Riskiest non-banks shrink for first time since 2009

FSB says narrow measure of riskiest firms fell in 2022 as asset price falls hit investment funds

The Bank for International Settlements, Basel
Photo: Ulrich Roth

The riskiest segment of the non-bank sector shrank in 2022 for the first time since the global financial crisis, data from the Financial Stability Board (FSB) shows.

The FSB’s annual snapshot of non-bank financial intermediation (NBFI) found the risky “narrow measure” fell 2.9% in 2022 relative to a year earlier. It was the first decline since 2009, when the crisis triggered an 8.8% contraction in NBFI.

The narrow measure captures non-banks that are vulnerable to runs. Investment vehicles

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