked Whole Foods Recalls Cheese After Listeria Outbreak MOST POPULAR STORIES Train Full of Millennials Want to Save the World Paris Manual Teaches How to Be Polite to Tourists Jobless About to Take a Big Hit From the Sequester Mayhem in Cairo as Morsi Backers Fight for Return Bond Funds Gain $2 Billion After Record Outflow MOST POPULAR VIDEO Buy Gold or Stocks? 'Powerful Support' for USD Right Now: Pro Getting Technical After Jobs Data Stock Pops & Drops Mad Money, July 5, 2013 MOST SHARED Job Growth Posts Large Gain in June; Rate Holds Paid Time Off: You Should Use It or Lose It Snowden Withdraws Asylum Bid After Putin Warning *Sigh* What's Happening to the American Dream? Global Construction Boom Creates New Asian Tigers Sponsored Links Want to place your ad here? Advertise on CNBC " id="pdf-obj-2-81" src="pdf-obj-2-81.jpg">
'Shadow Banking' Still Thrives, System Hits $67 Trillion stored billions of euros of such instruments inPrint Email FINANCIALS Security Breach RBS Investigates Deutsche Bank Untapped $30 Billion Resists Pressure Sponsored Links Want to place your ad here? Advertise on CNBC ADD COMMENTS Your Comments (Up to 1100 characters): http://www.cnbc.com/id/49877573[7/07/2013 7:04:39 a.m.] Buy a link here Oracle: Weather Vane of Stormy Global Economy FEDERAL RESERVE Crude Posts Big Gains as Egypt, Data Spark Rally Dollar Hits 6-Week High vs Euro on Jobs Data 90 Seconds with Art Cashin: The 10-Year, the Dollar & Oil Why You Can't Be Long on Fixed Income Good News on Jobs Can Be Bad for Stocks TOP NEWS AND ANALYSIS Mohamed ElBaradei Named Prime Minister of Egypt Boeing 777 Plane Crashes at San Francisco Airport Jobless About to Take a Big Hit From the Sequester Morningstar Says Client Data May Have Been Leaked Whole Foods Recalls Cheese After Listeria Outbreak MOST POPULAR STORIES Train Full of Millennials Want to Save the World Paris Manual Teaches How to Be Polite to Tourists Jobless About to Take a Big Hit From the Sequester Mayhem in Cairo as Morsi Backers Fight for Return Bond Funds Gain $2 Billion After Record Outflow MOST POPULAR VIDEO Buy Gold or Stocks? 'Powerful Support' for USD Right Now: Pro Getting Technical After Jobs Data Stock Pops & Drops Mad Money, July 5, 2013 MOST SHARED Job Growth Posts Large Gain in June; Rate Holds Paid Time Off: You Should Use It or Lose It Snowden Withdraws Asylum Bid After Putin Warning *Sigh* What's Happening to the American Dream? Global Construction Boom Creates New Asian Tigers Sponsored Links Want to place your ad here? Advertise on CNBC " id="pdf-obj-2-83" src="pdf-obj-2-83.jpg">
'Shadow Banking' Still Thrives, System Hits $67 Trillion stored billions of euros of such instruments inPrint Email FINANCIALS Security Breach RBS Investigates Deutsche Bank Untapped $30 Billion Resists Pressure Sponsored Links Want to place your ad here? Advertise on CNBC ADD COMMENTS Your Comments (Up to 1100 characters): http://www.cnbc.com/id/49877573[7/07/2013 7:04:39 a.m.] Buy a link here Oracle: Weather Vane of Stormy Global Economy FEDERAL RESERVE Crude Posts Big Gains as Egypt, Data Spark Rally Dollar Hits 6-Week High vs Euro on Jobs Data 90 Seconds with Art Cashin: The 10-Year, the Dollar & Oil Why You Can't Be Long on Fixed Income Good News on Jobs Can Be Bad for Stocks TOP NEWS AND ANALYSIS Mohamed ElBaradei Named Prime Minister of Egypt Boeing 777 Plane Crashes at San Francisco Airport Jobless About to Take a Big Hit From the Sequester Morningstar Says Client Data May Have Been Leaked Whole Foods Recalls Cheese After Listeria Outbreak MOST POPULAR STORIES Train Full of Millennials Want to Save the World Paris Manual Teaches How to Be Polite to Tourists Jobless About to Take a Big Hit From the Sequester Mayhem in Cairo as Morsi Backers Fight for Return Bond Funds Gain $2 Billion After Record Outflow MOST POPULAR VIDEO Buy Gold or Stocks? 'Powerful Support' for USD Right Now: Pro Getting Technical After Jobs Data Stock Pops & Drops Mad Money, July 5, 2013 MOST SHARED Job Growth Posts Large Gain in June; Rate Holds Paid Time Off: You Should Use It or Lose It Snowden Withdraws Asylum Bid After Putin Warning *Sigh* What's Happening to the American Dream? Global Construction Boom Creates New Asian Tigers Sponsored Links Want to place your ad here? Advertise on CNBC " id="pdf-obj-2-115" src="pdf-obj-2-115.jpg">
