NBFIs could dent transmission – Bundesbank board member
Growing non-bank activity could diminish banking channel’s importance, says Köhler-Geib
Non-bank financial intermediaries (NBFIs) may affect monetary policy transmission as the sector grows, a member of the Deutsche Bundesbank board has warned.
In a speech on December 2, Fritzi Köhler-Geib said the German central bank was looking closely at the factors driving the growth in NBFIs. These included regulatory arbitrage, increased savings in an ageing society, and a low-interest rate environment having pushed non-banks to prioritise higher-yield investments.
She explained that the asset
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