'Shadow Banking' Still Thrives, System Hits $67 Trillion stored billions of euros of such instruments inPrint Email FINANCIALS Security Breach RBS Investigates Deutsche Bank Untapped $30 Billion Resists Pressure Sponsored Links Want to place your ad here? Advertise on CNBC ADD COMMENTS Your Comments (Up to 1100 characters): http://www.cnbc.com/id/49877573[7/07/2013 7:04:39 a.m.] Buy a link here Oracle: Weather Vane of Stormy Global Economy FEDERAL RESERVE Crude Posts Big Gains as Egypt, Data Spark Rally Dollar Hits 6-Week High vs Euro on Jobs Data 90 Seconds with Art Cashin: The 10-Year, the Dollar & Oil Why You Can't Be Long on Fixed Income Good News on Jobs Can Be Bad for Stocks TOP NEWS AND ANALYSIS Mohamed ElBaradei Named Prime Minister of Egypt Boeing 777 Plane Crashes at San Francisco Airport Jobless About to Take a Big Hit From the Sequester Morningstar Says Client Data May Have Been Leaked Whole Foods Recalls Cheese After Listeria Outbreak MOST POPULAR STORIES Train Full of Millennials Want to Save the World Paris Manual Teaches How to Be Polite to Tourists Jobless About to Take a Big Hit From the Sequester Mayhem in Cairo as Morsi Backers Fight for Return Bond Funds Gain $2 Billion After Record Outflow MOST POPULAR VIDEO Buy Gold or Stocks? 'Powerful Support' for USD Right Now: Pro Getting Technical After Jobs Data Stock Pops & Drops Mad Money, July 5, 2013 MOST SHARED Job Growth Posts Large Gain in June; Rate Holds Paid Time Off: You Should Use It or Lose It Snowden Withdraws Asylum Bid After Putin Warning *Sigh* What's Happening to the American Dream? Global Construction Boom Creates New Asian Tigers Sponsored Links Want to place your ad here? Advertise on CNBC " id="pdf-obj-2-117" src="pdf-obj-2-117.jpg">
'Shadow Banking' Still Thrives, System Hits $67 Trillion stored billions of euros of such instruments inPrint Email FINANCIALS Security Breach RBS Investigates Deutsche Bank Untapped $30 Billion Resists Pressure Sponsored Links Want to place your ad here? Advertise on CNBC ADD COMMENTS Your Comments (Up to 1100 characters): http://www.cnbc.com/id/49877573[7/07/2013 7:04:39 a.m.] Buy a link here Oracle: Weather Vane of Stormy Global Economy FEDERAL RESERVE Crude Posts Big Gains as Egypt, Data Spark Rally Dollar Hits 6-Week High vs Euro on Jobs Data 90 Seconds with Art Cashin: The 10-Year, the Dollar & Oil Why You Can't Be Long on Fixed Income Good News on Jobs Can Be Bad for Stocks TOP NEWS AND ANALYSIS Mohamed ElBaradei Named Prime Minister of Egypt Boeing 777 Plane Crashes at San Francisco Airport Jobless About to Take a Big Hit From the Sequester Morningstar Says Client Data May Have Been Leaked Whole Foods Recalls Cheese After Listeria Outbreak MOST POPULAR STORIES Train Full of Millennials Want to Save the World Paris Manual Teaches How to Be Polite to Tourists Jobless About to Take a Big Hit From the Sequester Mayhem in Cairo as Morsi Backers Fight for Return Bond Funds Gain $2 Billion After Record Outflow MOST POPULAR VIDEO Buy Gold or Stocks? 'Powerful Support' for USD Right Now: Pro Getting Technical After Jobs Data Stock Pops & Drops Mad Money, July 5, 2013 MOST SHARED Job Growth Posts Large Gain in June; Rate Holds Paid Time Off: You Should Use It or Lose It Snowden Withdraws Asylum Bid After Putin Warning *Sigh* What's Happening to the American Dream? Global Construction Boom Creates New Asian Tigers Sponsored Links Want to place your ad here? Advertise on CNBC " id="pdf-obj-2-119" src="pdf-obj-2-119.jpg">
'Shadow Banking' Still Thrives, System Hits $67 Trillion stored billions of euros of such instruments inPrint Email FINANCIALS Security Breach RBS Investigates Deutsche Bank Untapped $30 Billion Resists Pressure Sponsored Links Want to place your ad here? Advertise on CNBC ADD COMMENTS Your Comments (Up to 1100 characters): http://www.cnbc.com/id/49877573[7/07/2013 7:04:39 a.m.] Buy a link here Oracle: Weather Vane of Stormy Global Economy FEDERAL RESERVE Crude Posts Big Gains as Egypt, Data Spark Rally Dollar Hits 6-Week High vs Euro on Jobs Data 90 Seconds with Art Cashin: The 10-Year, the Dollar & Oil Why You Can't Be Long on Fixed Income Good News on Jobs Can Be Bad for Stocks TOP NEWS AND ANALYSIS Mohamed ElBaradei Named Prime Minister of Egypt Boeing 777 Plane Crashes at San Francisco Airport Jobless About to Take a Big Hit From the Sequester Morningstar Says Client Data May Have Been Leaked Whole Foods Recalls Cheese After Listeria Outbreak MOST POPULAR STORIES Train Full of Millennials Want to Save the World Paris Manual Teaches How to Be Polite to Tourists Jobless About to Take a Big Hit From the Sequester Mayhem in Cairo as Morsi Backers Fight for Return Bond Funds Gain $2 Billion After Record Outflow MOST POPULAR VIDEO Buy Gold or Stocks? 'Powerful Support' for USD Right Now: Pro Getting Technical After Jobs Data Stock Pops & Drops Mad Money, July 5, 2013 MOST SHARED Job Growth Posts Large Gain in June; Rate Holds Paid Time Off: You Should Use It or Lose It Snowden Withdraws Asylum Bid After Putin Warning *Sigh* What's Happening to the American Dream? Global Construction Boom Creates New Asian Tigers Sponsored Links Want to place your ad here? Advertise on CNBC " id="pdf-obj-2-121" src="pdf-obj-2-121.jpg">

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'Shadow Banking' Still Thrives, System Hits $67 Trillion

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http://www.cnbc.com/id/49877573[7/07/2013 7:04:39 a.m.]